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Today, Explained

Blame Capitalism: Profit over everything

Today, Explained

Vox

Daily News, Politics, News

4.49.5K Ratings

🗓️ 15 September 2023

⏱️ 28 minutes

🧾️ Download transcript

Summary

Economist Milton Friedman published an essay in 1970 arguing that the job of a corporation was solely to make money for its shareholders. General Electric CEO Jack Welch pushed that idea about as far as it would go — and broke capitalism. This episode was produced by Miles Bryan, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Patrick Boyd with original music by Jon Ehrens, and hosted by Noel King. Additional editorial support from Avishay Artsy, Jolie Myers, and Miranda Kennedy. Transcript at vox.com/todayexplained Support Today, Explained by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Last week on Blame Capitalism, the Golden Age of Capitalism was ending, but what a time

0:07.1

it had been.

0:09.0

During the Golden Age, in 1960, one of the big companies, Eastman Kodak, would hand out

0:14.2

a booklet to new employees.

0:16.2

It promised,

0:17.2

Wages are fair, working conditions are safe, employment is generally steady, folks get a

0:24.0

square deal.

0:25.5

So tuition, vacation, dividends, cradle to grave perks from a company.

0:31.3

But Kodak didn't hire black people, and black people started to protest.

0:35.9

All over America, groups that had been left out of the Golden Age of Capitalism were protesting.

0:41.4

And two men with very different ideas of what a capitalist corporation like Kodak should

0:45.4

be, and who it should be for, were going to wage war over this.

0:49.8

One of them would win and change the course of American capitalism.

0:53.5

Coming up on today explained, the original backlash against woke capitalism.

1:02.0

Support for our show comes from Fundrise.

1:05.4

Fundrise is an investment platform designed to make it easier for investors of all sizes

1:10.1

to put their money behind private, pre-IPO companies poised for big things.

1:15.2

The service just launched a new venture capital product, focused on allowing even small

1:19.5

investors access to some of the top private, pre-IPO companies in the world before they

1:24.6

go public.

1:26.1

According to Fundrise, almost 2 million people have already used the service to invest.

1:31.2

If you'd like to join them, you can visit Fundrise.com slash T-E-X to get started.

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