Companies can't self-regulate their way to inclusive capitalism (with Katie Bach)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 26 April 2022

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

In 2019, a group of business leaders signed a high-profile pledge promising that they would voluntarily move toward a more inclusive stakeholder-focused version of capitalism. But throughout the pandemic, those same companies reported record profits while workers were left behind. Brookings Institute Senior Fellow Katie Bach walks us through her new report examining the pandemic labor practices of 22 companies, spanning nearly every sector, and employing more than 7 million frontline workers. Katie Bach is a Nonresident Senior Fellow at the Brookings Institute and the CBO of &pizza. Twitter: @kathrynsbach As shareholder wealth soared, workers were left behind https://www.brookings.edu/research/profits-and-the-pandemic-as-shareholder-wealth-soared-workers-were-left-behind Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	There's a profound lesson here, although not a new lesson.
0:05.7	It's a lesson as old as history about self-regulation.
0:10.0	That just generally, that's not a thing.
0:14.3	It's a strategy to fade the heat on actual regulation.
0:19.6	You know, the more we believe that those in need of regulation
0:22.9	will regulate themselves, the less inclined we will be
0:25.2	to regulate them.
0:26.5	It's just bullshit.
0:30.0	From the home offices of civic ventures in downtown Seattle,
0:35.9	this is Pitchfork Economics, with Nick Hanauer,
0:39.0	the best place to get the truth about who gets what and why.
0:49.1	I'm Nick Hanauer, founder of Civic Ventures.
0:52.3	I'm David Goldstein, senior fellow at Civic Ventures.
1:00.6	So Goldie, on this podcast, we're going to celebrate
1:04.8	a great day, August 19th, 2019.
1:09.3	What happened on that day?
1:11.4	Oh, it's one of the great moments of in the history
1:15.7	of corporate governance, Nick.
1:18.4	That was the day that the business roundtable issued a press release
1:23.1	saying that they redefined the purpose of the corporation
1:27.4	to promote, quote, an economy that serves all Americans.
1:32.3	And you know what, Nick, it was just in time
	...

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