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Money Talks from The Economist

Money Talks: What USA Inc can do about racial injustice

Money Talks from The Economist

The Economist

News, Business, Economy, Finance & Economics, Business News

4.41.2K Ratings

🗓️ 16 June 2020

⏱️ 25 minutes

🧾️ Download transcript

Summary

The killing of George Floyd and ensuing protests are a wake-up call for corporate America. There are few African-Americans among its CEOs. What will bosses do to combat racism beyond releasing PR statements? Also, how diversity helps the bottom line and the history of economic suppression of African-Americans. Patrick Lane hosts.


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Transcript

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0:00.0

This is a passenger announcement. You can now book your train on Uber and get 10% back in credits to spend on Uber eats.

0:11.0

So you can order your own fries instead of eating everyone else's.

0:15.0

Trains, now on Uber. T's and C's apply.

0:20.0

Check the Uber app.

0:26.5

Race has often been a topic businesses would rather not talk about. But recent events have prompted American CEOs to write impassioned letters and to make public

0:31.6

commitments to do better in redressing racial inequality.

0:35.2

The hundred largest US companies have committed $1.6 billion to organizations fighting racism

0:40.8

and inequality since the death of George Floyd.

0:43.2

But that doesn't get to the core of the problem.

0:45.8

USA Inc today is dominated by white faces.

0:49.0

African Americans occupy only a tiny proportion of executive positions in America's biggest companies.

0:55.0

Businesses still have an enormous task ahead of them.

0:58.0

You're listening to Money Talks on Economist Radio, on weekly podcast on the markets, the economy and the world of business.

1:06.0

I'm Patrick Lane, Deputy Digital Editor and The Economist.

1:10.3

Coming up on today's show, what can corporations do to tackle racism?

1:15.0

If senior leadership were held accountable for developing people, mentoring people, people,

1:23.0

just as they are accountable

1:25.0

for reaching a certain bottom-line business results,

1:28.0

then I think we might begin to see some change.

1:31.0

And the economic history behind racial inequality in America.

1:35.0

Whenever there is progress towards equality in America it seems to be

1:38.6

almost inevitably followed by a racist backlash. While I've been fortunate to run a successful company as a CEO and co-founder, on a level I'm an African-American male and I very well could have been George Floyd I very well could have been a number of people that didn't have sort of a camera recording them so that the world

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