The dirty secret of capitalism -- and a new way forward | Nick Hanauer

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4.1 • 11.9K Ratings

🗓️ 13 September 2019

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rising inequality and growing political instability are the direct result of decades of bad economic theory, says entrepreneur Nick Hanauer. In a visionary talk, he dismantles the mantra that "greed is good" -- an idea he describes as not only morally corrosive, but also scientifically wrong -- and lays out a new theory of economics powered by reciprocity and cooperation.**

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Transcript

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0:00.0	This TED Talk features entrepreneur Nick Hanauer, recorded live at TED Summit 2019.
0:09.0	I am a capitalist. And after a 30-year career in capitalism, spanning three dozen companies, generating tens of billions of dollars in market value.
0:22.5	I'm not just in the top 1%.
0:24.0	I'm in the top 0.01% of all earners.
0:29.6	Today, I have come to share the secrets of our success,
0:32.6	because rich capitalists like me have never been richer.
0:36.8	So the question is, how do we do it?
0:39.3	How do we manage to grab an ever-increasing share
0:43.3	of the economic pie every year?
0:46.3	Is it that rich people are smarter than we were 30 years ago?
0:51.3	Is it that we're working harder than we once did?
0:56.3	Are we taller?
0:57.8	Better looking?
1:00.3	Sadly, no.
1:03.4	It all comes down to just one thing.
1:04.8	Economics.
1:07.6	Because here's the dirty secret.
1:10.7	There was a time in which the economics profession worked in the public interest for everyone,
1:12.6	but in the neoliberal era, today,
1:16.3	they work only for big corporations and billionaires,
1:20.3	and that is creating a little bit of a problem.
1:23.8	We could choose to enact economic policies
	...

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