We all do better when we all do better (with JP Julien)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 6 July 2021

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

Contrary to fears that economic inclusion must come at the expense of economic growth, global management consulting firm McKinsey & Company's research and empirical evidence supports the idea that economic growth is at its best when it is most inclusive – but that equity needs to be embedded in systems from the start in order to be effective. What does ‘inclusion’ mean in the context of an economy that works for everyone? McKinsey's JP Julien explains how policymakers and companies can ensure that economic growth goes hand-in-hand with – and is enhanced by – reducing inequality. JP Julien is an Associate Partner at McKinsey & Company, where he serves US federal, state, and city governments on inclusive economic-development topics and supports private-, public-, and social-sector organizations in advancing racial equity. He is a leader of the McKinsey Institute for Black Economic Mobility, a global economic think tank focused on inclusive economic development and racial equity topics. Twitter: @McKinsey The case for inclusive growth: https://www.mckinsey.com/industries/public-and-social-sector/our-insights/the-case-for-inclusive-growth Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	The more people we fully include in the economy, the faster and more prosperous it grows,
0:07.2	inclusion and economic growth not only aren't in contradiction but may actually go together.
0:15.7	Growth is actually at its best when it's most inclusive and the more you're able to
0:20.0	meaningfully engage and participate as workers, entrepreneurs, consumers, etc.
0:25.3	You end up with an economy that is stronger and more resilient.
0:30.7	From the home offices of civic ventures in downtown Seattle, this is Pitch Fork Economics,
0:37.7	with Nick Hanauer, the best place to get the truth about who gets what and why.
0:48.7	I'm Nick Hanauer, founder of Civic Ventures.
0:51.9	I'm David Goldstein, senior fellow at Civic Ventures.
1:00.1	One of the themes of this podcast from the very first episode is that inclusion drives growth,
1:08.0	that the more people we fully include in the economy, from every race and region and gender
1:14.8	and background in every capacity as entrepreneurs and innovators and workers and well-paid consumers,
1:23.4	the more people we fully include in the economy, the faster and more prosperous it grows,
1:28.8	and that is grounded deeply in the economic theory that informs us.
1:38.4	The last 45 years of economic theory and economic policy, the neoliberal and neoclassical economic
1:46.7	paradigm, has taught the exact opposite. For a very long time, economists and polysemiakers believed
1:56.6	that there was a trade-off between economic growth and economic fairness or justice,
2:03.2	that we could include more people, but we would do it at the expense of growth.
2:09.9	And that made inclusion effectively this sort of liberal luxury to be afforded if and when we
2:18.8	have growth. For moral reasons. For moral reasons. Even though they're not deserving,
2:24.4	because clearly in the economy gives you exactly what you deserve. You're always paid exactly
2:30.4	what you're worth. So we have to spend some money to include you. It's out of the goodness of
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