American CEOs have emerged as a surprising critic of the same system that made them rich: capitalism. Prominent executives like JP Morgan CEO Jamie Dimon and Bridgewater founder Ray Dalio have expressed concerns about the need to improve the broken system to alleviate financial inequality in the United States. Some speculate that an element of fear also drives these criticisms — surveys show that the percentage of young people who approve of capitalism has fallen by 23 percentage points.
Mariana Mazzucato knows the value of a good story, and her mission is to change the prevailing narrative about economics and society. She wants to convince leaders in business and government to reject the tales spun by neoliberal economists about maximizing shareholder value and to instead buy into a new epic about ambitious missions that foster collaboration between the public and private sectors and civil society in order to solve critical global problems.
See also The US New Green Deal
I was catching up with a former student of mine, a star performer at one of the largest private-equity firms. She’d been trying to persuade an investment committee to pay more attention to a particular set of environmental, social, and governance, or ESG, factors that would make a material difference to their investment in a well-known consumer-goods company. But the reaction of the people in the room was to roll their eyes and say there was no room for do-gooders in sustaining their great track record of investment returns.