Pulitzer Prize-winning economics journalist Steven Pearlstein argues that our thirty-year experiment in unfettered markets has undermined core values required to make capitalism and democracy work. Thirty years ago, “greed is good” and “maximizing shareholder value” became the new mantras woven into the fabric of our business culture, economy, and politics. Although, around the world, free-market capitalism has lifted more than a billion people from poverty, in the United States most of the benefits of economic growth have been captured by the richest 10%, along with providing justification for squeezing workers, cheating customers, avoiding taxes, and leaving communities in the lurch. As a result, Americans are losing faith that a free market economy is the best system. In Can American Capitalism Survive?, Pulitzer Prize-winning journalist Steven Pearlstein chronicles our descent and challenges the theories being taught in business schools and exercised in boardrooms around the country. We’re missing a key tenet of Adam Smith’s wealth of nations: without trust and social capital, democratic capitalism cannot survive. Further, equality of incomes and opportunity need not come at the expense of economic growth. Pearlstein lays out bold steps we can take as a country: a guaranteed minimum income paired with universal national service, tax incentives for companies to share profits with workers, ending class segregation in public education, and restoring competition to markets. He provides a path forward that will create the shared prosperity that will sustain capitalism over the long term.
Series Host: Martin Prosperity Institute, Rotman School of Management, University of Toronto
Speaker: Steven Pearlstein, Pulitzer Prize-winning Columnist, The Washington Post; Robinson Professor of Public Affairs, George Mason University; Author
Topic: "Can American Capitalism Survive?: Why Greed Is Not Good, Opportunity Is Not Equal, and Fairness Won't Make Us Poor" (St. Martin’s Press, 2018)
Timing: 7:15-7:59am check-in and coffee; 8:00am sharp to 9:00am book talk; 9:00-9:10am book sale
Cost: $36.50 plus HST per person (includes 1 hardcover copy of "Can American Capitalism Survive?", 1 seat for the book talk and coffee)
Please ensure you register ahead of time by visiting our website: https://uoft.me/Pearlstein