Name: The dirty secret of capitalism -- and a new way forward
Uploaded: 2019-09-13T14:54:41Z
Duration: 16 min 53 s
Description: 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.

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.

The dirty secret of capitalism -- and a new way forward

Inequality has soared as the wealthiest have amassed $21 trillion, while the bottom half has lost $900 billion. The old promise that self-interest and deregulation create shared growth has led to stagnating wages and rising instability. Real economic progress, research shows, springs from cooperation, inclusion, and policies that value people over profit. A new economic story, rooted in reciprocity and fairness, is emerging to replace outdated myths.