When Blodget opened the discussion to the panel he had assembled, Columbia University's Joseph Stiglitz remarked, "I want to emphasize that it was, in this period, not only activist shareholders but Milton Friedman," the late economist and fellow Nobel laureate, who was to blame for this prevailing ideology. The current state of inequality in the United States, he explained, is largely linked to a reaction to 1970s stagnation that has gone on for too long, where chasing quarterly profits has resulted in a toxic short-termism. It often indicates a user profile.Īt the World Economic Forum's annual meeting in Davos, Switzerland in January, Business Insider CEO Henry Blodget made the case why it's time for a "better capitalism." Account icon An icon in the shape of a person's head and shoulders.
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