The dirty secret of capitalism -- and a new way forward | Nick Hanauer
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Published 2019-10-18
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.
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All Comments (21)
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I like how he just casually mentions that money buys laws
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"People are not paid what they're worth: they're paid what they're able to negotiate". Great quote
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I liked the quote "People are not paid what they're worth: they're paid what they're able to negotiate." I think it directly points to the need for organized labor.
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It’s amazing how programmed we are. I only started thinking about these neoliberal ideologies recently and why they are structured the way they are. This was as a result of having doing what I was told (go to school, get good grades, go to college then get a “good” job). I don’t know if it’s fortunate or unfortunate that even though I did all of that and categorically have a “good” job I can’t afford to procure a home nor pay comfortably for a car even with the immense discipline I have applied with my finances. It dawn on me one day that I pay over $1000 cad in taxes per month!! And everything else I buy is taxed so here I am pivoting everything I was told to make sense of this unlevelled playfield
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Henry Ford advised: "There is one rule for the industrialist and that is: Make the best quality of goods possible at the lowest cost possible, paying the highest wages possible." Todays enterpreneurs do the exact opposite: make the worst quality that consumers will tolerate, sell for the hightest price they can get, paying the lowest wages they can.
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"If we want a new economics, all we have to do is choose to have it." .....except the choice is only in the hands of those who benefit from the existing system.
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"Greed is not good. Being rapacious does not make you a capitalist, it makes you a sociopath." So profound.
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Wow! So nice to hear a human again! Is he really from the U.S??? If so, there is still hope for humanity!
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None of this is new. Henry Ford himself once wrote that he must pay his worker a decent wage as his worker is also his customer.
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"Being rapacious doesn't make you a capatilist - it makes you a sociopath" pure gold there are so many classic quotes in this one talk from someone who was inside the sociopathic world of modern economics and corporations
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The unfortunate part, he could be a poor man saying this as thousands of economic and finance professors have and not a single person would listen…he had to take your grandparents money and your third generations money for you to listen…He really is saying we stupid…He is giving us a great eduction.
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I've been looking for this 17 minutes for 40 years!!!!
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When he says "all we have to do, is choose to have it" he means the 1% of the 1%, and they will NOT choose a new economics. They will conduct business as usual until they will have their choice taken away either by climate disaster, or mass unrest and class revolt
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The people who write the laws benefit from the current inequality so have no incentive to change the laws.
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This might be one of the greatest signs of hope in the TED collection! Combining concepts from both works from Marx’ Capital and Peter Kropotkin’s Conquest of Bread without using ANY terms with the baggage might come with those men from the 19th and early 20th century.
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Absolutely brilliant! Nick Hanauer, has hit the nail on the head. The Neoliberals need to get a check up, from the neck up, and start considering the advice that Nick has outlayed here, bascially, more exchanging things with others for mutual benefit and less greed by the governing neoliberal sociapaths of our global economies.
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When you have a rich man telling you this and poor people crying in the name of banks and wall street, you know the world is gonna end soon.
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CEO payment has raised from 12* average worker for them in 80s to 150* today. Even more tragic, they are generally not even good managers. That's why we consistently subsidize their failing companies.
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Nick I am with you and we need your accurate analysis of our failing economic system to be put in to practice. The big question depends on the wealthy 1% who have ALL the power to re organise our world. Politicians can not effect this massive change in society.
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Loved the question and answer session even more 😍
