The Financialization of the American Elite

"When business owners and business schools fail to regularly ask hard questions about capitalism . . . we increase the chance that when these questions are asked, they will be asked by ideologues seeking to point fingers, assign blame, and make reck­less changes to the system.

One U.S. senator recently unveiled the Accountable Capitalism Act. . . . This seems both ill-considered and unlikely to work. I doubt this bill will become law.

But when capitalism goes unchecked and unexamined . . . the pendulum can quickly swing in directions where capitalism’s benefits are discounted and its flaws exaggerated. . . .

While it’s hard to see how this proposed regulation would solve the problems that .

I’ve raised tonight, it’s exactly the kind of proposal that business will have to contend with when com­plex issues go unexamined, and when character, sound values, restraint, and long-term thinking fail to gain the upper hand."


By Seth Klarman, via Sam Long - in americanaffairsjournal.org/2019/08/the-financialization-of-the-american-elite/