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Economic Policy – Elena Botella
  • A branch of Chase Bank in Brighton Park, Chicago

    Without systemic change, “corporate social responsibility”​ will always be window dressing.

    On Monday, 181 chief executives of companies like JP Morgan, Apple, and Comcast took out a full-page-ad in the Wall Street Journal to announce that their group, the Business Roundtable, was redefining the “purpose of the corporation.” Their old philosophy said “corporations exist principally to serve their shareholders.” Now, the group says, they’ll do their part to create an “economy that allows each person to succeed” by balancing the interests of shareholders, customers, employees, and the community.  This is good news on paper. Obviously, it’s better to have a bunch of high-minded CEOs than for our corporations to be run by people who don’t even pretend to care about their…

  • ‘Faces of a new economy’ – my thoughts on the economic order

    Mark Trumbull writing for the Christian Science Monitor profiled millenials rebelling against “an economic system that puts profits over fairness and equality.” The word ‘socialist’ means different things to different people.  To some, countries like Sweden, Norway, or Germany are ‘socialist’ — many Western European countries have higher taxes, particularly on their wealthier citizens, to support free or very low-cost college and healthcare, and stronger guarantees of meeting the basic human needs of their citizens.  At the same time, those countries all have vibrant market economies. While some industries in those countries like healthcare or education may be fully public or operated with greater government intervention, citizens can also start and…