Re: Has capitalism run amok?
Question: Has capitalism run amok?
Bill George: Well certainly when people are in there to take for themselves and are not concerned about the long-term histories of the institutions, they become totally focused on satisfying Wall Street – the quarterly earnings – and they wind up destroying companies. But they can’t think beyond Detroit, Michigan and these great automobile companies of the past that were the _______ of the American economy are going away. So it can operate in the United States. Why can’t General Motors? I think it’s been a real tragedy that people have been so short-sighted in their orientation and not look for the long term. How do you build an organization that can really contribute to society, not contribute to us as leaders. We recently saw the CEO of Home Depot take $210 million of the company for failing. Now that’s not capitalism; that’s capitalism run amuck. And too often compensation is paid to people not for success, but for failure. And that’s just wrong. Boards of directors who do that should be let go; should be turned down and we should get a new board of directors. And we’ve seen it obviously in the cases of the Enrons of the world where people actually corrupt in the way that the system . . . But beyond that, the law takes care of people like that. I’m much more concerned with the hundreds of CEOs that capitulated and played the short-term Wall Street game and destroyed their companies. They stopped investing in R&D. They stopped investing in people. They stopped investing in technology, and they wind up without a business. And they’re out of business now.
Recorded on: 7/6/07
The dangers of appeasing Wall Street.
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.
It's up to us humans to re-humanize our world. An economy that prioritizes growth and profits over humanity has led to digital platforms that "strip the topsoil" of human behavior, whole industries, and the planet, giving less and less back. And only we can save us.
- It's an all-hands-on-deck moment in the arc of civilization.
- Everyone has a choice: Do you want to try to earn enough money to insulate yourself from the world you're creating— or do you want to make the world a place you don't have to insulate yourself from?
A growing body of research shows promising signs that the keto diet might be able to improve mental health.
- The keto diet is known to be an effective tool for weight loss, however its effects on mental health remain largely unclear.
- Recent studies suggests that the keto diet might be an effective tool for treating depression, and clearing up so-called "brain fog," though scientists caution more research is necessary before it can be recommended as a treatment.
- Any experiments with the keto diet are best done in conjunction with a doctor, considering some people face problems when transitioning to the low-carb diet.
Upload your mind? Here's a reality check on the Singularity.
- Though computer engineers claim to know what human consciousness is, many neuroscientists say that we're nowhere close to understanding what it is, or its source.
- Scientists are currently trying to upload human minds to silicon chips, or re-create consciousness with algorithms, but this may be hubristic because we still know so little about what it means to be human.
- Is transhumanism a journey forward or an escape from reality?
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.