TED Talks Daily The dirty secret of capitalism -- and a new way forward | Nick Hanauer
Sep 13, 2019
Entrepreneur Nick Hanauer challenges the idea that "greed is good" and reveals its damaging effects on society. He discusses how decades of poor economic theory have led to rising inequality and political unrest. Hanauer proposes a new economic model based on cooperation and reciprocity, arguing that true growth comes from social equity rather than competition. He emphasizes the need for systemic change and greater social responsibility to rectify economic disparities, advocating for collaborative reforms that benefit everyone.
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Economics' Dirty Secret
- Neoliberal economics primarily serves the interests of corporations and billionaires, not the public.
- This has led to increased inequality and political instability.
The Real Drivers of Growth
- Economic growth is driven by people, not capital.
- Reciprocity and cooperation, not self-interest and competition, fuel prosperity.
Seattle's $15 Minimum Wage
- Seattle's $15 minimum wage did not cause job losses, as neoliberal economists predicted.
- Instead, unemployment fell, and the restaurant business thrived.