Guests John Fullerton, Cassandra Brooks, and Charlene Brooks discuss the flaws of capitalism, emphasizing the need for economic transformation to align with values and address inequality. Topics include challenges in the childcare industry, market failures in essential services, and the impact of capitalism on race, gender, and the environment.
John Fullerton's transformative journey highlights the need for reevaluating personal values in traditional finance.
The child care industry showcases market failures, emphasizing the disconnect between market dynamics and societal needs.
Deep dives
John Fullerton's Career Shift
After climbing the ranks at JP Morgan and becoming a managing director by his 30s, John Fullerton's perspective on his career shifted drastically during a plane ride to Asia. Despite the professional success and luxury, he felt miserable leaving his newborn daughter and questioning the purpose of his work. This moment marked the beginning of a transformative journey away from traditional finance and towards a reevaluation of personal values and societal impact.
Environmental Awakening and Economic System Critique
John Fullerton's exposure to climate change literature led him to realize the destructive nature of the economic system he was part of. This realization prompted a shift in focus towards economic reform and led to the founding of the Capital Institute. Fullerton's organization offers a radical critique of capitalism, highlighting the need for a new approach to prosperity that moves away from continuous extraction and offers a systemic solution to financial and ecological challenges.
Child Care Industry Challenges and Market Failures
The child care industry exemplifies the market failures in providing essential services. Child care costs create a burden for families, with many parents spending a significant portion of their income on care. On the other hand, child care workers, like Charlene Brooks, earn low wages despite the vital role they play. The economics of child care highlight the disconnect between market dynamics and essential societal needs.
Capitalism Under Scrutiny and Season Overview
The podcast delves into the complexities of capitalism, exploring its historical evolution and societal impacts. While acknowledging capitalism's role in economic freedom and opportunity, the show intends to question and analyze the system's deficiencies and challenges. This season aims to provide a comprehensive examination of capitalism's essence, its effects on society, and potential alternatives for economic organization.
Introduction to our 7th season: Capitalism. The world’s dominant economic system is on trial as it hasn’t been for at least half a century. Millions, young people especially, now see capitalism as the problem, not the solution. Others fear throwing out the baby with the bathwater.
By John Biewen, with co-host Ellen McGirt. Interviews with John Fullerton, Cassandra Brooks and Charlene Brooks. Story editor: Loretta Williams. Music by Michelle Osis, Lilli Haydn, Chris Westlake, Alex Symcox, and Goodnight, Lucas. Music consulting by Joe Augustine of Narrative Music.“Capitalism” is a production of the Kenan Institute for Ethics at Duke University, in partnership with Imperative 21.
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