Keen On America How Capitalism Can Save Capitalism: The Case for Stakeholder Capitalism
Dec 9, 2025
Seth Levine, a venture capitalist and co-author of *Capital Evolution: The New American Economy*, argues for stakeholder capitalism as a solution to growing economic inequality. He critiques shareholder-only capitalism, showing how it has concentrated wealth and reduced mobility. Levine proposes that a more responsible capitalism can broaden ownership and foster entrepreneurship, driving dynamism. He highlights examples of successful employee ownership models and calls for policies that create more stakeholders, not just redistribute wealth.
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Shareholder-Only Capitalism Has Failed
- The strict shareholder-first model of neoliberal capitalism has concentrated wealth and reduced dynamism over 50 years.
- Seth Levine argues we need capitalism that includes responsibilities to stakeholders, not a retreat to socialism.
Dynamism And Upward Mobility Are Declining
- Economic mobility has fallen dramatically: bottom-quartile children now have far lower odds of reaching the top quartile.
- Levine ties falling dynamism to concentrated wealth and fewer new builders and companies.
Make Stakeholder Commitments Real
- Companies should accept responsibilities beyond shareholders and create pathways for broader ownership.
- Consumers and investors must demand companies live up to stakeholder commitments, not just CEOs' words.
