Better Capitalism: Companies should maximize value, not just profit

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content="https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/5a676211a24444e13a8b50ff-1136-568.png"> <meta name="twitter:creator" content="@hblodget"> <meta name="twitter:site" content="@bi_strategy"> <link href="https://web.archive.org/web/20181023162222/https://amp.businessinsider.com/henry-blodget-better-capitalism-1-2018" rel="amphtml"> <meta property="fb:pages" content="20446254070"> <script type="application/ld+json"> {"@context":"https:\/\/web.archive.org\/web\/20181023162222\/http:\/\/schema.org","@type":"NewsArticle","mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/www.businessinsider.com\/henry-blodget-better-capitalism-1-2018"},"headline":"It\u0027s time for better capitalism","thumbnailUrl":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/amp.businessinsider.com\/images\/5a67565ba24444ea048b5391-320-240.png","image":{"@type":"ImageObject","url":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/amp.businessinsider.com\/images\/5a676211a24444e13a8b50ff-1136-568.png","height":"","width":""},"datePublished":"2018-01-23EST10:00:00-18000","dateModified":"2018-03-12EDT13:37:32-14400","dateCreated":"2018-01-19EST06:52:36-18000","keywords":["Op-Ed","Henry Blodget","Capitalism","Creators","Wall Street","Better Capitalism"],"author":{"@type":"Person","name":"Henry Blodget"},"name":"It\u0027s time for better capitalism","publisher":{"@type":"Organization","name":"BI","logo":{"@type":"ImageObject","url":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/media.businessinsider.com\/public\/assets\/BI\/US\/logos\/amp\/BI_light_background_color_horizontal.png"}},"description":"The \u0022shareholder value\u0022 obsession has warped our economy.","articleBody":"\n\nThis post is part of Business Insider's ongoing series on Better Capitalism.\nOver the past few decades, the US economy has undergone a profound change.\nThis change has helped rich Americans get richer. But it has also contributed to growing income inequality and the decline of the middle class. In so doing, it has fueled populist anger across the political spectrum and slowed the growth of the economy as a whole.\nWhat is this change?\nThe embrace of the idea that the only mission of companies is to maximize short-term profit for shareholders.\nTalk to some people in the money management business, and they'll proclaim that this is a law of capitalism. They'll also cite other supposed laws of capitalism, including the idea that employees are "costs" and competent managers should minimize these costs by paying employees as little as possible.\nBut these practices aren't actually laws of capitalism.\nThey're choices.\nThey're choices that arose out of the shareholder activism movement that began in the early 1980s \u2014 a movement that was reasonable and necessary back then but has since been taken too far.\nAnd they're choices we should revisit if we want to restore a sense of fairness and opportunity to reinvigorate our economy.\nNot long ago, America's corporate owners and managers made different choices \u2014 choices that were better for average Americans and the economy. These managers and owners also had a profoundly different understanding of their responsibilities.\n"The job of management," proclaimed Frank Abrams, the chairman of Standard Oil of New Jersey, in 1951, "is to maintain an equitable and working balance among of the claims of the various directly interested groups\u2026 stockholders, employees, customers, and the public at large."\nBy paying good wages, investing in future products, and generating reasonable (not "maximized") profits, American companies in the 1950s and 1960s created value for all of their constituencies, not just one. As a result, the country and economy boomed.\nOver more recent decades, however, this balance has radically shifted.\nThe stagnation and bear market of the 1970s contributed to the rise of shareholder activism, a trend immortalized in the 1980s by the fictional corporate raider Gordon Gekko in the movie "Wall Street." In that era, American companies had become bloated and complacent, and they needed a kick in the ass. "Greed is good," Gekko declared, while firing smug, overpaid managers and restructuring weak companies. Beleaguered shareholders justifiably cheered.\nBut 30 years later, Gekko's shareholder revolution is still going strong, and the pendulum has now swung too far the other way. Urged on by a vast and hypercompetitive money management industry, American companies now increasingly serve a single constituency \u2014 shareholders \u2014 while stiffing employees and minimizing investments in future products.\nThis "shareholder value" religion is visible in the divergence between profits and wages.\nCorporate profit margins have been rising for 15 years and are now near their highest levels ever. Corporate wages, meanwhile, have been declining for four decades and are near their lowest level ever.\nProfits as a percent of the economy:\n\nWages as a percent of the economy:\n\nNor are these the only ways that the "shareholder value" obsession has warped our economy.\nThe richest 1% of Americans now own nearly 45% of the country's wealth, near the highest level since the "Gilded Age" of the 1920s. These Americans had an average net worth of $14 million in 2013. At the same time, the average wealth of "90%-ers" has plunged in recent years to just above $80,000, the same level as in the mid-1980s. Millions of Americans who work full time for highly profitable corporations earn so little that they're below the poverty line. The bottom 50% of Americans own nothing.\nBeyond fairness and decency \u2014 the ethical decision to share more of the economic value a company creates with the people who devote their lives to creating it \u2014 the profit-maximization obsession also hurts the economy.\nWhy?\nBecause wages and investments at one company become revenue for other companies.\nConsumers account for about 70% of the spending in the economy, so our spending is what drives economic growth. Most consumers work, so another name for them is "employees." And except for the richest Americans, most of us spend almost everything we make.\nWhen we are paid less, we have less to spend, and economic growth slows. When we are paid more, we spend more, and growth accelerates.\nConsumer spending also drives business investment. When consumers are flush, businesses invest aggressively to meet demand. When consumers are strapped, however, companies sit on their cash \u2014 or just hand it to shareholders. Amid today's already weak demand, companies are exacerbating the problem by cutting investments and increasing dividends and stock buybacks.\nTo be clear: There's nothing necessarily wrong with some hedge fund managers making $500 million a year \u2014 or a president being worth a self-reported $10 billion. Capitalism is the best economic system known to man, and the "profit motive" helps drive it.\nThe problem is that when capitalism is practiced the way it is today, wealth becomes so concentrated that much of it doesn't get spent. Billionaires and centimillionaires can hire only so many service providers and purchase only so many cars, houses, and islands. Their spending accounts for only a tiny fraction of the spending in the economy.\nEconomists cite many factors that have contributed to the rise of profits and decline of wages over the past few decades \u2014 globalization, the "skills gap," the decline of unions, the loss of "high-paying manufacturing jobs."\nThese trends are real, but they obscure the real cause: Company owners are choosing to maximize short-term profit by paying their employees as little as possible.\nIt's time for a more balanced approach.\nHappily, in recent years, we've seen some encouraging signs. Many companies, from Walmart to Apple to Starbucks to JPMorgan, have voluntarily given their lowest-paid hourly employees a pay increase. The increases aren't extravagant \u2014 at Walmart, an employee can still work full time all year and be below the poverty line. But they are a step in the right direction.\nSome corporations have begun emphasizing the need for companies to have a triple or even quadruple bottom line, creating value for customers, employees, and society in addition to shareholders.\nPerhaps most encouragingly, one of the world's largest asset managers, BlackRock, now expects companies to create value across multiple dimensions.\n"Society is demanding that companies, both public and private, serve a social purpose," BlackRock CEO Larry Fink wrote in an open letter to corporate CEOs. "To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate."\nThat's better capitalism. Practicing it will make the world a better place.","articleSection":"Strategy, Community, Employees, Customers, Future Impact, Markets"} </script> <script type="text/javascript"> //<![CDATA[ post = {"id":"5a61dc0400d0ef25008b477d","uri":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/www.businessinsider.com\/henry-blodget-better-capitalism-1-2018","thumb":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/amp.businessinsider.com\/images\/5a67565ba24444ea048b5391-320-240.png","author":{"@type":"Person","name":"Henry Blodget"},"author_ids":"b4645d06fdc16b49f0cbea00","post_type":"post"} //]]> </script> <script type="application/ld+json"> {"@context":"https:\/\/web.archive.org\/web\/20181023162222\/http:\/\/schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/www.businessinsider.com\/henry-blodget-better-capitalism-1-2018"},"headline":"It\u0027s time for better capitalism","image":{"@type":"ImageObject","url":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/amp.businessinsider.com\/images\/5a676211a24444e13a8b50ff-1136-568.png","height":"","width":""},"datePublished":"2018-01-23EST10:00:00-18000","dateModified":"2018-03-12EDT13:37:32-14400","author":{"@type":"Person","name":"Henry Blodget"},"name":"It\u0027s time for better capitalism","publisher":{"@type":"Organization","name":"BI","logo":{"@type":"ImageObject","url":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/media.businessinsider.com\/public\/assets\/BI\/US\/logos\/amp\/BI_light_background_color_horizontal.png"}},"description":"The \u0022shareholder value\u0022 obsession has warped our economy.","url":"https:\/\/web.archive.org\/web\/20181023162222\/https:\/\/www.businessinsider.com\/henry-blodget-better-capitalism-1-2018","articleBody":"\n\nThis post is part of Business Insider's ongoing series on Better Capitalism.\nOver the past few decades, the US economy has undergone a profound change.\nThis change has helped rich Americans get richer. But it has also contributed to growing income inequality and the decline of the middle class. In so doing, it has fueled populist anger across the political spectrum and slowed the growth of the economy as a whole.\nWhat is this change?\nThe embrace of the idea that the only mission of companies is to maximize short-term profit for shareholders.\nTalk to some people in the money management business, and they'll proclaim that this is a law of capitalism. They'll also cite other supposed laws of capitalism, including the idea that employees are "costs" and competent managers should minimize these costs by paying employees as little as possible.\nBut these practices aren't actually laws of capitalism.\nThey're choices.\nThey're choices that arose out of the shareholder activism movement that began in the early 1980s \u2014 a movement that was reasonable and necessary back then but has since been taken too far.\nAnd they're choices we should revisit if we want to restore a sense of fairness and opportunity to reinvigorate our economy.\nNot long ago, America's corporate owners and managers made different choices \u2014 choices that were better for average Americans and the economy. These managers and owners also had a profoundly different understanding of their responsibilities.\n"The job of management," proclaimed Frank Abrams, the chairman of Standard Oil of New Jersey, in 1951, "is to maintain an equitable and working balance among of the claims of the various directly interested groups\u2026 stockholders, employees, customers, and the public at large."\nBy paying good wages, investing in future products, and generating reasonable (not "maximized") profits, American companies in the 1950s and 1960s created value for all of their constituencies, not just one. As a result, the country and economy boomed.\nOver more recent decades, however, this balance has radically shifted.\nThe stagnation and bear market of the 1970s contributed to the rise of shareholder activism, a trend immortalized in the 1980s by the fictional corporate raider Gordon Gekko in the movie "Wall Street." In that era, American companies had become bloated and complacent, and they needed a kick in the ass. "Greed is good," Gekko declared, while firing smug, overpaid managers and restructuring weak companies. Beleaguered shareholders justifiably cheered.\nBut 30 years later, Gekko's shareholder revolution is still going strong, and the pendulum has now swung too far the other way. Urged on by a vast and hypercompetitive money management industry, American companies now increasingly serve a single constituency \u2014 shareholders \u2014 while stiffing employees and minimizing investments in future products.\nThis "shareholder value" religion is visible in the divergence between profits and wages.\nCorporate profit margins have been rising for 15 years and are now near their highest levels ever. Corporate wages, meanwhile, have been declining for four decades and are near their lowest level ever.\nProfits as a percent of the economy:\n\nWages as a percent of the economy:\n\nNor are these the only ways that the "shareholder value" obsession has warped our economy.\nThe richest 1% of Americans now own nearly 45% of the country's wealth, near the highest level since the "Gilded Age" of the 1920s. These Americans had an average net worth of $14 million in 2013. At the same time, the average wealth of "90%-ers" has plunged in recent years to just above $80,000, the same level as in the mid-1980s. Millions of Americans who work full time for highly profitable corporations earn so little that they're below the poverty line. The bottom 50% of Americans own nothing.\nBeyond fairness and decency \u2014 the ethical decision to share more of the economic value a company creates with the people who devote their lives to creating it \u2014 the profit-maximization obsession also hurts the economy.\nWhy?\nBecause wages and investments at one company become revenue for other companies.\nConsumers account for about 70% of the spending in the economy, so our spending is what drives economic growth. Most consumers work, so another name for them is "employees." And except for the richest Americans, most of us spend almost everything we make.\nWhen we are paid less, we have less to spend, and economic growth slows. When we are paid more, we spend more, and growth accelerates.\nConsumer spending also drives business investment. When consumers are flush, businesses invest aggressively to meet demand. When consumers are strapped, however, companies sit on their cash \u2014 or just hand it to shareholders. Amid today's already weak demand, companies are exacerbating the problem by cutting investments and increasing dividends and stock buybacks.\nTo be clear: There's nothing necessarily wrong with some hedge fund managers making $500 million a year \u2014 or a president being worth a self-reported $10 billion. Capitalism is the best economic system known to man, and the "profit motive" helps drive it.\nThe problem is that when capitalism is practiced the way it is today, wealth becomes so concentrated that much of it doesn't get spent. Billionaires and centimillionaires can hire only so many service providers and purchase only so many cars, houses, and islands. Their spending accounts for only a tiny fraction of the spending in the economy.\nEconomists cite many factors that have contributed to the rise of profits and decline of wages over the past few decades \u2014 globalization, the "skills gap," the decline of unions, the loss of "high-paying manufacturing jobs."\nThese trends are real, but they obscure the real cause: Company owners are choosing to maximize short-term profit by paying their employees as little as possible.\nIt's time for a more balanced approach.\nHappily, in recent years, we've seen some encouraging signs. Many companies, from Walmart to Apple to Starbucks to JPMorgan, have voluntarily given their lowest-paid hourly employees a pay increase. The increases aren't extravagant \u2014 at Walmart, an employee can still work full time all year and be below the poverty line. But they are a step in the right direction.\nSome corporations have begun emphasizing the need for companies to have a triple or even quadruple bottom line, creating value for customers, employees, and society in addition to shareholders.\nPerhaps most encouragingly, one of the world's largest asset managers, BlackRock, now expects companies to create value across multiple dimensions.\n"Society is demanding that companies, both public and private, serve a social purpose," BlackRock CEO Larry Fink wrote in an open letter to corporate CEOs. "To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate."\nThat's better capitalism. Practicing it will make the world a better place.","articleSection":"Strategy, Community, Employees, Customers, Future Impact, Markets"} </script> <script> /** * _performanceMark * Set performance.mark for ad timing. * @param markName {string} * @public */ function createPerformanceMark(markName) { if (performance.mark === undefined) { return; } performance.mark(markName); } /** * _performanceMeasure * Set performance.measure for ad timing. * @param measureName {string} * @param markStart {string} * @param markEnd {string} * @public */ function createPerformanceMeasure(measureName, markStart, markEnd) { if (performance.measure === undefined) { return; } performance.measure(measureName, markStart, markEnd); }; </script> <script> (function (win, doc) { 'use strict'; var criticalCss = 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<div class="ad md-leaderboard"> <div data-bi-ad id="ad-53838" class="ad ad-wrapper postload " data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="36662" data-region="Subnav" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250]]},{"browserLimit":[728,0],"slotSize":[[728,90]]},{"browserLimit":[970,0],"slotSize":[[970,250],[970,90],[728,90]]},{"location":"window"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90],[970,250],[970,90]]"> </div> </div> </div> <section class="container"> <section class="row "> <div class="referrers-anchor" data-referrers-anchor></div> <section class="post-headline-wrapper"> <h1 class="post-headline ">It's time for better capitalism</h1> </section> <section class="byline-wrapper col-12"> <div class="byline " data-e2e-name="byline"> <div class="byline-content" data-e2e-name="byline-content"> <div class="byline-row"> <div> <div class="byline-author"><span data-e2e-name="Henry Blodget"><a class="byline-link byline-author-name" data-e2e-name="byline-author-name" href="/web/20181023162222/https://www.businessinsider.com/author/henry-blodget">Henry Blodget</a></span></div> <div class="byline-timestamp" data-timestamp="2018-01-23T15:00:00+0000" data-e2e-name="byline-timestamp">  Jan. 23, 2018, 10:00 AM </div> </div> </div> </div> </div> <section class="share-wrapper share-wrapper-top" data-share-top aria-label="Share This Post" data-e2e-name="share-wrapper-top" data-track-page-area="Post Top"> <div data-share-top-clip class="group-clip"> <div data-group-icons class="group-icons"> <a class="share-link share-post facebook " data-facebook 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960px, (-webkit-min-device-pixel-ratio: 2) 50vw, 100vw" data-srcset="https://amp.businessinsider.com/images/5a67585500d0ef1e008b4ae6-160-17.png 160w, https://amp.businessinsider.com/images/5a67585500d0ef1e008b4ae6-320-34.png 320w, https://amp.businessinsider.com/images/5a67585500d0ef1e008b4ae6-480-51.png 480w, https://amp.businessinsider.com/images/5a67585500d0ef1e008b4ae6-640-69.png 640w, https://amp.businessinsider.com/images/5a67585500d0ef1e008b4ae6-750-80.png 750w" data-alt="better capitalism header"></postload-img><span class="image-source-only story lead-image"><span class="image-source" data-e2e-name="image-source"> _ </span></span></figure></a></p><p class=""><figure id="img-47956" class="figure image-figure-image postload" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" style=""><img onload="createPerformanceMark('first image displayed')" alt="wage chart ii" src="https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-750-425.png" sizes="(min-width: 960px) and (max-width: 1259px) 640px, (min-width: 1260px) 960px, (-webkit-min-device-pixel-ratio: 2) 50vw, 100vw" srcset="https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-160-91.png 160w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-320-181.png 320w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-480-272.png 480w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-640-363.png 640w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-750-425.png 750w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-960-544.png 960w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-1136-644.png 1136w, https://web.archive.org/web/20181023162222im_/https://amp.businessinsider.com/images/575f066452bcd024008c8d34-1334-756.png 1334w" (min-width: 960px) and (max-width: 1259px) 640px, (min-width: 1260px) 960px, (-webkit-min-device-pixel-ratio: 2) 50vw, 100vw/><script>createPerformanceMark('first image displayed');</script><span class="image-source-only "><span class="image-source" data-e2e-name="image-source"> Business Insider </span></span></figure></p><p class=""><em class="">This post is part of Business Insider's ongoing series on <a href="https://web.archive.org/web/20181023162222/https://www.businessinsider.com/better-capitalism/">Better Capitalism</a>.</em></p><p class=""> Over the past few decades, the US economy has undergone a profound change. </p><p class=""> This change has helped rich Americans get richer. But it has also contributed to growing income inequality and the decline of the middle class. In so doing, it has fueled populist anger across the political spectrum and slowed the growth of the economy as a whole. </p><div data-bi-ad id="ad-77373" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div><p class=""> What is this change? </p><p class=""> The embrace of the idea that the only mission of companies is to <em class="">maximize short-term profit for shareholders</em>. </p><p class=""> Talk to some people in the money management business, and they'll proclaim that this is a law of capitalism. They'll also cite other supposed laws of capitalism, including the idea that employees are "costs" and competent managers should minimize these costs by paying employees as little as possible. </p><p class=""> But these practices aren't actually laws of capitalism. </p><p class=""> They're choices. <div data-bi-ad id="ad-44237" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div></p><p class=""> They're choices that arose out of the shareholder activism movement that began in the early 1980s — a movement that was reasonable and necessary back then but has since been taken too far. </p><p class=""> And they're choices we should revisit if we want to restore a sense of fairness and opportunity to reinvigorate our economy. </p><p class=""> Not long ago, America's corporate owners and managers made different choices — choices that were better for average Americans and the economy. These managers and owners also had a profoundly different understanding of their responsibilities. </p><p class=""> "The job of management," proclaimed Frank Abrams, the chairman of Standard Oil of New Jersey, in 1951, "is to maintain an equitable and working balance among of the claims of the various directly interested groups… stockholders, employees, customers, and the public at large." </p><p class=""> By paying good wages, investing in future products, and generating reasonable (not "maximized") profits, American companies in the 1950s and 1960s created value for all of their constituencies, not just one. As a result, the country and economy boomed. <div data-bi-ad id="ad-88408" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div></p><p class=""> Over more recent decades, however, this balance has radically shifted. </p><p class=""> The stagnation and bear market of the 1970s contributed to the rise of shareholder activism, a trend immortalized in the 1980s by the fictional corporate raider Gordon Gekko in the movie "Wall Street." In that era, American companies had become bloated and complacent, and they needed a kick in the ass. "Greed is good," Gekko declared, while firing smug, overpaid managers and restructuring weak companies. Beleaguered shareholders justifiably cheered. </p><p class=""> But 30 years later, Gekko's shareholder revolution is still going strong, and the pendulum has now swung too far the other way. Urged on by a vast and hypercompetitive money management industry, American companies now increasingly serve a single constituency — shareholders — while stiffing employees and minimizing investments in future products. </p><p class=""> This "shareholder value" religion is visible in the divergence between profits and wages. </p><p class=""> Corporate profit margins have been rising for 15 years and are now near their highest levels ever. Corporate wages, meanwhile, have been declining for four decades and are near their lowest level ever. </p><h3 class=""> Profits as a percent of the economy: </h3><p class=""><figure id="img-502315" class="figure image-figure-image postload" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" style=""><postload-img data-src="https://amp.businessinsider.com/images/5a672c1aa2444428028b52a5-750-500.png" data-sizes="(min-width: 960px) and (max-width: 1259px) 640px, (min-width: 1260px) 960px, (-webkit-min-device-pixel-ratio: 2) 50vw, 100vw" data-srcset="https://amp.businessinsider.com/images/5a672c1aa2444428028b52a5-160-107.png 160w, https://amp.businessinsider.com/images/5a672c1aa2444428028b52a5-320-213.png 320w, https://amp.businessinsider.com/images/5a672c1aa2444428028b52a5-480-320.png 480w, https://amp.businessinsider.com/images/5a672c1aa2444428028b52a5-640-427.png 640w, https://amp.businessinsider.com/images/5a672c1aa2444428028b52a5-750-500.png 750w" data-alt="Profits vs GDP"></postload-img><span class="image-source-only "><span class="image-source" data-e2e-name="image-source"><a href="https://web.archive.org/web/20181023162222/http://www.businessinsider.com/">St. Louis Federal Reserve, Business Insider.</a></span></span></figure></p><h3 class=""> Wages as a percent of the economy: </h3><p class=""><figure id="img-2800" class="figure image-figure-image postload" data-type="img" data-e2e-name="image-figure-image" data-media-container="image" style=""><postload-img data-src="https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-750-500.png" data-sizes="(min-width: 960px) and (max-width: 1259px) 640px, (min-width: 1260px) 960px, (-webkit-min-device-pixel-ratio: 2) 50vw, 100vw" data-srcset="https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-160-107.png 160w, https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-320-213.png 320w, https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-480-320.png 480w, https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-640-427.png 640w, https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-750-500.png 750w, https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-960-640.png 960w, https://amp.businessinsider.com/images/5a672c6da24444e13a8b4fbc-1136-757.png 1136w" data-alt="Wages vs GDP"></postload-img><span class="image-source-only "><span class="image-source" data-e2e-name="image-source"><a href="https://web.archive.org/web/20181023162222/https://www.businessinsider.com/">St. Louis Federal Reserve, Business Insider.</a></span></span></figure></p><p class=""> Nor are these the only ways that the "shareholder value" obsession has warped our economy. <div data-bi-ad id="ad-84209" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div></p><p class=""> The richest 1% of Americans now own nearly 45% of the country's wealth, near the highest level since the "Gilded Age" of the 1920s. These Americans had an average net worth of $14 million in 2013. At the same time, the average wealth of "90%-ers" has plunged in recent years to just above $80,000, the same level as in the mid-1980s. Millions of Americans who work full time for highly profitable corporations earn so little that they're below the poverty line. The bottom 50% of Americans own nothing. </p><p class=""> Beyond fairness and decency — the ethical decision to share more of the economic value a company creates with the people who devote their lives to creating it — the profit-maximization obsession also hurts the economy. </p><p class=""> Why? </p><p class=""> Because wages and investments at one company become revenue for other companies. </p><p class=""> Consumers account for about 70% of the spending in the economy, so our spending is what drives economic growth. Most consumers work, so another name for them is "employees." And except for the richest Americans, most of us spend almost everything we make. <div data-bi-ad id="ad-96156" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div></p><p class=""> When we are paid less, we have less to spend, and economic growth slows. When we are paid more, we spend more, and growth accelerates. </p><p class=""> Consumer spending also drives business investment. When consumers are flush, businesses invest aggressively to meet demand. When consumers are strapped, however, companies sit on their cash — or just hand it to shareholders. Amid today's already weak demand, companies are exacerbating the problem by cutting investments and increasing dividends and stock buybacks. </p><p class=""> To be clear: There's nothing necessarily wrong with some hedge fund managers making $500 million a year — or a president being worth a self-reported $10 billion. Capitalism is the best economic system known to man, and the "profit motive" helps drive it. </p><p class=""> The problem is that when capitalism is practiced the way it is today, wealth becomes so concentrated that much of it doesn't get spent. Billionaires and centimillionaires can hire only so many service providers and purchase only so many cars, houses, and islands. Their spending accounts for only a tiny fraction of the spending in the economy. </p><p class=""> Economists cite many factors that have contributed to the rise of profits and decline of wages over the past few decades — globalization, the "skills gap," the decline of unions, the loss of "high-paying manufacturing jobs." <div data-bi-ad id="ad-72452" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div></p><p class=""> These trends are real, but they obscure the real cause: Company owners are choosing to maximize short-term profit by paying their employees as little as possible. </p><p class=""> It's time for a more balanced approach. </p><p class=""> Happily, in recent years, we've seen some encouraging signs. Many companies, from Walmart to Apple to Starbucks to JPMorgan, have voluntarily given their lowest-paid hourly employees a pay increase. The increases aren't extravagant — at Walmart, an employee can still work full time all year and be below the poverty line. But they are a step in the right direction. </p><p class=""> Some corporations have begun emphasizing the need for companies to have a triple or even quadruple bottom line, creating value for customers, employees, and society in addition to shareholders. </p><p class=""> Perhaps most encouragingly, one of the world's largest asset managers, BlackRock, now expects companies to create value across multiple dimensions. <div data-bi-ad id="ad-74367" class="ad ad-wrapper postload in-post" data-force="" data-type="ad" data-adunit="business-insider/desktop/strategy/warroom/post" data-pagetype="post" data-tag="op-ed,henry-blodget,capitalism,creators,wall-street,better-capitalism" data-pos="atf" data-authors="henry-blodget" data-views="" data-region="Desktop In Post Ad" data-responsive="[{"browserLimit":[0,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[600,0],"slotSize":[[300,250],"fluid"]},{"browserLimit":[1260,0],"slotSize":[[728,90],"fluid"]},{"location":"inline"}]" data-url="/web/20181023162222oe_/https://www.businessinsider.com/henry-blodget-better-capitalism-1-2018" data-amazontamsizes="[[300,250],[728,90]]"></div></p><p class=""> "Society is demanding that companies, both public and private, serve a social purpose," BlackRock CEO Larry Fink wrote in an open letter to corporate CEOs. "To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. Companies must benefit all of their stakeholders, including shareholders, employees, customers, and the communities in which they operate." </p><p class=""> That's better capitalism. Practicing it will make the world a better place. </p></div> <section class="category-tagline "> <div class=""><p class=""> This column does not necessarily reflect the opinion of Business Insider. </p></div> </section> </section> <section class="post-content-more "> <section class="see-also" data-e2e-name="see-also-wrapper" data-track-event-label="see-also"> <h3 class="see-also-header"> <span>SEE ALSO:</span> <a href="https://web.archive.org/web/20181023162222/http://www.businessinsider.com/bi-100-the-creators-business-visionaries-creating-value-for-the-world-2016-6" class="see-also-link" data-e2e-name="see-also-link">Meet the top 100 business visionaries creating value for the world</a> </h3> </section> </section> <section class="post-content-bottom " data-track-page-area="Post Bottom"> <section class="category-wrapper" data-track-event-label="category" data-e2e-name="category-wrapper"> <span class="more-text">More:</span> <a class="category-link first" href="/web/20181023162222/https://www.businessinsider.com/category/op-ed" data-e2e-name="category-link">Op-Ed</a> <a class="category-link" href="/web/20181023162222/https://www.businessinsider.com/category/henry-blodget" data-e2e-name="category-link">Henry Blodget</a> <a class="category-link" href="/web/20181023162222/https://www.businessinsider.com/category/capitalism" data-e2e-name="category-link">Capitalism</a> <a class="category-link" href="/web/20181023162222/https://www.businessinsider.com/category/creators" data-e2e-name="category-link">Creators</a> <div class="category-more"> <div class="category-more-wrapper"> <div class="category-more-content"> <ul> <li><a class="category-link category-link-hidden" href="/web/20181023162222/https://www.businessinsider.com/category/wall-street" data-e2e-name="category-link-more">Wall Street</a></li> <li><a class="category-link category-link-hidden" href="/web/20181023162222/https://www.businessinsider.com/category/better-capitalism" data-e2e-name="category-link-more">Better Capitalism</a></li> </ul> </div> <div class="category-more-icon"><i class="icon-chevron-down" data-e2e-name="category-link-more-icon"></i></div> </div> </div> </section> <section> </section> <section class="targeted-recommended taboola-below-main-column" id="taboola-below-main-column" data-e2e-name="taboola-below-main-column" data-track-event-label="rec-taboola-taboola-below-main-column"> <script> BI.requireQueue.push({ requireFunc: function () { require( "src\/scripts\/utils\/contentProvider" )( {"providerName":"taboola","providerPageType":{"article":"auto"},"providerUrl":"\/\/web.archive.org\/web\/20181023162222\/https:\/\/cdn.taboola.com\/libtrc\/businessinsider\/loader.js","providerFlushValue":{"flush":true},"providerData":{"mode":"thumbs-1r","container":"taboola-below-main-column","placement":"below-main-column","target_type":"mix"}}, window); }, priority : undefined }); </script> </section> </section> </article> </div> </section> 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