The theme of this year’s Milken Conference is “Shared Prosperity,” and that’s being framed as — how to tweak capitalism so that more people can benefit from it.
The genre of op-ed that takes note of rising economic inequality and calls for CEOs to serve a broader set of stakeholders has become commonplace. BlackRock CEO Larry Fink and Ray Dalio, founder of hedge fund giant Bridgewater Associates, have added their voices. The subtext: Populism is rising, and if business doesn’t want some kind of radical change, it better figure out how to make the system less winner-take-all.
That conversation is cropping up during panels, including this slide shown by Mark Attanasio, managing director of Crescent Capital Partners. It shows the stock market rising faster than wages. Put aside the fact that the different Y axes don’t really mean much in relation to other. But the point is clear: Owners of capital are doing better than people who work for a salary. “It’s created all kinds of divides,” Attanasio said.
So far — and it’s still early! — the masters of the universe here haven’t proposed many concrete solutions. But they do generally agree that those who haven’t benefited from…
