Presidential Candidate Yang Calls for "Human-Centered Capitalism"
As reported in ESM, the issue of what we call Enterprise Engagement is entering the political fray. Democratic presidential candidate and entrepreneur Andrew Yang makes “human-centered capitalism” a pillar of his campaign. Note: The Enterprise Engagement Alliance is strictly non-partisan.
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Sen. Elizabeth Warren (and shortly thereafter Bernie Sanders) introduced the their own calls for a more humane capitalism
, with Warren calling for organizations with sales of over $1 billion to sign a corporate charter requiring them to address the interests of all stakeholders, employees, customers and communities, and Sanders recommending limitations to stock buyback practices. Now presidential candidate Andrew Yang is making a similar call for “human-centered capitalism.”
On his campaign’s website, Yang , entrepreneur and founder of Venture for America, writes: “Capitalism as an economic system has led to unparalleled innovation and improvement in the human condition. Many consider it to have ‘won’ the war of ideas against socialism, but that simplistic view ignores that there is no such thing as a pure Capitalist system. And our current version of institutional capitalism and corporatism is a relatively recent development.”
He argues that “Our current emphasis on corporate profits isn’t working for the vast majority of Americans. This will only be made worse by the development of automation technology and AI.
We need to move to a new form of capitalism – Human Capitalism – that’s geared towards maximizing human well-being and fulfillment.” According to Yang, the key tenets of human capitalism are:
1. Humans are more important than money.
2. The unit of a Human Capitalism economy is each person, not each dollar.
3. Markets exist to serve our common goals and values.
He asserts that “The focus of our economy should be to maximize human welfare. Sometimes this aligns with a purely capitalist approach, where different entities compete for the best ideas. But there are plenty of times when a capitalist system leads to suboptimal outcomes. Think of an airline refusing to honor your ticket because they can get more money from a customer who purchases last-minute, or a pharmaceutical company charging extortionate rates for a life-saving drug because the customers are desperate.”
As president, Yang says he would:
• Change the way we measure the economy, "from GDP and the stock market to a more inclusive set of measurements that ensures humans are thriving, not barely getting by. New measurements like Median Income and Standard of Living, Health-adjusted Life Expectancy, Mental Health, Childhood Success Rates, Social and Economic Mobility, Absence of Substance Abuse and other measurements will give us a much clearer and more powerful sense of how we are doing both individually and as a society."
• Rein in corporate excesses by appointing regulators who are paid a lot of money – competitive with senior jobs in the private sector – but then will be prohibited from going to private industry afterward. "Regulators need to be focused on making the right decisions and policies for the public with zero concern for their next position."
The government’s goal should be "to drive individuals and organizations to find new ways to improve the standards of living of individuals and families on these dimensions. In order to spur development, the government should issue a new currency – the Digital Social Credit – which can be converted into dollars and used to reward people and organizations who drive significant social value. This new currency would allow people to measure the amount of good that they have done through various programs and actions."
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Online: The Enterprise Engagement Academy at EEA.tmlu.org
, providing the only formal training on Enterprise Engagement and the new ISO 9001 and ISO 10018 quality people management standards. Provides preparation for professionals to support organizations seeking ISO 10018 employer or solution provider certification, as well as elective courses on Trade Show Engagement, Rewards and Recognition, Government, and other topics.
10-minute short course: click here
for a 10-minute introduction to Enterprise Engagement and ISO standards on Coggno.com
Services: The International Center for Enterprise Engagement at TheICEE.org
, offering: ISO 10018 certification for employers, solution providers, and Enterprise Engagement technology platforms; Human Resources and Human Capital audits for organizations seeking to benchmark their practices and related Advisory services for the hospitality field.
The Engagement Agency at EngagementAgency.net
, offering: complete support services for employers, solution providers, and technology firms seeking to profit from formal engagement practices for themselves or their clients, including Brand and Capability audits for solution providers to make sure their products and services are up to date.
C-Suite Advisory Service
—Education of boards, investors, and C-suite executives on the economics, framework, and implementation processes of Enterprise Engagement.
—Select the right speaker on any aspect of engagement for your next event.
Mergers and Acquisitions.
The Engagement Agency’s Mergers and Acquisition group is aware of multiple companies seeking to purchase firms in the engagement field. Contact Michael Mazer in confidence if your company is potentially for sale at 303-320-3777.
Enterprise Engagement Benchmark Tools:
The Enterprise Engagement Alliance offers three tools to help organizations profit from Engagement. Click here
to access the tools.
• ROI of Engagement Calculator. Use this tool to determine the potential return-on-investment of an engagement strategy.
• EE Benchmark Indicator. Confidentially benchmark your organization’s Enterprise Engagement practices against organizations and best practices.
• Compare Your Company’s Level of Engagement. Quickly compare your organization’s level of engagement to those of others based on the same criteria as the EEA’s Engaged Company Stock Index.
• Gauge Your Personal Level of Engagement. This survey, donated by Horsepower, enables individuals to gauge their own personal levels of engagement.
For more information, contact Bruce Bolger at Bolger@TheEEA.org, 914-591-7600, ext. 230.