Welcome to
Capitalism Today

Dear Reader,

Welcome to the inaugural issue of Capitalism Today, a Skytop digital magazine exploring the evolving dynamics of capitalism. This quarterly digest presents insights into how boards, management, institutional investors, and asset owners are experiencing disruptive change and evolving practices to capitalize on them.

We explore corporate governance challenges driven by the integration of global supply chains and capital, which has made the world economy more susceptible to crises, such as the 1997-98 shocks and the 2007-08 financial crisis. Black swan events like COVID-19 and the energy crisis highlight the need for updated economic policies. Should institutions such as the World Bank and IMF consider updating their focus to reflect changes in global markets driven by political and economic changes? We look forward to sharing more about this and related ideas.

Where the capital flows, the changes go. The number of U.S. publicly held companies has halved since the late 1990s, while private equity and sovereign wealth funds have grown. This trend raises questions about market dynamics and economic power, as we begin to experience an expanding concentration of private capital in our free markets.

Technology continues to transform views on workers and their relationship with employers, enabling remote work and changing skill requirements. This, along with diminished unions and the continued widening of the income gap, has created a crisis for American workers. Effective policies are needed to address these challenges, including in the areas of reskilling and upskilling, especially with the rise of AI. Additionally, young people moving into the workforce express record-breaking levels of distrust in corporate leadership, with recent surveys revealing growing sentiment against corporations, viewing them as "evil."

Over the last 100 years, the issue of corporate social responsibility has been central to resolving the largest global policy concerns.  Since 1970, the focus on profit maximization has dominated public thinking about the role of the corporation, at least in the U.S. Yet, the debate continues on whether businesses should be expected to consider social values beyond profits. Global perspectives on this topic vary, even among liberal democratic capitalist systems. As a new generation of leaders emerges, the role of business in society will be a core issue.

This quarterly digest aims to foster thoughtful, balanced discussions on these issues, promoting diverse perspectives and seeking solutions for a more equitable and sustainable future. As the chair of the Editorial Committee, I'd like to thank each committee member for their contribution to this first edition and our guest writers for contributing their thought leadership to our kick-off edition.

Should you have an interest in contributing, please email me your comments or suggestions at akohn@skytopmediagroup.com.  I look forward to your feedback.

Sincerely,