Backlash against a lot of the capitalist forces that drove the recovery.
You're the founder of the inclusive capitalism conference, which is happening tomorrow in london.
I think a lot of people here that phrase and automatically think those are two contradictory ideas.
Capitalism and inclusive.
What you say to that?
I say for adam smith, he would not have had use the word inclusive capitalism because for him, capitalism by definition was inclusive.
So it would be a redundancy.
Unfortunately, you're right.
Today it is an oxymoron to think inclusive couples him.
That is why we have the election results.
That is why 61% of britain said they will vote for the party that is toughest on big business.
What we're doing tomorrow is we are gathering a group of people together to say, this is has not been without faults.
It is not the business of business to solve society's problems, but it is really dangerous when business is viewed as one of society's problems.
And that is where we have gotten, and your point about the election.
So let's bring people into the room who can take action and decide, we are going to behave in a longer-term fashion and we're going to behave and manage our companies for broader -- and the perception is important, isn't it?
The perception of the confidence in the system is equal to income growth itself.
You have done some research on that.
Yes, yes, absolutely.
In the united states, for instance, when middle income group of 14% -- grew by 14%, the people who trusted the government grew from 23% to 40% and now it is down to 17%. it is not good for business when the public doesn't trust the future and isn't optimistic.
How do you get companies to do this?
Comment is by nature have an obligation to their shareholders and to debate focused on short-term interest -- and tend to be focused on short-term interest.
What should they do to be more inclusive?
We're starting with the investors.
We're going to huge pools of capital and saying, go and measure the ceo on the basis of the business that she builds over 12 years come and not 12 quarters.
We are going to investors and saying, inquire what is the corporate culture, what is the ethical basis on which this company does business, how is this business taking care of the supply chain?
So we will have fantastic ceos who really walk this walk, like paul pollman from unilever.
We have companies in america like the gap or costco that are saying, we're not going to wait for government to tell us with the minimum wage should be.
We are going to pay more than the minimum wage.
What do they get out of that?
They get a dedicated workforce and customers who feel proud tobuy there.
There is a business reason for doing the right thing.
How does this fit in to this pfizer astrazeneca story, which of course, if it takes place today, could be the biggest taker -- hang on just one second.
I pulled an excerpt from the op-ed on the deal from martin wall.
If we could just pull it up.
Does this herald a sea change in thinking because moore has been thought about the research, the jobs them on the shareholders themselves?
Is this a very important seachange do you think?
I think the resistance to the bit is telling us something about the way pfizer is viewed.
Pfizer is viewed as a company that does not invest enough in rmb and not taking care of its future, and instead, is going around the world gobbling up companies.
Whether that is true or not, the fact that is the perception has definitely hurt it.
So the shareholders who have held firm saying, we have great research, we have great future products and we want to be in is for the long term, i think are making a statement of stop how much shareholder appetite you think there can be?
You mention pension funds.
A lot of them would say they have the advantage by not going after socially responsible businesses.
Hedge funds would say that.
It should is additional investors who are representing teachers or 30 years old now and will be retiring and 30 years who need a company who's going to survive for 30 years, not just the ups and downs of every quarter, should pension funds, should sovereign wealth funds, should the big money of the world really be putting their money into these hedge funds or short sellers or high-frequency traders?
Why don't we insist that these institutional managers investing companies that are investing for the long term, that are investing in supply chain, that are investing in apprenticeships?
The germans have shown as you can build competitive companies and pay good wages.
Do you know your telecommunications industry well?
You made a name for yourself a decade or two ago within that industry.
Emphasis on two.
And you made a few dollars out of the industry as well.
It is an industry that is changing day by day.
Not just in the u.s., but europe as well.
Whether it is telecom, satellite, cable.
Where is this industry heading?
When you look back with your experience, how exciting is the telecommunications space right now?
Is very exciting and i wish i had never sold.
Don't sell too early, is my message to young people.
I think our life is going to be on our iphone were ipad or samsung.
Everything is going to come to that little thing in our hand.
The telecommunications history is extraordinary.
You see it with time warner cable and comcast.
As my niece one said to me, i never watch tv on my tv anymore.
Thanks to lynn rothschild for joining us.
A great conference in london.
Though clinton, christine lagarde will be speaking.
-- though clinton, christine lagarde will be speaking.
We will be right back.
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