Venture capitalism has a disproportionate impact on the economy. It helps to ensure that technological innovation enriches the few and sustains jobless economic growth. Industrial policy in the hands of the government ideally creates wealth and spreads it around. Venture capitalists pick a handful of winners as part of a process of concentrating wealth in fewer and fewer hands.
In the age of Big Data, corporate America knows a lot about us--our buying habits, where we travel, even our mental health. But ask Corporate America a simple junior high-level question in long division related to CEO compensation and some of these companies freeze like awkward teens at the sock hop.
You really can buy anything in America in 2015 -- even things you would never guess in a million years that someone wanted to buy. Who knew, before this weekend, that if you donate enough money, you can even become a quasi-cop and go chasing down criminals and assorted poor people in your spare time? Is this an exceptional country or what?
Hillary Clinton served on the board of directors of Walmart from 1986 to 1992. She is among the thousands of prominent and successful individuals who have sat on the boards of major corporations. The reason that the rest of us should care about corporate directors is that these are the people who determine the pay of corporate CEOs.
Between the New Deal and the 1970s, Wall Street was tightly controlled. Taxes on the wealthy were high, worker wages were rising, and debt levels on consumers, companies and government were low. After finance wriggled free from these regulations private and public debt exploded, wages stalled, taxes on the rich fell and inequality soared.