"The fact that so many households depend on rising home equity gains to generate wealth for their families speaks to the failure of our “financialized” economy, where money is increasingly made from holding or inheriting assets alone, not productive, collaborative, and meaningful work. If we are to truly fix Canada’s housing system, we need to wean households off their growing reliance on the inflation of asset prices."

"One of the reasons I think we haven’t seen more strikes already — given that the labour share of the national pie has been declining in most G20 countries since the 1980s — is that asset prices have risen considerably in that time, offsetting stagnant wages for some" (emphasis some)

"An asset price collapse and a lasting period of low returns would bring a looming pensions crisis to the top of the political agenda. That would, in turn, force us finally to reckon with an economic model that has put the interests of capital before workers for far too long.
.. we are due for a swing away from a financially orientated economy to one driven more by income growth."

We are at the beginning of a mass extinction and all you can talk about is money and fairy tales of endless economic growth. How dare you!”

FT announces need for new corporate agenda: "the model has come under strain, particularly the focus on maximising profits and shareholder value... without change, the prescription risks being far more painful"

"more worried about the serving the master on the stock market and the quarterly earnings report than running a great business"

this would be a massive sea change in american-style capitalism. though whether it's genuine and going to lead to actual differences in behaviour is quiet debatable. as the article concludes, quoting Andy Green from Center for American Progress, “We need to see the details to see if they put their money where their mouth is.”

"The change amounts to a call to reform capitalism in a time in which rising populism and concern about climate change have led politicians and shareholder activists to demand that companies consider their impact on the world beyond their balance sheets.

It is a significant departure from the bedrock belief that businesses serve the owners of their capital — a philosophy championed by Nobel Prize-winning economist Milton Friedman and which has driven corporate America for decades."

profit motive destroys long-term value and favours capital over labour

"For the first time, the nonfinancial corporate business sector now consistently spends more on acquiring financial assets than on capital development."

"Rising out of the economic stagnation of the 1970s, shareholder primacy theory refocused corporate management’s understanding of economic value as financial return to shareholders. This theory tilts business decision-making towards returning money quickly and predictably to investors rather than building long-term corporate capabilities, reduces investment in research and innovation, and undervalues American workers’ contribution to production."

moving beyond the profit motive

"The signs of this new post-supply side era are all around us. Witness the rise of the B-corporations, which balance purpose and profit, and the growth of investing based on environmental, social and governance factors."

"if you want to improve society then we need to be able to pursue long-term goals which are beyond profitability"

"then spent two decades at General Electric learning from Jack Welch how to erode industrial capacity in favor of shareholders"