Date: 2024-10-07 Page is: DBtxt003.php txt00004340 | |||||||||
Peter Burgess Connections ... | |||||||||
Burgess COMMENTARY | |||||||||
About Capitalism ... and dysfunctional metrics
Dear Professor
I enjoyed reading your article addressing the question 'is Capitalism Moral?' ... but really, is this question of any material value?
I have listened to the academic community and media pundits talk about this and similar questions for upwards of 40 years, and the process of change in the economy and society goes on its merry way, driven by ... in my opinion ... the dysfunctional prevailing metrics and an unbelievably outdated understanding of what is happening and what is possible.
I like your piece ... but the issue that for me is central, is missing, as it almost always is. In my view ... and I was a corporate CFO at one point in my career ... the metrics of society are very important, and at the moment they are wrong. Money profit, stock market prices and GDP growth address one stakeholder's interests, ignoring all the rest.
There are many initiatives to improve corporate reporting to respond to the need for accounting for other stakeholders ... the triple bottom line, green reporting, and so on ... but the old money profit accounting still dominates and the others are for all practical purposes irrelevant.
When you change the way the game is score ... you change the way the game is played. This works in sports, I know it works inside the company and I am sure it will work for society in the 21st Century.
Sincerely
Peter Burgess
Changing the way the score is kept is exactly what I was referring to in terms of corporate governance and institutional arrangements and norms of behavior. Thanks for your note.
Pearlstein
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Steven Pearlstein is an American columnist. He writes a column on business and the economy that is published twice weekly in The Washington Post. In 2008 Pearlstein received the Pulitzer Prize for Commentary for 'his insightful columns that explore the nation's complex economic ills with masterful clarity,' at The Washington Post. In the fall of 2011, he became the Robinson Professor of Political and International Affairs at George Mason University. [1][2]
[edit]Life and career
Pearlstein was raised in Brookline, Massachusetts, and graduated from Trinity College in 1973. He started out in journalism at the Concord Monitor and the Foster's Daily Democrat, in New Hampshire. He was the founding publisher and editor of The Boston Observer, a monthly journal of liberal opinion, and was a senior editor at Inc. magazine for two years. Pearlstein then joined The Washington Post, where he has served as deputy business editor. Pearlstein has also worked as a television news reporter at Boston’s public television station, WGBH-TV. During the late 1970s, he served as administrative assistant to U.S. Senator John A. Durkin and U.S. Representative Michael J. Harrington and was elected to the position of town moderator in West Newbury, Massachusetts. As of 2008 he lives in Washington, D.C., with his wife, Wendy Gray, and two children.[3][4]
Pearlstein was heavily criticized by Salon.com opinion writer Glenn Greenwald for allegedly changing his position several times on the bank bailouts following the 2008 economic crisis.[5]
In August 2009, Pearlstein wrote a column calling those allegedly spreading lies about the content of President Obama's health care reform 'political terrorists', characterizing them as misleading, disingenous and 'poisoning the political well'.[6]
[edit]References
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