CityoflondonELRothschild

Building Value, Renewing Trust

On 27 May 2014 over 220 leaders from the worlds of business and finance gathered in London to discuss the future of capitalism and how we can act to make our economic system more equitable, more sustainable and more inclusive.

Background

This event was convened to address the sense of dislocation and mistrust that pervades our societies today. Worldwide increases in income inequality, large-scale corporate and financial scandals, historically high and persistent unemployment, and slow economic growth are undermining cohesion and stability. Trust in business has declined in most parts of the world and fundamental questions are being asked about the ability of our capitalist system to deliver benefits to all.

Purpose

The Conference brought together visionary leaders from the private and public sectors to begin to create a practical agenda to turn the situation around. The aim is to define concrete steps that will help renew trust and deliver better social and economic outcomes for all.

Keynote speakers and delegates

The Conference was opened by HRH The Prince of Wales. Keynote speeches were delivered by President Bill Clinton, IMF Managing Director Christine Lagarde, Bank of England Governor Mark Carney, and Charles W. Eliot Professor at Harvard, Lawrence H. Summers.

Delegates came from 27 countries and, between them, represented over $30 trillion of investible assets, or one third of the world’s financial assets under management.

What next?

Inclusive capitalism is a constant quest that involves institutions, individuals and governments around the world: the Conference on 27 May, 2014 represented a single point in the journey.

We have created the Coalition for Inclusive Capitalism to work with others to take the agenda forward. We are seeking to identify pathways that are both effective and practical and to share them through this website and other outlets.

Our goal will be to produce clear guidelines for action and a meaningful platform for change that corporations, financial institutions, investors, labour and governments can support and implement.

Our approach will be highly collaborative. Please do contact us if you are working towards the same goals as us and would like to share your ideas.


In the past, economists have underestimated the importance of inequality. They have focused on economic growth, on the size of the pie rather than its distribution. Today, we are more keenly aware of the damage done by inequality. Put simply, a severely skewed income distribution harms the pace and sustainability of growth over the longer term. It leads to an economy of exclusion, and a wasteland of discarded potential. The recognition of this fact by the Conference on Inclusive Capitalism is incredibly important and I am honoured to take part.

Christine Lagarde
Managing Director, International Monetary Fund


The ongoing short–termism in the business world is undermining corporate investment and holding back economic growth. If large asset owners adopt strategies aimed at maximising longterm results, then other key players will follow suit. This conference will tackle the practical steps that must be taken for such a crucial shift to be achieved, and I am delighted to be involved.

Mark Wiseman
CEO, Canada Pension Plan Investment Board


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