Why American CEOs Are Worried About Capitalism
Fearing a backlash against business if a Democrat wins the White House, some chief executives are pushing for pre-emptive reforms
By Andrew Edgecliffe-Johnson
When Roger Williams got his turn at the microphone earlier this month, his question for the bank CEOs lined up before the House committee on financial services seemed an unusual one to put to seven sharp-suited financiers. “Are you a socialist or are you a capitalist?” the Texas Republican asked each of them, from Citigroup’s Mike Corbat to David Solomon of Goldman Sachs.
None struggled to assure him of their free market bona fides, but the fact the question was even asked reflected a remarkable change in the discussion about business in Washington and beyond in recent months.
America’s decades-old system of corporate capitalism is suddenly up for debate. One reason is the rising prominence of self-described democratic socialists such as Alexandria Ocasio-Cortez, Mr Williams’ fellow committee member, which has put a spotlight on critics who were once outside the political mainstream. Yet some of the most influential voices calling for change are the very chief executives who have arguably benefited most from the current model.
