Excellent class, Prof. Reich! I almost let myself sleep in, but I dragged up and turned on your class - which was better at waking me than 2 cups of coffee. Both content and delivery were great, reminding me of questions from my multi-ethnic, multi-national students. They have often asked how American business values affect what's happening to families and children here in the U.S. I wish I'd had a class like yours before I began teaching Human Development.
I watched your first class, but not your second, yet. It was thought-provoking. Our vast wealth and income inequality and culture of money worship enables someone like Harlan Crow to buy his own personal Supreme Court justice to do his bidding, with dire consequences for us ordinary folks.
I was only able to watch one or two classes last semester due to me never getting notifications! My subscription is worth FIFTY dollars though, as I now have the Substack app and can enjoy EVERY class.
PS: I DID watch the "Hacksaw Bob" thought experiment last time and this one was even more knowledge-inducing and entertaining. You make a TERRIFIC cut-throat corporate monster, Professor Reich.
Wow. It has been a long time since I’ve sat in a college classroom, but I am thoroughly enjoying “auditing” this class with you. Thank you so much for this opportunity to remember how much I enjoyed my professors in the lecture halls at the University of Colorado back in the 70s. With my age and life experience as a practical guide, it is eye opening to see each piece of the puzzle fall into place.
I took macro economics and business ethics classes 40 years ago. Profs at that time were distressed to see the direction capitalism was headed, with the 6 month and one year outlooks, rather than the policies that built the US to an economic super power. By '92, one professor (in Manufacturing, specifically automation) was very concerned with where the nation was headed.
Then I landed a skilled trades job for a automotive company, and watched it happen from the inside. Not just the dwindling returns for the workers, but the waste and inefficiencies that were built into the system. I retired with a real bad opinion of American business.
You are encouraging me to rethink a few things. Probably not enough things to sway me from Democratic Socialism, but I did take all those classes in manufacturing ~ automation, after all.
Professor, In response to your question “Is there such a thing as corporate responsibility?,” I defer to one of the country’s most vital and eloquent public intellectuals Cornel West, who contends, “It is past time that we consider in our public discourse the civic responsibilities of corporations.” Intended not as a matter of depreciating corporations, but as an issue of democratic survival, West maintains, “There must be prescribed forms of public accountability for institutions that have a disproportionate amount of wealth, power, and influence.”
Indeed, West implies, in so many words, that were we not invested in living in a democracy, we would not be obliged to raise this issue. However, within a democratic society, the relation of corporate commercial interests to the public interest is a matter that must continually be doggedly vented.
Thank you for opening up this class. I am ( only) a couple of years older than you, and I can’t help but think that when I was in college I wasn’t ready to understand this ( Or much of anything, looking back) ( math major). Also I had 0 disposable income, so questions about where I bought stuff were irrelevant. ( even if there had been a www). I hope the kids today are up to the task. We need people who understand this stuff out in the world. ( judging by their comments and responses, they are way ahead of where I was).
I really enjoyed class 2. I’m glad you talked about corporate raiders and stock buybacks because I
think both are a big part of why ceo pay has gone through the roof and why corporations are so out of touch with mainstream America.
Currently, corporate management focus is on only one thing--making money. It’s a predatory mind-set
that helped create not only the enormous wealth gap, but also contributed to a general attitude of corporate irresponsibility toward their workers, customers & the communities they affect.
It’s as if corporate management views their customers only as gullible “marks,” to be taken advantage of by manipulating them via marketing
or deliberate faulty manufacturing, to part with their money. For example, a few years ago I bought a new blow dryer for my hair. In about 6 months it no longer worked, so I bought another one from a different manufacturer. Again, in about 6-8 months it no longer worked. I even bought a third blow dryer and the same thing happened.
At that point I rummaged around in the boxes in our garage to find my late mother-in-law’s positively ancient blow dryer and it worked. Unlike the newer blow dryers, it worked for several years. Of course I’ll never know for sure, but it seemed to me the newer blow dryers were made to break down after a certain number of months or uses, forcing the person using it to buy another one, and another one, etc.
Here’s an example about dental procedure. I’ve
had at least six root canals for reasons beyond my control. I’ve also had several teeth that needed crowns. Most of the root canals were done by going thru an existing crown. After the root canal was done
that was it. Everything was taken care of.
Recently my husband needed a root canal on a tooth
that already had a crown. It was done by an endodontist, but he was told he had to go back to his regular dentist for a follow up appointment. My question was why? After his follow up appointment
my husband said they just checked the endodontist’s work and did nothing to the tooth. Again, why? Was it just to charge the insurance
company for another visit?
Maybe it’s just me, but I don’t want computer software to track what I buy or even what I look at
or do online because it feels like I’m being stalked.
The excuse for stalking people online is allegedly
to get an idea of what you’re looking for so companies can tailor their marketing to be specific
to you. I say, horse-puckey to that. It’s just another manipulative tactic to induce you to part with your money faster.
As Barbara Jo said Cornel West said, it’s time to
talk about corporate responsibilities generally and
in some cases specifically. They’re not doing business in a vacuum, but they act as if they are.
Dear professor Reich, I am so glad to hear someone say that what has happened to our economies and what we feel called to do about it, are fundamentally moral questions. The responsibility we intrinsically have towards one another and how we discharge it, for me is the bedrock of what we call "society". Thank you for your clarity and the impartial way you get us to see all sides of the questions raised.
Great class! Favorite moment: clarification that the market is not a natural entity but one created and shaped by human beings and the practices and principles they construct for it, thus the possibility despite the rise of corporate raiderism and attendant decline in a morality that includes stakeholders, we can decide to reinclude everyone again. The corporation can take its place as a responsible member of the community again.
Yes excellent. As an educator, life long learner and boomer, much respect for your methods. A moral issue indeed. At 73 I live very humble. Had to leave CA but lived through the Japanese trying to buy up the Monterey area. Examples Bridgestone and Pebble Beach. They failed. Personally and I may be naive I am anti capitalism and anti corporate. I see little morality. As Hazel Henderson and others believe systems are upside down. Women and POC support us all and yet are the poor. Biden has some great ideas and yet the climate is still at risk by contact creation of stuff. We are stewards and it's darn hard especially when the right is so hateful. I say VOTE BLUE. Consider the Greater Good first. Thank you so much.
These class discussions keep getting better. I was gobsmacked by the discussion of generational wealth and this couldn’t have come at a better time for me. Looking forward to next week’s class.
Excellent class, Prof. Reich! I almost let myself sleep in, but I dragged up and turned on your class - which was better at waking me than 2 cups of coffee. Both content and delivery were great, reminding me of questions from my multi-ethnic, multi-national students. They have often asked how American business values affect what's happening to families and children here in the U.S. I wish I'd had a class like yours before I began teaching Human Development.
I watched your first class, but not your second, yet. It was thought-provoking. Our vast wealth and income inequality and culture of money worship enables someone like Harlan Crow to buy his own personal Supreme Court justice to do his bidding, with dire consequences for us ordinary folks.
I was only able to watch one or two classes last semester due to me never getting notifications! My subscription is worth FIFTY dollars though, as I now have the Substack app and can enjoy EVERY class.
PS: I DID watch the "Hacksaw Bob" thought experiment last time and this one was even more knowledge-inducing and entertaining. You make a TERRIFIC cut-throat corporate monster, Professor Reich.
Wow. It has been a long time since I’ve sat in a college classroom, but I am thoroughly enjoying “auditing” this class with you. Thank you so much for this opportunity to remember how much I enjoyed my professors in the lecture halls at the University of Colorado back in the 70s. With my age and life experience as a practical guide, it is eye opening to see each piece of the puzzle fall into place.
I took macro economics and business ethics classes 40 years ago. Profs at that time were distressed to see the direction capitalism was headed, with the 6 month and one year outlooks, rather than the policies that built the US to an economic super power. By '92, one professor (in Manufacturing, specifically automation) was very concerned with where the nation was headed.
Then I landed a skilled trades job for a automotive company, and watched it happen from the inside. Not just the dwindling returns for the workers, but the waste and inefficiencies that were built into the system. I retired with a real bad opinion of American business.
You are encouraging me to rethink a few things. Probably not enough things to sway me from Democratic Socialism, but I did take all those classes in manufacturing ~ automation, after all.
Eye opening, thought -provoking, and pivotal to one’s attitude toward big business.
Professor, In response to your question “Is there such a thing as corporate responsibility?,” I defer to one of the country’s most vital and eloquent public intellectuals Cornel West, who contends, “It is past time that we consider in our public discourse the civic responsibilities of corporations.” Intended not as a matter of depreciating corporations, but as an issue of democratic survival, West maintains, “There must be prescribed forms of public accountability for institutions that have a disproportionate amount of wealth, power, and influence.”
Indeed, West implies, in so many words, that were we not invested in living in a democracy, we would not be obliged to raise this issue. However, within a democratic society, the relation of corporate commercial interests to the public interest is a matter that must continually be doggedly vented.
Another outstanding class! Thanks Professor Reich
I am totally addicted.
It still looks to me like Corporations and Politicians need to be outlawed immediately.
But that is no reason to deprive myself of your many insights.
Thanks for sharing Robert!
It feels like I snuck into the fun class.
Thank you for opening up this class. I am ( only) a couple of years older than you, and I can’t help but think that when I was in college I wasn’t ready to understand this ( Or much of anything, looking back) ( math major). Also I had 0 disposable income, so questions about where I bought stuff were irrelevant. ( even if there had been a www). I hope the kids today are up to the task. We need people who understand this stuff out in the world. ( judging by their comments and responses, they are way ahead of where I was).
I really enjoyed class 2. I’m glad you talked about corporate raiders and stock buybacks because I
think both are a big part of why ceo pay has gone through the roof and why corporations are so out of touch with mainstream America.
Currently, corporate management focus is on only one thing--making money. It’s a predatory mind-set
that helped create not only the enormous wealth gap, but also contributed to a general attitude of corporate irresponsibility toward their workers, customers & the communities they affect.
It’s as if corporate management views their customers only as gullible “marks,” to be taken advantage of by manipulating them via marketing
or deliberate faulty manufacturing, to part with their money. For example, a few years ago I bought a new blow dryer for my hair. In about 6 months it no longer worked, so I bought another one from a different manufacturer. Again, in about 6-8 months it no longer worked. I even bought a third blow dryer and the same thing happened.
At that point I rummaged around in the boxes in our garage to find my late mother-in-law’s positively ancient blow dryer and it worked. Unlike the newer blow dryers, it worked for several years. Of course I’ll never know for sure, but it seemed to me the newer blow dryers were made to break down after a certain number of months or uses, forcing the person using it to buy another one, and another one, etc.
Here’s an example about dental procedure. I’ve
had at least six root canals for reasons beyond my control. I’ve also had several teeth that needed crowns. Most of the root canals were done by going thru an existing crown. After the root canal was done
that was it. Everything was taken care of.
Recently my husband needed a root canal on a tooth
that already had a crown. It was done by an endodontist, but he was told he had to go back to his regular dentist for a follow up appointment. My question was why? After his follow up appointment
my husband said they just checked the endodontist’s work and did nothing to the tooth. Again, why? Was it just to charge the insurance
company for another visit?
Maybe it’s just me, but I don’t want computer software to track what I buy or even what I look at
or do online because it feels like I’m being stalked.
The excuse for stalking people online is allegedly
to get an idea of what you’re looking for so companies can tailor their marketing to be specific
to you. I say, horse-puckey to that. It’s just another manipulative tactic to induce you to part with your money faster.
As Barbara Jo said Cornel West said, it’s time to
talk about corporate responsibilities generally and
in some cases specifically. They’re not doing business in a vacuum, but they act as if they are.
Dear professor Reich, I am so glad to hear someone say that what has happened to our economies and what we feel called to do about it, are fundamentally moral questions. The responsibility we intrinsically have towards one another and how we discharge it, for me is the bedrock of what we call "society". Thank you for your clarity and the impartial way you get us to see all sides of the questions raised.
I wish you were back in the Cabinet again.
Great class! Favorite moment: clarification that the market is not a natural entity but one created and shaped by human beings and the practices and principles they construct for it, thus the possibility despite the rise of corporate raiderism and attendant decline in a morality that includes stakeholders, we can decide to reinclude everyone again. The corporation can take its place as a responsible member of the community again.
Yes excellent. As an educator, life long learner and boomer, much respect for your methods. A moral issue indeed. At 73 I live very humble. Had to leave CA but lived through the Japanese trying to buy up the Monterey area. Examples Bridgestone and Pebble Beach. They failed. Personally and I may be naive I am anti capitalism and anti corporate. I see little morality. As Hazel Henderson and others believe systems are upside down. Women and POC support us all and yet are the poor. Biden has some great ideas and yet the climate is still at risk by contact creation of stuff. We are stewards and it's darn hard especially when the right is so hateful. I say VOTE BLUE. Consider the Greater Good first. Thank you so much.
These class discussions keep getting better. I was gobsmacked by the discussion of generational wealth and this couldn’t have come at a better time for me. Looking forward to next week’s class.