Income inequality and lost opportunities will create a major crisis for the U.S. economy.
Such is the message of Peter Georgescu, one of the founders of Daily Voice, whose latest book, "Capitalists Arise!: End Economic Inequality, Grow the Middle Class, Heal the Nation," deals with the erosion of the American dream and the challenges business leaders need to take to get the country back on course.
It's a subject he's been thinking about for years but which has particular resonance -- and pertinence -- in today's political climate.
And no, he didn't have a crystal ball to predict that his newest book -- his third -- would come out during such a charged time.
The self-professed capitalist started his research more than three years ago and finds it serendipitous that "Capitalists Arise!" has been released now. The official launch was May 1.
The book's overriding message is that American industries need to step forward and reclaim capitalism as a means of creating wealth and shared prosperity. "Governments don't usually deal with these issues so business leaders have to," he stressed.
Otherwise, explained the Chairman Emeritus of NYC's Young & Rubicam, the U.S. will end up with a devastating, "almost catastrophic" socio-economic crisis.
The topic, which had been front and center during the 2017 election, is being talked about but still, no one is doing anything about it, added Georgescu.
"We are hurting the middle class, which has disappeared and we are not creating as many jobs as we could and we are not supporting our society. Which is why I've written the book -- to ring the bell and suggest the reimagining of free market capitalism."
It's why, too, his book lists a variety of actionable solutions.
Capitalists, he said, can help create prosperity and growth. This can happen by paying employees fair wages and recognizing that those souls are the real value creators for corporations.
His hope -- and basic takeaway -- is for the book to serve as a manifesto for CEOs, executives, and directors to take steps to push back against the pressures of shareholder primacy and begin to reshape free enterprise with a vision towards long-term profitability rather than short-term gain.
You can hear Georgescu speak as part of the Bryant Park Literary Series on Monday, May 15 at 12:30 p.m. His talk will be hosted by Kelly Windsor Fisher, Head of Corporate Sustainability and Senior Vice President, HSBC.
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