JPMorgan CEO Jamie Dimon championed a brand of “woke capitalism” that turns words into action, during a client call on Tuesday, saying “society is worse off if we don’t lift everyone up.”
“You can ignore the bad part of society – not hiring from them, not driving in parts of town,” Dimon said, as reported by Yahoo! Finance. “I think it’s a mistake because our society is worse off if we don’t raise everyone. It is much more than “woke capitalism”. It’s a good thing to uplift our fellow citizens.
If young people between the ages of 17 and 25 have an unemployment rate of 20%, “you can be sure that you are going to have a social problem,” he says. “Jobs bring dignity, household formation. Jobs reduce crime. Everyone should try to help if they can.
The unemployment rate for young people aged 16 to 19 in July was 3.5%, according to the US Bureau of Labor Statistics. The rate for 20 to 24 year olds was 6.4%.
The term “woke up capitalismwas coined by New York Times opinion columnist Ross Douthat in the mid-2010s. Although the term means slightly different things to different people, it generally refers to companies that signal support for social issues like same-sex marriage and environmental protection , but who perhaps do not push their plea further.
In a piece of 2020 in Atlantic, Writer Helen Lewis has criticized woke capitalism, saying its “iron law” is “Better to have something you can point to and say, ‘Aren’t we progressive? than to think about the real problem.
A good example, according to Lewis, is diversity training, which “disrupts your power structures as little as possible. Don’t change the board; simply ask your current employees to attend a seminar.
“The only question I want to ask big corporations that claim to ’empower the female leaders of the future’ is this: ‘Do you have on-site childcare?'” she wrote. “You can have all the energy highs and breakfasts you want, but unless you’re tackling the real issues that are holding working parents back, then it’s all window dressing.”
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