RECOMMENDED READING
Corporate Actual Responsibility: A Conversation with Senator Josh Hawley
Senator Marco Rubio Delivers the Inaugural Henry Clay Lecture in Political Economy
The Returns Counter (Q1 2020)

An effective financial sector is vital to a well-functioning market economy, but in America the sector has metastasized. Its share of corporate value added has risen from 4% after WWII to 6% in the 1960s to 9% in the 1980s to a record 14% last year. Its share of corporate profits, once less than 10%, reached 40% in the early 2000s and has remained consistently above 25% since.

Top business talent has followed. In 2020, 34% of graduates from Harvard’s MBA program entered finance, as did 34% from Stanfords. At both schools it was the most popular industry and offered the most generous compensation packages.

In theory, Americans might just love themselves some great financial services. A finance-dominated economy might deliver extraordinary value to consumers and businesses, drive investment and innovation, and shift upward the nation’s economic trajectory. In practice, this is obviously not the case.

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Oren Cass
Oren Cass is the executive director at American Compass.
@oren_cass
Recommended Reading
Corporate Actual Responsibility: A Conversation with Senator Josh Hawley

Senator Josh Hawley talks with American Compass executive director Oren Cass about the empty platitudes and hypocrisy of “woke capital” and why conservatives must work to prioritize the needs of workers and families in their economic policy agenda.

Senator Marco Rubio Delivers the Inaugural Henry Clay Lecture in Political Economy

Sen. Rubio assesses how the flawed bipartisan economic consensus went so tragically wrong and offers a clear-eyed approach to economic policy that can serve the national interest and the common good.

The Returns Counter (Q1 2020)

Archive of Returns Counter data as of Q1 2021