Ford Foundation president: Here's how business can fix inequality
In a conversation with Yahoo Finance's Andy Serwer, Darren Walker explains how short-termism in business can exacerbate income inequality and how the Ford Foundation is working to alleviate the many forms of inequality around the world.
Published in Yahoo Finance | August 23, 2016
Ford Foundation president: Here's how business can fix inequality
By Darren Walker
The gap between rich and poor is by some measures as wide as its been in nearly a century. According to tax data tracked by Emmanuel Saez, an economics professor at the University of California, Berkeley, the average income for the top 1 percent of households in the US climbed 7.7 percent last year to $1.36 million. That group saw pay climb at almost twice the rate of income growth for the other 99 percent whose pay averaged a mere $48,768. Pretty stunning, no?
The implications are certainly being felt politically with polarized elections here and around the globe and economically as well with companies for instance changing up what they sell and where they operate.
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The Ford Foundation is an independent organization working to address inequality and build a future grounded in justice. For more than 85 years, it has supported visionaries on the frontlines of social change worldwide, guided by its mission to strengthen democratic values, reduce poverty and injustice, promote international cooperation, and advance human achievement. Today, with an endowment of $16 billion, the foundation has headquarters in New York and 10 regional offices across Africa, Asia, Latin America, and the Middle East.