Saving American Capitalism: Inequality in America

In October, Nick Hanauer gave two Foley Distinguished lectures: one on the WSU Pullman campus, and another at the Fox Theater in Spokane, WA. Hanauer, an entrepreneur, civic activist, philanthropist, education advocate, and member of the 1%, argued that the economic status quo of the United States and the shrinking middle class is a detriment to everyone—including the very wealthiest. Successful capitalism, he argued, is the greatest social technology ever invented to create prosperity in human societies, but when left unchecked, leads to concentration of capital and eventual collapse. Instead of a trickle-down approach, we need to refocus our efforts to strengthening the middle class. He called for a change in the way all Americans see our economy, and how wealth is distributed.