Newsletter | AI Technology Can Create a Wonderful World

Newsletter from the Council for Inclusive Capitalism

The rapid advancement of AI technology heralds a new chapter in human history. As innovators explore its power and productivity, there is a global trend to introduce guardrails through a swirl of policy frameworks centrally concerned with the safety risks of AI. While important, this ambition is much too small and misses the true opportunity to harness the momentum private sector innovation to do real good, rather than reduce harm.

That’s why this week, as President Biden signed a new executive order in the U.S. and Prime Minister Rishi Sunak hosted a global summit on the topic in the U.K., I placed an advertisement in the Times London and Financial Times America highlighting the opportunity facing AI executives, technologists, and politicians to craft the world’s first definitive joint declaration to the common good signed at the highest level. These leaders have enormous power to answer the call; to reshape our economy, our world.

As I noted in an op-ed in the Times this week, “we want a cohesive society where we no longer think of “us” and “them” but where we all believe that our economic system works equally for all.” We deserve nothing less than an inclusive capitalism, as the Council recently shared in a new video on its social media channels. With a sincere and meaningful compact between the private and public sectors, the AI Age could redress the structural deficiencies of our current capitalist model and make our economy work for all, not just the few.

I believe it is vital to the future of the world that we’re going to live in that will be undoubtedly powered by AI in everything that we do. If you agree, I hope you’ll sign up to join us.

Lynn Forester de Rothschild
Founder and Co-Chair

How the AI Age can reset capitalism

Council founder and CEO Lynn Forester de Rothschild joins ‘Squawk Box’ to discuss the first major global summit on AI safety being held in the United Kingdom, why she believes the gathering can reset capitalism and making it more inclusive, and more.
Video: An opportunity for a new kind of capitalism	Op-ed: AI summit can reset capitalism

The Business Case: How to Sustain Equity and Inclusion Commitments for a More Just Economy

As part of the Clinton Global Initiative’s 2023 meeting, Council for Inclusive Capitalism steering committee members Ira Coleman, CEO of McDermott, Will & Emery, Darren Walker, President of Ford Foundation, and Lynn Forester de Rothschild, CEO of EL Rothschild, took the stage to discuss the role of government and society in partnering with the private sector to drive more inclusive economic growth for all.

Closing gender gaps in Latin America with Pro Mujer

Latin America boasts the world’s largest concentration of female entrepreneurs, but also has the second-highest rate of starts led by women closing. Social enterprise Pro Mujer connects women to digital technologies and other resources to grow their ventures. CEO Carmen Correa shares how the organization is advancing gender equality in the region through programs in financial inclusion, impact investing, entrepreneurship, and health.

Pope Francis renews call for climate action. Here’s how businesses can respond.

The Council for Inclusive Capitalism and its commitments platform were launched in response to Pope Francis’ 2016 call for “concrete ideas and decisive action which will benefit all people and … begin to respond to the pressing issues of our day.”

Seven years later and with the world halfway toward the SDGs’ 2030 deadline and the Paris Agreement’s goal to halve global emissions, Pope Francis has shared a renewed call for climate action in the apostolic exhortation Laudate Deum. The Council for Inclusive Capitalism presents five takeaways from the Pope’s message of challenge and hope to help business leaders consider how to respond with new action.

Achieving Gender Parity at the Leadership Level and in the Boardroom

Webinar | Thursday, November 16
11am EST

Members, register today to join the Council and leaders from Competent Boards, European Women on Boards, and Him for Her for a webinar discussion of proven strategies for reaching greater gender parity across company leadership. We will also share tools and resources developed by these organizations to help secure more female representation in boardrooms across the private sector.

👋 Welcome New Council Members

📰 Inclusive Capitalism in the News

CNBC | Lynn Forester de Rothschild explains how UK’s AI summit can reset capitalism

The Times London | Rishi Sunak’s AI Summit can reset capitalism

Prospect Magazine: Media Confidential Podcast | AI and the future of journalism, with Mathias Döpfner

AP News | Eduardo Bartolomeo, Vale: Facing increasing pressure from customers, some miners are switching to renewable energy

Reliance Foundation | Mukesh Ambani: Reliance Foundation publishes strategies for bridging the gender digital divide in India

CNBC TV | Rajiv Shah: The Rockefeller Foundation aims for net-zero operations as part of its climate commitment

Bank of America | Brian Moynihan: Bank of America increases US minimum hourly wage to $23 as next step to $25 by 2025

USAID | Darren Walker, Ford Foundation, and Rajiv Shah, Rockefeller Foundation: Mobilizing private and philanthropic sectors to invest in countries experiencing democratic openings

Women’s Wear Daily | Brunello Cucinelli: Lessons learned — including the value of workers — over seven decades

Ford Foundation | Darren Walker: Rejecting the rising tide of antisemitism

TIME Magazine | Council for Inclusive Capitalism member companies featured in TIME’s 2023 “World’s Best Companies” list

📖 Deeper Reading: Explore Issues within Inclusive Capitalism

The Impact Elasticity of Brown and Green Firms
Authors: Samuel M. Hartzmark, Boston College Carroll School of Management, and Kelly Shue, Yale School of Management and NBER
Newly revised with empirical research on patterns showing divestment from certain energy sectors risks a short-term focus not in the company’s best interest. Co-author Shue joins the Freakonomics podcast to discuss how investors can engage across clean and conventional energy sectors to incentivize adoption of green technology.

The Promise and Peril of Generative AI
Author: Diane Coyle, University of Cambridge
Cambridge Professor Diane Coyle’s summary serves as both reminder and harbinger of the transformative impact general-purpose technology (GPT) – from automotives to AI – can have on society.

A Grand Gender Convergence: Its Last Chapter
Author: Claudia Goldin, Harvard University
In September, Harvard Professor Claudia Goldin received the Nobel Prize in Economic Sciences for her work studying women in the workforce and uncovering the gender wage gap. She is only the third woman to receive the Nobel economic prize since its creation over 50-years ago, and has dedicated her career to charting the gradual but unsteady closure of the wage gap over decades. In 1990 she published the seminal book “Understanding the Gender Gap: An Economic History of American Women.” The United Nations has warned it will take another 300 years to reach gender equality at the current global pace — making no better time to revisit Claudia Goldin’s 2014 paper.