Tag: inequity

Mastercard to Pledge $500M To Help End Financial Inequity in Black Communities

The struggle is long lived, and has a way to go. However, more citizens, and companies are realizing America has perpetuated racial discrimination, and inequality. Those becoming aware are speaking on behalf of Black Lives Matter, and corporations like Mastercard are helping Black communities get an equal shot with a $500 million investment over the next five years.

The program is designed to help Black entrepreneurs, and residents get equal access to financial support to fund products, services, and technology. Vice chairman & president, Strategic Growth for Mastercard, Mike Froman says they have always focused on financial inclusion, but the current push for equality has refocused their efforts.

Mastercard will take on several projects across the nation, including he L.A. Mayors Fund and Accelerator for America. These particular funds will help L.A. residents impacted by coronavirus and increase banking relationships in the Black and African American community.

During the coronavirus

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As the pandemic, fires, and inequity all rage, free market icon Milton Friedman’s declaration that the sole responsibility of business ‘is to increase its profits’ sounds emptier than ever

Milton Friedman wearing a suit and tie: Milton Friedman spearheaded shareholder primacy economics. Jon Hargest/South China Morning Post via Getty Images

© Jon Hargest/South China Morning Post via Getty Images
Milton Friedman spearheaded shareholder primacy economics. Jon Hargest/South China Morning Post via Getty Images

  • In 1970, Milton Friedman wrote an influential essay in The New York Times Magazine declaring the primary purpose of a company is to maximize profits for its shareholders.
  • He disagreed that businesses had any responsibility to provide employment, eliminate discrimination, or avoid pollution, among other ‘catchwords of the contemporary crop of reformers.’
  • From regular media appearances to advising President Ronald Reagan, Friedman’s influence cannot be understated. Waves of financial deregulation in the ‘70s and ‘80s followed his famous essay.
  • Today, amid rising inequality, massive fires in California, and calls for racial justice, Friedman’s theory of shareholder primacy seems more out of touch than ever before.
  • More Americans and business leaders are calling for a shift in mindset toward stakeholder capitalism, which dictates that companies are responsible to
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