Too many Americans are being left behind. That may sound like a dramatic statement, but the evidence is everywhere. Housing, food, utility, health care, and education costs are climbing to a level deemed unaffordable by as much as 80% of Americans. The promise that hard work leads to upward mobility or realization of the “American Dream” is in direct conflict with the reality of most Americans. There are widespread signals that the system of wealth creation that we’ve known for decades is not working as it should.
Nowhere is this more visible than in New York City, financial capital of the globe. The city is home to the world’s largest financial institutions, and yet, it consistently ranks among the most economically unequal major cities in the United States. While extraordinary prosperity is being generated at the top, working families continue to struggle with basic costs of living.
Capitalism is often described as the most powerful engine of economic prosperity ever created. In many ways, that is true. It is a system capable of generating extraordinary prosperity and fueling innovation. It can lift nations, communities, and families. It can change lives in an instant, as one idea takes flight.
At the same time, capitalism can be a double-edged sword. It is capable of producing persistent inequality and leaving far too many people behind. The new narrative is that it is their own fault individually and collectively. The truth is that they have fallen behind because the fuel that powers capitalism — capital — simply never reached them. Regardless of their work ethic, intellect and creativity, capital has always exploited them but never been willing to partner with them.
That is the daily reality for millions of New Yorkers, where the cost of living continues to outpace wages and rising rents squeeze the very families trying to get ahead.
This is the challenge of our time: creating an economy that expands opportunity rather than deepening inequality. If we are to advance as a nation and people, capitalism — the powerful engine of prosperity, innovation, and rising living standards — must allow capital to flow to the best ideas regardless of who presents them. When access to capital is restricted, wealth becomes more concentrated and the powerful engine of growth becomes a force that divides rather than elevates us all.
We must acknowledge that capital determines who gets to participate fully in the economy. For the sake of our nation, it is time to have a conversation about “Inclusive Capitalism.”
Inclusive capitalism recognizes that broadening access to capital and expanding participation fuels innovation and entrepreneurship, and ultimately leads to more sustainable economic growth.
For our nation to be united, inclusive capitalism must provide three essential pillars: fair access to capital and entrepreneurship, pathways to quality jobs and wealth creation, and institutions that reward merit rather than privilege or legacy. When these pillars stand strong and tall, democracy strengthens, social divisions narrow, and the American Dream of economic prosperity is reachable by many rather than existing as a privilege reserved for a few. We can start right here in the financial capital of the world.
If New York can lead in building a more inclusive form of capitalism, it can set the standard for the rest of the country.
Walthour is a 30-year veteran of the financial industry and founder & CEO of Blueprint Capital Advisors.