DISCUSSION Re-inventing capitalism: McKinsey CEO key speech

by Yolanda Villafuerte _______16th May 2013

Re-inventing capitalism: McKinsey CEO key speech

John DrummondCorporate Culture

“There is a crisis in capitalism”, Dominic Barton, the CEO of McKinsey & Company said in a keynote speech in the City of London last night.

A simple summary of his argument has three steps:

One, there are three compelling reasons for change:

Two, there are three big reasons why capitalists should be worried:

Three, there are three actions that he recommends:

In practice, Dominic believes Asian companies think longer term and invest more as a result. Emerging market invest at twice the rate of established markets.

In summary he said: “we are being boiled like a frog in a pot…changing to a long-term view is vital for company survival and economic revival.”

And in case you think this is a one-off, Dominic was clear that his view emerges from his meetings with CEO’s – two a day for the last four years.

John Drummond, Chairman of Corporate Culture. Over the last eight years he has worked on social marketing, CSR strategy, branding and organisational change with many clients including Bank of America, BT, Sky, WRAP, Marks & Spencer, T-Mobile, O2, Buying Solutions and EDF Energy.