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Published Aug 20, 2020

State of Play: The Economy

Economics reporter Jim Tankersley and host Scott Galloway delve into pressing economic issues, from the surge in income inequality and racial wealth gaps to the current state of the economy, highlighting both the optimism and structural challenges post-pandemic. They also critique the reopening strategies of universities and discuss the need for corporate accountability amidst major lawsuits, underscoring the intersection of finance, ethics, and recovery efforts.
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Episode Highlights

  • Board Ethics

    The role of corporate boards in enforcing ethical conduct is crucial, as highlighted by in the case of McDonald's former CEO, Steve Easterbrook. He was fired for violating company policy by having a consensual relationship with an employee, yet received a substantial severance package. Scott commends the board for pursuing legal action against Easterbrook after discovering he lied about multiple relationships, emphasizing the importance of accountability in leadership roles 1.

    It's a unique time where corporations and society have said they are done with people leveraging their power to put others in uncomfortable situations.

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    This action sends a strong message to other executives about the consequences of abusing their positions 2.

       

    Legal Battles

    The lawsuit between Epic Games and tech giants Apple and Google underscores the impact of major legal battles on corporate behavior. Epic Games challenged the 30% fee imposed by Apple and Google by implementing a tool for direct in-app purchases, leading to their ban from the app stores. Scott argues that this lawsuit highlights the need for regulation in the app economy, dominated by a duopoly that stifles competition 3.

    Apple has become what it once railed against, the behemoth seeking to control markets, block competition, and stifle innovation.

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    This case illustrates the broader implications of corporate accountability and the necessity for market regulation to foster innovation and consumer benefits 2.

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