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Recode Daily

Social justice investors

Recode Daily

Recode

Science, Technology, Society & Culture

4.61.3K Ratings

🗓️ 25 May 2022

⏱️ 12 minutes

🧾️ Download transcript

Summary

The kids of America’s wealthiest want to invest their way to change. But is “anti-capitalist” investing even possible? Whizy Kim (@Whizyk) explains. Today’s episode was produced and engineered by Jon Ehrens and hosted by Adam Clark Estes. Support Recode Daily by making a financial contribution to Vox! bit.ly/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

When you can't quite get the angle, take hands-free selfies with the Samsung Galaxy Z Flip 5,

0:05.2

stand it up, step back, and your photos are also synced to your Chromebook, ready to edit.

0:10.8

The new Samsung Galaxy Z Flip 5 and Chromebook, available on Vodafone.

0:18.7

It's Rico Daley. I'm Adam Clark-Estis.

0:22.4

Social and economic justice activism has been a big deal for millennials, especially in the

0:28.0

past decade, from Occupy Wall Street to Black Lives Matter to, well, all things Bernie Sanders.

0:41.7

It is about making a political revolution.

0:47.1

And the messages of these movements have had a particular impact on the children of the super

0:52.1

rich. Now that this generation is at an age where they're inheriting or accumulating large amounts

0:57.2

of wealth, some of them are looking for ways to invest in change. Rico's senior reporter

1:02.8

Wizzy Kim has been following a burgeoning movement dubbed anti-capitalist investing,

1:08.1

and she joins us now to tell us more. Hey, Wizzy.

1:11.7

Hey, Adam. Let's start with the most obvious question here. I mean, anti-capitalist investing

1:18.6

that sounds like an inherent contradiction. What does it mean?

1:22.7

So, anti-capitalist investing is, I would say, a very new emerging trend in investing that says,

1:31.0

we should not make so many investments into companies that are publicly traded on Wall Street,

1:37.1

and instead make these hyper-local community-controlled investments into businesses like

1:45.6

worker co-ops, where the ownership structure is more democratic. It's mostly wealthy people

1:53.2

who started off in social justice activism. And the eventual goal is to change who controls

2:02.3

capital in our society. Because right now, the vast majority of it is held. I mean, just a few

2:08.1

people, right? And that's kind of what makes it anti-capitalist. You're trying to share the wealth,

2:13.9

share the capital, so that ordinary people, working class people, have a say in how the economy

...

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