Pelosi tells London audience US must ‘improve’ capitalism, not scrap it

Capitalism has not served the US economy “as well as it should,” House Speaker Nancy Pelosi (D-Calif.) told a London audience Friday before adding that “we have to correct that.”

In response to a question from an audience member at the Chatham House think tank who decried, “the corporate capture of government in the UK as well as the US,” Pelosi drew a distinction between what she called “stakeholder capitalism” and “shareholder capitalism.”

“You go back 40 years ago or something, we had in our country what was called ‘stakeholder capitalism,’ where … when productivity rose, the CEO pay rose and the worker pay rose,” she said. “Since then, it’s become ‘shareholder capitalism’ [in which] productivity rises, CEO pay rises, worker pay stagnates … and that’s just not right.”