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A New Capitalism

By: Frank Altman
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  • Summary

  • What if capitalism could work for everyone, not just the privileged few? What if we could create a just economy that works for all? A New Capitalism with Frank Altman explores answers to these questions through stimulating conversations with leading change makers in the environmental and social impact investing movement. He focuses on the practical steps that you can take to make a positive difference with your money. Altman is a pioneer in the field of community development finance. Over an illustrious 35-year career as founder and CEO of Community Reinvestment Fund, USA, he has created market solutions to drive investments to under-resourced communities. CRF has since financed thousands of job-creating small businesses, owned primarily by women and people of color, community facilities, and affordable housing in more than 1,000 primarily low-income communities in all 50 states. A New Capitalism is a production of Forbes Books.
    Forbes Books
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Episodes
  • Investing in Inclusive Capitalism: Roy Swan's Vision for the Ford Foundation (Part Two)

    Investing in Inclusive Capitalism: Roy Swan's Vision for the Ford Foundation (Part Two)
    Jun 25 2024
    In the second half of the compelling discussion, Roy Swan dives deeper into the pioneering impact investments being made by the Ford Foundation's Mission Investments Program. He provides illuminating examples from their portfolio, ranging from affordable multi-family housing funds to innovative fintech companies quantifying corporate externalities. Roy shares the investment criteria they use, with a typical minimum of $1 million and flexibility to back proven fund managers at various scales. He is candid about the need for more consolidation among small CDFIs to drive greater impact at scale. The conversation turns to the vital importance of serving long-overlooked rural communities through creative, solutions-oriented capital. Looking ahead, Roy offers his perspective on the future of impact investing. While facing backlash in the U.S., he sees the global impact investing movement rapidly gaining momentum. Roy envisions the Ford Foundation playing an influential role as a trusted voice promoting "patriotic capitalism" that generates returns while benefiting society. The episode concludes with Roy's inspiring vision of steering more capital towards investments that create inclusive prosperity. His insights leave listeners with an appreciation for impact investing as a powerful means to build a more just, equitable economy that unlocks human potential.
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    24 mins
  • Investing in Inclusive Capitalism: Roy Swan's Vision for the Ford Foundation (Part One)

    Investing in Inclusive Capitalism: Roy Swan's Vision for the Ford Foundation (Part One)
    Jun 18 2024
    In this inspiring episode, Frank has a candid conversation with Roy Swan, the inaugural head of the Ford Foundation's Mission Investments Program. With a career spanning finance, banking, investments, and law, Roy provides incredible insights into using capital for positive social and environmental impact. Roy shares his surprising path from Morgan Stanley to joining the Ford Foundation and overseeing the innovative program that utilizes the foundation's full $16 billion endowment for mission-aligned investing. He dives into the critical distinction between program-related investments using grants and mission investments from the endowment aimed at market-rate returns with impact. The episode explores the Ford Foundation's priorities and strategies for creating inclusive capitalism. Roy passionately discusses investing in quality jobs that engage workers as valued assets rather than expenses. He advocates for increasing diversity among fund managers as a financial imperative, given the massive economic cost of a lack of access to capital for women and people of color. Through thoughtful examples and data, Roy makes a compelling case that patriotic capitalism benefiting society is not at odds with financial returns. His vision sees investing in capital to address major social challenges like inequality and climate change as an arbitrage opportunity. The episode is an inspiring call for investors to seek both profit and progress in building a more just, inclusive economy.
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    24 mins
  • Scaling Impact Investing to Address Society's Greatest Challenges with Amit Bouri, CEO of GIIN (Part Two)

    Scaling Impact Investing to Address Society's Greatest Challenges with Amit Bouri, CEO of GIIN (Part Two)
    May 28 2024
    In the second part of this insightful discussion, Frank and Amit Bouri, CEO of the Global Impact Investing Network (GIIN), explore key challenges and opportunities facing the impact investing field as it continues to gain mainstream momentum. They discuss the vital roles of governments and foundations in de-risking new business models and investment opportunities in underserved communities. Amit provides powerful examples of innovative companies bringing affordable clean energy, food security, and economic empowerment to families through novel financing approaches. The conversation dives into the importance of rigorous impact measurement to track real-world outcomes beyond just outputs. Amit shares the GIIN's IRIS+ system and works to promote systemic investing strategies. He emphasizes the need for a long-term, dynamic perspective to enhance resilience in complex systems like food and agriculture. Addressing doubts around fiduciary duty, Amit makes a compelling case that impact investing aligns with investors' obligations by supporting a stable, sustainable economy and planet—essential for delivering solid long-term returns. As impact investing evolves from niche to mainstream, this candid dialogue outlines steps to overcome roadblocks and fulfill its transformative potential to fundamentally reshape capitalism into a more inclusive, just, and regenerative economic system.
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    26 mins
Economics
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