Written by by ANNA MAE LAMENTILLO at mb.com.ph
It would seem ironic to find an ally of inclusive capitalism in the person of a self-made magnate, especially when the system that needs to be changed is the one that helped them succeed. But for Lady Lynn Forester de Rothschild, accepting that something is flawed is a crucial step towards doing the right thing. In fact, she is not only a supporter, but a lead crusader for capitalism that is good for all.
Her realization that the free-market economy has been benefitting only the already wealthy ones, eventually led her to establishing the Council for Inclusive Capitalism, a global not-for-profit organization which develops groundbreaking initiatives with leaders across the private, public and civic sectors to catalyze actions that transform capitalism and make economies and societies more inclusive, dynamic, sustainable, and trusted.
Growing wealth inequality
Ms. Rothschild was born to a middle-class family in New Jersey. She graduated magna cum laude and beta kappa from Pomona College in Claremont, California and from Columbia University School of Law, with a Juris Doctor degree with honors as Harlen Fiske Stone Scholar.
She began her career in 1980 practicing corporate law, and eventually led various companies. She is the chief executive of E.L. Rothschild LLC, a family office with interests in private companies, public markets and real estate. She is a member of the board of directors and Nominating & ESG Committee of The Estee Lauder Companies.
In an interview with this columnist, Ms. Rothschild admitted that when she was starting, her belief was that she only needed to focus on her career and be a good active citizen, and that would make the world good for everyone.
It was during the great financial crisis when she fully realized that society was not working the way she thought it should.
“The world really wasn’t working for many people. The world was working for people with capital, but not for working people. It became a concern of mine in the context of the definition of our whole capitalist system,” she explained.
Advocating for inclusive capitalism
Her crusade began when she was asked to co-chair a task force to look at capitalism under siege.
Together with Dominic Barton, who was then chairman of McKinsey, they produced a report on inclusive capitalism, held a conference that centered on the report, and eventually set up the Council for Inclusive Capitalism.