Thread by @RandallLane

Over the past year, I’ve spoken with 20+ billionaires, from @BillGates to @WarrenBuffett, about America's future. Those insights to turned in the cover essay for the @Forbes Billionaires issue, “Reimagining Capitalism”. The major takeaways… forbes.com/sites/randalll…

a) Have to go back to 1960s, maybe even 1930s, since primacy of capitalism so questioned – only about half of Americans have positive image, with “socialism” on the rise – especially among Millennials/Gen Z

b) As @SteveCase told me: “This has been brewing for years, accelerating in the last few months and again in the last few weeks." Hedge fund legend Paul Tudor Jones adds: “We’re at a crossroads, with massive social fissures.”

c) Capitalism, the greatest economic engine ever created, has taken billions out of poverty and created incredible prosperity. Yet something is clearly off. Americans increasingly skeptical that the system will take care of them. The solution is in 3 parts…

d) First, we need to make capitalism more AUTHENTIC. As in, return it to its roots producing innovation and happiness, with $ as byproduct, rather than other way around. "Entrepreneurship" and "small business" as popular as ever -- bc they are problem-solvers

e) Milton Friedman school, where only shareholders matter, is dead. Need to mind ALL constituencies: employees, partners, community, environment, etc. In survey after survey, Americans make this clear

f) Second, we need ACCESSIBILITY. 42% of Americans don’t think capitalism currently gives them “a fair shot.” That has to change – American Dream doesn’t mean you’re a billionaire or big success, means you have a CHANCE to be. Too many Americans not buying that.

g) That means evening out educational opportunities and spreading VC investment so that more people – by geography, gender, race – have a shot.

h) Finally, we need ACCOUNTABILITY. Corporations need to adhere to what Americans see as just conduct. Impact investing can't just be a Wall Street niche. Billionaires, via philanthropy, need to decisively give back into a system that has done them right.

i) We'll try to do our part. We'll publish the @forbes #Just100 list of top corporate citizens, convene philanthropists, promote young, diverse entrepreneurship, increase our efforts around impact investing, D&I, opportunity zones

j) Capitalism needs to reimagine itself. The alternative: more strife, bad policy. I think we can do it. So does Buffett: “The luckiest person that will ever be born in the world to date will be a baby being born in the US today.” #ForbesBillionaires forbes.com/sites/randalll…