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font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; padding:0; margin:0"> <a href="http://link.oreilly.com/G6M0SM00XIoLF0rW00005Q9" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable"><img data-imagetype="External" src="http://cdn.oreillystatic.com/oreilly/email/economy/nl-econ-20180817-3.jpg" class="x_image" alt="image" style="display:block; width:100%; max-width:600px; padding:0; margin:0"></a> </td> </tr> <tr align="right" style="padding:0; margin:0; border:none"> <td align="right" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:14px; line-height:20px; padding:1px 3px 1px 0; margin:0; background-color:#f6f4f4"> Cropped image by <a href="http://link.oreilly.com/uMQ000XMoW0r0J00M59FS60" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="text-decoration:none; font-weight:bold; color:#222">Paxson Woelber on Flickr</a> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; padding:40px 0 10px 0; margin:0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> A tipping point in the political discussion of income inequality? </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> We've been sounding the alarm for some time about the role of "shareholder value" thinking in the growth of income inequality and the hollowing out of the economy. Larry Fink, the CEO of BlackRock, the world's largest asset manager, has taken aim at it; in his book <em>WTF? What's the Future and Why It's Up to Us, </em>Tim O'Reilly made the case that the shareholder value imperative is the runaway objective function that is turning our financial markets into the first rogue AI, hostile to humanity. <br> <br> But this week, the argument finally reached the US Senate, where Elizabeth Warren introduced the <a href="http://link.oreilly.com/G6M0SM00XIoLF0rW00005Q9" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Accountable Capitalism Act</a>, which, if passed, will require companies with revenues over $1 billion to obtain a federal charter that will bind them to consider all stakeholders%E2%80%94not just shareholders but employees, customers, and the cities and towns where those companies operate%E2%80%94in making corporate decisions. If passed, this bill will free companies from the fiduciary duty to consider the interests of shareholders above all others. Matt Yglesias does a beautiful job unpacking the key elements of the bill in his essay on <em>Vox</em>, "<a href="http://link.oreilly.com/HF000090Q5KXMSo0W6M00Nr" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Elizabeth Warren has a plan to save capitalism.</a>" We particularly like Yglesias's framing of the bill: "Warren's plan starts from the premise that corporations that claim the legal rights of personhood should be legally required to accept the moral obligations of personhood." <br> <br> The bill also includes another proposition, building on a bill that was first introduced by Senator Tammy Baldwin (D-WI) back in March, that is likely to receive even more pushback from the business community: a requirement that <a href="http://link.oreilly.com/f00Mr0W0XO006M09FQSL50o" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">workers get 40% of board seats</a>. This is referred to as "worker codetermination" and is the way German companies are structured. As Yglesias explains it: <blockquote><em>One intuitive way of thinking about the proposal is that under the American system of shareholder supremacy, an executive increases his pay by finding ways to squeeze workers as hard as possible%E2%80%94kicking out the surplus to shareholders and then watching his stock-linked compensation soar. That's brought America to the point where CEOs make more than 300 times as much as rank-and-file workers at big companies.</em> </blockquote> <blockquote><em>Under a codetermination system, by contrast, an executive wins a pay increase by convincing shareholders and worker-representatives alike that he deserves it%E2%80%94something you can only do if workers are sharing in the benefits of growth. Consequently, German executives earn only about half as much as their US counterparts, even as major German firms like BMW, Bayer, Siemens, and SAP produce world-class results.</em> </blockquote> <blockquote><em>Of course, this kind of huge transfer of economic power from rich shareholders to middle- and working-class employees would provoke fierce resistance.</em> </blockquote> But politicians listening to protests from the investors and CEOs would do well to listen to the public. In <a href="http://link.oreilly.com/q6SF0r0XWM0QoM00M05P009" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">polling done earlier this year by Civis Analytics</a>, codetermination is favored by 53% of the American public, with only 22% opposed and 25% who "don't know." It may just be that this is an idea whose time has come. (Disclosure: Tim O'Reilly is on the Board of Civis Analytics.) </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; padding:40px 0 10px 0; margin:0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> How CEO pay for performance can backfire </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> In the wake of the 2008 financial crisis, US companies are now required by Congress to publish a comparison of CEO compensation and the compensation of the median employee. This data lays bare what just about everyone has assumed%E2%80%94that CEOs are, in general, grossly overpaid, especially at large public companies where stock comprises a good portion of their compensation package. Boards justify sky-high compensation by claiming that shares of company stock will motivate CEOs to produce better performance. Judith Samuelson, VP at the Aspen Institute, raises important questions about this practice. <blockquote><em>Under the "pay-for-performance" system that dominates board rooms, the goal is to align the chief executive with shareholders. How does pay-for-performance actually work? From Equilar data released this week, we know that the CEO of a typical public company receives only about 10% of his or her compensation in cash, and the balance in stock and equity-linked incentives. The massive shift towards equity pay produces both runaway CEO pay and stockholders who take the share of the pie that used to go to the employees. An unintended consequence of pay-for-performance is we treat companies as if they are in the airline business, except the only person who matters is the pilot%E2%80%94not the grounds crew, nor the quality control tinkerers, nor the guys who wrangled the ore and fuel from the ground, forged the parts, tightened the bolts and soldered the frame%E2%80%A6Meanwhile, because pay-for-performance is so weighted in stock, it incentivizes senior managers to think more about the shareholders than their direct reports or the labor and talent on which the enterprise depends.</em> </blockquote> Samuelson lays out three reasons why this form of CEO compensation fails to motivate company leaders to make prudent business decisions and argues for a different approach in <em>Quartz</em>: "<a href="http://link.oreilly.com/m000QN00o09r6W5XMMQ0FS0" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Overpaying CEOs is a terrible way to motivate them</a>." (If you'd like to dig into the data, <a href="http://link.oreilly.com/q6SF0r0XWO0QoM00M05R009" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">here's the Equilar study cited above</a>.) <br> <br> <strong>+</strong> From <em>Bloomberg</em>: "<a href="http://link.oreilly.com/B600PF0SQ000o0MM0XSW59r" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">PepsiCo's Nooyi to exit, thinning the ranks of US female CEOs</a>" <br> <br> <strong>+</strong> From <em>TechCrunch</em>: "<a href="http://link.oreilly.com/kF0QW0Q00M500Mr9X60To0S" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">California may mandate a woman in the boardroom, but businesses are fighting it</a>." <br> <br> <strong>+</strong> Did you mark Equal Pay Day for African American women on August 7? Black women in the US workforce earn just 62.5% of what men make. <a href="http://link.oreilly.com/HF000090Q5RXMSo0W6M00Ur" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Here's how to rectify that</a>. </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; margin:0; padding:40px 0 10px 0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> Shift decision making to the front lines with AI </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> Alessandro Di Fiore, founder and CEO of the European Center for Strategic Innovation, lauds the potential of AI to give employees superpowers by putting accurate, immediate data at their fingertips but warns that an organization's bureaucracy can dull those powers. Rather than hire centralized armies of data scientists, he says companies will create more value by democratizing access to AI tools and shifting decision-making authority from the C-suite to employees on the front lines. Making this happen involves a good deal of training and the development of specialized AI systems that address specific needs. Di Fiore explains how it works, using Unilever and Airbnb as examples, in <a href="http://link.oreilly.com/DFVo00S0SMX00M06WQ050r9" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">this article from <em>Harvard Business Review</em></a>. <br> <br> <strong>+</strong> Learn more ways to put AI to work at the <a href="http://link.oreilly.com/E0r0F05TMWX0Q09S0M0oW06" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Artificial Intelligence Conference, September 4%E2%80%937, in San Francisco</a>. </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; margin:0; padding:40px 0 10px 0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> 3 tangible ways AI can help companies </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> While businesses are making substantial investments in new technologies like artificial intelligence, it can be difficult to see how these initiatives are paying off. In a recent interview, Theresa Johnson, a product manager at Airbnb, discusses three concrete ways AI has already been put to work to help companies: accessing unstructured information; helping organizations learn faster; and enabling businesses to offer new services. She provides real-life examples of how AI is helping companies do more%E2%80%94faster, smarter, and more efficiently%E2%80%94in <a href="http://link.oreilly.com/E0r0F05UMXX0Q09S0M0oW06" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">this piece from <em>MIT Sloan Management Review</em></a>. <br> <br> <strong>+</strong> Hear more from Theresa Johnson, in person, at the Strata Data Conference, September 11%E2%80%9313, in New York. Her topic: <a href="http://link.oreilly.com/uYQ000XMoW0r0V00M59FS60" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">The revenue forecasting platform at Airbnb</a>. </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; margin:0; padding:40px 0 10px 0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> Entrepreneurs and investors: The new balance of power </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> Consultant and author Venkatesh Rao has observed a shift in the relationship between entrepreneurs and investors that has led him to a thesis that he thought would be startling but which has instead been met with broad agreement in the tech world: "Entrepreneurs are the new labor." It's a provocative assessment of the current state of affairs, one he felt warrants deeper exploration, given that it has serious implications that extend beyond startup society to the broader economy. <blockquote><em>There are many good things about the shift to a de facto management-labor game. Such a game is sorely needed as industrial models collapse and the work of defining an Internet-era corporate landscape, with new institutions capable of organizing work for a much larger population, begins. There are still enlightened investors who use their new unchecked power wisely, and there are still entrepreneurs who are wily enough to stay inside the system and play the game on their own terms. But for the most part, the collapse of the balance of power is not a good thing. Nor is a significant disconnect between nominal and actual narratives defining the lives of a significant and important population.</em> </blockquote> Rao points out that this shift has happened before: the steel industry in the late 19th century. He recounts and interprets the decline of artisans, the rise of labor unions and Robber Barons, the victory of the bankers, and the contemporary relevance of these historical developments in the first tract of his three-part series on <a href="http://link.oreilly.com/gZ0XoQW09006MS0rF000WM5" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">entrepreneurs as the new labor</a>. <br> <br> <strong>+</strong> For one example of the enlightened investors to whom Rao refers, <a href="http://link.oreilly.com/VXMY000rN60S000FWo950Q0" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">check out the indie.vc credo</a>. </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; margin:0; padding:40px 0 10px 0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> Restaurant-food delivery goes multimodal </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> While some startups tackle the world's toughest challenges, a surprising number remain determined to take on more mundane issues, such as restaurant-food delivery. In Berkeley, a company called Kiwi has deployed a fleet of cooler-shaped robots, along with an autonomous tricycle and human helpers, to get restaurant meals to hungry students. It seems like a complicated process to replace traditional restaurant delivery; <a href="http://link.oreilly.com/E0r0F05ZM1X0Q09S0N0oW06" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">watch the video, courtesy of <em>TechCrunch</em></a>, and judge for yourself. </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; margin:0; padding:40px 0 10px 0"> <h2 style="color:#570e51!important; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:400; font-size:24px; line-height:30px; padding:0; margin:0"> Deeper reading: <em>Gigged</em> </h2> </td> </tr> <tr> <td align="left" style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:0; padding:0"> <a href="http://link.oreilly.com/CM500002W0NF0QrX0906S0o" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable"><img data-imagetype="External" src="http://cdn.oreillystatic.com/oreilly/email/economy/nl-econ-20180817-2.jpg" class="x_image" align="right" width="150" alt="Gigged Cover" style="border:0; padding:5px 0 5px 10px"></a>Sarah Kessler, deputy editor for <em>Quartz at Work</em>, has been covering the gig economy since before this phrase existed; she even spent a month trying (and failing) to make a living as a gig worker for <a href="http://link.oreilly.com/CM500002W0NF0QrX0906S0o" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">a 2014 feature in <em>Fast Company</em></a>, where she was a reporter. This experience informed her new book, <em><a href="http://link.oreilly.com/R00WoX6M9r000050F3SN1Q0" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Gigged: The Gig Economy, the End of the Job and the Future of Work</a></em>, in which she tells the stories of people who rely on apps for their livelihoods. Some do quite well%E2%80%94typically those with in-demand technical skills, like programmers%E2%80%94while most suffer from low wages and instability. The personal stories Kessler tells reflect broad uncertainties about the future of work, business, and society. <em>Mashable</em> (where Kessler also worked as a reporter) featured an interview with the author on its <a href="http://link.oreilly.com/kF02W0Q00N500Mr9X604o0S" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee"><em>MashTalk</em> podcast</a>; you can also read the summary. <a href="http://link.oreilly.com/P000Q0rFWM055o0N0X3S690" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee"><em>Harper's Bazaar</em> selected <em>Gigged</em></a> for its business-book club. <em><a href="http://link.oreilly.com/i4NF0QM656W00r000X90S0o" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Fast Company</a></em> also interviewed its erstwhile reporter. And <a href="http://link.oreilly.com/O0N05o9S0000QFW7050r6XM" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">here's an excerpt: chapter one from <em>Gigged</em></a>. <br> <br> <strong>Related resources</strong> <ul style="color:#444; font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-weight:300; font-size:16px; line-height:24px; margin:10px 0 0 0"> <li style="margin-bottom:5px"><em><a href="http://link.oreilly.com/f00Nr0W0X8006M09FQS650o" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Thriving in the Gig Economy</a></em> (book by Marion McGovern) </li><li style="margin-bottom:5px"><em><a href="http://link.oreilly.com/CM500709W0NF0QrX0906S0o" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">The Gig Economy</a></em> (book by Diane Mulcahy) </li><li><em><a href="http://link.oreilly.com/NM00aF9r00065NS08Qo0X0W" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-weight:normal; text-decoration:none; color:#0000ee">Reimagining Work</a></em> (book by Peter Maglathlin, Pat Petitti, and Rob Biederman) </li></ul> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> <table class="x_fullwidth" align="center" border="0" cellpadding="0" cellspacing="0" width="600" bgcolor="#ffffff" style="text-align:center; margin:0; padding:0"> <tbody> <tr> <td style="padding:25px 0 55px 0; border-top:0; color:#444; margin:0"> <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin:0; text-align:center; width:100%"> <tbody> <tr> <td class="x_share" style="vertical-align:middle; padding:0 0 30px 0; margin:0; width:40%; text-align:center; font-weight:400; text-decoration:none; color:#666; font-size:14px; line-height:20px"> Share this newsletter <a href="http://link.oreilly.com/z09X0rW000oMQbN6F590S00" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable"><img data-imagetype="External" src="https://cdn.oreillystatic.com/oreilly/email/social-buttons/tweet-button.png" alt="Tweet" style="width:56px; border:0; padding:0 0 0 15px; margin:0; vertical-align:middle"></a> <a href="http://link.oreilly.com/gc0XoQW09006MS0rF000aN5" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable"><img data-imagetype="External" src="https://cdn.oreillystatic.com/oreilly/email/social-buttons/share-button.png" alt="Share" style="max-width:56px; border:0; padding:0 0 0 15px; margin:0; vertical-align:middle"></a> </td> </tr> </tbody> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin:0; padding:0; width:100%; background-color:#fff; color:#fff; text-align:center"> <tbody> <tr> <td style="margin:0; padding:20px 5px 20px 5px; width:100%; background-color:#d3002d; color:#fff; text-align:center; border-radius:2px"> <a href="http://link.oreilly.com/y6NFX95Q0r0WSMd0ob00000" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:16px; line-height:22px; color:#ffffff; text-decoration:none; font-weight:400">Read more about Next:Economy at oreilly.com</a> </td> </tr> </tbody> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" style="margin:0; text-align:center; width:100%"> <tbody> <tr> <td class="x_share" style="margin:0; padding:26px 0 0 0; width:100%; background-color:#ffffff; color:#fff; text-align:center"> <a href="http://link.oreilly.com/c0o0095F0WQM06rSc0XeN00" target="_blank" rel="noopener noreferrer" data-auth="NotApplicable" style="font-family:'Open Sans',HelveticaNeue-Light,'Helvetica Neue Light',Helvetica,sans-serif; font-size:14px; line-height:20px; color:#0000ee; text-decoration:none; font-weight:400">Want your own copy of this newsletter? 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