U.S. Markets closed
  • S&P 500

    3,638.35
    +8.70 (+0.24%)
     
  • Dow 30

    29,910.37
    +37.90 (+0.13%)
     
  • Nasdaq

    12,205.85
    +111.44 (+0.92%)
     
  • Russell 2000

    1,855.27
    +10.25 (+0.56%)
     
  • Crude Oil

    45.53
    -0.18 (-0.39%)
     
  • Gold

    1,788.10
    -23.10 (-1.28%)
     
  • Silver

    22.64
    -0.81 (-3.44%)
     
  • EUR/USD

    1.1970
    +0.0057 (+0.4788%)
     
  • 10-Yr Bond

    0.8420
    -0.0360 (-4.10%)
     
  • Vix

    20.84
    -0.41 (-1.93%)
     
  • GBP/USD

    1.3314
    -0.0042 (-0.3169%)
     
  • USD/JPY

    104.0850
    -0.1650 (-0.1583%)
     
  • BTC-USD

    17,731.87
    -5.63 (-0.03%)
     
  • CMC Crypto 200

    333.27
    -4.23 (-1.25%)
     
  • FTSE 100

    6,367.58
    +4.65 (+0.07%)
     
  • Nikkei 225

    26,644.71
    +107.40 (+0.40%)
     

NASDAQ CEO Adena Friedman on democratising capitalism, and reforming free markets

NASDAQ CEO Adena Friedman: "I remain a true believer that capitalism is the best system that exists, we need to make sure everyone has access."

Video Transcript

ADENA FRIEDMAN: I remain a true believer that capitalism, as a concept, is the best system that exists. Because it allows for people to maximize their opportunity. I think the key, though, is to make sure that everyone in society has an equal opportunity.

So that's where I think that the execution of capitalism could continue to improve, in both in terms of making sure that everyone in our society has access to capital to create a business, create jobs, and be able to innovate around ideas that they have. And I think we still have work to do. Because we have a lot of under-served, and you know, certain minority populations that really just don't have that equal access. And so we want to make sure that, as a purpose initiative that we have, that we start to make sure we educate entrepreneurs from all backgrounds on how they can access the public markets or early capital as well to grow and expand their businesses.

And at the same time, we have to look at what is the responsibility of a company? In particular, companies that have been scaled and grown to, in terms of their responsibility in the broader societies that they operate in, the communities that they serve. And what we're seeing on the back of the pandemic is that companies have really stepped up and stood up and said, I'm here to make sure that I provide a great return to shareholders. But I'm also here to serve our employees and the communities around us.

And so some of the commitments that we've seen them make, in terms of-- my favorite example is a grocery store chain, who basically bought up all of the produce from local farmers, who otherwise were not going to be able to sell their goods during the lockdown. And they bought them all up. And they donated them to food banks.

Or you saw car manufacturing, manufacturers transferring their plants to be able to create ventilators. Those are great examples, where those companies took that moment and said, we're here for a broader purpose. And we're going to make sure that we serve the communities around us, in addition to making sure our shareholders get served over the long term.

And I think that is the, kind of, spirit of cooperative capitalism. I think going forward, as we go through this pandemic on the other side of it, there's also a really big opportunity for companies to cooperate with government, to say there are some big problems that we now have within our societies. And there's a way for us to use innovation, in order to solve those problems.

The private sector really benefits. They have great innovation. And they have great access to capital. The public sector has the ability to solve big problems. And if you put those two together, you have a really great ability for us to advance our economy and advance our society going forward.