Steven Greisdorf

In the small country of Bhutan, tucked away in the Himalayan Mountains, the people do not think in terms of Gross Domestic Product (a measure of a country’s wealth). Instead, they measure their “wealth” in terms of Gross Domestic Happiness. If we thought of our well being in these terms instead of how much we were earning, would our quality of life be any greater?

This article first appeared in Breakthroughs, the bi-monthly newsletter of Initiatives of Change-USA

In the small country of Bhutan, tucked away in the Himalayan Mountains, the people do not think in terms of Gross Domestic Product (a measure of a country’s wealth). Instead, they measure their “wealth” in terms of Gross Domestic Happiness. If we thought of our well being in these terms instead of how much we were earning, would our quality of life be any greater?

With these words Roger Rath, investment advisor and Senior Vice President with Montgomery Janney Scott LLP, opened his recent presentation to a Caux Initiatives for Business gathering in Washington, DC. His topic, “Responsible Wealth: Addressing Income Inequality,” opened a window into some of the glaring inequalities that exist within our society, particularly those stemming from abuses in corporate America.

Equipped with dozens of recent statistics, Roger painted a picture of work and pay in America: the average American household is poorer now than in 1980; the number of two-income families has risen by 37 percent since 1980; on average, Americans work 100 hours per year more than the Japanese and 500 hours per year more than the Germans; one-third of 401(k) plans have loans against them. All of this is happening while the S&P500 has risen, on average, 18 percent a year since 1980.

Roger indicated that while the causes of the income inequality gap are many, leveling the playing field should start with the corporate Board Room. It is here, through individuals’ votes on corporate proxies, that citizens can impact broad decisions related to income and corporate decision-making. Roger described his involvement with Responsible Wealth, a project of United for a Fair Economy, which is trying to rally wealthy Americans around the issue of income inequality.

Those gathered at the event were encouraged to think more deeply about these issues and to be involved in addressing the problems of income inequality. “All it takes is $2,000 worth of corporate stock and one year of ownership in order to get an initiative on a corporate proxy,” he said.

Roger closed with six recommendations:
1) Spend two hours per month with an impoverished person just listening.
2) Go on one spiritual retreat per year.
3) Take part in an Outward Bound program.
4) Join United for a Fair Economy and/or Responsible Wealth.
5) Read The Divine Right of Capital by Marjorie Kelly.
6) Be a shareholder activist.

The ensuing conversation brought out the personal dimensions of this issue: “How much is enough?” and “Are you a good steward of what you have?” Some current job hunters responded to the call to focus on more significant issues than simply what job might come next. The seeds of large-scale change lie in such individual decisions—ordinary people committing to live the way they want the rest of the world to be! It was apparent that the conversations held deep meaning as participants stayed well after the event formally ended.

Caux Initiatives for Business has been holding bimonthly conversations in the Washington, DC, area for the past year to raise awareness of important issues confronting individuals in the business arena and to motivate individual responsibility and change. Similar conversations are taking place around the world, in such places as the United Kingdom, the Netherlands, Australia, India, Norway, and France. The Caux Conference for Business and Industry in Caux, Switzerland, will feature a dialogue with representatives from the World Social Forum and the World Economic Forum.

Reported by Steven D. Greisdorf, Director, Caux Initiatives for Business

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