00:00The COVID-19 health crisis, climate change, and the global recession.
00:05Three distinct challenges, each one reinforcing the others to create a dangerous moment in time.
00:11One that is forcing the world economy to pause and making financial leaders reevaluate their priorities.
00:18Nobel Prize winning economist Joseph Stieglitz has studied global markets expansion and contraction for decades.
00:25In the 90s, we saw globalization as offering enormous potential to countries all over the world.
00:34We now realize that special interests, corporate interests, financial interests shape globalization
00:41in ways which benefited their interests but did not benefit the world as a whole.
00:46He was awarded the Nobel Prize for his theory on information manipulation
00:51and has continued to speak out on the impact of economic inequality.
00:55A lot of the problems that we've seen in the 90s were problems related to information.
01:01Alternating series of bubbles followed by recessions led to dramatic income inequality.
01:06There was also a decade in which there were enormous imbalances in which greed, corporate greed, CEO greed,
01:17manifest itself at levels which the world had never seen before.
01:23That kind of greed, problems in the banking sector, problems in accounting, all of those were brought out.
01:30It fed the bubble but then made what happened afterwards all the worse.
01:37In the wake of that boom and bust cycle, business leaders accelerated their search for new ways
01:42to remedy market inequalities, increasingly trying to incorporate social responsibility into their operations.
01:49It was the first wave of social entrepreneurship.
01:53GDP is not an end in itself, it's a means to an end.
01:57And if GDP goes up and most people's standard of living goes down, something is wrong.
02:03Our economy is not performing.
02:05Inspired by those pioneers, today's innovators are also adapting to the current commercial reality.
02:12Davos, Switzerland.
02:14The dawn of a new decade and for the first time, environmental issues filled the top five places
02:19on the World Economic Forum's annual risk report.
02:23Against that backdrop, the COVID health crisis emerged, spreading across the globe
02:28and creating sweeping economic downturns and financial strain.
02:32The global economy is now expected to contract nearly five percent,
02:38the most punishing reversal of fortunes since the Great Depression.
02:42Congressman Raul Grijalva of Arizona has seen the impact on the American West.
02:47The coronavirus, the pandemic, opened up this portal and you looked at poor communities
02:54and indigenous communities and tribal land and for many of us it was not new information,
03:02but they had all the pre-existing conditions that are in those areas.
03:06Bad water, bad air, high instances of asthma and other respiratory diseases because of that
03:13and lack of access. You know, you're telling tribal communities, you know, wash your hands every day,
03:19quarantine yourself from other parts. You have multi-generational families,
03:23you have a high degree of unemployment and some 30 percent still don't have potable running water
03:30and sanitation on their lands. And so it opened up this portal and you saw the disparity
03:36and you saw the systemic neglect that it created.
03:40the
