PayPal President and CEO Says That Capitalism "Needs an Upgrade"

June 17, 2020

In a conversation at TED2020 Uncharted, PayPal President and CEO Dan Schulman spoke about the future of capitalism, saying “in many ways it’s the best economic system that I know of, but like everything, it needs an upgrade. It needs tuning.” 

Schulman also discussed PayPal's Employee Financial Wellness program, its effects on financial health and the roles of corporations and leaders. “For vulnerable populations, just because you pay at the market [rate] doesn’t mean that they have financial health or financial wellness. And I think everyone should know whether or not their employees have the wherewithal to be able to save, to withstand financial shocks and then really understand what you can do about it.”

The entire discussion below includes Schulman's views on the effects of COVID-19 on the financial industry, a more robust transition to a cashless society and the imperative of supporting small businesses.

 

 

Schulman also authored an article on PayPal's Employee Financial Wellness program, how it was designed, and its early results. 

TED2020 Uncharted is a new virtual program introduced in lieu of the TED2020 conference, which was cancelled due to the COVID-19 pandemic. The eight-week series features discussions on how to build a better, fairer world in the wake of the pandemic. Other speakers in the series include Bill Gates, Co-founder, Bill & Melina Gates Foundation; Kristalina Georgieva, Managing Director, International Monetary Fund; Al Gore, Mariana Mazzucato, professor of economics at University College London; Hiro Mizuno, Executive Managing Director and Chief Investment Officer, Pension Invest Fund of Japan, and Jamie Dimon, president and CEO, JP Morgan Chase & Co.

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