Professor, NYU Stern School of Business
Whether teaching NYU marketing students or co-hosting the podcast “Pivot," Scott Galloway rarely misses an opportunity to share his insight on the effects of big tech. Tonight, he shares his Brief But Spectacular take on this country's response to the pandemic. It’s also the subject of his latest book: "Post Corona: From Crisis to Opportunity."
Judy Woodruff: Whether teaching NYU marketing students or co-hosting the podcast “Pivot,” Scott Galloway rarely misses an opportunity to share his insight on the effects of big tech.
Tonight, he shares his Brief But Spectacular take on this country’s response to the pandemic. It is also the subject of his latest book, “Post Corona: From Crisis to Opportunity.”
Scott Galloway, Author, “Post Corona: From Crisis to Opportunity”: Within seven days of Pearl Harbor, Chrysler converted its largest factory to a factory punching out M1 Bradley tanks.
What company has totally pivoted to fighting this virus? If Walmart stock had been down 30 percent and if Amazon stock had been down 60 percent, instead of up 30 percent and up 60 percent, that van with a smile rolling into my driveway delivering my espresso pods would have had someone jump out and jab me and my family. This virus has not seen what America is capable of when it has a full-throated capitalist response.
The bottom line is, if you’re in the top 1 percent, you are living your best life. That is the dirty secret of this pandemic. This pandemic for the shareholder class has meant more time with Netflix, more time with family, and your wealth has skyrocketed.
And so, for the wealthy, this has been stop, stop, it hurts so good.
This has disproportionately impacted people of color who live in food deserts. This has been an enormous tragedy across senior citizens in nursing homes. What we have is the worst of both worlds, capitalism on the way up, socialism on the way down. That’s not capitalism. That’s cronyism.
We need to be more heavy-handed with corporations and more empathetic and loving with individuals. The biggest mistake we made in this pandemic was, we should have been protecting people, not American airlines.
There is a danger here, and that is the dispersion of headquarters to our homes. The ugly stepchild of dispersion is segregation. When you don’t see the homeless veteran on the on-ramp or the off-ramp to work, when you don’t see people of different ethnic groups and different income classes, you begin to resent them.
So, the enduring feature of COVID-19, it will be seen as an accelerant more than a change agent. Online grocery delivery accelerated eight years. Work from home accelerated six years. Income inequality took an economy that was dysfunctional and turned it dystopic.
So, take any trend in your life personally or professionally, take it out 10 years, and there’s a decent chance that we’re here, there, now.
I worry that today’s youth doesn’t have the connective tissue that some of our leaders had in the past. They were Americans first before they were red or blue. And a way to get that back might be some sort of mandatory national service. It might be building housing or a corona corps that helps people, where kids get a chance to meet other kids from different backgrounds and feel like they have a shared experience, such that maybe there’s more cooperation as they get into positions of power.
Some of the greatest periods of prosperity have come out of crisis. And that’s the opportunity here. So, ask yourself three questions. One, is this an opportunity for you to become a caretaker for someone? Do you have the relationship with your siblings that you want, if you were forced to say goodbye to someone over FaceTime?
Have you made the requisite investments in friendships to ensure that you maintain those relationships? Are you willing to show the type of grace, and courage, and forgiveness, such that you can cement and repair the most important thing in respect to our happiness? And that is your relationships.
This is either going to be the best year in the history of America, or it could be the worst. It’s up to us.
My name is Scott Galloway, and this is my Brief But Spectacular take on post-corona, from crisis to opportunity.