It has been argued that the success of America’s “one percenters” stems from the unchecked rise of crony capitalism: business elites who profit wildly while the inequality gap widens. However, evidence reveals that the majority of wealth in the top .1% is created by self-employed business owners who are focused on customer satisfaction and unlikely to engage in cronyism.

At our June 21 salon dinner, Ed Conard—author of The Upside of Inequality and a founding member of Bain Capital—will argue that while crony capitalism does exist, it is not the cause of increasing inequality (and, in fact, that inequality itself is a result of America’s free markets working effectively). A firm believer that free enterprise is the best catalyst for economic mobility and job creation, Ed’s discussion will focus on the moral virtues of capitalism and highlight the true effects of unchecked cronyism on our economy. 

Please note our membership structure will be changing later this month, but attendance for this dinner will not be subject to any new membership requirements. Soon you will receive information on how to continue your membership in our Smith Soc NYC Professional chapter. 

About the Speaker

Edward Conard is a visiting scholar at the American Enterprise Institute, where he works on US economic policy — in particular, on the effect of taxes, government policies, and finance on risk-taking and innovation.

A founding member of Bain Capital, Conard was in charge of the New York office and responsible for the acquisitions of large industrial companies. Previously, he worked for Wasserstein Perella & Co., an investment bank that specialized in mergers and acquisitions, and Bain & Company, a management-consulting firm, where he led the firm’s industrial practice.

Conard is the author of two top ten New York Times bestselling books: The Upside of Inequality: How Good Intentions Undermine the Middle Class and Unintended Consequences: Why Everything You’ve Been Told About the Economy Is Wrong. Conard has a master of business administration degree from Harvard Business School and a bachelor of science degree in engineering from the University of Michigan.