The Two C’s: Capitalism and Charity

I believe in Capitalism. As Chairman and CEO of Midwest BankCentre, that proclamation should not come as a surprise to anyone. At the same time, I believe in the power of Charity. The generosity of others provided me a hand up and helped set me on a path into the middle class.

Americans are the most generous people in the world and St. Louis consistently ranks among the most charitable regions. My struggle is that we put too much of the burden of “fixing things” on the shoulders of charity. In reality, charity often is a tourniquet intended to stabilize human symptoms, not challenge systems. Charity alone will not achieve our desired goal of equitable outcomes for more people. It will require a broad middle class where people have personal agency and the opportunity to live a self-determined life.

Shared wealth and shared prosperity have always been our nation’s growth engine. Yet today, the wealth gap is enormous. The gap between the top 10% and the middle class is over 1,000%. I would suggest the economy would be far better off if we had 10 people with a million dollars than one person with 10 million. Why? Because the wealthy are savers, investors and can only predictably consume a limited amount that fuels local economies. The middle class are mass-consumers, savers, and investors. They have wants and needs and the means to buy the products and services that in turn sustainably provide jobs and income for others.

I am not suggesting redistribution of wealth. I am suggesting redistribution of access to opportunity. I am suggesting that Capitalism and Charity work hand in hand to generate a virtuous cycle of wealth creation.

Midwest BankCentre is committed to this “both/and” approach. By banking your values, by placing your deposits with us, we are able to put that money to work in the form of loans for families to buy homes, start or scale a business or invest in education. We are putting more people on the path to financial prosperity and opening more doors to generational wealth.

Help rebuild the middle class by choosing where you bank.