Warren Stephens owes bit a debt to capitalism, and he’s eager to rescue its suffering image.
And as president and CEO of one of America’s top investment banks off Wall Street, Little Rock’s Stephens Inc., he is in an ideal position to get the word out.
Stephens Inc. announced Monday that it has launched a multimedia series called “This Is Capitalism,” featuring short films on some of the heroes of capitalism in the United States, including Warren Stephens’ father, Jackson T. Stephens. The films, articles and other content featuring influential American business leaders, historians and academics is available here.
Jack Stephens, along with his brother Witt, who founded the company in 1933, guided the Arkansas firm as it pumped billions of dollars into the American economy over the decades, fueling deals like Wal-Mart’s initial public offering, the bond issue that built the Superdome in New Orleans and Tyson Foods’ acquisition of Holly Farms.
Warren Stephens, who became CEO in 1986, was estimated by Forbes in 2016 to have a fortune of $2.4 billion. So, yes, capitalism has been good, but not just good for financiers, Stephens says.
“In recent years, capitalism has been recast as a system that enriches a few at the expense of the many; a force that divides people by class and achievement rather than one that is agnostic in opportunity,” Stephens said in introducing the film series.
The series confronts what Stephens sees as a negative narrative that has damaged capitalism’s image where it should be appreciated most, in the United States. He cited a 2016 Harvard Institute of Politics poll finding that 51 percent of millennials do not support capitalism.”
Stephens said he has become increasingly concerned by this shift and what it means to the country.
“No other economic system has lifted more people out of poverty than capitalism,” he said. “It is why America today serves as the gold standard across the globe. It is time to reclaim the term…”
To that end, films on Alexander Hamilton and Madam C.J. Walker are already posted on the website. Hamilton, the immigrant who became the first U.S. secretary of the treasury and the “father” of the American economic system, is more than a muse for Broadway. He established a national bank, undergirded the American currency and established the nation’s credit. “A national debt, if not excessive, will be to us a national blessing,” he said.
Walker, born on the same plantation in Louisiana where her parents were slaves, became the country’s first African-American self-made millionaire, producing and marketing hair care products.
In June, short films will appear on Helena Rubinstein, the Polish immigrant who conquered the beauty industry, and Jack Stephens, who transformed not only Stephens Inc., but also Arkansas and the financial services industry in the state. July will bring two more films, on Chuck Williams, the veteran who made Williams Sonoma into a foodie and cookware empire; and Sam Walton, the legendary Wal-Mart founder.
ThisIsCapitalism.com also features articles by entrepreneurs and business executives, as well as frequently asked questions and other features.
“It is our hope that with these uniquely American stories we will start a dialogue about the positive impact free-market enterprise has on our country and communities,” Stephens said.