On this episode Matthew Mendelsohn joins Nate on the podcast to discuss the issue of wealth concentration and its threat to democratic stability. They discuss practical solutions to address wealth inequality, trust in democratic institutions, the role of the federal public service and the need for a competent and responsive government.Matthew's extensive background includes serving as the Deputy Secretary to the Cabinet (Results and Delivery) in the Privy Council Office of Canada, where he played a key role in developing and implementing the federal government's policy agenda.His work focused on achieving measurable results and improving government performance, particularly in areas related to inclusive economic growth, tax reform, and public service effectiveness.Nate and Matthew explore the concept of inclusive growth, which focuses on equitable and sustainable economic growth benefiting both communities and individuals. They also highlight progress made on Indigenous issues and the need for transparency and risk-taking in the civil service.Watch on YouTube: Transcript:Nate: Welcome to Uncommons. I’m Nate Erskine-Smith, and on this episode I’m joined by Matthew Mendelsohn, a great thinker in Canadian public policy over the last number of years. He has done many different things in this space. He has been a professor at TMU and Queen’s. He has founded the Mowat Centre, which was at U of T and the Monk School, and obviously canceled because we had a Doug Ford government here in Ontario after 2018. He, federally, he was the chief architect of the 2015 election platform for the Liberal party.He led efforts to write and create openness around those ministerial mandate letters out of the 2015 election, and he led the Prime Minister’s results and delivery unit from 2016 to 2020. Now more recently and currently, he’s the CEO of Social Capital Partners. It’s a great organization focused on the social good in many different ways, from social enterprise to employee ownership to so much more, including a more recent focus on wealth concentration and wealth inequality.That’s a big part of this conversation. We talk about wealth inequality, what we can do about it. We talk about democratic resilience and the connection to a lack of inclusive growth, a lack of equality, and too much concentration in wealth.And we talk about the ability, or inability at times, of the federal public service to get big things done.Statistics of Wealth ConcentrationNate: Matthew, thanks so much for joining me.Matthew: Thank you for having me, Nate.Nate: So you and I have come across one another when you were working in the federal government, but you were no longer working in the federal government. You left in 2020. You're still doing very interesting things. And before we get into some conversations about your work in the civil service and your history in politics and in public service, you're now at Social Capital Partners. And the current work of Social Capital Partners is very much focused on wealth concentration, which is an issue that I have a great interest in.So let's start there and let's start with social capital partners, your role there, and the work that you're doing on wealth inequality.Matthew: So Social Capital Partners is a not-for-profit that has been focused on impact investing, social enterprise, financial inclusion for over 20 years. Over the last five years, we have started to focus on the issue of wealth inequality, wealth concentration, the threat that it represents to democratic stability and democratic societies, the fact that it's not getting nearly enough attention, I think, in the public debate.And we have been focused on very practical solutions. So at Social Capital Partners, we have always been interested in very practical, actionable ideas to push back against, earlier time, financial inclusion, but now wealth inequality.So we've been leading the work that your government has supported around the creation of employee ownership trusts, making it easier for retiring business owners to sell their businesses to their employees rather than to private equity or to a competitor. And this creates options for business owners, but it allows workers to build state equity pathways to wealth in the businesses that they are working for and building. It also creates more community resilience, that you have small and medium -sized businesses that are being run and owned, and with equity and deep roots in the community, with the people who work there and live there rather than being run by multinational global private equity funds out of New York or heaven forbid Toronto.So that work is really important to us and we think that the wealth concentration question is not getting nearly enough attention in any of our discussions. The productivity discussion and the democracy discussion, the economic growth discussion. And our goal is to identify really practical policy and legislative changes that can push ...
