So as income inequality grew, the government propped up spending by promoting easy credit for less wealthy Americans, and much of the profit from that easy credit fed the wealth of the richest, widening the gap between rich and poor yet further.
But this revealed billion-dollar holes in pension plans on both sides of the Atlantic, created by a combination of poor management, poor accounting oversight and the poor incentives of profit-minded managers who strive to keep company pension funds as lightly funded as possible.
It is the latest technology company to issue a profit warning and it blamed the weakness of the telecoms sector for its poor performance.
Stanfield describes how the private sector and profit motive have opened the doors to affordable education for millions of previously disenfranchised poor in the developing world, a task that development agencies working with governments have failed to do.
Flood the system as is with subsidized rice and the staple is just as likely to get diverted overseas for a profit as reach the poor.
This occurred despite the fact that it had never turned a profit since the time it was founded in 2005, and had poor prospects for doing so.
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Chief cheerleader in this self-serving effort has been Steve Eisman, a prominent short seller who contends that for-profit colleges, much like subprime lenders, sucker the poor and uneducated into borrowing more money than they could ever pay back.
Poor writing in business has an impact on the bottom line, leading to loss of customers and profit, while poor writing within an organization can lead to costly inefficiencies and communication breakdown.
The government, for example, issues vouchers with which the poor can buy private housing, and pays non-profit groups to run orphanages.
Other countries, the analyst told me, used churches and non-profit organizations to care for their poor, which was not as reliable as government aid in ensuring income equality.
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The company must cover all costs and make profit, at the same time achieve the social objective, such as, healthcare for the poor, housing for the poor, financial services for the poor, nutrition for malnourished children, providing safe drinking water, introducing renewable energy, etc. in a business way.
Finestrella is one of the latest, and greatest, examples of for-profit businesses that are make a tangible difference in the lives of the urban poor.
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