Introduction and Opening Remarks

 

Stanford academic leaders and faculty experts welcomed conference participants to the 2025 Global Capitalism, Trust and Accountability Conference.

  • Peter DeMarzo, Philip H. Knight Professor and Graduate School of Business Dean (Interim)
  • Kathryn Stoner, Mosbacher Director, the Center on Democracy, Development and the Rule of Law (CDDRL)
  • Didi Kuo, Center Fellow, Freeman Spogli Institute (FSI)

  • Anat Admati, George G.C. Parker Professor of Finance and Economics, Graduate School of Business

     

Key Takeaways:

Global Capitalism Needs Guardrails: Peter DeMarzo warned that capitalism’s expansion has exceeded the ability of individual governments to enforce accountability, making regulation and oversight increasingly difficult.

Accountability Requires Collective Engagement: DeMarzo stressed that tackling the complexities of global capitalism demands participation from all sectors including academia, government, and business, with leadership at every level.

Dialogue Builds Accountability Frameworks: DeMarzo underscored the importance of collaborative discussions in shaping the frameworks needed to hold global capitalism accountable and rebuild public trust in democratic institutions.

Democracy in Decline Demands Scrutiny: Kathryn Stoner cautioned that American democracy is at a fragile point, with trust in governing institutions at record lows and policy decisions risking long-term damage to global economic systems.

Russia as a Warning Sign: Drawing on her research, Stoner pointed to Russia’s slide into autocracy, state overreach, and eroded public trust as a cautionary example of what happens when capitalism and governance fail.

A Timely Moment for Tough Questions: Stoner noted the timing of the conference, coming just after sweeping new tariffs were announced, and amid historic lows in public trust and growing doubts about the resilience of American democracy.

Bridge Disciplinary Silos to Understand Capitalism: Didi Kuo urged scholars to integrate insights across fields like law, economics, and sociology to develop a coherent understanding of global capitalism’s challenges.

Building a Research Agenda with Real-World Impact: Kuo framed the conference as a foundation for future scholarship and policymaking, grounded in interdisciplinary theory and informed by real-world voices like journalists and activists.

Capitalism Link Is Fraying: Kuo pointed out that the long-held belief in a natural alignment between capitalism and democracy is starting to unravel, and stressed the need to take a closer look at the institutions, actors, and norms shaping that relationship.

Disciplinary Silos Obscure Systemic Risk: Anat Admati argued that no single academic lens can fully understand the complex interactions between public and private institutions, stressing the need for cross-disciplinary collaboration and to communicate across silos.

Accountability Requires Inclusive Dialogue: Admati said the conference was designed to encourage interaction among panelists, discussants, and moderators, to “connect the dots” for a broad audience and translate insights into action.

Focus on Trustworthiness, Not Just Trust:  Admati emphasized that trust in capitalism should be built on structural integrity and effective enforcement, framing the need for deeper discussions on law, corruption, and systemic breakdowns.