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CommentaryCapitalism

The next 3 years will define capitalism for a generation losing faith in talent and hard work. Are CEOs up for the challenge?

By
Martin Whittaker
Martin Whittaker
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By
Martin Whittaker
Martin Whittaker
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February 19, 2026, 8:30 AM ET
Martin Whittaker is the Chief Executive Officer of Just Capital, the foremost independent organization advancing responsible business leadership. Co-founded by Paul Tudor Jones, the current chairman of the board is Dan Schulman.
whittaker
Martin Whittaker, CEO of Just Capital.courtesy of Just Capital

Today’s CEOs could be the most consequential corporate leaders in American history. The decisions they make will determine whether the most powerful technologies ever developed strengthen the foundations of American capitalism or further strain them. The stability of the modern socioeconomic system on which markets and business depend is on the line. 

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Two realities define the leadership challenge ahead. First, companies must adopt new technologies fully, at speed, and with incredible levels of investment to remain competitive. Second, the transition to an AI-powered economy will reverberate widely, reshaping jobs, income models, communities, and the role of business in society. This is already beginning to play out as economic growth and the value of labor become effectively decoupled. 

Technological disruptions are not new. But this one is unfolding faster, at a greater scale, and with broader implications than any before. Whereas previous technological leaps forward were measured in decades, with agentic AI, automation, quantum computing, and humanoid robotics, the adaptation time has been compressed to months. Leaders simply do not have time to experiment, adjust, and course-correct. If they are perceived as being behind the curve or investing incorrectly, the consequences are swift and severe. 

American capitalism has evolved before in response to transformational change. It will do so again. Fortunately, executives have access to more high quality data and analytical horsepower than ever before in order to get things right.

At its core, our capitalist system is built on the shared belief that economic growth creates opportunity, and that hard work and talent are rewarded over time. As that belief dissipates, talent retention, consumer trust, and the social license to operate all decline. 

The warning signs are visible in Just Capital’s research. In our latest polling, only 35% of Americans say the current form of capitalism is working for the average person. In our AI-specific surveys, 48% of the American public predict AI will replace workers and eliminate many jobs, and a majority is most worried about AI’s impact on social stability and safety. 

I am in frequent conversation with global business leaders who are acutely aware of the challenge. Concerns for the future of capitalism continue to grow. Some say AI and other technologies will create new jobs; others foresee a “blood bath”. Recently, executives debated whether the greater threat to the economy and society is artificial intelligence or the continued concentration of wealth and opportunity.

No one is arguing against the need for technological progress. Breakthroughs in healthcare, education, productivity gains, and innovations we cannot yet imagine are closer than ever. But if we’re to capture the full benefits of these advances while also preserving broad participation in economic growth, fresh approaches are needed on how AI is deployed, how the gains and disruptions are managed, and how companies are structured and run.

Forward-thinking leaders understand that when businesses create value for their workers, customers, and communities, they can create more value for their shareholders as well. The pie grows for everyone. In this new era of stakeholder management, however, broad frameworks, generalized commitments, and aspirational language are obsolete. 

Today’s hyper-competitive business environment demands the opposite: precise, decision-grade data and intelligence that elevates stakeholder value creation to the same level of analytical rigor applied to other capital allocation and strategic decisions. This means understanding the causal relationship between stakeholder investments and core business performance in real-time and on a company-specific basis. A retailer trying to balance customer satisfaction, supply chain automation, and a frontline workforce has very different priorities than a software company competing for top AI talent while trying to evaluate their footprint on communities.

Leaders must clearly understand how human capital, consumer engagement, community resilience, and environmental stewardship initiatives translate into total returns. That clarity will drive both business success and societal prosperity. Thus while AI intensifies the need to navigate impending change successfully, it also is powering the improved analytical and decision-making capabilities that will make it possible. 

The choices made in boardrooms and C-suites today will have profound implications for millions of Americans. As the country approaches the 250th anniversary of its founding, it’s more important than ever to ensure the most transformative technology of our lifetimes creates widespread opportunity, wealth and – most of all – belief in the system. Nothing less than the future of capitalism is at stake.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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By Martin Whittaker
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