Still Broke: Walmart’s Remarkable Transformation and the Limits of Socially Conscious Capitalism

Walmart has come a long way since its days as the bogeyman of American capitalism—but not far enough, according to this thought-provoking treatise on the shortcomings of socially responsible corporations. Wartzman (The End of Loyalty), who leads a nonprofit that received funding from Walmart’s corporate foundation “to develop a lifelong learning system through which residents of a local community could obtain new knowledge and skills,” explores how, after years of being criticized for paying low wages, treating employees poorly, and harming the environment, the company made some minor shifts. “In sync with its frugal culture,” he writes, Walmart shrank packaging and engineered more energy-efficient trucks in 2004. The ascension of CEO Doug McMillon in 2014 brought more changes, including increased wages. While acknowledging that small steps have been made, Wartzman argues that leaving fair labor practices up to a company itself can only change so much. He calls for a federal minimum wage of $20 an hour, and concludes that only a government mandate and a change in labor laws can correct economic inequality: “It is well past the time for those we elect to public office to force the matter.” This smart survey offers much to consider. Agent: Kris Dahl, ICM Partners. (Nov.)