At Davos, economists and execs say the strategies that led major corporations to world domination in the past won't work anymore

• This post is part of Business Insider's ongoing series on Better Capitalism.
• Business Insider CEO Henry Blodget hosted a panel at the World Economic Forum's annual meeting in Davos called "Toward a Better Capitalism."
• The guests were Washington State pension investor Theresa Whitmarsh, economist Joseph Stiglitz, PepsiCo's Indra Nooyi, EY's Mark Weinberger, and automotive magnate Carlos Ghosn.
• The panel concluded that investors and CEOs must do a better job of agreeing to long-term strategy, which ultimately benefits shareholders, employees, customers, and society.

"It's time for a better capitalism" was the starting point for Business Insider's panel at the World Economic Forum's annual meeting in Davos, Switzerland on Tuesday.

Our CEO Henry Blodget led a discussion with:

• Washington State Investment Board's executive director Theresa Whitmarsh
• Nobel laureate and Columbia University economist Joseph Stiglitz
• PepsiCo CEO Indra Nooyi
• EY CEO Mark Weinberger
• Renault-Nissan-Mitsubishi Alliance CEO Carlos Ghosn

Blodget explained that in the United States, the wake of the bear market and stagnation of the 1970s led to a movement in the 1980s where shareholders were placed above all else and activist investors thrived. He noted that while this turned around corporations' bottom lines, the trend has outlived its welcome. One sign is how profits are near their highest level while wages are near their lowest.

The panel discussed how to move past a fixation on short-term performance, and why it's important that quarterly results need to be paired with discussions of long-term strategy. This desire to create corporations that are more beneficial to employees, customers, and society isn't motivated by charity - it's motivated by the realization that these changes are what's necessary for years of success, where shareholders can be happy, too.

Below, find each of the participants' most memorable contributions: