NorthernGent -> RE: Politics Made Simple! (10/1/2006 7:33:11 AM)
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CG, Interesting concept The fundamental reason for having corporation is to serve a public good. It is a long time since businesses in Britain existed for any other reason than to make pure, hard cash. In terms of could business ever return to supplying a public need (first and foremost), personally, I think it's a bridge too far and to be honest I personally don't think this is the real problem. I've read through your post a couple of times and I completely agree with the main thrust of what you are saying (i.e. Corporate regulation) but the one area I disagree on is businesses retiring to within their borders (there is something in this idea that smacks of Conservatism and to be honest I read it yesterday and I'm still trying to get to grips with it, probably because of the environment I've lived in i.e. traditionally we are a country that values free trade and this concept is a very un-British way of thinking). Also, I personally value openness in all areas of life so it's just not a concept I can go for. In terms of corporate, financial regulation and responsibility, I agree 100%. Enron was just an absolute horror show - putting loans through subsidies and not accounting for them in the consolidated accounts and treating loans as income is just plain, old madness. It's a poor show when a system can be created where external auditors are paid by the business (e.g. Enron) for non-auditing work - basically, it is a bribe i.e. keep the accounts right and we'll push some more work your way. The fact this has become normal practice is and indication that there is very little real financial regulation over some of these businesses. My view, I don't have a problem with incentive and wealth creation. The Government needs to get it's act together to move away from this neo-liberal form of governing the economy and start driving employee rights, consumer rights and environmental business practice. If I remember correctly, Corporate Governance in Britain recommends environmental reporting for businesses so the public can see how they operate in this area - it is only a recommendation and really doesn't do enough. The Government need to start acting with a conscience - the onus is on us to put the pressure on them. I suppose this is what Genoa and such places is about - a whole mix of people from various backgrounds just simply fed up with business domination. The movement is there, the problem is there's just not enough support for it within nations to make the Government sit up and take notice. Spread the word and who knows.
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