24 October 2011

Protest the Cronyism in Capitalism

If the Occupy Wall Street protesters want to move us towards the socialist side of our mixed economy, they should be careful what they wish for. If the capitalists want to move us towards the free enterprise side of the mix, they should be careful what they agree with.

The anti-capitalist protests are confused to put it euphemistically, but the pro-capitalist responses are not without their confusions either. In The Australian on 18 October, under the header “Business must engage in battle for hearts and minds”, Professor Peter Shergold argued that the "licence to operate" a business must be “rearticulated” to make “corporate social responsibility” a “core business activity” rather than a peripheral “bolt-on” activity, in order to regain “business legitimacy”; because: “giving back is no longer sufficient. Charity will not save capitalism”.  

Licence to operate? Social value? Business legitimacy? Giving back?

Read more here

When a corporation decides to give away part of its profits it should call it charity or public relations or corporate policy; not “corporate social responsibility”. Its responsibility is to those it deals with and who own it, and its right to operate is derived from their inalienable right to liberty. 

Protest the Cronyism in Capitalism, by John Dawson