Well said, that man!
From The Guardian Letters
David Cameron believes he is on a crusade to drive a new “moral capitalism”. He should read Will Hutton on stakeholder capitalism and look to Germany, where employee representatives engage in corporate decision-making including levels of executive pay, local banks provide long-term support to business, apprenticeships remain common, stakeholders include suppliers and distributors, and community engagement stems from a responsibility to protect the interests of all employees.
The ghastly alternative of shareholder capitalism engineered by Conservative governments in the 1980s, and cravenly supported by New Labour, has destroyed UK manufacturing and turned the country into a spivs’ paradise, with investment banks and hedge-fund managers holding everyone, including the government, to ransom. Where is the moral compass in gambling on corporate failure? Or in ensuring that one of the few profitable UK manufacturing sectors left is an arms industry mostly in partnership with the US, a war-exporting economy?
Shareholder capitalism regards share value as the only criterion for success, encouraging foreign takeover of businesses like Cadbury’s that for 176 years had applied Quaker principles. Asset-stripping has become a national sport, devastating families and communities. It is inconceivable that Cameron will reverse this ruinous crusade on behalf of the super-rich parasites who have devastated the UK economy.
The tragedy is that the stakeholder model remains under attack throughout the western world. Without a multilateral turnaround by all OECD countries, beginning with the closure of tax havens and the imposition of a financial transaction tax, and the establishment of a World Environment Organisation possessing common powers and veto alongside the World Trade Organisation, we are heading towards an economic, environmental and social meltdown.
University of York
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