SOCIAL WELFARE FOR BUSINESS IS WIDESPREAD
AND, EVEN WORSE, MUCH GOES TO THE VERY TYPES OF BUSINESS WE ARE TRYING TO DISCOURAGE.
Not many people know that! Perhaps they should!
Strange as it may seem to those who know I constantly criticize the American Business Model, I’m a firm believer in a free enterprise system—by which I mean capitalism.
But capitalism is a many splendored thing—and can be practiced in many forms.
I simply would prefer a version of capitalism which delivered for most, instead of a few—and which practiced what it preached—which is a free enterprise system, largely policed by competition which benefits society as whole and treats all its stakeholders—shareholders, employees, senior management, suppliers, customers,the local community, the nation—and society as a whole—with reasonable decency and integrity.
That does not describe the current financial sector dominated American Business Model.
It appears it doesn’t describe some foreign corporations either.
One of these days we may wake up to the fact that we have let democracy slip through our fingers—and that corporate power is now substantially in control.
It’s called a ‘commercial coup.’ You simple buy the whole thing—from the Supreme Court down. It’s not that expensive in the scheme of things. The U.S. is a $18 trillion economy (more or less).
It is not the only economy which has been bought, by the way. These transnational corporations are busy fellows.
Well, on the face of it that mightn’t be the worst thing—but then reflect that there are few checks and balances any more—at least in the U.S. and that, as Lord Action so correctly remarked: “All power corrupts, and absolute power corrupts absolutely.”
But is that true?
A report late last year by the International Energy Agency said that the fossil fuels industry collects $550 billion a year in global government subsidies.
That compares with about $120 billion for renewable energy, including wind, solar and biofuels, according to the Paris-based institution.
Those figures don't account for the vast difference in size between the two sectors.
But they also don't include the costs to society caused by pollution from oil and gas, Musk said.
Another measure, the one cited by Musk, was released by the International Monetary Fund last month and takes a wider view.
The IMF said global energy subsidies amount to $5.3 trillion, including an estimated cost of the damage caused by energy consumption.