Let me highlight this once again: The very sharp Martin Wolf reacts to the Business Roundtable's recognition that it and the corporations of which it consists need to take on a much broader system-stabilization role. In my view, the first thing the Business Roundtable and its fellow travelers need to do is for them to recover control of the political right from the armies of political and media grifters. They need to weigh on on what right-wing politicians ought to stand for. So far they have not:

Martin Wolf: Why Rigged Capitalism Is Damaging Liberal Democracy https://www.ft.com/content/5a8ab27e-d470-11e9-8367-807ebd53ab77: "Economies are not delivering for most citizens because of weak competition, feeble productivity growth and tax loopholes.... The US Business Roundtable, which represents the chief executives of 181 of the world’s largest companies, abandoned their longstanding view that 'corporations exist principally to serve their shareholders'.... What does—and should—[this] moment mean? The answer needs to start with acknowledgment of the fact that something has gone very wrong. Over the past four decades, and especially in the US, the most important country of all, we have observed an unholy trinity of slowing productivity growth, soaring inequality and huge financial shocks.... The economy [is] not delivering... in large part... [because of] the rise of rentier capitalism.... Market and political power allows privileged individuals and businesses to extract a great deal of such rent from everybody else.... If one listens to the political debates in many countries, notably the US and UK, one would conclude that the disappointment is mainly the fault of imports from China or low-wage immigrants, or both. Foreigners are ideal scapegoats. But the notion that rising inequality and slow productivity growth are due to foreigners is simply false.... Members of the Business Roundtable and their peers have tough questions to ask themselves. They are right: seeking to maximise shareholder value has proved a doubtful guide to managing corporations. But that realisation is the beginning, not the end.... We need a dynamic capitalist economy that gives everybody a justified belief that they can share in the benefits. What we increasingly seem to have instead is an unstable rentier capitalism, weakened competition, feeble productivity growth, high inequality and, not coincidentally, an increasingly degraded democracy. Fixing this is a challenge for us all, but especially for those who run the world’s most important businesses...

#noted #2019-10-27