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Global Corporatism Vs Free Market Capitalism

 
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PostPosted: Sun Jun 17, 2018 6:30 am    Post subject: Global Corporatism Vs Free Market Capitalism Reply with quote

Nigel Farage, for many years the biggest proponent of the drive to leave the EU said in a recent interview with Robert Peston that freemarket capitalism was effectively dead at the hands of a limited number of huge global corporations (which essentially controlled in his view the actions of the EU to the detriment of the UK, the rest of Europe and the world in general). I had believed that we lined in a world where free market capitalism was, agree with it or not, doing its thing in a pretty untrammeled way, and that the global corporations we now see were just a part of this system rather than a Frankenstein child that had sowed the seeds of it's parents demise. Have you guys got any thoughts on this; is Farage correct, is capitalism dying on the alter of these organisations - and if so what is the remedy?
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PostPosted: Sun Jun 17, 2018 7:13 am    Post subject: Reply with quote

The EU was originally an economic block established to make trade between EU partners easier. It does this by regulating trade. But it began by addressing the problems that preexisted the EU regarding trade between european states.

As an example if say the UK wanted to trade with Italy, theyd perhaps have to go through France and be faced with tariffs and taxes to take your products though that state and then to enter Italy further requirements.

All the European states are already politically independent .. but are indeed less economically independent.

My mind immediately goes to episodes of Yes Minister .. the one about the sausage and regulations describing what a sausage is .. and of course to the Germans they were envisioning german sausages, defining the minimum meat content, max percentage of preserving chemicals, etc. When it got to the UK .. its a very different beast to an english sausage. Anyway .. it was funny and demonstrative of some of the issues in regulation across different states, countries and cultures.

Laissez faire capitalism is what all capitalists love because it is without restrictions .. and it will always result in a very few wealthy profit makers and the majority of other participants in the process ground into the dust.

So without moving to a model of socialism .. capitalism has to be regulated. Thats what the EU is supposed to do. It places restrictions, qualitative and quantitative requirements, and IT PROMOTES capitalism .. by avoiding anti competitive behaviours such as monopolies and promotes fair trading practices.

The ideal would be to bolster capitalism while protecting the rights of all individuals involved in the capitalist system.

So my opinion is that Nigel Farage has got it wrong. To me he only cares about racism which is the core of his party. Hes worried about the potential influx of migrants to the UK. I honestly dont know a lot about this dude but seen a few snippets of interviews with him and he seems totally uniformed and not particularly rational.

I wouldnt support UKIP if my life hung in the balance .. they seem to me an ignorant bunch of wankers, with no real platform .. but then Im thousands of miles away ... and youd know far more than me about UKIP and Nigel Farage than I do.
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PostPosted: Mon Jun 18, 2018 4:21 am    Post subject: Reply with quote

In this instance Sky, Farage was speaking generally about the world situation and making the point that everywhere politicians, and the institutions upon which our laws and agreements are based, are in the pockets, and opperating in the interests of these super-powerful global entities; they are essentially monopolising control of a system that by its nature demands freedom in order to function properly such that the system no longer constitutes a free market capitalism one anymore.

But absolutely agree about Farage and UKIP; I wouldn't touch them with a barge pole if they were the only party in the room!
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PostPosted: Mon Jun 18, 2018 4:46 am    Post subject: Reply with quote

I take your point re Farage .. but if this is a genuinely held concern you would expect him to favour the EU and its regulation of laissez fair capitalism.

Cant have it both ways .. oversight body or no oversight and capitalism without restrictions?
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PostPosted: Mon Jun 18, 2018 5:58 am    Post subject: Reply with quote

Thing about the free market is it isn't actually free. Very Happy Protectionism, subsidies, preferential trade agreements, etc. etc.

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PostPosted: Mon Jun 18, 2018 8:18 am    Post subject: Reply with quote

well those are the things we put in place to regulate the "freeness" lol .. otherwise youd have the very scenario that Farage describes... imo
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PostPosted: Mon Jun 18, 2018 3:00 pm    Post subject: Reply with quote

Truly unregulated capitalism would take us back to the Robber Baron days of the late 19th Century--the fatcats at top living like kings, owning manufacturing facilities which poison the environment while having working conditions that are brutal to the people actually doing the work. If you get a job there you would wind up working 12-hour days, 7 days per week, for whatever the boss thought you were worth, no other benefits, and if you are lucky you actually get paid in cash instead of scrip which may be spent only at the company store.

A multinational corporation is not a bad thing, in and of itself. It may be too big for its own good from time to time but its size is not the problem. The problem with multinational corporations is when they buy politicians in an effort to skew the playing field in their favor. At that point, you go from "wisely-regulated capitalism" to corporatocracy--rule by corporation. At this point, the multinationals enter into cartels or oligarchies--the big three firms control 90% of their market, squeeze out small start-up competitors, and stifle innovation while they also continue to displease their customers.

The other facet which I bring up from time to time--and no one else *ever* thinks about this--is how investors are actually like economic vampires, sometimes even to the point of killing the company which is putting money in their pocket every quarter. Example: the company I previously worked for had a share price of about $9 in May 2010 (private issues, most normal investors cannot but private securities) when--out of the blue--the company got sold for $27 per share. The principal corporate executives, all of whom owned about 5% (or more) of the company, cashed out and left the rest of us to make a choice: move to Atlanta (most normal jobs), move to Kansas City (IT department), or find a new job.

Investors will gladly kill a company to squeeze out maximum profit, even if that squeeze actually drains the lifeblood of the company, hence why I call them "economic vampires". These people are, from the employee's point of view, faceless and nameless--you will never meet them or know who they are, unless you research your own company and you find SEC filings about people who own >= 10% of a company. At the same time, those people don't know you and certainly don't care about you--if selling out puts money in their pocket they will do it even if that puts you out of a job and the company out of business.

All of that is why I support employee-owned companies--every person who works there gets shares of the corporation each paycheck. When you work for yourself you are happier with your job and your productivity increases. Also, you know that some nameless group of people aren't going to vote you out of a job at next weekend's shareholder meeting.

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PostPosted: Tue Jun 19, 2018 5:05 am    Post subject: Reply with quote

Pretty much agree.

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PostPosted: Tue Jun 19, 2018 9:17 am    Post subject: Reply with quote

I second that agreement
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