Wednesday, July 8, 2009

The three ills of Corporate Canada

It is no secret now that there are many ills as a result of Corporate Canada. The corporate kingdom everywhere is responsible for the current economic crisis. It is because of these corporate kingdoms that there is great social inequality now in Canada. And finally, it is a reason for political discontent and disengagement among the whole population, significantly youth.

There is no arguing that the corporate world is not responsible for the economic meltdown. They are the ones that benefited from the risky, adventurous, and damaging ventures, such as sub-prime mortgages, that have damaged the economy. Even worse, some have also reaped the rewards for running their companies into the ground.

This greed is no less expressed by their insatiable desire for greater incomes. In the decade of great economic growth from 1991-2001, incomes in the top 10% rose by 14.6% in real dollars, whereas those in the bottom 10% only rose by 1%. (Consult this analysis by the Canadian Council on Social Development).

Their incomes are so great that the prime ministerial income of $300 000 is a joke. They earn that countless times over. Which leads to my third point. Some suggest that these incomes that outstrip those of politicians quite easily may be responsible, in part, for youth disengagement with politics. Why should one go into public service and all its sacrifices, if one can earn more for less troubles in the corporate world. Of course this is of a more pragmatic than principled point of view. However, we live in a pragmatic world.

Therefore, for reasons of economic soundness, social equality, and democratic engagement, action needs to be taken that reduces the power of Corporate Canada. This is what President Obama is doing in the States.

This is what the Liberals in Canada should be striving for. They should push Stephen Harper to take action against the greed of his corporate entourage. It would be quite the popular move.

And while Iggy's at it, why not promise to restore the GST to its original rate, once the economic turmoil settles down.
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  1. Good luck trying to limit the power of Corporate Canada.

    Meanwhile John Manley just took a job as the head of the Canadian Council of Chief Executives, whose sole purpose in life is to lobby Ottawa for policies that favour the corporate sector and the powers of corporate Canada.

    As for Ignatieff, what was he doing at his Toronto fundraiser in Toronto in April 2009 ospening his speech by praising Purdy Crawford for the bailout of ABCP......with a taxpayer bailout?

    ABCP is simply another form of sub prime mortgages....and Ignatieff is praising Purdy Crawford for a bailout that was only made possible by Canadians taxpayers? And for what reason, dare I ask? I don't get it?

    It remains to be seen how independent of Corporate Canada Michael Ignatieff is? I am not overly optomistic.

  2. As much I believe in removing wealth from politics, there is no denying that corporations have done a lot of good. The fact that you are rich enough to sit at your computer on your high speed connection to write this is indicative of the success of corporate capitalism.

  3. "There is no arguing that the corporate world is not responsible for the economic meltdown."

    Actually, there is. In the U.S., corporations wrote those horrible mortgages at the strong prodding of the U.S. government, which wanted every American to own their residence.

  4. That's true, but the corporations were ultimately responsible.

  5. Why did you delete your post about the Toronto Pride funding yesterday???

  6. Because I rushed it off too quickly, without checking all the facts. It's more of a tourist event than I thought.


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