Saturday, December 27, 2008

Countries evolving into economic entities

No, I did not spawn this idea inside my head. I might have read about it somewhere during my college days. This line appeared in a movie I watched recently ("Transporter 3"?). The current economic crisis reveals that in many of the richest and most advanced countries their priority is to save failing corporations. If giants like GM and Chrysler, Fannie Mae and Freddie Mac, Citigroup and JPMorgan, are allowed to fold, the fear is that many jobs will be lost, including the ruling party's. Think about it: these giants are simply economic entities. Their singular reason for existence is to make more and more profits. Why can a small failing business be allowed to go under, but not a really big, giant one?

In the old days, prior to the emergence of corporate greed (I call this the era of corporate greed), a government's role was to provide welfare and security for its people. Laws were legislated to protect the ignorant and defenseless public from exploitation by businesses in their quest for profit. It seems that economic entities are now the real power behind the government, from the US to Zimbabwe; from the Middle East to the Far East. Behind a facade of working for the people, people are actually used as pawns to feed either corporate profit or to line the pockets of those directly in power.

I hope the likes of Obama and Kevin Rudd will be able to restrain the powers of the economic moguls. If the current economic crisis passes without fundamental changes to the way giant corporations are allowed to escape government scrutiny, or if governments continue to place a business mogul's needs above the common citizen's needs, then history is bound to repeat itself. Then, take your money and hide under the pillow, because no one can be trusted.

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