Comments on: An elite deserving of the name http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/ Sun, 28 Jul 2013 14:34:09 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: ptiffany http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12848 Sun, 16 Jun 2013 18:01:43 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12848 There was a time when concern for workers and their communities was deemed as a form of self-interest that helped to promote long-term continuity – i.e. that concern is/was of benefit to the companies as well.

So, the question turns on some other issue. Is it possible or even likely that CEOs are more driven to short-term profits? Does that really serve the long-term interests of investors?

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By: RAD61 http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12847 Sun, 16 Jun 2013 14:41:31 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12847 Private equity has been the biggest blight on American society in the past 30 years. It has led to a hollowing out of American industry, the acceptance of the idea that shipping jobs to China is perfectly acceptable, the enrichment of a few while workers are squeezed and the forcing of workers to borrow in order to survive.

Put a tax on excessive corporate leverage, fix the trade deficit and the American economy will be the wonder of the world again.

With regard to the trade deficit, the concept of comparative advantage does not work when one country controls its economy in order to create massive trade surpluses. It is simply a transfer of wealth from the US to China. The $300 billion trade deficit with China is a greater problem than the budget deficit.

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By: Gaute http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12845 Sat, 15 Jun 2013 13:56:26 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12845 It is no surprise that the generation of CEOs that learned leadership on Omaha Beach or Iwo Jima had a different view of society and different loyalties than those who got their lessons at Wharton or Harvard.

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By: Miss25 http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12844 Sat, 15 Jun 2013 08:35:51 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12844 While I appreciate a great deal of the smart and strong summary (enhanced with a good sense of the argument’s implications, this particular point that strays from summary is awkward: “The book sidles up to but doesn’t confront head-on the vexing notion that as the business elite became more open and meritocratic, it also became more selfish and short-termist.”

Well, I have trouble believing that this meritocratic system actually came into being. Since the 1990s, we have seen a growing disparity in the wealth of ethnic minorities, a lack of movement in women’s wages (though there are the few studies that suggest 20-somethings out earn their male counterparts, due to a higher college-completion level, and a waning of women in the upper offices in the corporate world. Success in dismantling Affirmative Action has been predicated on this belief that the systems are really fair now. However, the loss of these provisions, attacks on Title IX and AA, quickly reverse the improvement we had seen in the past. I am not sure the data supports this.

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By: OneOfTheSheep http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12843 Fri, 14 Jun 2013 05:25:09 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12843 Timely and well posed, particularly the last two sentences:

“What we need is a change in incentives for corporate elites—new, stricter rules, more firmly imposed, for the game that they play. And putting that system in place is a job not for the elites but for the state and society—which means all of us.”

The problem is much like trying to catch the greased pig. Even when it is agreed what needs to be done, it is well nigh impossible to grab on and do with it what needs to be done! The buying of candidates, elections and political advantage is becoming ever more open and effective, and there seems less and less difference between having a Republican or a Democrat in the White House.

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By: jaham http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12842 Thu, 13 Jun 2013 20:25:54 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12842 “Just like the rest of us, CEOs want to be good. But all too often, the way global capitalism works requires them—if they are to serve their shareholders, keep their jobs, and, not incidentally, earn their vast paychecks—to do things that are bad for the rest of society, or at least part of it.”

CEOs are beholden to their shareholders, not society in general.

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By: ptiffany http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12841 Thu, 13 Jun 2013 19:53:44 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12841 One more comment on Chrystia Freeland’s writing that is not posted…

Is anybody aware of this anomaly?

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By: ptiffany http://blogs.reuters.com/chrystia-freeland/2013/06/13/an-elite-deserving-of-the-name/#comment-12840 Thu, 13 Jun 2013 19:52:22 +0000 http://blogs.reuters.com/chrystia-freeland/?p=1986#comment-12840 In the past two decades of consulting with a number of large companies, I’ve been impressed with how much corporate responsibility toward workers and communities nearly vaporized. It has become apparent to some of us that the Plutocracy now rules through the institution of Idiocracy. Not only have the battles to promote the general welfare been lost, the war has been lost too.

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