Unacceptable face of capitalism?

[Yoshie Furuhashi]

>>From: James Heartfield <Jim at heartfield.demon.co.uk>
>>
>>The WEEK
>>ending 30 June 2002
>>
>>THE UNACCEPTABLE FACE OF CAPITALISM? ...
>>
>>The purported differences between the US and European models are less
>>important than they seem. It is a long time since individual investors
>>played a significant role in market movements on Wall Street; rather
>>institutional fund managers are the principle share-traders. Financial
>>mismanagement is hardly a uniquely American phenomenon, either. The idea
>>that there are different, even competing, models of capitalism, whether
>>US, European or Asiatic, only indicates that there are no real
>>alternatives to capitalism being considered. The over-emphasis upon
>>competing 'models' of capitalism is for the most part, advertising copy
>>in a conventional trade war.
>
>Quite right there, James.  I'd like to share a thought I posted on 
>another list recently re this:
>
>>http://www.nytimes.com/2002/06/27/business/27GLOB.html
>>
>>U.S. Businesses Dim as Models for Foreigners
>>By EDMUND L. ANDREWS
>
>Paradigms lost, alas!  What strikes me as a real hoot in this 
>article is the chest-thumping by various Euro biz leaders in 
>contrasting their own virtue with the exceptional commercial 
>depravity of their American counterparts.  But as I understand it, 
>the "simple and fairly compact list of basic [accounting] 
>principles" that Andrews cites as the common standard in Europe lead 
>to pretty minimal disclosure.  And when it comes to financial 
>reporting, if you say very little, you don't have to lie very much 
>to get by.  I'm not sure secrecy is an improvement over fraud in 
>conducting business affairs.
>
>Carl

During booms, corruptions do not attract attention; they, in moderate 
doses, are probably welcome to businessmen, as corruptions oil the 
creaky machinery of business transactions.  During busts, though, 
corruptions become unmanageable, turning into scandals.
-- 
Yoshie

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