We all know that the basis for an economy to be just is the imperative of the 'fair' deal. Generally, we also include that the deal is 'fair' for all concerned. Now, the reality of near-zero would suggest that those 'concerned' is a much larger set than usually considered so far. Most business deals do not have a proper accounting (to be defined).
For one, the old polluters did not bring the denizens of the earth into their thinking. Too, those at the top, fat cats essentially, play havoc with the common weal with results as we have seen of late. That is, they still got their bonuses even though the majority suffered. There are people working three jobs just to stay afloat; fat cats who think that they work hard need to wake up.
Open challenge: There is no CEO of a large corporation who could stomach the stress, endure the terror of bad managers, perform with any sort of efficacy in the tasks that have been imposed, or even bear the life and the work situation of their workers. The caveat: I have to be involved in seeing that they 'fairly' have the proper experiential event (perhaps, there would be some existential realization on their part at undergoing such -- to wit, embedded boss show of the past summer did suggest some of this) in all the angst raising detail.
For the capitalist who runs around the world trying to extend the number of potential people that he or she can exploit, the 'fair' deal would include what labor needs for survival and for future security. Henry Ford knew that 100 years ago. Consumers need to make money to spend; where the 'hell' is this supposed to come from, folks, if not from wages and earnings?
It is a truism that gains on the pseudo-markets (stock, derivatives, ...) are not 'real' in that for every gain by one (or the few) there is loss by the many (if not the most).
Today, Irving Picard, the righter of the unbalances of the Made-off affair, is quoted in the WSJ as saying that he is after those who made money at the expense of others. Oh? Irving, do you not know that American business has descended to that which is doing other than 'fair' in order to line one's pocket? And, we've allowed this! That is, we as a society have allowed this, forgetting for the moment those politicos who salivate at the thought of money and downright slobber at the touch of the buck to their hand.
And, we did it under the guise that Adam Smith was the Prophet. Give me and him a break, people. Interlopers have taken over the economy of the west (however, defined - we'll get to that). And, China now has inroads to manipulate as they may and will to do so. Perhaps, we'll all learn.
01/20/2013 -- The bad spirit of the thing.
12/22/2012 -- Fair and open actually used in a WSJ article.
10/07/2011 -- Magna Carta, the celebration thereof. We need one of these for business. What would it look like?
Heard, from others, that the Wall Streeters jeer: we cannot help that we are good at what we do, find a job you lazy protesters. Oh, yes, Wall Streeters, you are good at what, exactly? Oh, yes, having defined the shell game, then you keep it running so that monies are sucked out of the pockets of the hapless.
03/17/2011 -- On the rise of the professional politician (will there ever be the citizen polico? that is, those who do not salivate when a buck is passed beneath the nose) toward robber barony. The M & Ms are apropos. As well, need to bring in Schervish's viewpoint.
10/14/2010 -- Capitalism, as known now, requires an endless supply of suckers.
09/27/2010 -- Capitalism is for the good of us, let's bring that forward.
08/21/2010 -- The new kings are not 'royal' by any means; they're mainly takers (exploiters) extra-ordinaire. We need a Magna Carta, for business (local and global) in which rights of the workers (how else a consumer economy?), and more, are addressed. What would this look like?
07/27/2010 -- The Boston Globe had an interesting op-ed, recently, about these types. Of course, there are several types of best and brightest, including the quants. We'll need to address this topic again using what we know of the new kings. Ah, such confidence when underdetermination reigns.