By Mike Koetting June 7, 2022
I am fascinated how in the current political landscape the culture wars have obscured almost everything else, including economic issues, which in most times are one of the major functions of a national government.
The Most Fundamental Issue
The New Deal is justly known for its structural innovations—Social Security, the Tennessee Valley Authority, the WPA, the FDIC, the SEC, recognition of unions, and so forth. But more important than any of these specifics was the underlying assertion of a governing ideology that raw economic power could not be left to itself, but must be tempered by, sometimes subordinated to, fairness, justice and equity.
Ronald Reagan worshipped at a different alter. He fully embraced the neo-liberal belief, popularized by Milton Friedman, that government should just get out of the way of individual enterprise. In this view of the world, “efficiency” was the sole criterion. Parallel, the neo-liberals argued that the only duty of a corporation was to make profit for shareholders.
Continue reading “Is It Possible to Regulate Corporations in America?”