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Issue No. 294 | 10 February 2006 |
Total Impact
Interview: Court's in Session Industrial: Whose Choices? Politics: Peter's Principles Environment: TINA or Greener? History: Its Not Just Handshakes and Aprons International: US Locks out Jose' Bove Education: No AWA - No Job Culture: Jesus was a Long-Grass Man Review: Charlie the Serf
Capital Punishment on the Menu Unfair Sackings Face Challenge Holden's Bad Deal for Adelaide STOP PRESS: Guest Worker Plan Goes to Water Taking a Punt on Melbourne Cup Newcastle Rails Against Contracts Free Enterprise Kills Hundreds
The Soapbox The Locker Room Parliament
Belated Merry Whatmas? The Grinch Who Stole Christmas I Think Therefore I Scam A Taxing Answer Leslie John Turner
Labor Council of NSW |
Letters to the Editor I Think Therefore I Scam
Already victims have had to sell their homes - and there have been reports of suicide and marriages splitting - as the corporate watchdog starts investigating the company." http://dailytelegraph.news.com.au/story/0,20281,17831095-5001022,00.html With a fairly broad knowledge and understanding of the relationships between free markets, government regulations, business performance and conduct as well as securities investment, I've argued repeatedly against relaxing regulations that safeguard citizens (investors, consumers, and workers and their families) from the vagaries of the 'free market mentality'. Unfortunately, Westpoint is just another case in point - and more lives have been turned upside down. Well known financier George Soros said it best: "Capitalism is very successful in creating wealth, but we cannot rely on it to assure freedom, democracy and the rule of law. Business is motivated by profit; it is not designed to safeguard universal principles. Most business people are upright citizens; but that does not change the fact that business is conducted for private gain and not for public benefit. The primary responsibility of management is to the owners of the business, not to the nebulous entity called the public interest - although enterprises often try, or at least pretend, to be acting in a public spirited way because that is good for business. If we care about universal principles such as freedom, democracy, and the rule of law, we cannot leave them to the care of market forces. "The global capitalist system has produced a very uneven playing field. The gap between rich and poor is getting wider." In short, we should not allow business interests to dominate social and economic policy - because they can't be trusted. http://workers.labor.net.au/287/letters3_times.html http://workers.labor.net.au/288/letters4_inv.html http://workers.labor.net.au/291/letters6_Kids.html http://workers.labor.net.au/292/letters2_bares.html John McPhilbin, NSW
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