This shift in how companies are governed and raise money is bringing with it a structural change in American capitalism. That should be a matter of great debate. Are these new businesses, with their ability to circumvent rules that apply to conventional public companies, merely adroit exploiters of loopholes for the benefit of a plutocratic few? Or do they reflect the adaptability on which America’s vitality has always been based? - Rise of the distorporation - how changes in the way companies are financed and managed is changing the wealth distribution of America.
posted by Artw
on Nov 2, 2013 -
"[T]he corrupting influence of money is the first problem facing this nation. That unless we solve this problem, we won’t solve anything else...The Framers, Lessig says, had just one kind of dependence in mind for members of Congress: a dependence on the people. He quotes The Federalist (the then-anonymous essays by Alexander Hamilton, James Madison, and John Jay that are often used as a contemporary account of the Framers’ intentions) to make this point: number 52 describes the House of Representatives as that “branch of the federal government which ought to be dependent on the people alone” (emphasis added).
But in the last two decades, Lessig writes, members of Congress have developed a fearsome dependency: campaign cash. The total amount spent on campaigns by all candidates for Congress in 2010 was $1.8 billion. Fundraising has become a way of life..." (via 3 Quarks Daily)
posted by caddis
on Aug 1, 2012 -
How Rich is Too Rich For Democracy? At what point does great wealth held in a few hands actually harm democracy, threatening to turn a democratic republic into an oligarchy?
It's a debate we haven't had freely and openly in this nation for nearly a century, and last week, by voting to end the Estate Tax, House Republicans tried to ensure that it wouldn't be had again in this generation.
But it's a debate that's vital to the survival of democracy in America.
In a letter to Joseph Milligan on April 6, 1816, Thomas Jefferson explicitly suggested that if individuals became so rich that their wealth could influence or challenge government, then their wealth should be decreased upon their death. He wrote, "If the overgrown wealth of an individual be deemed dangerous to the State, the best corrective is the law of equal inheritance to all in equal degree..."
posted by mk1gti
on Apr 20, 2005 -