And it is Good for Businesses Too
Corporate Executives and Managers have a duty to their Board of Directors and Shareholders to maximize profits. Their profit-seeking policies result in wage suppression, labor rights abuses, elimination of employee benefits, etc. When corporate greed grows unchecked, it will destroy the socio-economic fabric of our society. Another major impact is the long-lasting environmental damages. A people-oriented government will always look for ways to minimize any adverse effects of corporate policies in society and on the environment. The government imposes rules and regulations to control big corporations and businesses from exploiting consumers and nature.
The rich and powerful push for policies of fewer regulations and deregulation. They want freedom from government-imposed restraints on their operation and profitability. Their quest for profit often ends up in cutting corners. And the results are major disasters that cost human lives and huge financial losses. Government has to provide for disaster relief and ultimately leave the public to foot the bill. We saw that in Texas last week. Years of rising temperatures in the Arctic altered the path of the jet stream that brought the frigid winds into the southern states. A polar vortex was formed that sent temperatures plummeting. Snowstorms left more than 4 million people without power, heat, and clean water. 58 people were dead and the total damage is estimated to be more than 20 Billion dollars. Texas was unprepared for the unusual winter storm. Neighboring states, Oklahoma and New Mexico have winterization regulations. But Texas, to save millions of dollars, doesn’t want to spend the money on an expensive weatherization package. The consequences were deadly. And expensive.
When people ask for small or limited government, they are often agreeing to get shortchanged. We cannot expect Multinational Corporations, Big businesses, and monopolies will look for the welfare of society. They are driven by profit and greed. We need strong regulations and rules against their exploitation and abuse of the system.
