Heads We Win, Tails You Lose: Large Corporations and Government

Joseph Shaanan

Chapter Chapter 8 in Economic Freedom and the American Dream, 2010, pp 91-105 from Palgrave Macmillan

Abstract: Abstract Two long-standing American political-economic principles are the sanctity of private property and the freedom to pursue pecuniary ain. The latter freedom has led to a third, albeit tacit, principle: the acceptance of corporate power in both the economic and political realms. The political system is not without its admirable features, but the failure to come to grips with the impact of economic power on government and politicians is a major weakness. The political influence of large corporations—the dominant player in the American economy—is ignored or else treated as a natural outcome of a competitive free market with all the inherent efficiencies. It is not a topic of political debate, it is rarely discussed in the media, and it draws little attention in academia. Yet this influence has disturbing implications for the political rights and freedoms established by the Founding Fathers as well as for the economic welfare of the nation. The writers of the constitution could not have envisioned the major role giant business organizations would play. They could not have foreseen that their grand design would allow economic forces to go from a defense of property to a control of government.

Keywords: Free Market; Federal Reserve; Economic Freedom; Large Corporation; Economic Power (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10223-1_8

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DOI: 10.1057/9780230102231_8

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