(2005-06-16) Gabb Fair Trade Free Markets Limited Liability

Sean Gabb starts by defending Free Trade from Fair Trade (I do not support the present system of world trade. But give me a straight choice between this and the economics of the jungle that is fair trade, and I will choose the present system.), then goes on to attack Corporatism (BigCo). I grow increasingly convinced that allowing the creation of Joint Stock Limited Liability corporations was one of the greatest legislative mistakes of the 19th century. Their existence is based on a separation of ownership from control (Management Vs Ownership). The owners are released from all responsibility. The controllers form a separate class of corporate bureaucrats little different in outlook from civil servants. The usual psychology operates. They will commit immoral acts for their organisations they might not consider committing for themselves. The owners will assent. The legal privileges and unlimited lifespan of these corporations let them grow to enormous size and wealth. The opportunities exist for highly effective immorality. Collectively, they become part of the state apparatus, and work to destroy true, unregulated enterprise.