Tuesday, January 13, 2009

Corporate Feudalism & Dirty Money !!

Corporate feudalism is a term referred to unethical and irresponsible corporations, their only pursuit is to earn money at the cost of society, law, people and environment. They turn laws and rules in their favor through bribes, harass smaller players, buy lawmakers and pollute environment like a feudal lord.

New media always focus on small scale societal crimes but a large scale white collar crime and dirty money making machines often hide from the eyes of media.India’s booming economic and IT scandal of Satyam sent shock waves all around, finally it is official Satyam's Rs 7000 crore corporate accounting fraud has been acknowledged to be the biggest fraud in the history of India's big bourgeoisie.

While Enron, an American corporate certainly outdid the who's who in corporate crime in India in recent years, there have been many contenders for the title in the last two decades. Global Trust Bank is still fresh in our memory. In this latest instance, Price Waterhouse Coopers is implicated along with Satyam.

If one looks the capitalistic greed one finds that Neoliberlism arose as a project of imperialism to counter the increased power of the working classes of the metropolitan countries on the one hand and the Third World countries on the other.

Near full employment in the metropolitan countries and social welfare measures had increased the bargaining power of the workers in Europe. An anti-worker ideology was nourished by trashing the achievements of welfare states.

Simultaneously, the lessons of history were negated in persuading and bullying Third World countries with semi-feudal social structures to give up those kinds of measures of state patronage and state action which had promoted industrialization in Western Europe and its overseas offshoots. Economic liberalization to comprehend also deregulation of the financial sector became a major weapon in this neoliberal imperialist enterprise.

Exploitation and greed is very nature of capitalism, it is high time to change the inhuman nature of the game or face the pitfalls of capitalism which may crumble the economic empires all around.

Better governance, more control , media vigilance and social democractic parties are vital to stop the wild animal called CORPORATION “the corporate feudal”.

Weak state of Pakistan has hidden stories of accounting crimes, every other annual report may contain fudged data, simply because of lose controls and weak corporate governance. Pakistan can not compete if unethical white collar crime is allowed to flourish all around.

No comments: