February 13, 2006

Corporate Welfare

Not too long ago, outgoing David Cameron boldly said the Conservative party wouldn’t be in the pocket of Britain’s businessmen. From the guardian

Britain's business leaders could be forgiven for being confused. David Cameron gave a rousing speech to the CBI conference in November, promising he would lead a 'campaign for capitalism'. Yet by last week, he was delivering a new year message in which he pledged to 'stand up to big business' and relegated capitalism to the same category as communism – that of outdated 'isms' he wants nothing to do with.

On those lines, here’s a great article from John Stossel about the benefits the already wealthy are able to gain from government. Stossel comments on state insurance schemes for those building on land private insurers avoid, corporate subsides in general and eminent domain. A quote –

A limo took us to Dwayne Andreas’ [Archer Daniels Midland chairman] office. Once the cameras were rolling, I brought out the questions about "corporate welfare." I foolishly thought I could get him to admit he was a rich guy milking the system. I thought he’d at least act embarrassed about it. Fuggeddaboutit. He was unfazed.

Stossel: Mother Jones [magazine] pictured you as a pig. You’re a pig feeding at the welfare trough.
Andreas: Why should I care
Stossel: It doesn’t bother you?
Andreas: Not a bit.

I still wonder why he granted the interview. I asked him about his bribes -- I mean, contributions. For example, Andreas gave the Democrats a check for $100,000. A few days later, President Clinton ordered 10 percent of the country to use ethanol.

Stossel: And the purpose of this money wasn’t to influence the president?
Andreas: Certainly not.
Stossel: So why give him the money?
Andreas: Because somebody asked for it.

Because they asked for it? Give me a break.

Read in full here.

By virtue of size, wealth and organisation certain groups can wrangle favours though the benefits accrue to a closed group rather than society as a whole. What can be done about it? People can’t be prevented from exercising free speech and asking for what they want. Nor does it seem fair to categorically prevent monetary & non-monetary contributions to policymakers. Full disclosure of links between policymakers and special interest groups doesn’t seem to make much difference either. After all, any assistance provided is professed to be in the country’s best interests and thus nothing to be ashamed of.


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