Watch

User menu

Search form

Robert Reich: How To Hold Corporations Accountable (video)

Robert Reich: How To Hold Corporations Accountable (video)
Tue, 12/18/2018 - by Robert Reich
This article originally appeared on robertreich.org

Charles E. Wilson, the CEO of General Motors in the middle part of the last century, reputedly once said that “what was good for our country was good for General Motors, and vice versa.”

The idea was that large corporations had a duty not just to their shareholders, but also to their employees, customers, and community. What was good for all of these stakeholders was inseparable from what was good for large corporations like GM.

But in the 1980’s, this shifted. The only goal of large corporations goal became maximizing profits and returns for shareholders.

Corporate profits are now a higher share of the economy than they were for most of the past century, and workers’ share of the total economy is the lowest.

Corporations are now amassing huge control over our economy and fueling widening economic inequality.

Workers must have more power.

Elizabeth Warren’s proposal, the Accountable Capitalism Act, is a good start at remaking the economic system so it works for all of us.

It recognizes that large corporations, with revenues of $1 billion or more, are so big and powerful they should be held to a higher standard of conduct – chartered by the federal government to serve all their stakeholders, not just their shareholders.

Under Warren’s proposal, workers would elect at least 40 percent of big corporations’ boards of directors. These corporations wouldn’t be able to make political contributions without the approval of 75 percent of their directors and shareholders. And their legal right to exist could be revoked if they engaged in repeated and egregious lawbreaking.

Effective action to hold corporations accountable needs to be federal because the states, left to their own devices, have to compete with one another for businesses to locate in their states. This has led to a race to the bottom for corporate cash. Two-thirds of big corporations in America are now officially headquartered in Delaware, because Delaware’s corporate laws are weakest.

This would be a huge change, bringing into better balance the voices of American workers with the overwhelming dominance of big corporations and their major investors.

It’s time to demand that the economic system work for all of us.

Originally published by RobertReich.org

 

3 WAYS TO SHOW YOUR SUPPORT

ONE-TIME DONATION

Just use the simple form below to make a single direct donation.

DONATE NOW

MONTHLY DONATION

Be a sustaining sponsor. Give a reacurring monthly donation at any level.

GET SOME MERCH!

Now you can wear your support too! From T-Shirts to tote bags.

SHOP TODAY

Sign Up

Article Tabs

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

The Florida governor’s humiliating loss has a dark undertone: Most Republicans, and many independents, apparently have a craving for the unchecked lawless vengeance that Trump has promised if he wins a second term.

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

The Florida governor’s humiliating loss has a dark undertone: Most Republicans, and many independents, apparently have a craving for the unchecked lawless vengeance that Trump has promised if he wins a second term.

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.

Posted 3 weeks 3 days ago

Trump’s brand of hyper-nationalism combined with the intense consolidation of executive power follows the same playbook as fascistic leaders in other countries like India,Russia, Hungary, Turkey, Egypt, Italy and Argentina, among others.

Posted 1 month 3 weeks ago
Donald Trump, Hitler

Like Hitler, Trump has a unique command of propaganda, a captivating public presence, and he knows how to drive home narratives beneficial to him and harmful to his enemies.

Posted 1 month 1 week ago

What remains unknown is whether post-truth Republicans will succeed in 2024 as the Nazis did in 1933.

Posted 1 week 2 days ago

Based on details that have emerged about Trump’s presidential agenda, the far-right Heritage Foundation plans for the next GOP president to have all the tools necessary to demolish multicultural democracy and establish a white, Christian ethnostate that imposes a gender apartheid not unlike the Taliban’s Afghanistan.