As a former C-level executive of a famous semiconductor capital equipment enterprise, I’m often asked why I speak so negatively about the free market and public companies. In truth, I believe capitalism and investment into business by the public are fantastic ideas. However, I despise large corporations and Wall Street for collaborating to redefine the Constitution, undo worker’s rights, shift tax burdens and influence the judicial branch of government.
The foundation for big business collaboration was laid in the early 1970s and has grown into a monstrous institution over the past 40 years. Any conservative, professional or free-market fighter who does not believe large corporations and Wall Street have conspired to gain total financial control is not a true student of business.
All one has to do is read the Powell Memorandum of 1971 to realize that the seeds of collaboration were planted by a “soon to be” Supreme Court Justice (appointed during the Nixon administration) and then nurtured by his friend at the U.S. Chamber of Commerce. It’s a great document. The memo defines the problem, identifies the enemies and suggests solutions. Unfortunately, the defined enemies were the Middleclass and their advocates. The Powell solutions gained traction under the corporate-friendly Reagan Administration and the downward economic spiral of the Middleclass began.
I’m not against business and I’m not against a free market. I’m against corporations conspiring to create great wealth at the expense of the Middleclass. I’m against Wall Street’s destructive and increasing single-minded focus that says monetary profit is the only measure of corporate success.
A return to shared prosperity is needed to recreate a healthy economy. We need an economy based on tangible products and services and not on speculation and not on financial transactions.
We need a Powell-esk agenda for the Middleclass and champion to nurture it.