In A World of Extreme Social & Environmental Crisis, Corporate Power Threatens Survival
'Corporations are Human Creations. We Can't Let Them Threaten Our Survival.' The concentration of corporate power is driving us toward catastrophe. We need new organizational models that serve the common good. By David Korten, Common Dreams, March 6, 2020.
We live in a world in extreme crisis. By the estimates of the Global Footprint Network, the human species currently consumes at a rate 1.7 times what Earth’s regenerative systems can sustain. Yet billions of people face a daily struggle for survival that strips them of happiness and fulfillment of their human potential. A growing concentration of financial wealth puts ever more political power in the hands of fewer and fewer people. According to Oxfam, twenty-six billionaires now hold personal financial assets greater than those of the poorest half of humanity (3.9 billion people).
This rapidly accelerating environmental and social crisis is a direct and predictable consequence of global rules that facilitate a concentration of economic and political power in corporations—rules that provide minimum accountability for the consequences of how they use that power to monopolize markets, evade taxes, and operate in whatever place offers the cheapest labor and least environmental protections.
As Allen White has correctly noted, appeals to corporations to exercise conscientious self-regulation do not work. The reason is simple. Mentally healthy living humans have a conscience. Corporations are constructs of law. They have no conscience beyond whatever responsibilities the law may require of them—backed by strict enforcement. Corporations that are under the control of individual humans—rather than the financial markets—may act responsibly when those individuals possess a deep concern for the common good. Such corporations, however, are rare – at least among those of any consequential size.
Most large corporations are captives of financial markets that drive the pursuit of short-term financial gain with no concern for the social or environmental consequences. Not only do they fail to serve the common good, but they are also driving us all toward civilizational collapse. Indeed, they are driving us toward human self-extinction. These conditions create an imperative for urgent structural change. Fortunately, corporations are entirely human creations. Indeed, there is no equivalent in nature. If they do not serve our needs, humans have both the right and the means to change—even eliminate—them.
- Corporate purpose: Allen White notes there was a time in the early United States when corporations were chartered only for a specific length of time to fulfill a designated public purpose, such as to build a bridge or a canal. The former colonies had fought a brutal war to gain their freedom from the abuses of imperial rule, including the state-sanctioned monopoly power of the British East India Company. They were acutely aware of the potentials for abuse of corporate power, and they wanted none of it. Despite that early public awareness, corporate interests have been able to mount a relentless drive for power that has, over time, reduced US democracy to little more than an aspiration. Indeed, the United States has become a global driver of the processes by which global corporations pursue with impunity the destruction of Earth’s capacity to support life...
More, https://www.commondreams.org/views/2020/03/06/corporations-are-human-creations-we-cant-let-them-threaten-our-survival
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