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The Divine Right Of Capital In Australia Today: Corporations, Community Interests, The Body Politic And The Natural Environment
There is a long and distinguished list of academic contributors to a large body of literature which addresses the question—what makes capitalist democracies work better/best/optimally? Some of the preconditions established in that literature are: that taxes/subsidies address externalities (1); that property rights are respected, contracts are well understood and cheaply, honestly and easily enforced; and that ‘stewards’ (for example, elected politicians, trustees and company directors) seek to act in the genuine interests of their principals (respectively—voters, beneficiaries and shareholders). This essay focusses on the last issue in the context of large listed public companies. It deals with the impact their [...]
