The current state of corporate accountability is under scrutiny once again as journalist pens a scathing article on the issue. The article talks about Adam Neumann, founder and former CEO of WeWork, who was reportedly paid close to $1 billion to leave the company after running it to the ground. Despite the mess he left behind, Neumann has apparently received funding for a new startup, which cannot even define its own objectives. This situation reflects the unfairness of the consequences in a capitalist society. The writer notes that ordinary people face dire consequences for even the smallest of mistakes, yet the wealthy and connected elites face little to no accountability for their actions.
The article delves into the issue of the current political environment that is focused solely on serving its own interests, disregarding whatever positive outcomes could arise from efforts to change the world. Additionally, the market is not a perfect deity that always does the “right” thing. The writer even draws a comparison with the Roman Empire, saying that despite its impressive potential for an Industrial Revolution, it was hindered by a small political class of movers and shakers who owned most of the wealth.
The writer discusses the issue of accumulated capital, noting that it eventually leads to more people making mistakes with their investments and transferring wealth from one rich person to another. The writer suggests that wealth tends to collapse over generations in ultra-wealthy families because the kids are not passionate about what made their family rich and instead squander money on half-baked businesses or bad investments.
Towards the end of the article, the writer suggests some solutions to the current state of capitalism, such as re-introducing Glass-Stegall, requiring companies to only be allowed one class of voting stock, and limiting the complexity of corporate organization. Though these solutions may be effective, the writer notes that they are unlikely to be implemented until after the Citizens United decision is appealed.
Overall, the article highlights the need for accountability in a capitalist society, where the wealthy and elites seem to be immune to the consequences that the ordinary individual faces. As a journalist, it is important to highlight these issues and draw attention to them, to ensure that these concerns are not swept under the rug.
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Author Eliza Ng