Senator Elizabeth Warren of Massachusetts has one-upped socialist Bernie Sanders and Alexandria Ocasio-Cortes: She proposes to nationalize every major business in the United States of America. If successful, it would constitute the largest seizure of private property in human history.
Warren’s proposal is dishonestly called the “Accountable Capitalism Act.” Accountable to whom? you might ask. The answer is – as it always is – accountable to politicians, who desire to put the assets and productivity of private businesses under political discipline for their own selfish ends. Under Senator Warren’s proposal, no business with more than $1 billion in revenue would be permitted to legally operate without permission from the federal government. The federal government would then dictate to these businesses the composition of their boards, the details of internal corporate governance, compensation practices, personnel policies, and much more. Naturally, their political activities would be restricted, too. Senator Warren’s proposal entails the wholesale expropriation of private enterprise in the United States, and nothing less. It is unconstitutional, unethical, immoral, irresponsible, and – not to put too fine a point on it – utterly bonkers.
One wonders why American businesses put up with it. They do not have to. Not really. It is a fairly easy thing for an established American business to move its corporate domicile to some other country, as with all those corporate inversions in the pharmaceutical industry that gave the Obama administration the willies a few years ago. It is a fairly easy thing for a new business being founded by Americans to incorporate in some other country from the beginning. There is no insurmountable reason for, say, Microsoft or Altria (formerly Philip Morris) to be domiciled in the United States. Silicon Valley’s competitive edge comes from people, and people are mobile. If American law or American lawmakers are going to treat profit-seeking enterprises as an Enemy of the People – Zurich is pretty nice. Lots of places are.
Source: August 18, 2018 article in National Review, collaborated in The Guardian and The Wall Street Journal.
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