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Listed below are comments made by jeremyrenwick between Friday, 5th December 2008 and Friday, 5th December 2008.

  • How much will taxpayers finance economy? 12:06pm on 05 Dec 2008 What we are seeing is the mutualisation of capitalism, something I have been commenting on for a while (see Kubernetes! from November 2006!).

    The signs have been there for ages; consumer activism, the sustainability agenda etc. Big corporations that do not deliver super-normal growth have to consider the broader social agenda. Yes they have to deliver a profit and return on investment, but how and why that profit is generated is more important than the fact that there is one.

    What I consider to be "raw" capitalism, where massive profits and big individual rewards are generated will (and should) be confined to genuine entrepreneurial activity i.e. commercialising new ideas that deliver real new benefits (e.g. low carbon technologies)

    The big companies, (probably starting with banks but also then moving onto utilities, transport, retail etc) will increasingly be run or regulated to run to benefit the whole of society rather than just investors or management.

    Where the government is missing a trick is holding their investment in any company directly. The government is just a proxy for society so let society i.e. individual taxpayers (or voters) own these stakes, increasing democracy in business and removing the opportunity for political interference.

    Specifically what they should do is transfer ownership to a mutual structure e.g. a building society for financial services; a co-op or something like John Lewis for other industries.

    It seems ridiculous that the so-called Co-op MP's (e.g. Alun Michael and David Drew) in the Labour party are not publicly agitating for this.


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