Ritchie and regulatory capture

He\’s finally noticed it:

That’s the problem at the International Accounting Standards Board.

A few of us have dared to see that world could be different.

But they’ve been captured by the principal actors as they see them – the Big 4 and their clients – from whose ranks they come.

That’s the inherent failing of self regulation – so much a part of the failed model of capitalism that now needs replacing – writ large.

But that won’t stop us.

But he\’s failed to note the import of his observation.

Regulatory capture is not the observation that this or that regulatory organisation is being a bit too chummy with those it regulates.

It\’s that every regulatory organisation ends up that way.

And Richard, of course, is one of those insisting that ever more parts of the economy should and must be regulated ever more strictly. He\’s thus pushing, unknowingly, ever more chumminess.

5 thoughts on “Ritchie and regulatory capture”

  1. “A few of us have dared to see that world could be different.” Does he always write in tones of self-congratulation?

  2. On planet Ritchie there are no regulators for Ritchie and his chums control everything so well there won’t be any need for them. Also, nasty horrible self interested evil capitalists have been banished.

  3. “the failed model of capitalism”. Holy fuck, is he really an advocate of state planning. Hasn’t that been something of a failure too?

  4. From Ritchie’s article:

    “If civil society organisations in the South had access to this kind of information, they could ensure payments to governments were spent effectively on public service provisions that would transform the lives of the poor.”

    Really? Just how does that follow?

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