Well now, this is good to know

First, as Ha Joon Chang argues in ‘23 things they don’t tell you about capitalism’, of all the groups whose interests should be put last { He means the shareholders-Tim} when considering the management of a company – after all they are, without doubt, the people with least loyalty to it in the case of a quoted enterprise.

So there we have Ritchie\’s vision of capitalism. The last people we should consider are the people who actually own something.

2 thoughts on “Well now, this is good to know”

  1. I wonder what the loyalty of the management and the workers would be if they were not paid?
    As usual, Richard rejects a very incisive comment by calling it “illiberal” and that it doesn’t reflect how companies are really run. It appears that his whole defence of his mate’s book is that he believes that large companies cannot simultaneously do “financial engineering” and their core business and -god forbid-some executive might get a bonus if cash flow increases because of lower taxes.

  2. hmm, I wonder if that would have any impact on the willingness of outside shareholders to supply capital for investment etc. ?

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