Across the pond

The election is still not called. The manifestoes are still not pubished. But it is already clear that none of the major parties are going to address the root causes of the crisis we face, which is far worse than the 1930s depression and far, far worse than anything Britain faced in those fabled days of the 1970s when the Great Britain  was being brought to its knees by union wreckers.

All of them will no doubt target the bankers, and have proposals to regulate them. They should be called to accunt. But they are the symptom not the cause.

The crisis we are in was caused, not by the behaviour of a few greedy individuals, but because of the fact that most of the large companies of the world, which have a much greater effect on the lives of ordinary human beings, than their governments, are controlled by companies, whose legal responsibility is to their shareholders.

They are the creatures of nineteenth century capitalism, which brought the world many benefits, including gas and electricity. And, I  for one, am quite happy for entrepreneurs, who have built up something new, to remain in charge of the companies they created.

But most of the large companies of the world, are managed by ‘managers’ who pay themselves huge salaries at absolutely no risk to themseleves. They are not entrepreneurs. Even if they fail their contracts ensure a very, very comfortable retirement.

They are far worse than civil servants, who, at least are nurtured in notions such as public service. Yet, we not only call them in to manage companies, we put them in charge of the NHS.  When, of course, they fire the nurses and hire more managers of their own ilk.

The world of 2010 has different imperatives, as a vistor from Mars would immediately see.

In day to day terms these managers are not accountable to anyone. They can sell off everything they own, and evade any responsiblity for the employees, who have helped to make their company what it is.

They are paid hack, albeit very well paid hacks.

The ethos in which these managers have been brought up, is that this is OK. So we have had in the last few days the instance of Carolyn McCall, the chief executive of The Guardian, which is our only serious mildly left of centre newspaper. She has left for a bigger pay packet with EasyJet. As if it does not matter what she does. From the Guardian, which provides an education for  those members of the working class who happen to read it. To EasyJet, which offers the working classes holidays on the sunny beaches of Spain, and British beer and fish and chips if they want it.

If Marx were still alive he might well have written that cheap Spanish holidays were the opiate of the working class.

Joking apart. Is it healthy that the huge companies which affect our daily lives are governed by directors, and their hugely paid managerial hacks, are enjoined to consider the interests of the shareholders. Not a word about the workers who make the products. Not a word about the effect on the environment in which  they work, and which they affect.

Adam Smith. What would you be saying if you were alive today.

Probably not what David Cameron would like to quote.