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Fay Reid's avatar

First, I disagree with your view of capitalism, but being so much younger than me, you are forgiven. There are two major kinds of capitalism: shareholder and stockholder. When capitalism is regulated - as it needs to be - it is shareholder, which includes consumers, workers, environment, profits and stockholders. We had that kind of shareholder capitalism from 1933 until 1987 in the US and most of the free world. Then we turned to the stockholder capitalism in which the only interest of corporation is in profit so the Boards of Directors, top management, and stockholders are the only persons considered, resulting in the accumulation of wealth to no more than the top 10% of any society (country) to the detriment of safety, quality and value of the goods or services rendered by the corporation - sort of the JP Barnum view - there's a sucker born every minute.

Second, I do agree with Sam, ethics should be first and foremost in any business. Suppressing certain life saving chemicals to increase profits is definitely immoral, unethical, and can be controlled by ethical legislation that favors the general population over excessive profit- that's what went out the window in the 1980's.

I did enjoy the whole essay, Graham.

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