Chris Burford wrote:
> So there are contradictions within the camp of the admirers of market
> socialism!
Umm, to be fair, speaking as an advocate of planning, there are equally
strong contradicitons among supporters of planning. For example I have
heard some planning advocates speak in favor of a "moneyless economy" -
which strikes me as absurd.
Also, I think it is really unfair to suggest that a Bush would bring a
leading market socialist into his camp. I don't think in a market
socialist economy the trust issue is as difficult to resolve as in a
capitalist society. Not that it does not need to be dealt with, but
that it is easier to create independent auditors who are not beholden to
individual enterprises - because the lower degree of inequality reduces
the overwhelming degree of influence the rich have vs. the rest of us.
(If I ever get to debate an actual market socialist, I'll explain why I
use the term "reduces" rather than "eliminates". )
Under capitalism it is much tougher than it seems at first. Of course
having companies hire their own auditors is absurd if the auditors are
actully to serve a "policing" role. I have heard proposals that
auditors should be employed by the SEC or by the stock markets.
First, you will note how marginalized such proposals are. They are
sensible (from a capitalist perspective I mean), but thanks to the
influence of top managers, and leading accounting firms, they are
(currently) political non-starters. But even if implemented, they would
(though a great improvement) not be without problems. If we currently
had such a law, I doubt that the Bush adminsitration would favor tough
watchdogs in his appointments to such positions. Similarly, the various
stock markets have a long term conflict of interest comparable the short
term ones of CEOs. That is the stock market benefits from inflated
valuations. I will note that this does not make such reforms useless.
However much we deplore the weakness, and corporate leanings of the Food
and Drug Administration, most Americans would hate to be without it.
Similarly, I suspect that auditors who did not work directly for large
corporations, in spite of flaws and corruption would do a better job
than auditors do under the currrent system.
