Severla years ago during the Obama Administration the United States Supreme Court struck down limits on the freedom of corporations to spend money on elections and in influencing political decisions. The US court overturned over 100 years of restraint on corporate spending.
The variety of reactions this evoked is a reflection of the turmoil within the American society. There are also lessons here for all those who seek to build economic democracy, in any corner of the world.
President Barack Obama described the court's ruling as "a major victory for big oil, Wall Street bankers, health insurance companies and other interests that marshal their power every day in Washington and drown out the voices of everyday Americans."
When corporations decide which politicians to support and which political outcomes to seek, Bebchuk points out, their general investors are not consulted. Instead, such decisions are more likely to reflect the preferences and objectives of individual managers.
It follows that corporate meddling in politics is not just bad for those members of society who are not wealthy enough to be shareholders -- it could also reduce shareholder value.
Thus, there is a clamour to tighten controls on corporate spending in elections and on political decisions in the USA. There is demand for stricter enforcement of existing laws regarding public disclosure for corporate funding of elected representatives.
Unfortunately the issue of curbing Corporate Power, like gun control have become toxic issues for the US political establishment.
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