Capitalism

The only way to put a definitive end to the war is to force a withdrawal of the coalition forces. The UN now has a chance to redeem itself as an institution standing for a just and democratic global order. A new super power has emerged - world public opinion - and for the first time has challenged US domination over the UN. The anti-war movement needs a two-pronged campaign: to call for a UN General Assembly session to order a withdrawal of US-UK troops from Iraq, and to put an end to US dollar hegemony.

A systemic failure of epic proportions in organisations and institutions that are the foundations of market capitalism is unfolding. This essay takes a broad overview of the nature of the improprieties that led to the collapse of corporate governance systems in some of the largest US corporations. The behaviour of professional managers who run these corporations as well as the supporting self-governing institutions and corporate boards is then discussed in the context of the capital market-driven governance systems within which they operate. The essay concludes by raising a few issues of regulatory accountability that the recent happenings have thrown up.

Between the two World Wars, literature buffs were wont to spend an enormous amount of energy and talent to discuss the pros and cons of art for art's sake in creative pursuits. We appear to have run into a similar situation with the controversy on the role of foreign exchange holdings in accelerating national development. A theology is threatening to take over: foreign exchange holdings are for the sake of holding foreign exchange and we better desist from exploring other facades of the phenomenon.