In a lengthy opinion piece for The Globe and Mail, Garfield Emerson, a lawyer, informs us that corporations are merely artificial legal creations designed to limit liability and facilitate the conduct of business.
That is rubbish. Corporations are innovative business organizations that facilitate the amalgamation of capital for investment purposes. They are thus an essential component of an advanced capitalist society. They make savings and capital more efficient by pooling resources for the benefit of participants.
But that’s not enough for the likes of Emerson. The “likes” by the way, include such modern proponents of socialism as Thomas Piketty and the old “Big Kahuna” himself, Karl Marx.
The lengthy opinion piece which makes a case for a corporate “obligation” to society and more generally, the “obligation” of the wealthy to society, is nothing new. We heard it from Barack Obama and Elizabeth Warren too. It echoes the idea that the productive in society owe a debt to the abstraction of society itself. Remember “you didn’t build that”.
Nothing new here. It’s the enslavement of the most productive in society to the least productive or worse, a claim on the productive by the “needy”.
“From each according to his ability, to each according to his need”. If that sounds right, there’s a problem. It raises “need” to the standard of morality. It destroys the productive and we need look no further than the bloody record of socialism in the past century for evidence.