Name: When corporations rule the world
ISBN: 9781887208048

When corporations rule the world

Growing Numbers of thoughtful business executives are joining social activists in a shared concern that the emerging global system of business has become a serious threat to long-term human interests. This controversial book goes beyond the prevailing conventional wisdom to address the often neglected issues of modern corporate power. In a well-reasoned, extensively researched analysis, David Korten exposes the harmful effects of economic globalization; sets out the underlying causes of today's social, economic, environmental, and political crises; and outlines a strategy for creating localized economics that empower people and communities within a system of global cooperation. In When Corporations Rule the World, Korten shows how the convergence of ideological, political, and technological forces is leading to an ever-greater concentration of economic and political power in a handful of corporations and financial institutions, separating their interests from the human interest, and leaving the market system blind to all but its own short term financial gains. Korten documents the devastating human and environmental consequences of the successful efforts of corporations to reconstruct values and institutions everywhere to serve narrow financial ends. He explains why human survival depends on a community-based, life-centered alternative beyond the outmoded strictures of communism and capitalism, and suggests specific steps to achieve it.

What Hacker News says

snake_plisskenMar 2017

When Corporations Rule The World - David Korten

Neuromancer - William Gibson

Red Storm Rising - Tom Clancy

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kr4Jul 2015

It seems that the TPP, TTIP and TiSA are not about the sort of “free trade” that would free local businesses to sell abroad. They are about freeing international corporations from the government regulation necessary to protect the economy, the people, and the environment. They are about preserving privatized monopolies and preventing competition from the public sector. And they are about moving litigation offshore into private arbitrary tribunals

What is going on was predicted by David Korten in his 1995 blockbuster, When Corporations Rule The World. Catherine Austin Fitts calls it a “corporate coup d’état.”

This corporate coup includes the privatization and offshoring of the judicial function [0] delegated to the US court system in the Constitution, through Investor-State Dispute Settlement (ISDS) provisions that strengthen existing ISDS procedures.

As explained in The Economist [1], ISDS gives foreign firms a special right to apply to a secretive tribunal of highly paid corporate lawyers for compensation whenever the government passes a law to do things that hurt corporate profits — such things as discouraging smoking, protecting the environment or preventing a nuclear catastrophe. Arbitrators are paid $600-700 an hour, giving them little incentive to dismiss cases. The secretive nature of the arbitration process and the lack of any requirement to consider precedent give wide scope for creative judgments – the sort of arbitrary edicts satirized by Lewis Carroll in Alice’s Adventures in Wonderland.

To date, the highest ISDS award has been for $2.3 billion to Occidental Oil Company against the government of Ecuador over its termination of an oil-concession contract, although the termination was apparently legal. Under the TPP, however, even larger and more unpredictable judgments can be anticipated, since the sort of “investment” it protects includes not just “the commitment of capital or other resources” but “the expectation of gain or profit.” That means the rights of corporations extend not merely to their factories and other “capital” but to the profits they expect to receive. Just the threat of a massive damage award for impairing “expected corporate profits” could be enough to discourage prospective legislation by lawmakers.

0]: http://ellenbrown.com/2015/04/24/the-trans-pacific-partnersh...

1]: http://www.economist.com/news/finance-and-economics/21623756...

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