If you think that I came here tonight to defend multinational corporations and the international government institutions, you have chosen the wrong person. These are dishonest. They are corrupt. They are incompetent. They have blood on their hands. But do not suppose for a moment that the world trading order as it actually exists is liberal or more than incidentally connected with free markets. A free market is a place where individuals and groups of individuals come together to transact voluntary exchanges without any backing of government force. To call the actually existing order liberal -- or "neo-liberal" -- is as taxonomically accurate as calling the old Soviet Communist Party syndicalist. That order is based on tariffs, subsidies and a web of other often invisible regulations. The international institutions are a projection of Western states. The multinational corporations are creatures of these states. They shelter behind the privilege of limited liability. They get their political friends to cartelise markets, and do favours in return. This is not market liberalism. It is a fraud played on us all by our ruling classes -- these being those politicians, bureaucrats, educators, lawyers and media and business people who derive wealth, power and status from an enlarged and activist state.
Holy shit. He goes on...
These corporations could not exist in any natural economic order. I have heard other libertarians argue that they might emerge without legal privilege on some loose contractual basis. But I do not agree. The shareholders would still be liable in tort, and that alone would deter them from any involvement with a business that they did not personally control. As for the utilitarian argument, that large undertakings need large companies, I also disagree. So long as it showed an acceptable return on investment, there is no project too big to be taken on by clusters of sole traders and partnerships. No doubt, things like the Channel Tunnel would not have been built -- but I fail to see how not having that would have made the world a poorer place. Even if some highly valuable projects might not be undertaken, their lack would be compensated by the greater general innovation to be expected in an order of small, unregulated firms. Indeed, the matter of what to do about the corporations is more interesting to me than world poverty. As I said in my speech, people in places like black Africa are poor because they have maniacally corrupt and oppressive governments. They would do better even with the most cartelised global corporatism than left in the clutches of their own rulers. And that is it. But how can this corporatism be replaced by a system of voluntary exchange between legally responsible small firms? I think I have a few answers here, but will give these at another time.
I'm going to be checking out what his answers are as soon as I get home. This is a guy I can relate to - business ueber alles libertarians to whom I'm used can get lost.Read this article