Accountability has to be the key underpinning of modern capitalism.
The outcry by shareholders over the $13 billion in fines and penalties levied against JP Morgan Chase by the U.S. Justice Department is totally misplaced. The failure to understand the urgent need for the imposition of such fines represents a failure to grasp the very underpinnings of modern capitalism.
To understand why this is true, let’s take a step back to the beginning of the modern era of capitalism. These concepts of capitalism, embraced and espoused by Milton Friedman and his disciples from the Chicago school, were inevitably built on one Zen-like premise.
See full Article: http://www.theglobalist.com/dont-pity-poor-jp-morgan-shareholder/
Posts
