Responsible Power

Affirmation: People are more likely to wield power effectively and responsibly when there are effective mechanisms which hold them to account.

Analysis: Some businesses, particularly banks, have become too large for anyone to control or understand how they are operating.

Action: Businesses which are too big should be taxed more heavily or should be broken up.


Thesis Background
David McIlroy is a barrister specialising in financial services law, and Visiting Professor of Banking Law at SOAS, University of London.

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  • The basic idea here seems correct. Are there no other ways to consider to call businesses to account? There have been proposals for employee and community board members for instance. Tax is good, but it can be destructive if its not fair! I think that we could develop this thesis to be much more effective and wide reaching. My ideas would include: limiting executive pay to a proportion of profit; companies above a certain size should have board members that allow other interests to be expressed at board meetings and allow communities to understand better how they operate and the positive and negative impacts of the business; large companies should be obliged to sponsor community building projects. There must be many more!