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In this episode, Dan Churchwell, Acton’s director of program outreach, sits down with Dr. Richard Turnbull, the director of the Center for Enterprise, Markets and Ethics, to discuss how banks and credit unions develop a culture of savings, independence, and poverty prevention. Do trends in the direction of large, national, even global banking institutions best serve these ideals? And what are the implications of the loss of diversity in institutional and local provisions for personal saving? What does all this tell us about the nature of civil society?
Centre for Enterprise, Markets and Ethics
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Published in: General
A wise man. One issue raised needs exploration. Giant firms have to decide whether paying taxes is more burdensome than laying folks off and tightening discipline in other costs. At some point high taxes erode that discipline and the larger the company the worse. Managers of giant firms and stock holders at some level of taxation don’t care that much one way or the other, whether lower costs are worth more than carrying on with marginal workers and other costs. This is a form of deep corruption and it comes from government. Government itself is also largely overstaffed and most is unnecessary. The idea that private sector is by its nature immoral, or less concerned with doing right than other places merely raises a big question. What other places are you talking about? Government? Interest groups? The private sector, at least if taxes are not so high managers lose sight, or so big they worry about politics more than other matters, is strange. Business has to please its customers so the only issue is whether they’re among the few new technologies that never face rising costs. Companies that never face rising costs must focus in staying ahead and it ends when they totally dominate. The US economy is so large we do not have too worry about being completely open. Given our size, if we don’t have the size necessary to maximize economies of scale for some few, the issue is regulation or letting them live with a split between the US economy anywhere else they want to be. The reason to be open now is to encourage like minded countries to be open and competitive and sufficiently bottom up to be creative. If we can’t rid ourselves of the compulsion to be global, we won’t survive.
You mentioned in the podcast that Dr Turnbull had given a talk that more fully develops the topic “How Savings Banks and Credit Unions Help Prevent Poverty.” You said you would put the link in the show notes. I don’t see the link.
I did go to the Center for Enterprise Markets and Ethics site, but couldn’t find his talk.
Would you be so kind as to add the link to the show notes
Thank you!