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[–]EddieC[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

On the Economy

Using the "lens" available through, and the Direct System paradigm inherent in, TQM, let's

  1. Do a critique of Corporation-dominated Economy [AS IS], and
  2. Layout a re-designed Economy [TO BE]

Here is a TQM-inspired critique of the current corporate economy and an alternative vision:

Critique of Corporation-Dominated Economy [AS IS]:

  • Shareholder primacy incentivizes externalizing social/environmental costs and prioritizes profit over public good.

  • Opaque structures consolidate power and wealth to executives and shareholders, excluding workers and communities.

  • Financial markets and quarterly earnings cycle push short-term thinking rather than long-term investments.

  • Lobbying power of corporations undermines democratic processes and regulations intended to hold them accountable.

  • Lack of stakeholder representation on corporate boards enables unethical practices detached from societal impacts.

  • Hard to hold corporations accountable due to legal complexity and resources gap relative to citizens.

Redesigned Economy [TO BE]:

  • Transition corporate structures to cooperative ownership by workers and community stakeholders.

  • Public councils set conditions for corporate charters focused on serving social needs and ecological sustainability.

  • Employee representation required on boards. Executive pay tied directly to workforce pay scales.

  • Shifting incentives from shareholder return to stakeholder value creation and "triple bottom line" accounting.

  • Strong anti-trust and anti-monopoly protections maintain decentralized, competitive markets.

  • Simplified, localized compliance processes empower communities to seek remedies from corporations.

  • Democratic public banking provides capital to socially responsible businesses aligned with public priorities.

In summary, TQM principles would redesign the economy as a transparent system driven by meaningful stakeholder participation, social responsibility, and broad-based empowerment rather than concentrated corporate power.