Governments are now channelling money into the economy in amounts that have not been seen since the Second World War. However, there have been calls to ensure that public rescue packages should only be agreed if major changes are made to the economy, including significant public ownership of business. There should also be legal and financial consequences for socially irresponsible or criminal corporate behaviour. Surely this all makes sense and would have massive public approval?
So far, the omens are not good. Last week, the US approved a $2 trillion ‘financial stimulus package’ largely intended to prop up the corporate economy.