Companies Are the New Countries

摘要

The occupy the world economic Forum protests that took place on the outskirts of Davos in late January were small but pointed. One protester held a sign that read, if voting could change anything it would be illegal. They captured a sense of frustration with capitalism, sure, but more important, frustration with government. In 2008, after Lehman Brothers fell and the global recession began, the conventional wisdom was that we were entering an era in which government would take back power from business. In fact, just the opposite has happened. The high-profile political figures disappointed at Davos: German Chancellor Angela Merkel was angry and depressed by turns, and U.S. Treasury Secretary Tim Geithner was even more defensive and combative than usual. Europe remains a mess, the U.S. recovery is fragile, and emerging markets—the only bright spot in recent years—are slowing. Politicians have few solutions to the huge problems of the day: labor bifurcation, debt and inequality. Markets want answers, but leaders can't provide them, in part because bold action carries too much political risk for them.