Saturday, January 31, 2015

The new Global Corporate Law

Click here to access article by Juan Hernández Zubizarreta from Transnational Institute. (This link goes to an introduction which includes a link to the 11 page paper by this author.)

We have witnessed within the US the move by the capitalist ruling class through its control of the Supreme Court to level the playing field between corporations and ordinary citizens by the latter's ruling in the Citizens United v. FEC case which culminated a long history of such rulings. Well, it appears that worse things are happening on the global level where there is developing a global corporate law that is being inserted into national laws of many states in addition to the reinterpretation of existing laws all, of which, even go beyond a level playing field--they actually favor corporate rights and interests. This is the natural development of capitalism which has reached a late stage in which the wealth accumulation of capitalists is so large that states have little real control over their economies--they must now go begging to capitalists for investments in their economies.
The global economic crisis that unfolded in 2009 was significant not just for the questions it raised over the power of big finance, but also for the attention it drew to other crises facing our planet – notably food, ecology and care work. What has been given less attention is the national and international legal systems that underpin these crises and the way legislation has been skewed in favour of capital and transnational corporations.