The corporation is the dominant and dominating institution of our time. Governments identify growth and development with commercial corporations and shower them with subsidies, tax privileges, and appropriate labour legislation and market support to attract a commitment and investment.

Currency speculation-over a trillion dollars a day-is a tax-free activity. The notion of a tax on "day trades" or other speculative swaps was revived in recent years, but has been studiously ignored by all our purveyors of conventional economic wisdom. That is because we have been persuaded, against logic, and moral sense, that the institution that most needs our support these days is not society, nor the human community, but the global corporation.

Capital, never concerned with distribution, is now less and less concerned with production. Capital is driving for power, for the control over markets, lands, resources. Capital, in corporate hands, can move anywhere and thus demand and get the utmost in concessions and privileges as well as the freedom to operate in the interest of ever-increasing wealth and assets.

Capital in money form has no citizenship. It is fungible, an asset capable of moving from place to place in a nanosecond.

Capital movements are no longer necessarily related to the production of goods and services. Through the financial markets of the world, capital movements today are overwhelmingly concerned with the capture of and trade in property rights, the ownership of assets that magnify a corporation's wealth, power, and control. It is what John Maynard Keynes described as "a casino world"-wealth without worth.

The corporation is the dominant and dominating institution of our time. Governments identify growth and development with commercial corporations and shower them with subsidies, tax privileges, and appropriate labour legislation and market support to attract a commitment and investment.

The Liberal Party abandoned the principles of reform and social liberalism and has become, instead, just another piece of political machinery in the service of corporatism.