Very lucid and well-documented, as always, Tom. Thank you. Yes, union numbers are down and the language of organization drives and workplace power struggle feels as if from another age. Yet, we all know that employers are vulnerable to new forms of protest and challenge, through social media, "name and shame", and so on. Is there a parallel here with Trump and Hegseth discovering that the war paradigm too has changed? They may have sunk the Iranian navy and grounded their airforce but have not won the war and seem not to have factored drones and, in the Strait of Hormuz, speedboats into their calculus? Maybe the subject of another Sunday scribble?
Tim, thanks for this. Interesting thoughts. I am just about to start reading a book by James Boys, US Grand Strategy and the Madman Theory from Nixon to Trump. I am sure I will get a Sunday Scribble out of this. As regards "name and shame," I am not convinced that this is as damaging as some people seem to think. I would be more concerned about "lawfare", the increasing use of the courts by NGOs, etc., to attack both governments and multinationals, and the seeming willingness of the courts to start ruling on public policy issues.
You write of profit maximisation but there's a more insidious activity that goes on in listed companies, namely managerial capture, whereby managers optimise a mixture of shareholder returns, personal incentives, institutional survival, reputation,
Arguably you have described 19th century Russia in which prosperous landowners exploited weak peasants, or pre-revolutionary France. Neither ended well for the bosses, even if the workers gained little in the long run.
Very lucid and well-documented, as always, Tom. Thank you. Yes, union numbers are down and the language of organization drives and workplace power struggle feels as if from another age. Yet, we all know that employers are vulnerable to new forms of protest and challenge, through social media, "name and shame", and so on. Is there a parallel here with Trump and Hegseth discovering that the war paradigm too has changed? They may have sunk the Iranian navy and grounded their airforce but have not won the war and seem not to have factored drones and, in the Strait of Hormuz, speedboats into their calculus? Maybe the subject of another Sunday scribble?
Best wishes,
Tim
Tim, thanks for this. Interesting thoughts. I am just about to start reading a book by James Boys, US Grand Strategy and the Madman Theory from Nixon to Trump. I am sure I will get a Sunday Scribble out of this. As regards "name and shame," I am not convinced that this is as damaging as some people seem to think. I would be more concerned about "lawfare", the increasing use of the courts by NGOs, etc., to attack both governments and multinationals, and the seeming willingness of the courts to start ruling on public policy issues.
You write of profit maximisation but there's a more insidious activity that goes on in listed companies, namely managerial capture, whereby managers optimise a mixture of shareholder returns, personal incentives, institutional survival, reputation,
and political constraints.
All of which is true. I have seen it on multiple occasions.
Arguably you have described 19th century Russia in which prosperous landowners exploited weak peasants, or pre-revolutionary France. Neither ended well for the bosses, even if the workers gained little in the long run.
I am aware of this comparison. and have seen similar comments elsewhere. We will see how things play out politically.