The Republic On a Banana Peel

(The Hindu, 2011)

1. What does the statement “all capitalism is crony capitalism” is referring to? Do you agree with this statement or not? Give an example.  

This statement refers to the tendency of capitalist economies to rely on a set of mutual-favor relationships, which means, a group of actors owning capital means for production and commerce stablish links to help each other, not necessarily according to the law but attending to their own benefit. For example, it was clear that high executives in both banking and US government designed an aid package that ended assignating money from the contributors to ‘rescue’ big banks.

2. What is a Banana Republic? Why the author is comparing India with a Banana Republic? 

According to the article, a Banana Republic is a country where economically powerful people holds great power and influence, while ‘people of lesser power’ is in constant danger if they decide to oppose the first ones. The author compares India with a Banana Republic because it seems like powerful people can do things as they desire as long as they hold big economic power.


3. Why is it problematic that in the business world “The Media” becomes a corporation? 

When media becomes a corporation and starts pursuing corporate goals, central principles like credibility and impartiality of the media activity get compromised. Thus, people don’t get access to reliable, objective information.

4. In this situation, what behaviors are considered unethical for corporations, journalist and the state? 

For corporations it is considered unethical to take advantage of their economic power to influence political decisions in a way that compromises the independency of governments. For journalists an unethical behavior is to ‘sell their opinion’ to corporate powers and twist the information they are giving to the citizens. Finally, it is unethical on the state’s behalf to allow this kind of influence instead of pursuing programs to benefit a majority and fulfill the voters’ expectations.

5. What can The Media, Corporations and the States do in order to behave ethically and in the benefit of the people and not their own interest. Give at least 5 good ideas.

States should promote transparency and corruption control in order to make accountability possible for citizens and be in constant observation of the public programmes and decissions. They can also regulate the participation of certain economic group on media so no particular interest can gain enough dominance of it. On the other hand, corporations should make their lobbying initiatives visible, in order to keep on pushing for legitimate objectives but make it harder to pursue illegal and unethical ones. Another useful and ethical behavior for corporations is to align their initiatives and interests to those of public interest. Finally, for journalists, an ethical behavior is to denounce unfair situations without observing the economic interests on that certain subject.

References:

The Hindu. (2011). The Hindu. Recuperado el 06 de 03 de 2011, de The Hindu: http://www.thehindu.com/