Economies of Deception
Saturday, April 28, 2012 at 10:15AM
Two books I have recently read, Treasure Islandsand Merchants of Doubt, have each highlighted, in their different ways, how deeply rooted deception is in our current economic order. Banks hide behind many layers of secrecy, shuttling funds around shady offshore jurisdictions, in order to get by with transactions that would never pass public scrutiny, and to hide profits from taxation. Manufacturers have turned to the business of manufacturing doubt about the environmental impacts of their activity, systematically engaging in smear campaigns against scientists and whistle-blowers who reveal these impacts and costs, and funding "studies" to convince that everything from CO2 to acid rain to DDT to cigarettes are clean, safe, and sustainable.
A slew of recent high-profile scandals have illustrated the same tendency. The world's largest company by market cap, Apple, Inc., was sued by the US Department of Justice for secretly colluding to fix prices on e-books. More recently, damning allegations have come to light that the world's largest company by revenue, Wal-mart, engaged in systematic bribery to gain a major foothold in Mexico, and, most seriously, that the bribery was then carefully covered up by senior Wal-mart executives. A couple months further back, US meat-lovers were scandalized to learn that supermarkets and fast-food chains had been selling them beef padded with ammonia-sprayed "pink slime," prompting a massive public backlash and the virtual shutdown of the pink slime industry, may it rest in peace.





