Business must unite to develop an action agenda after the election, writes Raymond Parsons
Economist Joseph Schumpeter once said capitalism and democracy were an unstable mixture. Many other analysts have subsequently regarded capitalism’s inherent ability to adapt to changing circumstances as the key to its long-term survival.
There is overwhelming evidence of the highly destructive consequences, both in the public and private sectors, of rules of good governance not being followed, of a lack of accountability or of implementation failing to deliver positive outcomes. There are many reasons why legitimate business should therefore seriously ponder how it can best influence the post-election national agenda by extending the boundaries of its collective thinking. This means widening and deepening its existing laudable initiatives on, for example, small business, youth unemployment and skills development to also tackle other key elements of future renewal and inclusive growth.
In addition, corporate governance and executive remuneration need to feature high on the post-election business agenda. More checks and balances are needed where corporate behaviour is concerned. Here the moral compass needs to be restored. Bad business behaviour must have real consequences, whether through regulation, litigation or competition.
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