“I can tell you, if there is nothing done to offset the damage that they’ve done, we will personally — myself and other CEOs — will do everything in our power to see that there is a change in government, and it will start right here in Calgary,” said John Dielwart, chief executive of ARC Energy Trust and the coalition’s chaiman. “It will happen in Alberta. This is not going to go away.”
What an excellent case study in the real workings of capitalism and the attitude of monopolists towards the democracies which give them succor. Monopolists you say. Well yes. The very fact that Income Trusts enjoyed a state granted tax advantage over other corporate forms made trusts a form of state created private monopoly. That monopoly privilege has now been taken away and the response of the monopolists seems to be unconstrained outrage:
“‘I’ve never seen anything like this in my life, what they can do,’ he said of the government’s decision. ‘If this happened in the regular business world, you’d be sued, you’d be arrested’”.
We do not need left luminaries like Marx to describe what is going on here: Adam Smith will do just fine. Adam Smith said of the monopolists of his time.
“This monopoly has so much increased the number of some particular tribes of them that, like an overgrown standing army, they have become formidable to the government, and upon many occasions intimidate the legislature. The member of parliament who supports every proposal for strengthening this monopoly is sure to acquire not only the reputation of understanding trade, but great popularity and influence with an order of men whose numbers and wealth render them of great importance. If he opposes them, on the contrary, and still more if he has authority enough to be able to thwart them, neither the most acknowledged probity, nor the highest rank, nor the greatest public services can protect him from the most infamous abuse and detraction, from personal insults, nor sometimes from real danger, arising from the insolent outrage of furious and disappointed monopolists.”