Quotulatiousness

August 22, 2019

Easy Dovetails for Beginners

Filed under: Tools, Woodworking — Tags: , , — Nicholas @ 04:00

Rex Krueger
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The “tragedy of the corporate commons”

Filed under: Business, Law, Politics — Tags: , , — Nicholas @ 03:00

Corporations are being urged to take on responsibility to a wider — in fact, the widest possible — group of people rather than the narrowly defined group of shareholders. Arthur Chrenkoff explains why this is not likely to improve either corporate governance or the wider world:

Whatever you thought of Friedman’s formulation, at least both the chain of accountability and the performance assessment criteria were pretty clear. Now, not so much. It sounds great on paper, this corporate social responsibility on steroids; we take everyone’s interests into account: shareholders, employees, customers, the society in general; everyone is a stakeholder. But what does it mean in practice? Previously, boards were accountable to people whose investment in the company made the company’s existence possible. That the company should have a good workforce, satisfy the customers, and obey the laws of the land all went without saying, being the necessary conditions for successful operations. Now, the Business Roundtable recommends everyone and everything has to be taken into consideration and companies need to “deliver value to all of them”. What if you can’t? What if the interests of the nearly infinite number of stakeholders conflict with one another? How do you gauge all these interests? How do you prioritise? How do you assess “value for all”?

What this initiative seems to me to be about is giving the official blessing for corporations to be political and social actors, to pursue every trendy cause and campaign for issues that have nothing to do with the actual business conducted or business in general, and to do so without the fear of any negative consequences for the management. It’s a great way to avoid any responsibility and accountability, particularly if the bottom line suffers as a result. “Sure, our revenue is way down, but our campaign for separate toilets for each of the 32 separate genders is what the society needs and expects from us”. Previously, you assessed the management on their stewardship of the company and its commercial performance. But since now that’s only one of the criteria to be taken into consideration, it will become more difficult to sanction bad and underperforming directors. They might suck at business but they’re woke enough so, hey, it balances out. Or more than balances: after all, why should the interests of a thousand shareholders be privileged over the interests of the amorphous but clearly much numerically bigger community? Satisfying the interests of shareholders is an objective exercise, delivering value to the country as a whole – or to the whole world – is so vague that it’s impossible to disprove; it’s unmeasurable and very much in the eye of the beholder. Which is how the new corporate class wants to keep it; if you are answerable to everyone, you are answerable to no one.

No Wheat? Rice Bread – Gluten Free Recipe

Filed under: Food, History, USA — Tags: , , — Nicholas @ 02:00

Townsends
Published on 18 Jun 2018

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QotD: Stars of the silver screen

Filed under: History, Humour, Media, Quotations — Tags: , — Nicholas @ 01:00

There have always been gold-diggers – considering the intellectual castration of women historically, it would have been lunacy for bright broads not to attempt to gain wealth by any means necessary. During the Golden Age of Hollywood, they were often the wittiest and warmest onscreen female role models around; ironically, the women who played them were grafters, rarely asking for anything during any of their multiple divorces. There’s a story about Ava Gardner, Rita Hayworth and Lana Turner going home early from a Hollywood party to be ready in time for the studio dawn call as a trio of expensive call girls sweep in just getting ready to get started on some serious fun. One of the sex goddesses remarks to the others: “We picked the wrong job!” Of course she was kidding – an ageing hooker has about as much prestige as an ageing racehorse. But there’s something admirably realistic about a gold-digger who knows she’s one.

Julie Burchill, “The Princess generation needs to grow up”, The Spectator, 2017-07-18.

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