More business regulations.

That is what survey after survey around the globe shows that the world’s populations wants. Despite a relentless propaganda campaign of misinformation, fabricated data and false narratives, the public has not been fooled by the 1%. The best efforts of a well funded group of ideologues — Free Market absolutists, anti-Democracy and Randians — these pro-corporate radicals has not yet succeeded in fooling all of the world’s population all of the time.

How do we know this? A 25 country survey last year by Edelman. They asked the question:  “When it comes to government regulation of business, do you think that your government regulates business too much, not enough or about the right amount?

Most of the world thinks there is insufficient regulation across all industries. The United States, where 31% there was too much regulation. Ironic considering we originated the global financial crisis. The next closest country was Germany at 28%.

Significant pluralities or outright majorities stated that more regulatory oversight was required, with four exceptions: Singapore, UAE and the USA. Singaporeans at 21% were the lowest, but that is no surprise in a nation where spitting gum on the sidewall may lead to a caning. Only 33% of the Emirate residents said more regs were needed. In Sweden, the number is 31%. In the US, more business regulation was requested by 37% of Americans.

As we can can be seen in the chart below, most of the world has a very different perspective.

One major caveat: I would imagine the major events of the past few years probably has people thinking of disasters in specific industries: Banking, Energy Exploration and Nuclear Power. If the questions were asked about those specific industries, I believe the response for more regs would be much higher. And if the question was asked, “outside of banking, deep water oil drilling and nuclear plants” I assume we would get lower numbers.

Hence, this survey may be less about the ideology of regulation and more pragmatic about reigning in dangerous and disaster prone sectors.Too bad that concept never entered the surveyors minds . . .

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UPDATE: January 28, 2012 1:22pm

Apparently, Finance Remains Least-Trusted Industry in Annual Edelman Survey

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click for large graphic

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Source:
How the Public Sees Business Rules
FLOYD NORRIS
NYT January 27, 2012   
http://www.nytimes.com/2012/01/28/business/survey-takes-publics-pulse-on-business-regulations.html

Category: Philosophy, Regulation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

16 Responses to “Most of the World Wants More Bank Regulation”

  1. crutcher says:

    I’m disgusted at what Wall Street gets away with, but being also someone in the middle of starting a small business, I appreciate as never before the frustration of the private sector when regulations are illogical and compliance is expensive to the point of making business untenable. The distinction you raise between industries which can and can’t safely fail is extremely relevant.

  2. lalaland says:

    It’s unfair, because other countries preferences aren’t broken down by political party, but what does it say about American Republicans that they are the only cohort on the planet with a majority that thinks businesses are over-regulated by government?

  3. thetruthseeker says:

    Pretty much the entirety of human history has been a story of people in bondage to dictators and despotic governments. Giving the corrupt bastards in Washington more power and control, whether democrat or republican, is not the answer. Capital is mobile. If you layer more bureaucracy on business, you will chase it away from our shores. It will go to where it perceives to see the best opportunities. And yes, for the record I believe in libertarian principles and I do think that Glass-Steagal should be reinstated.

  4. lalaland,

    you go with..”…what does it say about American Republicans that they are the only cohort on the planet with a majority that thinks businesses are over-regulated by government?…”

    http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?sid=6946671d106429a4e4b05a66973e7701&c=ecfr&tpl=/ecfrbrowse/Title12/12tab_02.tpl (Banks and Banking)

    http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&tpl=%2Findex.tpl (the lot of them–yet, not All of them(Regulations))

    but, for all those ‘Regulations’, We, still, get (as, but, one ex.)…

    “…You can’t do that over here either; you must instead properly capture and dispose of your industrial wastes instead of dumping them into the nearest river.

    So I have two questions for you, dear reader:

    First, Apple and Foxconn are both members of EICC, which has a code of conduct. Given what the NY Times has apparently documented, that is continuing violations (not a one-off here and there) can someone explain why they remain members in good standing?

    Oh, among the requirements in the EICC code of conduct is respect for the right of Freedom of Association, including but not limited to the right to associate freely, join or not join labor unions, seek representation and join workers’ counsels in accordance with local laws. Where, in China, can the workers in a plant organize?

    Is that some sort of bad joke?

    Second, why are we, the people of America, willing to put up with this crap? Is the literal poisoning and blowing up of people in another land, along with the raw exploitation that is taking place, something you’re willing to overlook when you buy your latest gadget? Do you believe that the Chinese are subhuman animals?

    If you don’t why are you buying these products? And no, Apple is not alone in this. Not by any stretch of the imagination. The NY Times just happens to have their laser beam focused on them right now, but you can bet that with the suppliers of various components all being common this crap is going on nearly everywhere among Chinese manufacturers…”
    http://market-ticker.org/akcs-www?post=201069

    with Free Access to our Markets..

    now, what was your point about ‘Regulations’?

  5. Petey Wheatstraw says:

    Most of the world probably wants a sandwich and a glass of milk (or a big bowl of rice and some clean water), too.

    Seems unrelated, but virtually all of our real problems — from debt to war to environmental degradation, to hunger — are a matter of too little regulation, in all the wrong places (spitting gum on the sidewall may lead to a caning, for example).

    With a burgeoning population, not being allowed to hoard wealth or resources as a matter of individual right isn’t a real problem, it does, however, make the real problems that much more destabilizing and dangerous.

  6. hankest says:

    “I would imagine the major events of the past few years probably has people thinking of disasters in specific industries: Banking, Energy Exploration and Nuclear Power. If the questions were asked about those specific industries, I believe the response for more regs would be much higher. And if the question was asked, “outside of banking, deep water oil drilling and nuclear plants” I assume we would get lower numbers.”

    Agree, and that’s a key point. Most small business owners have seen have stories about seemingly byzantine state and city regulations making running a business much more difficult than it needs to be. The anti-regulator crowd plays that up by lumping it all together under the single banner “gov’t regulations.” I’m glad to see that tactic is not working.

  7. A Farmer says:

    There’s a great Five Books interview with Francis Fukuyama at the Browser. You all may have already read it, but I thought it was very well done.

    http://thebrowser.com/interviews/francis-fukuyama-on-financial-crisis

  8. louis says:

    We need more regulation that we can repeal to start the next bubble.

  9. MayorQuimby says:

    I want more ENFORCEMENT not more regulation. I’m sure there are more than enough existing laws to take out every MD at most TBTF banks both past and present if states simply did their job!!!

  10. DeDude says:

    “Capital is mobile. If you layer more bureaucracy on business, you will chase it away from our shores”

    That is the best argument for why we need to get rid of free trade. If you want to play in my country you pay the dues and follow the rules. If that is too much for you, feel free to go play in another country – but don’t expect that you or any of your products will get access to this country without a heavy fee. Free trade has done a lot more harm than good to the 99%. It is a huge stick that the top 1% can use to beat the 99% with, I say we break that stick and throw it away.

  11. arcticpup says:

    I want LESS ENFORCEMENT and less regulation. I want the current f**ked up economic system to collapse now… not in my retirement. Because I rather be uncertain now, then when I’m 65 or 70, in 30 years time.

    And given that… I want another stupid President to royally fuck the bottom 99%… I feel either Mr. Vulture Capital is the better choice to gut america for a sweet profit… and will do an equally amazing job too… and will offer the best choice in ending the current reality show called the “American dream.”

    I’m sure the other 90% who don’t have much skin in the game feel the same way… the promise of a better system system is better than current WINNER TAKE ALL.

  12. arcticpup says:

    I agree Dedude, but I also think that multi-national corporations that are registered in the United States who have workers or defacto workers (ie. Apple-Foxconn) in other countries that are making “America products” for Americans should be paid the equivalent American minimal wage.

    We are all just one people. All workers worldwide deserve to be paid like Americans. We shouldn’t be upset that the work is overseas… we should be upset that these workers aren’t paid in America dollars and American wages and should be following America law.

  13. DeDude says:

    I agree. Extra punitive tariffs for slave labor products should be part of the reform.

  14. brianinla says:

    The biggest issue with government regulation is the lack of skill of the people doing the regulating. Often those jobs pay less/require less skill than the industry they are covering.

    I work in radiation therapy and one of our protocols was audited by an FDA inspector. The problem was this guy had a degree in pharmacy and had no experience with radiation (it was clearly his first inspection in a dept like ours). I wasted days of my life trying to explain it to him in the most basic terms, and he made me perform some independent QA which only added to the cost of the inspection.

    In the end everything we did was found to be correct. However I could have convinced him that anything we did was the right way to do it. But there’s absolutely no monetary incentive to do the procedures wrong (and obviously potentially heavy criminal charges for misadministrations). Now imagine an industry like finance. You think an inspector could possibly look at a derivative’s book and understand what’s going on? If he did he’d be working for the firm and making many multiples more money. Unfortunately there has to be a meltdown for them to see it. I feel it’s the same in the meat/produce industry.

  15. Randel says:

    You can pronounce the death of crony capitalism once two things happen: 1) Glass Steagal is back on the books, and it is okay if some other Senators’ names Occupy the label; and 2) the modern Democrat party go back to its anti-bank Jefferson-Jackson roots. One of your recent QOTD listed Jefferson’s letter. There are three reasons explaining the lack of action in DC. The best one is the revolving door. See http://www.pilogic.net

    Thank you BR for bird dogging this subject from your insider’s position. We followers can just echo, but need your lead. Kudos.