“Just as any revolution eats its children, unchecked market fundamentalism can devour the social capital essential for the long-term dynamism of capitalism itself.” […] “To counteract this tendency, individuals and their firms must have a sense of their responsibilities for the broader system.”

NO MORE COMPLACENCY… Following the elections to the European Parliament, “the biggest danger is not actually hysteria, it is complacency. […] There will be no serious adjustments of policy, since it will just be too hard to agree on what to do. That kind of complacency is Europe’s default reaction to political revolts from the unenlightened masses, otherwise known as voters. But that cannot be allowed to happen this time.”**

… MORE MUDDLING … “It appears that the existing approach of the EU to the solution its own problems which consisted in ‘muddling through’ has reached its limit. This limit is the extreme dissatisfaction of union-wide public opinion of the nascent EU demos. This demos tries to force the EU to finally start discussing and solving its grave problems in a systemic way. The result of elections [to the European Parliament] should, thus, let’s hope, oblige EU to deal with problems felt by its people. "***

… BUT SENSIBLE SYSTEMIC SOLUTIONS. The seminal speech made by Mark Carney, Canadian, current governor of the Bank of England, at the recent conference in the London City, quoted in the beginning, can be taken as a starting point for building the way to systemic solutions. Following the statements about responsibility of each individual and company for the overall functioning of the economic and social system Carney concluded that “consideration should be given to developing principles of fair markets, codes of conduct for specific markets, and even regulatory obligations within this framework.”*

ACT AGAINST CORPORATE ANONYMITY … A perfect example of a market fundamentalism with clear detrimental consequences is corporate anonymity. “In dozens of jurisdictions, from the British Virgin Islands to Delaware, it is possible to register a company while hiding or disguising the ultimate beneficial owner. This is of great use to wrongdoers, and a huge headache for those who pursue them. Anonymously owned companies can buy property, make deals (and renege on them), launch intimidating lawsuits, manipulate tenders – and disappear when the going gets tough.”**** Anonymous corporate structures should therefore be disadvantaged compared to TAXPARENT businesses

… BY REWARDING TAXPARENT BUSINESSES. TAXPARENT business is a business which has a transparent corporate structure and pays a fair share of its profits to the society. It society does not shift profits to opaque tax havens through non-transparent ownership structures. It does not hide its ultimate owners and decision-makers behind the veil of corporate anonymity. Indeed, it is the legitimate business which unlocks growth, brings innovation and creates added value. We should therefore start to reward these TAXPARENT businesses to give them a competitive edge over non-TAXPARENT multinationals.