Linked by Thom Holwerda on Mon 10th Dec 2012 16:30 UTC
In the News "So sprawling is Samsung's modern-day empire that some South Koreans say it has become possible to live a Samsung-only life: You can use a Samsung credit card to buy a Samsung TV for the living room of your Samsung-made apartment on which you'll watch the Samsung-owned pro baseball team. Samsung is South Korea's greatest economic success, and, more recently, the subject of major controversy. Economists, owners of small- and medium-size businesses, and some politicians say Samsung no longer merely powers the country but overpowers it, wielding influence that nearly matches that of the government." Campaign contributions, moles in political offices and chambers, this Samsung stuff - this is what happens when companies are left unchecked. It's cute if you think this only happens in Korea. Much of it all is legal, but that doesn't make it right.
Permalink for comment 544858
To read all comments associated with this story, please click here.
RE[2]: Nationalize
by spiderman on Wed 12th Dec 2012 18:51 UTC in reply to "RE: Nationalize"
Member since:

"There is one solution to fix this problem without any negative effect: nationalize it.

Because having corrupt government officials running Samsung would be an immense improvement...
Yes, actually.
The government officials are indeed corrupt and I condemn that but corruption is measured against their mission. Their mission is to do their job of governing the state in the best interest of their citizens. They fail at their mission when they are corrupt and act in their own self interest but even when they fail they have to pretend it was the interest of the citizens. They always have to pretend to care about their mission.
On the other hand, the mission of the governors of Samsung as a private corporation is to maximize profits. It does not include the interests of the people. They can freely stomp on the people and they don't have to pretend anything.
So yes, I believe a corrupt government official is better than even an honest private governor.

"It will generate very confortable revenue that can be used to lower the taxes on everyone,

Does South-Korea has unusually high tax pressure or something?
Not unusual but less taxes is better than usual taxes. Lowering taxes is always a good thing, provided the state can afford it, which it could if it were getting Samsung dividends.

"Of course, some people will cry communist

Seriously though, I think there are things that should be "nationalized" (healtcare, education etc) but electronics & phone manufacturing is not one of them.
Agreed but look at what is Samsung. They could always sell the electronics division. Samsung is a behemoth. The rules of the free market do not apply to Samsung since long ago. It does not make sense anymore to keep it private. It is responsible for roughly 1 third of South Korea's exports and even more of its economy. The justifications for it to be private are no longer valid. It is now part of the government already, except it is ruled by a handful of people.

Edited 2012-12-12 18:55 UTC

Reply Parent Score: 2