Very Few Businesses Can Be Trusted By Karen Yeung Summary

Businesses don’t have enough incentives to set, so markets can’t ensure that they will behave with integrity. Businesses have much more knowledge to evade detection. As we can observe in the article “Very few businesses can be trusted”, written by Karen Yeung and published in The New York Times, “Businesses cannot be relied on to regulate themselves (except in very limited circumstances).” The technological knowledge expertise gap can be connected by experts who will frequently get together to monitor industry and ensure appropriate standards. The failures of big companies such as, Enron, have demonstrated that industry gatekeepers are weak and unreliable. Yeung ends the article implying that self-regulation often fails because of the lack of enforceable standards, strong legal powers to monitor, and investigate. …show more content…
Businesses themselves oppose that, because they don't want more government intervention. The author allegedly replies that we can’t be having no government intervention while businesses do anything to benefit themselves. That is the fundamental assumption of states requiring a corporate charter in order to form a corporation. The author strongly defends his statement by stating that, “Leaders have no personal responsibility for corporate morality, and corporations can not be trusted to self regulate as long as profit and money are involved.” The government has to step in to build a better tax code in a distinct way. As well as holding the CEO’s, the board directors, and the upper management responsible for the fall out. The author uses a personal saying, “Never trust anyone who stands to make money.” People who insist that profit seeking entities can be trusted do the right thing are precisely