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August 03, 2005
Capitalist in Name Only
A nativist uproar has just cost the shareholders of Unocal over $1 billion while also highlighting the breathtaking hypocrisy of the United State's claim that it is a capitalist country. The facts are simple enough. Energy company Unocal was looking for someone to acquire it, and Chevron came along with a bid. Then CNOOC, a firm 71 percent owned by the Chinese government, offered a superior bid. Again, CNOOC was offering more money. It was at this point that things went crazy.
Apparently in this country, competition is a desirable thing only so long as you can pick the competitors. I say that because, given the stunningly simple issue of whether to choose CNOOC's bid of $18.5 billion or Chevron's bid of over one billion less, members of Congress somehow felt it was their duty to tip the scales in favor of the low bid.
Not only did our legislators just rob the shareholders of Unocal, they offered to the world in general and China in particular the spectacle of a country (or at least the leaders of a country) afraid to compete. Capitalism is not insular, you do not have the option of playing only with those you have played with before. China has seen that the world's preeminent capitalist country is not committed to capitalism so much as it is committed to an outdated view of the world. We will someday reap what we have sown; China will have its revenge.
Posted by Audi Partem Alteram at August 3, 2005 07:49 PM
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