Friday, June 27, 2014

European "Champion" or European "Crony Capitalist"?

From today's Open Europe news summary:
Following the failed merger of Siemens and Alstom, which eventually joined with General Electric, France is reportedly pushing for an easing of the EU’s antitrust rules to allow the creation of European “champions”. 
Language is very important.  The merger between Siemens and Alstom did not "fail"; it was scuttled by the French government.  Now we see the true reason behind France's action--it wishes to create a crony capitalist company that it can control.  It is mercantilism in a new guise.

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