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Corporate welfare - Essay Example

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The term originated after the state used significant amount of money to support large corporations (Cay 67). It was created from that corporations may be having financial problems that may lead to…
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Corporate Welfare The term is used to describe government incentives provided to large corporations. The term originated after the state used significant amount of money to support large corporations (Cay 67). It was created from that corporations may be having financial problems that may lead to their closure. To avoid the scenario the state provides the corporation with financial support. However, the plan is always in criticism as the money would be of greater importance if it is provided to the poor.
The vice was created by the global financial crisis. At the time financial institution were struggling to sustain their operation due to debts. In addition, at the time lenders and creditors were unavailable. Numerous corporations were facing closure due to huge financial debts. With an objective to sustain the economy, the government had to develop strategies that would keep these organizations open; thus the creation of corporation welfare (Cay 24).
Since is initiation the policy has been effective. Numerous corporations have been bailed out of financial crisis. In addition, the modern day corporate welfare policies are created to enhance the sustainability of major companies (Roger 44). For instance, agricultural subsidies in the United States are used to sustain large corporations in the industry (Roger 44). These corporations are able to sustain their financial burden.
The current corporation welfare strategies have been criticized. Majority of the people embrace the modification that the money could be more useful tothe poor not large corporations (Fisher& Peters 89). For instance, it could be more effective if agricultural subsidies are used to support farmers rather that the major institutions in the industry.
Works Cited
Cay, Johnston.Free Lunch. New York: Penguin Books. 2007. Print.
Fisher, Peter. & Peters, Alan.The Failures of Economic Development Incentives.Journal of the American Planning Association, 70, 2004, (1).
Roger, Chapman. Culture Wars: An Encyclopedia of Issues, Viewpoints, and Voices. New York: M.E. Sharpe. 2010.Print. Read More
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