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The Georgia senate races on January 5, critical for the Biden presidency’s ability to legislate via a majority in the Senate, in addition to the majority his party, the Democrats, already have in the House of Representatives, saw the contending parties spend a combined $800 million.
This comes from individual contributions to each candidate’s campaign and donations, mostly from business, to political action committees. Business is a big player in American politics. And it has chosen to back democracy and decry attempts to thwart it, staged by President Trump and his Republican followers in the Senate and the House of Representatives.
The National Association of Manufacturers, the US Chamber of Commerce, Small Business for America’s Future, the Conference Board and assorted other industry bodies decried efforts to derail the democratic process. Leading business people, including Larry Fink of BlackRock, Henry Kravis of KKR and Lucy Sweet of Accenture, put out a joint statement asserting the validity of Biden’s victory and denouncing moves that would hamper the new administration’s efforts at recovery.
The Lincoln Project, an antiTrump Republican lobby, has threatened to expose the names of businesses funding Republicans who have been cynically championing Trump’s call to reject the election result, in the hope of retaining Trump followers’ support in their primary elections.
Business has a practical stake in well-oiled governance, political stability and sensible policies. And democracy yields these far more effectively than any other form of government, notwithstanding the apparent proof to the contrary offered by China. Business has the opportunity and the responsibility to throw its weight behind democracy, when it is at risk.
This piece appeared as an editorial opinion in the print edition of The Economic Times.