Destructive Destruction of Israeli Corporations

Only three years ago Israel's economy was dominated by ten or so "tycoons" - self made men who built up business empires. They were nice modest people, like Alovich, Fishman, Dankner, etc.  None had a yacht and none built a palace for their twelve racecars. They were not that kind of people. Yet the focused hate of the media and the left-wing parties succeeded in embroiling each one of them in judicial procedures and paint them as criminals or suspected criminals(pic. the former tycoon Danny Dankner behind bars) .

Government economists argued that the concentration of so much economic power in few hands was deleterious to the country in many senses, not only economical but political and social. So new legislation forced them to dismantle their organizations, sell parts to the public, etc. The resulting situation is that today big corporations have no dominant shareholders, the shares have been dispersed and owned by pension funds and insurance companies that have no interest in the management of the business. So we have central businesses like Bank Leumi, the largest of Israel, Bank Poalim, El Al, Bezeq the phone monopoly, etc. that today have no visible personal owners and are managed by anonymous directories.

I think that this situation is very bad, because the directories (composed by bureaucrats and diversified leftists NGOs) have no enterprising spirit, no sense of business and no desire to expand and improve. In this sense the Chinese Communists were more intelligent: they sold for peanuts their State enterprises to enterprising individuals that developed them into global emporia. And not only that: a physical person knows that he can be sued, is vulnerable and will lose his fortune if he makes mistakes; not like a commission that has no fear of consequences nor responsibility. I am sure the Chinese hate the rich owners of their factories as we do, but they know that factories need to be owned by somebody, and State ownership is the worst.