Private equity/Unions: Missing the point

Trade unions are invariably wrong in matters of economics. And they are wrong now about private equity. Unions from across the developed world are gathering today in Paris to vent their spleen against the buyout industry, citing the usual charges: asset stripping, excessive borrowing and failing to pay enough tax. They want «rapid international action» against the industry. But as usual, the unions miss the point. That’s because they are asking themselves the wrong question. There is nothing ve...