21st century modernising economies like Malaysia have witnessed the growing dominance of business corporations.

They are coddled by governments and cheered on by a public that sometimes even worships them as the ultimate good.

Business corporations enjoy many benefits not available to ordinary citizens. They get cheap land to put up factories. Roads, railways and ports are built to facilitate transport of their goods.

They employ cheap foreign labour, tap into national resources and enjoy generous tax holidays. "We must support business" is the mantra of most politicians.

Business entities have thus thrived, business corporations more than most. Corporate businesses have, in fact, fed on the smaller of the species. Banks marginalise money lenders and hyper markets crush groceries. Global electronic markets for capital and commodities are driven by corporations, and the term "too big to fail" has entered the lexicon.

As corporations grow in size and complexity, they take on employee managers. The founders of these corporations, having handed over day-to-day management, then seemingly lose interest and shift focus to new pursuits. As corporations go public, shareholders are either distracted or their power is fragmented. They interfere little in management.

They do want profits. In their ignorance, shareholders believe CEOs share their interests, will steer the ship on the correct path and will spot icebergs at night.

The CEO understands their fear and greed. He extracts fabulous benefits for being allowed to play with their money. Successful corporate managers have great corporate political skills, which they use to accumulate power.

The Board of Directors, the shareholders' watchdog, is chosen not so much by the shareholders as by the CEO. Directors become beholden to CEOs for pay and position. (Recently we hear that shareholders in the U.S. are fighting to take back from CEOs the right to nominate directors).

Managers become the corporate power centre. And the rot begins to set in.

With power comes responsibility and responsibility is a heavy burden, especially when risk-taking is involved. The CEO is guiding a big ship. He needs friends, a team, his team.

Consultants, rating agencies and similar types see a business opportunity in this. They offer to share responsibility without demanding power, only the corporation's money, to be his friends.

The ultimate responsibility remains with the CEO, but this fact is fudged or ignored. The CEO is seduced into thinking he has lightened his personal load, and done so without giving up anything.

Consultants and rating agencies do have power. Their reports and ratings are the bases on which CEOs make huge decisions. Authority is shared within this inner circle, and it appears as though responsibility is also.

Managers and their consultants shift focus from managing the corporation to maintaining their respective positions. The pressures and temptations they face together drive them toward a common comfort zone, speaking a corporate jargon.

As JK Galbraith says, "what is convenient to believe is greatly preferred". CEO & friends mutually reinforce one another's beliefs, theories and prejudices. They lead investors and creditors on a merry dance.

When the huge iceberg in the form of a looming crisis or fundamental shift in business trend appears on the horizon, it is ignored, misinterpreted or downplayed. The corporation is adrift.

Action is initiated too late, impacting investors, creditors, employees and the economy in general. Then the CEO of this corporation that dominated the economy, like the government minister who signed off on a failed public project, will say, "This project was recommended by our consultants," or, "that investment had AAA rating." To add insult to injury, the failed corporation is then bailed out using public money.

We demand transparency from the government. We hold political leaders accountable for their actions. We want public officials to be clean and efficient.

Business corporations enjoy huge social benefits. When will we demand that they and their managers also are transparent, accountable, clean and efficient?