Family businesses... and capitalists
- The Association of Family Enterprises of the Basque Country, composed of 66 companies, has a turnover of more than 13.9 billion euros. It employs over 148,000 people and has committed itself to creating an ecosystem, including the public sector, to boost its growth. The family business represents 84% of the productive fabric of the Basque economy.
The chairman of the Association of Family Enterprises, Andrés Sendagorta, also chairman of the important business group Sener, has stated that Basque family enterprises have been key to economic development for hundreds of years. In its view, the family business has actively contributed to the growth of economic activity and to the recovery of welfare and employment. At the annual assembly of the partnership held at the Iberdrola Tower in Bilbao, Sendagorta Bilbao stressed that private initiative is and will be "key" to laying the foundations for "a solid scenario and a sustainable future". And he has committed himself to the cooperation of the public and private sectors.
It is true that in the Basque Country there has been a great tradition of family businesses. It is true that many of them are going wrong. We must not forget, however, that the economic system in which they grew up was and continues to be capitalist. Thus, many families of Basque businessmen have accumulated great wealth and have always found their place on the boards of the big companies, especially in banks and electricity companies.
At a time when the economic situation has generated a serious crisis, those responsible for these family businesses have also called on public institutions. They are trying to socialise their losses with public money, privatising profits and wealth. Family businesses, yes, but also capitalists.
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