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China also sees hypocrisy in American discussions of Internet freedom. China comes in regularly for criticism over its "Great Firewall," but it suggests that the US government also restricts the Internet. While advocating Internet freedom, the US in fact imposes fairly strict restriction on cyberspace. On June 24, 2010, the US Senate Committee on Homeland Security and Governmental Affairs approved the Protecting Cyberspace as a National Asset Act, which will give the federal government "absolute power" to shut down the Internet under a declared national emergency. Handing government the power to control the Internet will only be the first step towards a greatly restricted Internet system, whereby individual IDs and government permission would be required to operate a website. The United States applies double standards on Internet freedom by requesting unrestricted "Internet freedom" in other countries, which becomes an important diplomatic tool for the United States to impose pressure and seek hegemony, and imposing strict restriction within its territory. An article on BBC on February 16, 2011 noted the US government wants to boost Internet freedom to give voices to citizens living in societies regarded as "closed" and questions those governments' control over information flow, although within its borders the US government tries to create a legal frame to fight the challenge posed by WikiLeaks. The US government might be sensitive to the impact of the free flow of electronic information on its territory for which it advocates, but it wants to practice diplomacy by other means, including the Internet, particularly the social networks. (The cyberspace bill never became law, and a revised version is still pending in Congress.)

Finally, there's pornography, which China bans. Pornographic content is rampant on the Internet and severely harms American children. Statistics show that seven in 10 children have accidentally accessed pornography on the Internet and one in three has done so intentionally. And the average age of exposure is 11 years old - some start at eight years old (The Washington Times, June 16, 2010). According to a survey commissioned by the National Campaign to Prevent Teen and Unplanned Pregnancy, 20 percent of American teens have sent or posted nude or seminude pictures or videos of themselves. (www.co.jefferson.co.us, March 23, 2010). At least 500 profit-oriented nude chat websites were set up by teens in the United States, involving tens of thousands of pornographic pictures.

It is difficult to say if the "failure" of the academics was due to an unstinting belief in free markets or conflicts of interest. Parts of the movie did appear to be trying too hard to prove the point. However, the threat posed by academics earning consulting fees that dwarf their academic compensation, and which might therefore impair their independence, is a real one.

One of the worst was the Ivy League university economics professor engaged by the Icelandic Chamber of Commerce to co-author a report on the Icelandic financial system. He concluded that the system was sound even though there were numerous warning signs. When he was asked how he arrived at his conclusions, he said he had talked to people and were misled by them. One wonders how much of his conclusions were actually based on rigorous analysis.

it is troubling if academics merely become mouthpieces for vested interests. The impression one gets from watching the movie certainly does not fit with the high level of trust in academics shown by the Edelman Trust Barometer.

As an academic, I have often been told that I can be independent and objective - that I should have no axe to grind and no wheels to grease. However, I worry about an erosion of trust in academics. This may be especially true in certain disciplines like business (which is mine, incidentally).

too many business school professors were serving on US corporate boards and have lost their willingness to be critical about unethical business practices. In corporate scandals such as Enron and Satyam, academics from top business schools have not particularly covered themselves in glory.

It is more and more common for universities - in the US and here - to invite business people to serve on their boards.

universities and academics may lose their independence and objectivity in commenting on business issues critically, for fear of offending those who ultimately have an oversight role over the varsity's senior management.

Universities might also have business leaders serving on boards as potential donors, which would also confuse the role of board members and lead to conflicts of interest. In the Satyam scandal in India, the founder of Satyam sat on the board of the Indian School of Business, while the Dean of the Indian School of Business sat on Satyam's board. Satyam also made a significant donation to the Indian School of Business.

Universities are increasingly dependent on funding from industry and wealthy individuals as well as other sources, sometimes even dubious ones. The recent scandal at the London School of Economics involving its affiliation with Libya is an example.

It is important for universities to have robust gift policies as part of the risk management to protect their reputation, which can be easily tainted if a donation comes from a questionable source. It is especially important that donations do not cause universities to be captured by vested interests.

From time to time, people in industry ask me if I have been pressured by the university to tone down on my outspokenness on corporate governance issues. Thankfully, while there have been instances where varsity colleagues and friends in industry have conveyed messages from others to "tone down", I have felt relatively free to express my views. Of course, were I trying to earn more money from external consulting, I guess I would be less vocal.

I do worry about the loss of independence and, therefore, trust in academics and academic institutions if we are not careful about it.