This piece by @martinwolf_ captures perfectly the problem of modern capitalism, as epitomized by folks like @paulgpic.twitter.com/wOVTewJZT6
It's not corporate power that's responsible for this, but the internet. Big corporations had even more power in the mid 20th century without this happening.
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They had more power within the US. They had less international reach. Granted, the internet is a part of that international reach...
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I don't know man. The British and Dutch East India Companies had a lot of international reach. There were a lot of global merchant houses in the 19th century too, and oil corporations basically engineered the US-CIA led coup against Mossadegh in Iran in 53.
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The balance between labour, government, and corporations seemed better in the decades after WWII, although robber baron era was probably worse. But regardless of the history, whats the solution
@paulg?@martinwolf_ doesn't really seem to have one either. -
And this is my basic problem with libertarianism. I love the free market, but it needs strong government that forces folks to internalize externalities, and a reliable safety net for the losers. Otherwise, inherited wealth creates a caste system that eventually kills innovation.
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