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"Capitalism prevents concentrations of power" was a pretty wild take even for 1977! Here in 2020, it's arrantly ludicrous.
by throwanem 7y ago
"Capitalism prevents concentrations of power" was a pretty wild take even for 1977! Here in 2020, it's arrantly ludicrous.
- yogthos 7y agoI love how you're getting downvoted for stating basic facts. 3 people in America own more wealth than bottom 50% of the population. Similar situation in Canada where fewer than 90 the richest families own more wealth than 3 provinces combined. https://www.forbes.com/sites/noahkirsch/2017/11/09/the-3-richest-americans-hold-more-wealth-than-bottom-50-of-country-study-finds/#1a9eb78a3cf8 https://www.forbes.com/sites/noahkirsch/2017/11/09/the-3-ric... https://globalnews.ca/news/4360299/wealth-inequality-canada/ https://globalnews.ca/news/4360299/wealth-inequality-canada/
- cSoze 7y agoTowards the end of the video he also calls up 1900s America as the period of time that best exemplifies capitalism, not surprisingly an era marked by extreme inequality.
- yaa_minu 7y agoThe concentration of power, in this case, refers to political power not market(economic) power. If you think about it carefully, economic power often is very weak and vulnerable as they often derive them from consumers which means they can only maintain it by giving consumers what they want. People like Bezos, Bill Gates are far less powerful than say, Putin, Erdogan, Xi, etc. As an example, how far did Bloomberg's billions take him in the democratic nomination?
- throwanem 7y agoIn what way does capitalism act to prevent concentration of political power, then?