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This. There is no point in expecting capitalists to do anything different. This is a failure of regulators. If you want it to stop, you must: a) Break up monopo
by jaybrendansmith 4y ago
This. There is no point in expecting capitalists to do anything different. This is a failure of regulators. If you want it to stop, you must: a) Break up monopolies, b) Go after collusion, c) Tax excess profits, d) Disallow mergers and industry consolidation. Unfortunately, in the U.S. the regulators have been sleeping for going on 50 years (with only a few exceptions), and now we have major media, broadband, electricity, gas, utilities, and many other industries consolidated to only a few corporations. Capitalism will always be a war of attrition between industrialists and regulators, and anyone expecting different needs to grow up. Further failure to act will allow a corporate state to coalesce with oligopolistic lock-in. We cannot expect Noblesse Oblige or anything like it: The 5-day 40-hour work week, vacation pay, child labor laws, pensions, were fought for and won by Unions and Labor. No greedy capitalist ever had a conscience, only their wives or children gave away money.
- someweirdperson 4y ago> If you want it to stop, you must: a) Break up monopolies, b) Go after collusion, c) Tax excess profits, d) Disallow mergers and industry consolidation. That still allows growth to a dangerous size. A more simple solution tgat avoids worrying about details would be to limit maximum size in general, to guarantee that there is competition.