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Nice way to sum up capitalism: it is about the consolidation of power. Money also corrupts power, thereby reinforcing the consolidation of power - a way to pre
by sheepscreek 3y ago
Nice way to sum up capitalism: it is about the consolidation of power.
Money also corrupts power, thereby reinforcing the consolidation of power - a way to preserve self-interests.
The prime example of this is: political lobbying and funding of super-PACs by corporations.
The regular people (read: not executives, social, political or tech elites) suffer.
- deleted 3y ago[deleted]
- defrost 3y agoFrom the Crikey coverage: What’s extraordinary is that a Nobel Laureate economist has only achieved this realisation so late in his career. Anyone with practical experience of policymaking, or with training as a historian, or even someone who has worked as a lobbyist or consultant, has a grasp of what Deaton has only belatedly realised: modern capitalism, particularly in its neoliberal form that disempowers governments and rivals like trade unions, is about the use of power by corporations to “change the rules of the game”, to increase certainty for themselves and reduce it for competitors, workers and consumers. It speaks volumes about how sheltered many mainstream academic economists really are.