5 ms·
That is not capitalism that is state socialism aka fascism , as a state is required to enforce a monopoly. Being rich does not make him smart or correct.
by doubloon 2y ago
That is not capitalism that is state socialism aka fascism , as a state is required to enforce a monopoly. Being rich does not make him smart or correct.
- aleph_minus_one 2y ago> a state is required to enforce a monopoly There exist lots of kinds of monopolies; only for some of them a state is necessary to enforce them.
- n4r9 2y agoThat might be correct when it comes to an strict monopoly where a state provides exclusive rights to one company. Thiel is talking more loosely about tech firms with large market shares such as Google or Microsoft. Such corporations typically maintain their market share through a mixture of mergers & acquisitions, product bundling, consumer manipulation, and government lobbying. Only the last of these requires a state. Similar arguments apply to other industries with a small number of large-market-share players, such as oil, airlines, music eventing etc... . A lot of these industries operate at a global level, without being dependent on regulations from any individual state. See for example: https://www.upi.com/Top_News/Opinion/2015/03/26/The-Kraft-Heinz-merger-the-monopoly-on-food/4591427324041/ https://www.upi.com/Top_News/Opinion/2015/03/26/The-Kraft-He...
- munificent 2y ago> as a state is required to enforce a monopoly. Citation needed.