[P2P-F] Fwd: Monopolies And "Capitalist Dystopia"

Tue Nov 20 18:15:54 CET 2018

---------- Forwarded message ---------
From: piqd - your piqs of the day <dailydigest at piqd.com>
Date: Tue, Nov 20, 2018 at 2:30 AM
Subject: Monopolies And "Capitalist Dystopia"
To: Michel Bauwens <michelsub2004 at gmail.com>

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Monopolies And "Capitalist Dystopia"
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piqer:
Will Kherbek 5
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Monopolies And "Capitalist Dystopia"
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One doesn’t expect to hear the phrase “capitalist dystopia” uttered without
irony by a reporter for *The Economist*; nevertheless, that is the
troubling diagnosis of Patrick Fowles in this “Money Talks” podcast. Fowles
is speaking specifically about the advance of monopolies in a number of
sectors of the American economy. He recounts a recent trip to America to
attend a conference and lists the monopolies and quasi-monopolies he
interacts with on his brief trip. The numbers speak for themselves: Apple,
62% marketshare; the three main credit card providers, American Express,
Visa, and Mastercard, 95% marketshare; Google, 60% of browser marketshare.
These aren’t even the most shocking numbers he cites.

The picture gets even bleaker when Fowles recites a list of the largest
corporations in America and reveals that 17% of the shares in these
companies are owned by one or another of three investment firms: Blackrock,
State Street, and Vanguard. One could extend this analysis further and
consider that investment houses like the aforementioned big three, and the
companies they deal with, are rated for creditworthiness by three firms:
Moody’s, Standard and Poor’s, and Fitch Group (collectively, 95%
marketshare). Such levels of concentration are not only staggering, but
Fowles suggests, pernicious.

The size of the problem, like the size of the companies that are creating
it, is only growing, but Fowles podcast host Simon Long, *The Economist*'s
International Editor, provide both a genealogy of an incipient crisis as
well as a mercifully plausible blueprint for solving it. Indeed, Fowles
suggests, the only true challenge is ensuring that there's sufficient
political will to address the crisis. Unlikely? Perhaps, but having
listened to this call to arms by market-loving capitalists against a
galloping capitalist dystopia, one is left with a genuine sense of hope
that anything is possible.

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Source: The Economist | soundcloud.com on 11/13/2018 | Image: The Economist
Podcast | Language: EN

Money talks: Monopolies and boardroom games by The Economist

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