Or more precisely, it is that we allow a group of people, under the control of a single person or very small number of people, amass incredible power, and do so in an amoral framework in blind service to a goal of stock price growth.
The problem is a scale problem in my mind. If you limit the scale then all the other problems become manageable.
We wouldn’t need antitrust laws anymore if our tax laws made it unprofitable to own shares in a company with, for example, 50% of search market share or online retailing share.
> The problem is not capitalism, it’s corporatism.
I can't agree with this, even though I think the corporate form has done more harm than good. While the idea of limited liability in exchange for a public good has some possible merit - building transport infrastructure was one of the original reasons they were created - giving away limited liability for nothing was a mistake. The shareholder value myth and corporate personhood have done even more damage. Nonetheless, not all capitalist ills are corporate ones. Many of the companies with the most capital doing the most damage are "shadow banks" - hedge funds, PE firms, etc. - which are run as partnerships, not corporations. They don't even issue stock, let alone care about its price. Also, nobody qualified to be opining about this could be unaware of the damage hyper-rich individuals are doing and will continue to do regardless of whether corporations are involved. Infinite accumulation of capital (and political power to go with it) is a problem, the corporate form is a problem, there's some overlap and they're both anti-free-market, but neither should be dismissed to focus on the other.
Or more precisely, it is that we allow a group of people, under the control of a single person or very small number of people, amass incredible power, and do so in an amoral framework in blind service to a goal of stock price growth.
The problem is a scale problem in my mind. If you limit the scale then all the other problems become manageable.
We wouldn’t need antitrust laws anymore if our tax laws made it unprofitable to own shares in a company with, for example, 50% of search market share or online retailing share.