A handful of companies now wields massive global power. Outside the EU,we will be their preyWe live in a world of corporate goliaths and the trend to gigantism is accelerating. The unusual era of hi-tech data capitalism has an embedded proclivity to monopoly. The bigger the network, whether Facebook or Google, and the more valuable it is to be connected. enormous is good in the digital universe,while even bigger is better.
Meanwhile, analogue capitalism, and confronted by the challenge of the unusual,is reacting by consolidating and merging into ever larger entities. Unless they achieve, comes the reply to any challenge from national competition authorities, or they won’t have the heft and scale to meet the unusual competition. Increasingly,we are surrounded by the most awesome concentration of corporate power in the history of capitalism. In every industry, reported the Obama administration last year, or the market power of the biggest companies has been growing and note-ups and profit margins with them. America’s era of the robber barons in the late 19th century had nothing on this.
Continue reading...
Source: theguardian.com