This is your country on capitalism
And this is why we have anti trust legislation. Maybe it’s time to start enforcing it again.
“Two corporations control 90 percent of the beer Americans drink.
Five banks control about half of the nation’s banking assets.
Many states have health insurance markets where the top two insurers have an 80 percent to 90 percent market share. For example, in Alabama one company, Blue Cross Blue Shield, has an 84 percent market share and in Hawaii it has 65 percent market share.
When it comes to high-speed Internet access, almost all markets are local monopolies; over 75 percent of households have no choice with only one provider.
Four players control the entire U.S. beef market and have carved up the country.
After two mergers this year, three companies will control 70 percent of the world’s pesticide market and 80 percent of the U.S. corn-seed market.”
We need a revolution to cast off monopolies and restore entrepreneurial freedom. First of two excerpts from “The Myth of Capitalism.”
Absolute 💯% 🔥🔥
Edited by Chris Smiley of The Peace Report
Capitalism is killing us
“Commercial agriculture, timber extraction, and infrastructure development are causing habitat loss and our reliance on fossil fuels is a major contributor to climate change.”
We need to build a new system: one that will balance economic growth with sustainability and human flourishing.
“Large companies dedicated 93% of their earnings to shareholders between 2007 and 2016 – a shift from the early 1980s, when they sent less than half their revenue to shareholders and spent the rest on employees and other priorities, Warren said.”
Accountable Capitalism Act would bring about ‘fundamental change’, redistribute wealth and give more power to workers
Interesting proposal, with zero added cost to the American taxpayer. Worth the read and consideration.
“Warren wants to create an Office of United States Corporations inside the Department of Commerce and require any corporation with revenue over $1 billion — only a few thousand companies, but a large share of overall employment and economic activity — to obtain a federal charter of corporate citizenship.
The charter tells company directors to consider the interests of all relevant stakeholders — shareholders, but also customers, employees, and the communities in which the company operates — when making decisions. That could concretely shift the outcome of some shareholder lawsuits but is aimed more broadly at shifting American business culture out of its current shareholders-first framework and back toward something more like the broad ethic of social responsibility that took hold during WWII and continued for several decades.”
She’s unveiling a bill to make corporate governance great again.
“A new form of democratic eco-socialism, with the humility to learn from Indigenous teachings about the duties to future generations and the interconnection of all of life, appears to be humanity’s best shot at collective survival,” writes Naomi Klein.
Nathaniel Rich, in his massive New York Times Magazine article, argues “human nature” kept “us” from fixing climate change in the 1980s. He’s dead wrong.