China is Crony capitalism. While it's economic system isn't as dysfunctional as a full socialist system, it's still dysfunctional (and that's before you consider the massive amount of slave labor). Our proxy rules for US based mega corp boards also represent crony capitalism. We aren't as bad as China or Russia yet, but we get closer …
China is Crony capitalism. While it's economic system isn't as dysfunctional as a full socialist system, it's still dysfunctional (and that's before you consider the massive amount of slave labor). Our proxy rules for US based mega corp boards also represent crony capitalism. We aren't as bad as China or Russia yet, but we get closer by the day. Consolidation is a major threat to economic freedom, which in turn is a direct threat to personal freedom. Particularly when it comes to banking, healthcare, and big tech. I'm not a Libertarian because you end up at corporate communism, which is perhaps less bloody than government communism, but still incredibly harmful
Billionaires aren't too powerful because they have a lot of money, they are because the economic power they yield is exponential multiples of their wealth. Five CEO's direct 4.5 TRILLION in market capital with no meaningful oversight from the board. Seven bank CEO's oversee fully half of the financial transactions and debt for the entire country. That's terrifying, not Jeff Bezos using a securities backed loan to defer taxes on the maybe $50 million (tops) cash he actually spends in actual cash each year (which would be about $10million in federal taxes - a drop in the bucket to the governments almost $4Trillian budget).
Creating reasonable anti-trust that prohibits corporate execs with minimal ownership from directing huge segments of the economy through acquisitions and crony board nominations would do a lot for opportunity and this countries economy. I also think non-public professional companies that require a government license must be majority (51%) owned by someone with that license - from plumbers to hospitals to dentists to accountants. If you can't direct treatment without an MD, you shouldn't be in charge of treatment policies and protocols without one either....... that applies to most professions.
China is Crony capitalism. While it's economic system isn't as dysfunctional as a full socialist system, it's still dysfunctional (and that's before you consider the massive amount of slave labor). Our proxy rules for US based mega corp boards also represent crony capitalism. We aren't as bad as China or Russia yet, but we get closer by the day. Consolidation is a major threat to economic freedom, which in turn is a direct threat to personal freedom. Particularly when it comes to banking, healthcare, and big tech. I'm not a Libertarian because you end up at corporate communism, which is perhaps less bloody than government communism, but still incredibly harmful
Billionaires aren't too powerful because they have a lot of money, they are because the economic power they yield is exponential multiples of their wealth. Five CEO's direct 4.5 TRILLION in market capital with no meaningful oversight from the board. Seven bank CEO's oversee fully half of the financial transactions and debt for the entire country. That's terrifying, not Jeff Bezos using a securities backed loan to defer taxes on the maybe $50 million (tops) cash he actually spends in actual cash each year (which would be about $10million in federal taxes - a drop in the bucket to the governments almost $4Trillian budget).
Creating reasonable anti-trust that prohibits corporate execs with minimal ownership from directing huge segments of the economy through acquisitions and crony board nominations would do a lot for opportunity and this countries economy. I also think non-public professional companies that require a government license must be majority (51%) owned by someone with that license - from plumbers to hospitals to dentists to accountants. If you can't direct treatment without an MD, you shouldn't be in charge of treatment policies and protocols without one either....... that applies to most professions.