“Big Tech thinks they’re too big to be held accountable - and with gutless antitrust enforcement, they are.”
On 29 July the world’s most powerful tech chief executives - Mark Zuckerberg (Facebook), Jeff Bezos (Amazon), Tim Cook (Apple) and Sundar Pichai (Google) - were summoned to Washington to testify at the US House of Representatives antitrust committee. The central purpose of the hearings was to determine whether the companies had too much market power.
Whether it achieved that aim is debatable, as the above Twitter quote from Elizabeth Warren points out. However, our principal concern is not just their concentration of power but also their concentration of wealth: for it is the latter, combined with intensive automation, which jeopardises the entire economic progress of humanity.
So please READ ON .. as this week we revisit a subject last tackled by this commentary on 15 January 2018 ('Tech giants should issue free shares to their customers'), but from a different perspective: the capacity for big tech to remove money from circulation, thereby reducing the majority of people to subsistence income.
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Welcome to Gavin Oldham's full presentation describing his vision for egalitarian capitalism.
The main set of proposals are as follows:
Egalitarian Capitalism is an alternative to socialism which, while fostering and encouraging enterprise for all, acts to involve and empower people right across society and especially the young.