What do you call an economy of monopolies without competition or any regulatory restraints?
An economy of monopolies that controls both the buying and selling in the markets they control?
Monopolies with the power to commit legalized fraud and the profits to buy political influence?
Monopolies whose black box algorithms are all-powerful but completely opaque to public scrutiny?
Call it whatever you want, but it certainly isn’t Capitalism, which requires competition and market transparency to price capital, labor, risk, credit, goods, services, etc.
Black Box Monopoly is the death of Capitalism as it eliminates competition and market transparency.
The American economy is now dominated by Big Tech Black Box Monopolies, and thus what we have isn’t a “free market” system (a.k.a. capitalism), it’s the pretense of capitalism, a slick PR cover for the most rapacious form of exploitation.
The SillyCon Valley model is simple: achieve monopoly power by scaling the network effect and buying up hundreds of potential competitors with stock “printed” out of thin air.
Once monopoly is achieved, buyers and sellers are both captive to the Big Tech monopoly: both buyers and sellers of apps, for example, must submit to the profiteering and control of the Big Tech monopoly.
Once the profits flowing from monopoly pile up, buy back the shares you “printed” to eliminate competition, boosting the wealth of insiders to the moon. Since share buybacks were once illegal, this is nothing but legalized fraud.
Despite the immense destruction these Big Tech monopolies wreak on society, the political power they purchase protects them from any limits. of “free markets.”That their platforms now control the flow of data, including political content and adverts, is brushed aside with the usual paradoxical claims
Ironic, isn’t it?
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