This is why a capitalist society needs robust antitrust regulation and enforcement. When a company gets too big or has too much influence it either gets socialized (nationalized) or is broken up into smaller, competing companies.
Capitalists will attack government and try to capture regulatory bodies, including antitrust. If you let that happen, then the market will get dominated by a handful of conglomerate companies and will start charging more for less value, or rent resources for no gain in value. This is where we are now.
So you have to hit businesses hard when they try to influence government or capture regulatory bodies. Just having a lobbyist talking to elected officials should be fineable. And if there are gifts or favors or other self-dealing promises, then the company and the official should be penalized as if it was a transaction with international spies.
We didn’t do that. In fact, the US historically has under-sanctioned businesses.
This is why a capitalist society needs robust antitrust regulation and enforcement. When a company gets too big or has too much influence it either gets socialized (nationalized) or is broken up into smaller, competing companies.
Capitalists will attack government and try to capture regulatory bodies, including antitrust. If you let that happen, then the market will get dominated by a handful of conglomerate companies and will start charging more for less value, or rent resources for no gain in value. This is where we are now.
So you have to hit businesses hard when they try to influence government or capture regulatory bodies. Just having a lobbyist talking to elected officials should be fineable. And if there are gifts or favors or other self-dealing promises, then the company and the official should be penalized as if it was a transaction with international spies.
We didn’t do that. In fact, the US historically has under-sanctioned businesses.
And so here we are.