Are you worried about corporations being too powerful? It’s not a new concern, or a justified one.
Marian Tupy writes:
Concern over the power of large corporations is back in the vogue. From Senator Elizabeth Warren (D-Mass.) on the left to Fox News’ Tucker Carlson on the right, politicians and opinion makers worry about the influence of U.S. corporate giants on politics as well as on the private lives of ordinary Americans. People are concerned about Facebook’s censorship of content, Twitter’s banning of controversial users and Google’s possession of staggering amounts of information about users’ search histories, shopping habits, etc.
As a libertarian, I say, pish-tosh! If you don’t like a particular company, find an alternative provider or live without a particular service altogether. Alas, most people are not libertarians or as closely wedded to the sanctity of the contract as the latter tend to be.
The good news is that corporations are not as powerful as most people think. Before I get to that, a little background is in order. Until the 19th century, most economic output came from family farms in rural areas and artisan families in towns. As such, the only serious concentration of wealth and power was in the hands of the landed aristocracy and a few wealthy bankers. The latter came from small Italian city-states or were Jewish. As such, they had little political muscle and their wealth was subjected to periodic expropriations.
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