In a new article “Control the Vampire Companies” in Social Europe, Jayati Ghosh discusses the vicious circle between spiralling wealth and corporate political influence.
“The power associated with such great wealth, to influence governments to design regulatory and fiscal policies in favour of the rich and large corporations, is one reason why these inequalities just keep on increasing. It is also probably why obvious solutions—such as taxing away excess profits, reducing monopolies by revising the oppressive system of intellectual-property rights and democratising access to knowledge, eliminating the explicit and implicit subsidies taxpayers are providing to such big companies, preventing share buybacks and other eminently reasonable strategies—are not being taken up.
In the face of such corporate power, we need much more concerted citizens’ action if we are to have any hope of leaving this dystopia behind.”
