Late stage capitalism is weird capitalism: A planned economy run by Blackrock, Vanguard and State Street.
Hey look at this: Delights to delectate.
This day in history: 2002, 2007, 2017, 2021
Colophon: Recent publications, upcoming/recent appearances, current writing projects, current reading
Late stage capitalism is weird capitalism (permalink)
We are living in an era of extremely weird capitalism. American capitalism is usually described as a system in which top managers are rewarded with stock options, which incentivizes them to maximize returns to shareholders, who are so dispersed that they struggle to control companies by voting their stock.
The potted history of this system goes like this: Gilded Age robber barons were horizontal tyrants, monopolizing single industries. Trustbusters broke this up, wealth was more dispersed, and households took the fore. These atomized, individual shareholders didn’t exercise much control, because voting their small holdings made little difference to companies.
This was the age of “managerialism” – where technocratic,
- post author: Cory Doctorow