capitalism
capitalism
Out of context: Reply #748
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- i_monk3
https://pluralistic.net/2021/06/…
For 40 years, the gospels of market efficiency and shareholder value have demanded that we dismantle the state (because markets are efficient, while states are not) and hollow out companies ("trimming fat" to serve the almighty shareholder).
Thus state capacity has waned while companies themselves became more brittle: their employees turned into contractors, their cash-reserves liquidated as dividends and buybacks, their supply chains stretched over impossible distances with multiple critical points of failure.
Human civilization became increasingly fragile, while the threats it faces increased in suddenness and severity....
As a Twitter thread: https://twitter.com/doctorow/sta…