Mariner has highlighted a broad concern about the virus spinoff of big data corporations to use their endless clouds of tracking, identifying and profiling individuals to diminish privacy and security. Willingly, as ‘good fellows,’ they have offered their immense, person-identified databases to government agencies to help track the virus. Many editors and journalists have said, in so many words, ‘we will never get this snake back in the bag.’
This same phenomenon applies to the economy. Private equity firms, corporations, banks and investment firms will benefit from government handouts because the emergency legislation has profit loopholes in its wording. The Economist Magazine made this issue their lead story in this week’s addition. Mariner quotes the relevant section below:
“Don’t go from crisis to stasis
The last long-term shift is less certain and more unwelcome: a further rise in corporate concentration and cronyism, as government cash floods the private sector and big firms grow even more dominant. Already, two-thirds of American industries have become more concentrated since the 1990s, sapping the economy’s vitality. Now some powerful bosses are heralding a new era of co-operation between politicians and big businesses—especially those on the ever-expanding list of firms that are considered “strategic”. Voters, consumers and investors should fight this idea since it will mean more graft, less competition and slower economic growth. Like all crises the covid-19 calamity will pass and in time a fresh wave of business energy will be unleashed. Far better if this is not muffled by permanently supersized government and a new oligarchy of well-connected firms.”
Referencing mariner’s last post, corporatism is a form of authoritarianism.