blame [they/them]

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Cake day: August 17th, 2024

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  • There are about 55% the number of publicly traded companies in the US compared to 1996. There is less than half the number of public companies per million people than there was in 1996. The GDP has doubled in that time (inflation adjusted) and the so-called “Buffet Indicator” that tracks the total market cap of US public companies against the GDP has a ratio of 202%. In 1996 this number was about 100%, during the height of the dot-com boom it didn’t reach 150%.

    So I guess what I’m saying here is there has been a massive consolidation of corporations over the past few decades and if we take at face value the capitalist line that competition drives innovation – well the competition is drying up in a lot of cases. Taken together with the neoliberal tendency to cut literally every public service to the bone and it’s no surprise we’re falling behind a country that has essentially done the opposite over the past 30 years.