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Are We Transitioning From Capitalism to Silicon Serfdom?
(jacobin.com)
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this post was submitted on 18 Feb 2024
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In capitalism, the core problem is power of business owners over employees. Tech giants hold incredible power over all of their consumers - aka the entire world.
The most famous billionaires are all tech giants like Zuck, Gates, Musk, Bezos. It's because they are in the news all the time as they decide over everybody's life now, despite not being elected.
YouTube, Insta, Tik Tok, Twitter, Facebook and friends are the main way political opinions are formed, especially for teenagers. That power should be in the hands of millions of teachers, activists and journalists, not a handful of billionaires.
Markets are supposed to keep capitalism in check. That doesn't work so good but they seem to be even more ineffective in keeping the tech market in check, especially social media.
Markets aren't supposed to keep capitalism in check. Capitalism is an exploitation of commercial systems in order to maximize profits. Capitalism is at direct odds with the free market self-regulating. Capitalism is the bastardization of free market policies and destroys innovation.
I agree with all but the first sentence. Markets do a terrible job at keeping capitalism in check but they are supposed to, at least that's what capitalism stans argue.