This picture is but a drop in the ocean of corporate consolidation. When you read about an increase of M&A (mergers and acquisitions) it is usually an indication that rich people (using the corporations they own) have just stolen a great deal of money from you, legally (because the rich write the laws) and/or illegally. The past decade or so has been one of those times. The consolidation of money/power has surpassed that of the gilded age. Inequality has never been greater in human history. The rich have so much money they literally don’t know what to do with it. When you see stock buy-backs, art and property selling for record amounts, and billions “invested” in silicon valley vaporware, you see this in action. Of course, the rich bought most of the world’s politicians long ago. They always came cheap. The $200,000 a speech is nothing to sneeze at, but only the high profile politicians get those kind of payoffs. The rest can usually be purchased with petty cash.
My third and final lecture at the Autonomous National University of Mexico (UNAM) was on the impact of robots and artificial intelligence (AI). Are robots set to take over the world of work and thus the economy in the next generation and what does this mean for jobs and living standards for people? Will it mean socialist utopia in our time (the end of human toil and a superabundant harmonious society) or capitalist dystopia (more intense crises and class conflict)? Robots and AI Mexico
As readers of my blog know (only too often), I consider the current period in the world capitalist economy as a long depression, with low productivity, investment and trade growth.
One question is whether robots and AI can turn things round for capitalism and perhaps for us all. Robots have arrived. The level of robotics use has almost always doubled in the top capitalist economies in…
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