Billionaire Nick Hanauer's TED Talk: "Capitalism's Dirty Little Secret"
"Breaking Up Facebook and Instagram," Nicholas Kristof |
The federal government and states are pushing to break up Facebook, Instagram and WhatsApp. Five years ago I would not have been sympathetic to that lawsuit, believing that companies need to be big to compete internationally. I’ve changed my mind because of the work of the economist Luigi Zingales, who has shown the cost to consumers of monopolistic behavior, and because of an excellent book called “The Myth of Capitalism” by Jonathan Tepper and Denise Hearn. I think others share this view that the United States has been too passive in antitrust matters, and I suspect there will be more of a push to break up some companies like this in coming years. Alan: You should read the this Franklin quotation three times -- slowly and out loud. Keep in mind that Franklin was the most financially successful of The Founding Fathers. It is also notable that by the late 1750s, Franklin had become an abolitionist.
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Billionaire Nick Hanauer's TED Talk: "Capitalism's Dirty Little Secret" |
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