Crooked Broker Capitalists
Dave Pollard (2007) showed that in a ‘crooked broker society’, an Exploiter oppresses a Desperate Supplier. This unbalanced relationship is reinforced by a Procurer who in turn gouges an Addicted Buyer. It’s the underlying nature of unregulated capitalism that drives us toward such a society. For example, Peter Thiel, a platform capitalist, wrote that, “If you want to create and capture lasting value, look to build a monopoly.”
In platform capitalism, workers (labour) are the desperate suppliers, exploited by the platform (e.g. Über, Amazon, Google, AirBNB) once it has a monopoly as the medium of exchange. Various middle-men then become the procurers, gouging not just customers but also public services paid by citizens.
In 1881 Henry Demarest Lloyd wrote that, “When monopolies succeed, the people fail …”, in his piece denouncing the practices of Rockefeller’s Standard Oil. John Kenneth Galbraith warned of the dangers of blindly having faith in our corporate systems.
“The greater danger is in the subordination of belief to the needs of the modern industrial system … These are that technology is always good; that economic growth is always good; that firms must always expand; that consumption of goods is the principal source of happiness; that idleness is wicked; and that nothing should interfere with the priority we accord to technology, growth, and increased consumption.” —John Kenneth Galbraith (1967) The New Industrial State
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