On June 30, I got a news alert from the Wall Street Journal: “Biden Weighs New Executive Order Restraining Big Business“. WSJ: “The Biden administration is developing an executive order directing agencies to strengthen oversight of industries that they perceive to be dominated by a small number of companies, a wide-ranging attempt to rein in big business power across the economy [].”
The above would challenge the so-called “Too Big To Fail” doctrine, which “[] asserts that certain corporations [] are so large and so interconnected that their failure would be disastrous to the greater economic system, and that they therefore must be supported by governments when they face potential failure.”
There’s another way of looking at the above: whereas businesses have been adopting internationalism a.k.a. globalism for many decades, Politics has been adopting (economic) nationalism since the 21st century.
I’ve been writing about the decoupling (my blogs) between the belief systems Money and Politics since 16 March 2018 (my blog), following a Financial Times article of March 15. Subsequently, I focussed on a specific decoupling: the war between Politics and Big Tech (eg, my 2021 blog).
This is a war for Power within the Power domain of the 7 Belief systems (2016 version, 2019 update). This war should not be underestimated. The belief system Religion has already been kicked out of the Power domain (my 2018 blog) and replaced by Faith in the Knowledge domain (my 2018 blog).
In July 2018, I was already wondering about the extremely powerful composition of the 2019 Power domain: Data/Info (eg, Big Data), Money (eg, Big Business), and Technology (eg, Big Tech) after kicking out Politics (my 2018 blog). My prediction is consistent with the development in regime types as defined by Greek philosopher Plato (see my 2018 blog). Also see tomorrow’s blog.
China was the first nation to realise these consequences and is reigning in the power of its Big Data, Big Business and Big Tech sectors (eg, the Economist, Wall Street Journal). Now, USA is the next nation to realise these consequences. Europe doesn’t seem to realise this – yet. It’s focussing on the power of the American and Chinese Big Tech sector, while simultaneously promoting European national champions.
In my view, the Western efforts are too little, too late. An example is the recent verdict on Facebook’s antitrust lawsuits. China may be more successful given its authoritarian regime. I expect, however, the combined power of Big Data, Big Business and Big Tech is too strong for any government.
“Everything in the world is about sex except sex. Sex is about power.” A quote by Oscar Wilde (1854-1900), an Irish poet and playwright.
The Power (1990) by Snap!
artists, lyrics, video, Wiki-1, Wiki-2
I’ve got the power (Power, power)
Note: all markings (bold, italic, underlining) by LO unless stated otherwise.
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