On Sat, Jun 22, 2019 at 7:25 PM Srini RamaKrishnan <che...@gmail.com> wrote: [...] > Cui bono?
https://www.ft.com/content/7f4c362e-9e73-11e9-b8ce-8b459ed04726 The fracturing of the global economic consensus A three-way tussle between free markets, state capitalism and the tech giants is brewing RANA FOROOHAR [...]one of the key points I took away from several days spent last week at a summit for global chief executives. They were busy preparing for a new world order that many believe will involve a stand-off not between two countries (the US and China) but between three systems — liberal democracy and free markets, state-run capitalism and cyber-libertarianism. Call the trio the Washington consensus, the Beijing consensus and what I will dub the Zuckerberg consensus after the Facebook founder. Corporate leaders know the first is under threat, and that much of the world blames big business for its demise. They agree that they must help come up with a more inclusive form of free-market capitalism if they want their way of life to survive. [...] Facebook’s planned launch of a digital currency, Libra, was a hot topic. One participant cited statistics showing that young people trust cryptocurrencies more than traditional stock exchanges. [...] Looked at in this way, perhaps the US still has more power relative to China than one might think. But as another participant put it, “countries are only relevant if they can tax companies” Platforms, of course, are not easy to tax. This is one of the issues that public policymakers throughout the developed world are wrestling with. It is also one that underscores the inexorable rise of corporate power over the past 40-odd years. *As one participant replied when I asked if he thought Facebook chief operating officer SherylSandberg could still run for US president one day: “Why should she? She’s already leadingFacebook.” *(emphasis mine)
