The American economy is trending towards an extreme form of capitalism known as oligopoly if it’s not there already (see here). How is a ‘capitalistic’ oligopoly significantly different from a planned economy? In both, major sectors of their respective economies are controlled by a small select group of powerful individuals (board of directors or central committee). They have sufficient financial resources to influence public policy as they please. They are, for most part, free to ignore the wishes of ‘junior’ members (small shareholders or citizen workers) and direct their business strategy as they see fit. As I see it, the current American economic system is pushing this country away from its representative democratic roots as a republic to a something resembling an oligarchy like the Russian Federation.
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