Consider the changes in income... the first full year after the Great Depression and the Great Recession… — David Cay Johnston
Consider the changes in income... the first full year after the Great Depression and the Great Recession... The economic rebound was widely shared in 1934, with strong income gains for the vast majority and a slight drop at the top, while in 2010 the opposite took place as the vast majority lost ground and those at the top scored big gains.
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[C]lassical "corporations"... existed not for profit but in service of the state. ...A key tenet ...has changed since ancient times... If a business fails, the chief executive does not have to become a slave to the bank... Corporations... have inverted the Roman equation: ...the state serves them.
The only real risk of competition arose when some local governments favored the idea of building a municipal telephone, cable television and Internet access system that would be faster and cheaper. The industry responded like sharks, determined to do in the opposition and protect their predatory position.
Legislatures passed these laws, presidents and governors signed them and the courts have endorsed them. In many cases they effectively gut state constitutional provisions and laws banning gifts to business.
