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Javier E

George Soros: Facebook and Google a menace to society | Business | The Guardian - 0 views

  • Facebook and Google have become “obstacles to innovation” and are a “menace” to society whose “days are numbered”
  • “Mining and oil companies exploit the physical environment; social media companies exploit the social environment,” said the Hungarian-American businessman, according to a transcript of his speech.
  • In addition to skewing democracy, social media companies “deceive their users by manipulating their attention and directing it towards their own commercial purposes” and “deliberately engineer addiction to the services they provide”. The latter, he said, “can be very harmful, particularly for adolescents”
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  • “This is particularly nefarious because social media companies influence how people think and behave without them even being aware of it. This has far-reaching adverse consequences on the functioning of democracy, particularly on the integrity of elections.”
  • There is a possibility that once lost, people who grow up in the digital age will have difficulty in regaining it. This may have far-reaching political consequences.”
  • Soros warned of an “even more alarming prospect” on the horizon if data-rich internet companies such as Facebook and Google paired their corporate surveillance systems with state-sponsored surveillance – a trend that’s already emerging in places such as the Philippines.
  • “This may well result in a web of totalitarian control the likes of which not even Aldous Huxley or George Orwell could have imagined,”
  • “The internet monopolies have neither the will nor the inclination to protect society against the consequences of their actions. That turns them into a menace and it falls to the regulatory authorities to protect society against them,
  • He also echoed the words of world wide web inventor Sir Tim Berners-Lee when he said the tech giants had become “obstacles to innovation” that need to be regulated as public utilities “aimed at preserving competition, innovation and fair and open universal access”.
  • Earlier this week, Salesforce’s chief executive, Marc Benioff, said that Facebook should be regulated like a cigarette company because it’s addictive and harmful.
  • In November, Roger McNamee, who was an early investor in Facebook, described Facebook and Google as threats to public health.
manhefnawi

Europe in the Caribbean, Part I: The Age of Catholic Kings | History Today - 0 views

  • remote but wealth-providing islands on the other side of the Atlantic was always lively and inquisitive
  • The islands may be said to have European status not only because from the age of Queen Elizabeth to that of Napoleon they were involved in quite as many wars, rivalries and conflicts as were the great powers of the Old World themselves. The Spanish, English, French, Dutch, Swedes, Danes and, for a brief moment
  • Unlike the Spaniards, the British understood from the beginning the importance of a numerous and agile merchant navy
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  • Las Casas insisted that the Indians, no less than any other of God’s creatures, were capable of receiving the Faith under instruction; and it was this part of his doctrine that aroused the strongest controversy of all, for the Spanish settlers in 1511
  • We came here to serve God and the King, and also to get rich
  • The story opens with Spain. It was during the reign of King Charles I of Spain, who is better known in history as the Emperor Charles V, that the South American Empire was added to the Crown of Spain, which in the person of Charles already included his Burgundian and Netherland inheritance
  • Habsburg Spain, in fact, was culturally and socially the oddest mixture
  • Like Louis XI of France and Henry VII of England, Ferdinand and Isabella of Spain, under whose encouragement Colombus had established the island spring-board from which the South American possessions had been conquered under Charles V, belonged in several respects to what is commonly called the ‘New Monarchies’, a somewhat simplified term for the Crown striving to establish its own power at the expense of the feudal overlords
  • The Catholic Kings therefore welcomed any and every move that was likely to curb the power of the land-owning classes overseas
  • in government circles and even at the Courts of Charles V and Philip II
  • The Spaniards exercised not the slightest measure of control over these swift and elusive marauders who, over large stretches of the outer islands, had things all their own way until the French and British arrived
  • The King of France declared that his countrymen would never acquiesce in being ‘disturbed in their navigation of the seas, nor will they consent to be deprived of the sea or the sky’
  • both France and England challenged Spain’s monopoly in the Indies without at first going to war with her for that reason in Europe. Sir John Hawkins sailed to the Indies three times between 1562 and 1568
  • in the end the Spanish monopoly, though being patently far from inviolate and getting more than a little frayed at the fringes, remained intact while the Habsburgs occupied the throne of Spain until the end of the seventeenth century
  • We might finish this chapter of Spanish supremacy in the West Indies with a glance at the most serious challenge yet thrown out to Spain in Elizabethan times.
  • For both, as later for Nelson, all oceans of the world were one, a way of thinking that led to Drake’s great voyage of circumnavigation of 1577-80, while it caused Menéndez, in the last year of his life, to lay before Philip II the bold plan of making one of the Scilly islands a Spanish base to deal with the menace of foreign privateering by the French and English in the Caribbean
  • The sixteenth century ended with England and France’s failure to cut the life-line between Spain and the Indies that ran through the Caribbean and enabled Spain to take events like the defeat of her Armadas in European waters in her stride
  • The Spaniards were apt to call both French and English enemies Corsarios luteranos, Protestant corsairs, but as in Europe Anglo-French relations under Henry VIII were anything but friendly
  • It was only when England and France were ready again to resume their offensive against the Caribbean and each other that Spain fell from the rank of an Imperial power to the sorry role of a professional ally of the stronger battalions and navies
Javier E

How China's Tencent Avoided an Antitrust Push, For Now. - The New York Times - 0 views

  • There’s no company in the world like Tencent. It’s a true monopoly on many levels. It wields the kind of influence in China that Facebook, Amazon, Apple and Google can only aspire to.
  • Tencent is a mega entertainment platform. It is the world’s largest online game company, owning stakes in Riot Games and Epic Games. It owns China’s biggest online video, music and online literature businesses, too.
  • Tencent is a venture capital investor. In 2020, it lagged only Sequoia Capital, the Silicon Valley investment firm, in terms of the number of unicorns — start-ups valued at over $1 billion — it has invested in, according to the Hurun Report, a Shanghai research firm.
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  • it has invested in more than 800 companies, including a 12 percent stake in Snap and 5 percent in Tesla. By comparison, GV, formerly Google Ventures and the most active corporate venture capital arm in the United States, has invested in more than 500 companies.
  • Most important, Tencent is a platform operator. It runs WeChat, a mobile messaging app with social media and financial services abilities.
  • WeChat needs other companies to keep its one billion users glued to the app. An operating system and an app store in its own right, WeChat allows users to run miniprograms created and run by other companie
  • Those users can make purchases using WeChat’s payment system. Tesla, Airbnb and Starbucks all have their own WeChat miniprograms. So do most of major Chinese websites — barring those that WeChat forbids.
  • Friendly companies build miniprograms for WeChat. Tencent invested in China’s ride-sharing and bike-sharing companies because their users pay frequently, and Tencent wanted them to use WeChat Pay.
  • No matter how decent or humble Tencent may act, it’s a giant conglomerate with $24 billion in profit last year and spends much of it on investment. It picks winners and losers, but the winners won’t always be the best out there, thus harming innovation and efficiency.
  • It limits user access to other products and services. Its WeChat app doesn’t allow users to share links for merchandise on Alibaba’s Taobao online marketplace or for short videos on Douyin, TikTok’s Chinese sister company.
  • Tencent doesn’t just court the industry. It has also long tried to get close to the government. Compared with the sometimes defiant Alibaba, Tencent has long publicly underscored its willingness to comply fully with rules and regulations.
  • In April, the company said it would spend $7.8 billion on green energy, education, village revitalization and other pet topics of President Xi Jinping. In the view of Hong Bo, an internet commentator, Tencent is acting for self-preservation.
Javier E

Why Microsoft Is Still a Big Tech Superstar - The New York Times - 0 views

  • Microsoft’s ability to thrive despite doing almost everything wrong might be a heartening saga about corporate reinvention. Or it may be a distressing demonstration of how monopolies are extremely hard to kill. Or maybe it’s a little of both.
  • Understanding Microsoft’s staying power is relevant when considering an important current question: Are today’s Big Tech superstars successful and popular because they’re the best at what they do, or because they’ve become so powerful that they can coast on past successes?
  • boils down to a debate about whether the hallmark of our digital lives is a dynamism that drives progress, or whether we actually have dynasties
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  • even in the saddest years at Microsoft, the company made oodles of money. In 2013, the year that Steve Ballmer was semi-pushed to retire as chief executive, the company generated far more profit before taxes and some other costs — more than $27 billion — than Amazon did in 2020.
  • many businesses still needed to buy Windows computers, Microsoft’s email and document software and its technology to run powerful back-end computers called servers. Microsoft used those much-needed products as leverage to branch into new and profitable business lines, including software that replaced conventional corporate telephone systems, databases and file storage systems.
  • So was this turnaround a healthy sign or a discouraging one?
  • Microsoft did at least one big thing right: cloud computing, which is one of the most important technologies of the past 15 years. That and a culture change were the foundations that morphed Microsoft from winning in spite of its strategy and products to winning because of them. This is the kind of corporate turnaround that we should want.
  • Businesses, not individuals, are Microsoft’s customers and technology sold to organizations doesn’t necessarily need to be good to win.
  • now the discouraging explanation: What if the lesson from Microsoft is that a fading star can leverage its size, savvy marketing and pull with customers to stay successful even if it makes meh products, loses its grip on new technologies and is plagued by flabby bureaucracy?
  • And are today’s Facebook or Google comparable to a 2013 Microsoft — so entrenched that they can thrive even if they’re not the best?
  • Maybe Google search, Amazon shopping and Facebook’s ads are incredibly great. Or maybe we simply can’t imagine better alternatives because powerful companies don’t need to be great to keep winning.
magnanma

Guild | trade association | Britannica.com - 0 views

  • Guild, also spelled gild, an association of craftsmen or merchants formed for mutual aid and protection and for the furtherance of their professional interests.
  • generally one of two types: merchant guilds or craft guilds. Merchant guilds were associations of all or most of the merchants in a particular town or city; these men might be local or long-distance traders, wholesale or retail sellers, and might deal in various categories of goods. Craft guilds, on the other hand, were occupational associations that usually comprised all the artisans and craftsmen in a particular branch of industry or commerce.
  • They established a monopoly of trade in their locality or within a particular branch of industry or commerce; they set and maintained standards for the quality of goods and the integrity of trading practices in that industry; they worked to maintain stable prices for their goods and commodities; and they sought to control town or city governments in order to further the interests of the guild members and achieve their economic objectives.
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  • the imperial government deliberately exploited these guilds in the interests of public authority and social order. The government tried to restrict the membership of the guilds to a hereditary caste of skilled artisans, but the increasing financial demands made upon the guilds by the government in the waning days of the Roman Empire had reduced most guilds to a precarious position by the 4th century ce
  • Some historians have contended that the guilds of medieval Europe derived from the collegia of the Byzantine Empire, but no direct connections have been established between these different institutions
  • Guilds came to control the distribution and sale of food, cloth, and other staple goods and thereby achieved a monopoly over the local commerce. Such guilds compelled foreign merchants or traders to pay a fee if they wanted to participate in the local trade, and some outside merchants were prohibited altogether from participating in that trade.
  • The guild tended to be an extremely hierarchical body structured on the basis of the apprenticeship system. (See apprenticeship.) In this structure, the members of a guild were divided into a hierarchy of masters, journeymen, and apprentices.
  • Yet the guilds’ exclusivity, conservatism, monopolistic practices, and selective entrance policies eventually began to erode their economic utility. Apprenticeships became almost entirely hereditable, and masters set ridiculously high standards for apprentices to become journeymen and for journeymen to become masters. The guilds worked exclusively for their own interests and sought to monopolize trade in their own locality.
pier-paolo

Justinian I | Biography, Accomplishments, & Facts | Britannica - 0 views

  • When Justinian came to the throne, his troops were fighting on the Euphrates River against the armies of the Persian king
  • the Treaty of Eternal Peace was ratified in 532. The treaty was on the whole favourable to the Byzantines, who lost no territory and whose suzerainty over the key district of Lazica (Colchis, in Asia Minor) was recognized by Persia.
  • In Italy, the mother province of the Roman Empire in which the older capital city (Rome) was situated, Justinian found a situation similar to that in North Africa and particularly favourable to his ambitions.
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  • In the West, Justinian considered it his duty to regain provinces lost to the empire “through indolence,” and he could not ignore the trials of Catholics living under the rule of Arians (Christian heretics) in Italy and in North Africa.
  • In the face of considerable opposition from his generals and ministers, Justinian launched his attack on North Africa to aid Hilderich in June 533.
  • Northern Africa was reorganized as part of the empire and now included Sardinia, Corsica, the Balearic Islands, and Septem (Ceuta).
  • War broke out again in 540, when Justinian was fully occupied in Italy. Justinian had somewhat neglected the army in the East, and in 540 Khosrow moved into Mesopotamia, northern Syria, and Byzantine Armenia and systematically looted the key cities.
  • On the northern frontier in the Balkans the Roman provinces faced continual attacks from barbarian raiders. Thrace, Dacia, and Dalmatia were harried by Bulgars and Slavs
  • the provincial governor was unwilling or not sufficiently strong to enforce good government; and with the disappearance of the larger unit of the vicariate, there was nothing left but an expensive appeal to Constantinople.
  • He greatly stimulated legal studies, and in 528 he set up a commission to produce a new code of imperial enactments or constitutions, the Codex Constitutionum.
  • A second edition of the Code of Justinian containing Justinian’s own laws up to the date of issue was published in 534
  • Justinian was genuinely concerned with promoting the well-being of his subjects by rooting out corruption and providing easily accessible justice. This involved adequate control over provincial governors and some administrative reorganization.
  • The Slavs, and later the Bulgars, eventually succeeded in settling within the Roman provinces. Failure to keep them out is one of the criticisms sometimes made against Justinian.
  • The sale of raw material was a government monopoly, and Peter Barsymes, Justinian’s finance minister, extended this to silk fabrics, thus creating another lucrative state monopoly.
  • It was therefore the duty of Justinian, as it was for later Byzantine emperors, to promote the good government of the church and to uphold orthodox teaching. This explains why so many of his laws deal in detail with religious problems.
  • Toward the end of his reign, Justinian to some extent withdrew from public affairs and was occupied with theological problems. He even lapsed into heresy when, at the end of 564, he issued an edict stating that the human body of Christ was incorruptible and only seemed to suffer
Javier E

Opinion | What Years of Emails and Texts Reveal About Your Friendly Tech Companies - Th... - 0 views

  • he picture that emerges from these documents is not one of steady entrepreneurial brilliance. Rather, at points where they might have been vulnerable to hotter, newer start-ups, Big Tech companies have managed to avoid the rigors of competition. Their two main tools — buying their way out of the problem and a willingness to lose money — are both made possible by sky-high Wall Street valuations, which go only higher with acquisitions of competitors, fueling a cycle of enrichment and consolidation of power
  • As Mr. Zuckerberg bluntly boasted in an email, because of its immense wealth Facebook “can likely always just buy any competitive start-ups.”
  • The greater scandal here may be that the federal government has let these companies get away with this
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  • the government in the 2010s allowed more than 500 start-up acquisitions to go unchallenged. This hands-off approach effectively gave tech executives a green light to consolidate the industry.
  • It may be profitable and savvy to eliminate rivals to maintain a monopoly, but it remains illegal in this country under the Sherman Antitrust Act and Standard Oil v. United States. Unless we re-establish that legal fact, Big Tech will continue to fight dirty and keep on winning.
anonymous

Opinion | The Coronavirus Has Laid Bare the Inequality of America's Health Care - The N... - 0 views

  • The notion of price control is anathema to health care companies. It threatens their basic business model, in which the government grants them approvals and patents, pays whatever they ask, and works hand in hand with them as they deliver the worst health outcomes at the highest costs in the rich world.
  • The American health care industry is not good at promoting health, but it excels at taking money from all of us for its benefit. It is an engine of inequality.
  • the virus also provides an opportunity for systemic change. The United States spends more than any other nation on health care, and yet we have the lowest life expectancy among rich countries. And although perhaps no system can prepare for such an event, we were no better prepared for the pandemic than countries that spend far less.
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  • One way or another, everyone pays for health care. It accounts for about 18 percent of G.D.P. — nearly $11,000 per person. Individuals directly pay about a quarter, the federal and state governments pay nearly half, and most of the rest is paid by employers.
  • Many Americans think their health insurance is a gift from their employers — a “benefit” bestowed on lucky workers by benevolent corporations. It would be more accurate to think of employer-provided health insurance as a tax.
  • Rising health care costs account for much of the half-century decline in the earnings of men without a college degree, and contribute to the decline in the number of less-skilled jobs.
  • Employer-based health insurance is a wrecking ball, destroying the labor market for less-educated workers and contributing to the rise in “deaths of despair.”
  • We face a looming trillion-dollar federal deficit caused almost entirely by the rising costs of Medicaid and Medicare, even without the recent coronavirus relief bill.
  • Rising costs are an untenable burden on our government, too. States’ payments for Medicaid have risen from 20.5 percent of their spending in 2008 to 28.9 percent in 2019. To meet those rising costs, states have cut their financing for roads, bridges and state universities. Without those crucial investments, the path to success for many Americans is cut off
  • Every year, the United States spends $1 trillion more than is needed for high quality care.
  • executives at hospitals, medical device makers and pharmaceutical companies, and some physicians, are very well paid.
  • American doctors control access to their profession through a system that limits medical school admissions and the entry of doctors trained abroad — an imbalance that was clear even before the pandemic
  • Hospitals, many of them classified as nonprofits, have consolidated, with monopolies over health care in many cities, and they have used that monopoly power to raise prices
  • These are all strategies that lawmakers and regulators could put a stop to, if they choose.
  • The health care industry has armored itself, employing five lobbyists for each elected member of Congress. But public anger has been building — over drug prices, co-payments, surprise medical bills — and now, over the fragility of our health care system, which has been laid bare by the pandemic
  • A single-payer system is just one possibility. There are many systems in wealthy countries to choose from, with and without insurance companies, with and without government-run hospitals. But all have two key characteristics: universal coverage — ideally from birth — and cost control.
  • In the United States, public funding is likely to play a significant role in any treatments or vaccines that are eventually developed for Covid-19. Americans should demand that they be available at a reasonable price to everyone — not in the sole interest of drug companies.
  • We are believers in free-market capitalism, but health care is not something it can deliver in a socially tolerable way.
  • They choose not to. And so we Americans have too few doctors, too few beds and too few ventilators — but lots of income for providers
  • America is a rich country that can afford a world-class health care system. We should be spending a lot of money on care and on new drugs. But we need to spend to save lives and reduce sickness, not on expensive, income-generating procedures that do little to improve health. Or worst of all, on enriching pharma companies that feed the opioid epidemic.
  • Medical device manufacturers have also consolidated, in some cases using a “catch and kill” strategy to swallow up nimbler start-ups and keep the prices of their products high.
  • Ambulance services and emergency departments that don’t accept insurance have become favorites of private equity investors because of their high profits
  • Britain, for example, has the National Institute for Health and Care Excellence, which vets drugs, devices and procedures for their benefit relative to cost
  • At the very least, America must stop financing health care through employer-based insurance, which encourages some people to work but it eliminates jobs for less-skilled workers
  • Our system takes from the poor and working class to generate wealth for the already wealthy.
  • passed a coronavirus bill including $3.1 billion to develop and produce drugs and vaccines.
  • The industry might emerge as a superhero of the war against Covid-19, like the Royal Air Force in the Battle of Britain during World War II.
  • illions have lost their paychecks and their insurance
Javier E

What Happened to Amazon's Bookstore? - The New York Times - 0 views

  • “Should we care as a society that a single firm controls half of our most precious cultural commodity and its automation isn’t working right?” asked Christopher Sagers, the author of “Antitrust: Examples & Explanations.”
  • “People think Amazon’s algorithms are better than they actually are,” Mr. Sagers explained.
  • Amazon declined to say what percentage of its book sales are done through third parties. (For the entire marketplace it is over half.)
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  • “In some ways Amazon doesn’t really want to be a retailer,” said Juozas Kaziukenas of Marketplace Pulse, an e-commerce consultant. “It doesn’t want to do curation or offer human interaction,” two of the essential qualities of retail for centuries.
  • Offering tens of millions of items to hundreds of millions of customers prevents any human touch — but opens up a lot of space for advertising, and for confusion and duplicity.
  • It’s the paradox of plenty: The more things there are to buy, the more difficult it is to find the right thing among the plethora of ads and competition, new material and secondhand, quality and garbage.
  • “Amazon knows what I buy, how often I buy, what I search for,” Mr. Kaziukenas said. “But decades after it launched, it can’t answer a simple question — what would Juozas like to buy? Instead it shows me thousands of deals, with some basic filters like category and price, and hopes I will find what I like. Amazon is so much work.”
  • Once upon a time, when the dot-coms roamed the earth, the Amazon bookstore was a simple place. It had knowledgeable human editors, bountiful discounts and delivery that was speedy for the era. For the book-obsessed, it offered every publisher’s backlist, obscure but irresistible titles that had previously been difficult to discover and acquire.
  • Amazon “doesn’t care if this third-party stuff is a chaotic free-for-all,” she added. “In fact, it’s better for Amazon if legitimate businesses don’t stand a chance. In the same way Amazon wants to turn all work into gig jobs, it wants to turn running a business into a gig job. That way it can walk off with all the spoils.”
  • Third-party sellers were an Amazon innovation in the late 1990s. Before that, stores either entirely controlled the shopping experience or, if they had a lot of sellers under one roof, were called flea markets and were not quite reputable.
  • Amazon in theory offered the brisk competition of the latter while exercising the oversight of the former. Bringing in third-party sellers was also a way for Amazon to champion how it was helping small businesses, which helped defuse controversies about its size and behavior.
  • A new report from the Institute for Local Self-Reliance, a research and advocacy group often critical of Amazon, details the most direct benefit of third-party sellers to the retailer: profits. A third-party seller pays Amazon $34 out of every $100 in sales, the nonprofit institute calculates, up from $19 in 2014.
  • The money comes from fees, ads and premium logistics that make the merchandise more visible to potential buyers. Amazon called the report “intentionally misleading” because the site does not force sellers to advertise or use its logistics system.
  • Bookselling at Amazon is a two-tier system, said Stacy Mitchell, a co-director of the institute and the author of the report, “Amazon’s Toll Road: How the Tech Giant Funds Its Monopoly Empire by Exploiting Small Businesses.”
  • “Best sellers and other books that you might find at a local bookstore are almost all sold by Amazon itself at prices that keep those competitors at bay,” Ms. Mitchell said. “Then Amazon lets third-party sellers do the rest of the books, taking a huge cut of their sales.”
  • The combination of all those things in one place was a sensation. Amazon quickly took market share from independent stores and chains.
  • Extraordinary prices for ordinary books have been an Amazon mystery for years, but the backdating of titles to gain a commercial edge appears to be a new phenomenon. A listing with a fake date gets a different Amazon page from a listing with the correct date. In essence, those Boland books were in another virtual aisle of the bookstore. That could power sales.
  • Mark Lemley, the director of the Stanford Program in Law, Science and Technology, said the company was probably right. “I don’t think Amazon will be liable for misstatements posted by others, and certainly not if it wasn’t aware of them,” he said.
  • In 2019, Mr. Bezos celebrated the fact that Amazon’s two million independent sellers were doing so well. “To put it bluntly: Third-party sellers are kicking our first party butt,” he wrote. They were pulling in $90,000 a year on average, the company said.
  • The U.S. attorney’s office in the Western District of Michigan recently announced arrests in a case involving Amazon’s textbook rental program. Geoffrey Mark Hays Talsma was charged with selling his rentals of “Using Econometrics: A Practical Guide,” “Chemistry: Atoms First” and other volumes instead of returning them.
  • At Amazon, the customer is king. According to the indictment, Mr. Talsma profited by repeatedly saying he had received the wrong products. He said, for instance, he had mistakenly been shipped flammable products that could not be returned, like a bottle of Tiki Torch Fuel that was leaking. Amazon would then credit his account.
  • What’s remarkable is the scale, length and profitability of this alleged activity. Amazon allows customers to rent up to 15 textbooks at a time. With the help of three confederates, Mr. Talsma rented more than 14,000 textbooks from Amazon over five years, making $3.4 million, prosecutors say. His lawyer declined to comment.
  • It’s the same story over and over again, Mr. Boland said: “Amazon has done a great job of expanding the marketplace for books. It’s too bad they’ve decided not to police their own platform, because it’s leading to all sorts of trouble.”
  • Amazon has resisted requiring its sellers to share more information about themselves. It has opposed lawmakers’ efforts to demand more transparency, saying it would violate sellers’ privacy. Recently it signaled guarded approval of a weaker bill but noted that there were a few parts of it “that could be refined.”
  • “It doesn’t seem like anyone at Amazon is saying: ‘We’re junking the store up. We have to decide what’s best for the customer,’” said Ms. Friedman, the publishing consultant.
  • Small presses say it’s hard to get Amazon to acknowledge a mistake, because it’s hard to get hold of a human being who could fix it. Valancourt Books, a publisher in Richmond, Va., that has won acclaim for its reissues of horror and gay interest titles, frequently runs afoul of the site.
Javier E

Opinion | Big Tech Is Bad. Big A.I. Will Be Worse. - The New York Times - 0 views

  • Tech giants Microsoft and Alphabet/Google have seized a large lead in shaping our potentially A.I.-dominated future. This is not good news. History has shown us that when the distribution of information is left in the hands of a few, the result is political and economic oppression. Without intervention, this history will repeat itself.
  • The fact that these companies are attempting to outpace each other, in the absence of externally imposed safeguards, should give the rest of us even more cause for concern, given the potential for A.I. to do great harm to jobs, privacy and cybersecurity. Arms races without restrictions generally do not end well.
  • We believe the A.I. revolution could even usher in the dark prophecies envisioned by Karl Marx over a century ago. The German philosopher was convinced that capitalism naturally led to monopoly ownership over the “means of production” and that oligarchs would use their economic clout to run the political system and keep workers poor.
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  • Literacy rates rose alongside industrialization, although those who decided what the newspapers printed and what people were allowed to say on the radio, and then on television, were hugely powerful. But with the rise of scientific knowledge and the spread of telecommunications came a time of multiple sources of information and many rival ways to process facts and reason out implications.
  • With the emergence of A.I., we are about to regress even further. Some of this has to do with the nature of the technology. Instead of assessing multiple sources, people are increasingly relying on the nascent technology to provide a singular, supposedly definitive answer.
  • This technology is in the hands of two companies that are philosophically rooted in the notion of “machine intelligence,” which emphasizes the ability of computers to outperform humans in specific activities.
  • This philosophy was naturally amplified by a recent (bad) economic idea that the singular objective of corporations should be to maximize short-term shareholder wealth.
  • Combined together, these ideas are cementing the notion that the most productive applications of A.I. replace humankind.
  • Congress needs to assert individual ownership rights over underlying data that is relied on to build A.I. systems
  • Fortunately, Marx was wrong about the 19th-century industrial age that he inhabited. Industries emerged much faster than he expected, and new firms disrupted the economic power structure. Countervailing social powers developed in the form of trade unions and genuine political representation for a broad swath of society.
  • History has repeatedly demonstrated that control over information is central to who has power and what they can do with it.
  • Generative A.I. requires even deeper pockets than textile factories and steel mills. As a result, most of its obvious opportunities have already fallen into the hands of Microsoft, with its market capitalization of $2.4 trillion, and Alphabet, worth $1.6 trillion.
  • At the same time, powers like trade unions have been weakened by 40 years of deregulation ideology (Ronald Reagan, Margaret Thatcher, two Bushes and even Bill Clinton
  • For the same reason, the U.S. government’s ability to regulate anything larger than a kitten has withered. Extreme polarization and fear of killing the golden (donor) goose or undermining national security mean that most members of Congress would still rather look away.
  • To prevent data monopolies from ruining our lives, we need to mobilize effective countervailing power — and fast.
  • Today, those countervailing forces either don’t exist or are greatly weakened
  • Rather than machine intelligence, what we need is “machine usefulness,” which emphasizes the ability of computers to augment human capabilities. This would be a much more fruitful direction for increasing productivity. By empowering workers and reinforcing human decision making in the production process, it also would strengthen social forces that can stand up to big tech companies
  • We also need regulation that protects privacy and pushes back against surveillance capitalism, or the pervasive use of technology to monitor what we do
  • Finally, we need a graduated system for corporate taxes, so that tax rates are higher for companies when they make more profit in dollar terms
  • Our future should not be left in the hands of two powerful companies that build ever larger global empires based on using our collective data without scruple and without compensation.
Javier E

The End of the Silicon Valley Myth - The Atlantic - 0 views

  • These companies, launched with promises to connect the world, to think different, to make information free to all, to democratize technology, have spent much of the past decade making the sorts of moves that large corporations trying to grow ever larger have historically made—embracing profit over safety, market expansion over product integrity, and rent seeking over innovation—but at much greater scale, speed, and impact. Now, ruled by monopolies, marred by toxicity, and overly reliant on precarious labor, Silicon Valley looks like it’s finally run hard up into its limits.
  • They’re failing utterly to create the futures they’ve long advertised, or even to maintain the versions they were able to muster. Having scaled to immense size, they’re unable or unwilling to manage the digital communities they’ve built
  • They’re paralyzed when it comes to product development and reduced to monopolistic practices such as charging rents and copying or buying up smaller competitors
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  • Their policies tend to please no one; it’s a common refrain that antipathy toward Big Tech companies is one of the few truly bipartisan issues
  • You can just feel it, the cumulative weight of this stagnation, in the tech that most of us encounter every day. The act of scrolling past the same dumb ad to peer at the same bad news on the same glass screen on the same social network: This is the stuck future. There is a sense that we have reached the end of the internet, and no one wants to be left holding the bag
  • There’s a palpable exhaustion with the whole enterprise, with the men who set out to build the future or at least get rich, and who accomplished only one and a half of those things.
  • The big social networks are stuck. And there is little profit incentive to get them unstuck. That, after all, would require investing heavily in content moderators, empowering trust and safety teams, and penalizing malicious viral content that brings in huge traffic.
  • It’s not just social media that’s in decline, already over, or worse.
  • As its mighty iPhone sales figures have plateaued and its business has grown more conservative—it hasn’t released a culturally significant new product line since 2016’s AirPods—Apple has begun to embrace advertising.
  • as Google has consolidated its monopoly, the quality of its flagship search product has gotten worse. Result pages are cluttered with ads that must be scrolled through in order to find the “‘organic”’ items, and there’s reason to think the quality of the results has gotten worse over time as well.
  • YouTube, meanwhile, is facing many of the same policy quagmires as Facebook and Twitter, especially when it comes to content moderation—and similarly failing to meaningfully address them.
  • What a grim outcome for the internet, where the possibilities were once believed to be endless and where users were promised an infinite spectrum of possibility to indulge their creativity, build robust communities, and find their best expression, even when they could not do so in the real world
  • Big Tech, of course, never predicated its business models on enabling any of that, though its advertising and sloganeering may have suggested otherwise. Rather, companies’ ambitions were always focused on being the biggest: having the most users, selling the most devices, locking the most people into their walled gardens and ecosystems. The stuckness we’re seeing is the result of some of the most ambitious companies of our generation succeeding wildly yet having no vision beyond scale—no serious interest in engaging the civic and social dimensions of their projects.
Javier E

Kaiser Permanente Is Seen as Face of Future Health Care - NYTimes.com - 0 views

  • Kaiser has sophisticated electronic records and computer systems that — after 10 years and $30 billion in technology spending — have led to better-coordinated patient care, another goal of the president. And because the plan is paid a fixed amount for medical care per member, there is a strong financial incentive to keep people healthy and out of the hospital, the same goal of the hundreds of accountable care organizations now being created.
  • Kaiser has yet to achieve the holy grail of delivering that care at a low enough cost. He says he and other health systems must fundamentally rethink what they do or risk having cost controls imposed on them either by the government or by employers, who are absorbing the bulk of health insurance costs. “We think the future of health care is going to be rationing or re-engineering,”
  • the way to get costs lower is to move care farther and farther from the hospital setting — and even out of doctors’ offices. Kaiser is experimenting with ways to provide care at home or over the Internet, without the need for a physical office visit at all.
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  • lower costs are going to be about finding ways to get people to take more responsibility for their health — for losing weight, for example, or bringing their blood pressure down.
  • there are other concerns, such as whether an all-encompassing system like Kaiser’s can really be replicated and whether the limits it places on where patients can seek care will be accepted by enough people to make a difference.
  • Or whether, as the nation’s flirtation with health maintenance organizations, or H.M.O.’s, in the 1990s showed — people will balk at the concept of not being able to go to any doctor or hospital of their choice.
  • its integrated model is in favor again. Hospitals across the country are buying physician practices or partnering with doctors and health insurers to form accountable care organizations, or A. C.O.’s, as a way of controlling more aspects of patient care. Doctors are also creating so-called medical homes, where patient care is better coordinated.
  • The days when doctors, hospitals and other providers are paid separately for each procedure will disappear eventually, health experts say. Instead, providers will have financial incentives to encourage them to keep people healthy, including lump sums to care for patients or provide comprehensive care for a specific condition. “All of care is going to move down this path, and it has to,” Mr. Halvorson said. “Medical homes are doing it; the very best A. C.O’s are going to figure out how to do it.”
  • there are downsides to the creation of large health care systems that may be motivated by the desire to increase their clout in the market, making it easier to fill beds and charge the insurers more for care. “They become these huge local monopolies,”
  • “We have all the pieces,” said Philip Fasano, Kaiser’s chief information officer. “Anything a patient needs you get in the four walls of our offices,
  • its plans are typically at least 10 percent less expensive than others, especially where they control all the providers
  • Kaiser has also been using the information to identify those doctors or clinics that excel in certain areas, as well as those in need of improvement. The organization has also used the records to change how it delivers care, identifying patients at risk for developing bed sores in the hospital and then sending electronic alerts every two hours to remind the nurses to turn the patients. The percentage of patients with serious pressure ulcers, or bed sores, dropped to well under 1 percent from 3.5 percent.
Javier E

Telecom's Big Players Hold Back the Future - NYTimes.com - 0 views

  • If you were going to look for ground zero in the fight against a rapidly consolidating telecom and cable industry, you might end up on the fifth floor of the Benjamin N. Cardozo School of Law in New York
  • Susan Crawford, a professor at the school, has written a book, “Captive Audience: The Telecom Industry and Monopoly Power in the New Gilded Age,” that offers a calm but chilling state-of-play on the information age in the United States.
  • A violist who plays in string quartets when she is not hammering telecom companies, Ms. Crawford is precise in her arguments and far from frantic in making them. The captains of industry who kidnapped telecoms and cable are not monsters, she says, merely shrewd capitalists who used leverage to maximize returns, no different or worse than the railroad or electricity barons of times past. “They have acted in parallel to exclude competitors and used every lever they had to gain control over their markets. My whole book is essentially an argument to buy stock in cable companies,” she said with a laugh.
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  • “We are in this position as a country because we assumed that the magic of the marketplace would provide competition and provide world-class communications,” she said. “But history has demonstrated that left to their own devices, companies will gouge the rich, leave out the poor, cherry-pick markets and focus solely on their profits. It isn’t evil, it’s just the way things work.”
rachelramirez

Ayatollah Ali Akbar Hashemi Rafsanjani, Ex-President of Iran, Dies at 82 - The New York... - 0 views

  • Ayatollah Ali Akbar Hashemi Rafsanjani, Ex-President of Iran, Dies at 82
  • Argentina has accused Mr. Rafsanjani and other senior Iranian figures of complicity in the 1994 bombing of a Jewish community center in Buenos Aires, in which 85 people died. In 1997, a German court concluded that the highest levels of Iran’s political leadership had ordered the killing five years earlier of four exiled Iranian Kurdish dissidents in Berlin
  • Mr. Rafsanjani, for instance, was credited with suggesting that “Death to America” be dropped from the litany of slogans at Tehran’s Friday prayers, a weekly moment of fervor in Iran’s political and religious calendar.
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  • For much of his career, he maintained roles in Parliament and on influential clerical panels, under the tutelage of Ayatollah Khomeini and then, less durably, of his successor, Ayatollah Ali Khamenei.
  • Instead, Ayatollah Khamenei built his own power base. But Mr. Rafsanjani’s back-room dealings — often trading on his close relationship with Ayatollah Khomeini — earned him the nickname “kingmaker.”
  • In March, Mr. Rafsanjani wrote on Twitter that the “world of tomorrow is one of negotiations, not the world of missiles.
  • In 2013, Mr. Rafsanjani was disqualified from standing in presidential elections and swung his political weight behind a moderate, longtime associate, Hassan Rouhani, who won the vote and went on to bring many of Mr. Rafsanjani’s supporters into his cabinet and to negotiate the nuclear agreement with the United States in 2015
  • From 1963 to 1978, Mr. Rafsanjani was jailed five times for his opposition to the shah, but he remained in close contact with exiled clerics, including Ayatollah Khomeini, who was living in Najaf, Iraq.
  • By 2013, Mr. Rafsanjani was said to have built a family business empire that owned Iran’s second biggest airline, exercised a near monopoly on the lucrative pistachio trade and controlled the largest private university, Azad. The family’s business interests also included real estate, construction and oil deals
  • In presidential elections in June 2009, Mr. Rafsanjani supported the moderate Mir Hussein Moussavi, who lost to Mr. Ahmadinejad. The outcome was widely disputed, and many Iranian protesters died or were detained challenging the authorities in the streets. The protesters included Mr. Rafsanjani’s youngest daughter, Faezeh, who had campaigned for women’s rights and was arrested in large demonstrations against Mr. Ahmadinejad’s victory
  • In September 2009, Mr. Rafsanjani seemed to be sidelined when the authorities barred him from addressing Friday prayers in Tehran on Quds Day, an annual display of solidarity with Palestinians.
  • In 2011, Iran sided with President Bashar al-Assad of Syria during the Arab Spring, along with the Hezbollah Shiite militia in Lebanon, setting Tehran against Mr. Assad’s Western adversaries, including the United States.
nataliedepaulo1

Data Could Be the Next Tech Hot Button for Regulators - The New York Times - 0 views

  • Wealth and influence in the technology business have always been about gaining the upper hand in software or the machines that software ran on.Now data — gathered in those immense pools of information that are at the heart of everything from artificial intelligence to online shopping recommendations — is increasingly a focus of technology competition.
  • In recent years, Google, Facebook, Apple, Amazon and Microsoft have all been targets of tax evasion, privacy or antitrust investigations. But in the coming years, who controls what data could be the next worldwide regulatory focus as governments strain to understand and sometimes rein in American tech giants.
  • Rivals, he added, cannot unlock or simulate your data. “Data is the defensible barrier, not algorithms,” Mr. Ng said.
Javier E

Covering politics in a "post-truth" America | Brookings Institution - 0 views

  • The media scandal of 2016 isn’t so much about what reporters failed to tell the American public; it’s about what they did report on, and the fact that it didn’t seem to matter.
  • Facebook and Snapchat and the other social media sites should rightfully be doing a lot of soul-searching about their role as the most efficient distribution network for conspiracy theories, hatred, and outright falsehoods ever invented.
  • I’ve been obsessively looking back over our coverage, too, trying to figure out what we missed along the way to the upset of the century
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  • (An early conclusion: while we were late to understand how angry white voters were, a perhaps even more serious lapse was in failing to recognize how many disaffected Democrats there were who would stay home rather than support their party’s flawed candidate.)
  • Stories that would have killed any other politician—truly worrisome revelations about everything from the federal taxes Trump dodged to the charitable donations he lied about, the women he insulted and allegedly assaulted, and the mob ties that have long dogged him—did not stop Trump from thriving in this election year
  • the Oxford Dictionaries announced that “post-truth” had been chosen as the 2016 word of the year, defining it as a condition “in which objective facts are less influential in shaping public opinion than appeals to emotion and personal belief.”
  • Meantime, Trump personally blacklisted news organizations like Politico and The Washington Post when they published articles he didn’t like during the campaign, has openly mused about rolling back press freedoms enshrined by the U.S. Supreme Court, and has now named Stephen Bannon, until recently the executive chairman of Breitbart—a right-wing fringe website with a penchant for conspiracy theories and anti-Semitic tropes—to serve as one of his top White House advisers.
  • none of this has any modern precedent. And what makes it unique has nothing to do with the outcome of the election. This time, the victor was a right-wing demagogue; next time, it may be a left-wing populist who learns the lessons of Trump’s win.
  • This is no mere academic argument. The election of 2016 showed us that Americans are increasingly choosing to live in a cloud of like-minded spin, surrounded by the partisan political hackery and fake news that poisons their Facebook feeds.
  • To help us understand it all, there were choices, but not that many: three TV networks that mattered, ABC, CBS, and NBC; two papers for serious journalism, The New York Times and The Washington Post; and two giant-circulation weekly newsmagazines, Time and Newsweek. That, plus whatever was your local daily newspaper, pretty much constituted the news.
  • Whether it was Walter Cronkite or The New York Times, they preached journalistic “objectivity” and spoke with authority when they pronounced on the day’s developments—but not always with the depth and expertise that real competition or deep specialization might have provided. They were great—but they were generalists.
  • Eventually, I came to think of the major media outlets of that era as something very similar to the big suburban shopping malls we flocked to in the age of shoulder pads and supply-side economics: We could choose among Kmart and Macy’s and Saks Fifth Avenue as our budgets and tastes allowed, but in the end the media were all essentially department stores, selling us sports and stock tables and foreign news alongside our politics, whether we wanted them or not. It may not have been a monopoly, but it was something pretty close.
  • This was still journalism in the scarcity era, and it affected everything from what stories we wrote to how fast we could produce them. Presidents could launch global thermonuclear war with the Russians in a matter of minutes, but news from the American hinterlands often took weeks to reach their sleepy capital. Even information within that capital was virtually unobtainable without a major investment of time and effort. Want to know how much a campaign was raising and spending from the new special-interest PACs that had proliferated? Prepare to spend a day holed up at the Federal Election Commission’s headquarters down on E Street across from the hulking concrete FBI building, and be sure to bring a bunch of quarters for the copy machine.
  • I am writing this in the immediate, shocking aftermath of a 2016 presidential election in which the Pew Research Center found that a higher percentage of Americans got their information about the campaign from late-night TV comedy shows than from a national newspaper. Don Graham sold the Post three years ago and though its online audience has been skyrocketing with new investments from Amazon.com founder Jeff Bezos, it will never be what it was in the ‘80s. That same Pew survey reported that a mere 2 percent of Americans today turned to such newspapers as the “most helpful” guides to the presidential campaign.
  • In 2013, Mark Leibovich wrote a bestselling book called This Town about the party-hopping, lobbyist-enabling nexus between Washington journalists and the political world they cover. A key character was Politico’s Mike Allen, whose morning email newsletter “Playbook” had become a Washington ritual, offering all the news and tidbits a power player might want to read before breakfast—and Politico’s most successful ad franchise to boot. In many ways, even that world of just a few years ago now seems quaint: the notion that anyone could be a single, once-a-day town crier in This Town (or any other) has been utterly exploded by the move to Twitter, Facebook, and all the rest. We are living, as Mark put it to me recently, “in a 24-hour scrolling version of what ‘Playbook’ was.”
  • These days, Politico has a newsroom of 200-odd journalists, a glossy award-winning magazine, dozens of daily email newsletters, and 16 subscription policy verticals. It’s a major player in coverage not only of Capitol Hill but many other key parts of the capital, and some months during this election year we had well over 30 million unique visitors to our website, a far cry from the controlled congressional circulation of 35,000 that I remember Roll Call touting in our long-ago sales materials.
  • I remained convinced that reporting would hold its value, especially as our other advantages—like access to information and the expensive means to distribute it—dwindled. It was all well and good to root for your political team, but when it mattered to your business (or the country, for that matter), I reasoned, you wouldn’t want cheerleading but real reporting about real facts. Besides, the new tools might be coming at us with dizzying speed—remember when that radical new video app Meerkat was going to change absolutely everything about how we cover elections?—but we would still need reporters to find a way inside Washington’s closed doors and back rooms, to figure out what was happening when the cameras weren’t rolling.
  • And if the world was suffering from information overload—well, so much the better for us editors; we would be all the more needed to figure out what to listen to amid the noise.
  • Trump turned out to be more correct than we editors were: the more relevant point of the Access Hollywood tape was not about the censure Trump would now face but the political reality that he, like Bill Clinton, could survive this—or perhaps any scandal. Yes, we were wrong about the Access Hollywood tape, and so much else.
  • Fake news is thriving In the final three months of the presidential campaign, the 20 top-performing fake election news stories generated more engagement on Facebook than the top stories from major news outlets such as The New York Times.
  • , we journalists were still able to cover the public theater of politics while spending more of our time, resources, and mental energy on really original reporting, on digging up stories you couldn’t read anywhere else. Between Trump’s long and checkered business past, his habit of serial lying, his voluminous and contradictory tweets, and his revision of even his own biography, there was lots to work with. No one can say that Trump was elected without the press telling us all about his checkered past.
  • politics was NEVER more choose-your-own-adventure than in 2016, when entire news ecosystems for partisans existed wholly outside the reach of those who at least aim for truth
  • Pew found that nearly 50 percent of self-described conservatives now rely on a single news source, Fox, for political information they trust.
  • As for the liberals, they trust only that they should never watch Fox, and have MSNBC and Media Matters and the remnants of the big boys to confirm their biases.
  • And then there are the conspiracy-peddling Breitbarts and the overtly fake-news outlets of this overwhelming new world; untethered from even the pretense of fact-based reporting, their version of the campaign got more traffic on Facebook in the race’s final weeks than all the traditional news outlets combined.
  • When we assigned a team of reporters at Politico during the primary season to listen to every single word of Trump’s speeches, we found that he offered a lie, half-truth, or outright exaggeration approximately once every five minutes—for an entire week. And it didn’t hinder him in the least from winning the Republican presidential nomination.
  • when we repeated the exercise this fall, in the midst of the general election campaign, Trump had progressed to fibs of various magnitudes just about once every three minutes!
  • By the time Trump in September issued his half-hearted disavowal of the Obama “birther” whopper he had done so much to create and perpetuate, one national survey found that only 1 in 4 Republicans was sure that Obama was born in the U.S., and various polls found that somewhere between a quarter and a half of Republicans believed he’s Muslim. So not only did Trump think he was entitled to his own facts, so did his supporters. It didn’t stop them at all from voting for him.
  • in part, it’s not just because they disagree with the facts as reporters have presented them but because there’s so damn many reporters, and from such a wide array of outlets, that it’s often impossible to evaluate their standards and practices, biases and preconceptions. Even we journalists are increasingly overwhelmed.
  • 2016 suggests a different outcome: We’ve achieved a lot more transparency in today’s Washington—without the accountability that was supposed to come with it.
  • So much terrific reporting and writing and digging over the years and … Trump? What happened to consequences? Reporting that matters? Sunlight, they used to tell us, was the best disinfectant for what ails our politics.
Cecilia Ergueta

The Revenge of Karl Marx - The Atlantic - 0 views

  • As I write this, every newspaper informs me of frantic efforts by merchants to unload onto the consumer, at almost any price, the vast surplus of unsold commodities that have accumulated since the credit crisis began to take hold. The phrase crisis of over-production, which I learned so many long winters ago in “agitational” meetings, recurs to my mind.
  • On other pages, I learn that the pride of American capitalism has seized up and begun to rust, and that automobiles may cease even to be made in Detroit as a consequence of insane speculation in worthless paper “derivatives.” Did I not once read somewhere about the bitter struggle between finance capital and industrial capital?
  • The lines of jobless and hungry begin to lengthen, and what more potent image of those lines do we possess than that of the “reserve army” of the unemployed—capital’s finest weapon in beating down the minimum wage and increasing the hours of the working week?
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  • A disturbance in a remote corner of the world market leads to chaos and panic at the very center of the system (and these symptoms are given a multiplier effect when the pangs begin at the center itself), and John Micklethwait and Adrian Wooldridge, doughty champions of capitalism at The Economist, admit straightforwardly in their book on the advantages of globalization that Marx, “as a prophet of the ‘universal interdependence of nations,’ as he called globalization … can still seem startlingly relevant … His description of globalization remains as sharp today as it was 150 years ago.
  • The falling rate of profit, the tendency to monopoly … how wrong could that old reading-room attendant have been?
  • Marx is so embedded in our Western cast of thought that few people are even aware of their debt to him. Everybody I know now believes that their attitudes are to an extent a creation of their material circumstances … “that, on the contrary, their social being determines their consciousness”, as Marx wrote—and that changes in the way things are produced profoundly affect the affairs of humanity even outside the workshop or factory.
  • “It’s the economy, stupid.”
  • What he postulated, and what made him different from any previous theorist of materialism whether historical or dialectical, was a sharp distinction between the forces and the relations of production. Within the integument of one system of exploitation, in other words, was contained a systemic conflict that, if not resolved, would lead to stagnation and decline but, if properly confronted, might lead to a higher synthesis of abundance and equality.
  • (War between competitive capitalist states, for example, would be an instance of the negative. Seizure of power by an educated working class that understood and could transcend the logic of private ownership would be an example of human progress.
  • In my opinion, therefore, the most powerful Marxist book of the past four decades was Rudolf Bahro’s The Alternative, which showed how and why the East German state and economy were certain to implode. Communism, said Bahro—one of its former functionaries—was compelled to educate and train people up to a certain level. But beyond that level, it forbade them to think, or to inquire, or to use their initiative. Thus, while it created a vast amount of “surplus consciousness,” it could find no way of employing this energy except by squandering and dissipating and ultimately repressing it. The conflict between the forces and relations of production in the eastern part of the homeland of Karl Marx thus became a locus classicus of the sort of contradiction he had originally identified.
  • Marx was a keen admirer of that other great Victorian Charles Darwin, and according to Engels he wanted to do for the economic system what the author of The Origin of Species had done for the natural order: lay bare its objective laws of motion and thus make it possible at last to dispense with subjective and idealist interpretations.
  • The term exploitation, for example, should be not a moralizing one but a cold measure of the difference between use value and exchange value, or between the wages earned at the coal face and the real worth of that labor to the mine owner
  • there was an underlying love-hate relationship between Marx and capitalism. As early as the Manifesto, he had written of capitalism’s operations with a sort of awe, describing how the bourgeoisie had revolutionized all human and social and economic relations, and had released productive capacities of a sort undreamed-of in feudal times.
  • it does not quite explain Marx’s later failure, in Capital, to grasp quite how revolutionary capitalist innovation really was. (The chapter on new industrial machinery opens with a snobbish quotation from John Stuart Mill’s Principles of Political Economy: “It is questionable if all the mechanical inventions yet made have lightened the day’s toil of any human being.” This must have seemed absurd even at the time, and it appears preposterous after the third wave of technological revolution and rationalization that modern capitalism has brought in its train.
  • There’s also the not-inconsiderable question of capitalism’s ability to decide, if not on the value of a commodity, at least on some sort of price for the damn thing. Eugen von Böhm-Bawerk and the other members of the Austrian school were able to point out this critical shortcoming of Capital—no pricing policy—during Marx’s lifetime
  • John Cassidy wrote of Marx, “His books will be worth reading as long as capitalism endures.” That would appear to mean that Marxism and capitalism are symbiotic, and that neither can expect to outlive the other,
rachelramirez

Congress Is Running Out of Time to Save Puerto Rico - The Atlantic - 0 views

  • A Commonwealth in Crisis
  • On Sunday, Puerto Rico will likely default again on some of its debts, which now total over $70 billion.
  • It is an entity that is often almost completely at the whim of Congress, the most dysfunctional body in national politics today.
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  • . Its economy has not grown in over a decade, and there is a $28 billion gap in funding over the next five years alone.
  • Public hospitals and health-care facilities may close, exacerbating an ongoing crisis that already sees Puerto Rican patients receiving far worse health care than their mainland counterparts.
  • Puerto Rico has attempted to solve its debt issues by granting itself bankruptcy powers under rules that grant service providers in the states the ability to seek relief, but that decision remains under Supreme Court review and has been opposed in no uncertain terms by the federal government.
  • The plan also exempts Puerto Rican workers under 25 years old from the labor protections of a federally-mandated minimum wage and overtime regulation, with the goal of making Puerto Rico’s job market more competitive in comparison to its neighbors.
  • Representatives of those who hold the territory’s general obligation bonds oppose the bill as well, because it would allow Puerto Rico to restructure its debts and delay payment, as well as limit the ability of bondholders to sue if it defaults.
  • In 1984 Congress specifically carved Puerto Rico out from Chapter 9 municipal bankruptcy protections that it once had, offering no reason for singling out the territory.
  • Also in 1996, Congress passed legislation to phase out Section 936 of the federal tax code, a law that exempted U.S. industries from taxes on income in Puerto Rico. With no replacement plan to promote development or growth, Puerto Rico’s economy suffered.
  • The Medicaid underpayment deficit alone accounts for almost one-fifth of the current total deficit in the territory. A legislative medical-funding scheme could both help right the financial ship in Puerto Rico and help its crippled health-care system face the siege of Zika.
  • Granted, the government of Puerto Rico is not blameless in this saga. Its public-services monopolies are extraordinarily inefficient; the territorial government has not been good with spending, budgeting, or long-term fiscal planning; and the two major parties––for statehood and the status quo––have supported some congressional reforms with the goal of forcing the other side’s hand, instead of promoting good governance.
  • Congress’s dysfunctions might run so deep that they keep it from even addressing a humanitarian crisis in the country, a total failure of the body’s special duty towards Puerto Rico. Congress’s current plan might provide short-term relief, but it is a bit of a Hobson’s choice.
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