Why the Rise of Mega-Companies May Damage the Global Economy
The world’s biggest businesses are massive, spanning countries and continents. Now they're getting even larger, and that may not be a good thing. In the past few decades alone, the largest 50 firms have tripled their profit. Amazon, Apple, Facebook, Microsoft and Google together make more money in a week than McDonald’s now makes in an entire year. On this week’s podcast, host Stephanie Flanders talks with Bloomberg’s Chief Economist Tom Orlik about what the rise of these mega-companies could mean for the global economy.
London School of Economics Professor Philippe Aghion joins Flanders to explain why the rise of big tech, once great for innovation and growth, is no longer. Aghion also discusses his plan for getting the very best out of capitalists. And French economy reporter William Horobin explains why the campaign to extract tax from the tech giants just got a lot more interesting.
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