Income inequality exacerbated by corporate wealth from "summary" of The New Industrial State by John Kenneth Galbraith
The concentration of economic power in the hands of large corporations has led to a significant increase in income inequality. This phenomenon is a direct result of the immense wealth and influence that these corporations wield in the modern economy. As these corporations amass more and more wealth, they are able to exert greater control over various facets of the economy, including wages and prices. Corporate wealth allows these large corporations to dictate terms to workers, suppliers, and consumers. In the case of workers, for example, corporations can suppress wages and benefits in order to maximize profits for shareholders. This ultimately leads to a widening gap between the compensation of top executives and the average worker, exacerbating income ine...
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