Social welfare programs offset negative consequences of corporate power from "summary" of The New Industrial State by John Kenneth Galbraith
In the modern industrial system, corporate power holds considerable sway over the economy and society at large. Large corporations dominate markets, control production, and influence government policies to serve their own interests. This concentration of power in the hands of a few big corporations can have negative consequences for the general population. One of the main concerns with corporate power is its potential to exploit workers and consumers. With their massive resources and influence, corporations can dictate wages, prices, and working conditions to maximize their profits. This often leads to inequalities in income and wealth, as well as reduced bargaining power for workers and consumers. Moreover, corporate power can also have detrimental effects on the environment and public health. In their pursuit of profit, corporations may engage in practices that harm the environment, ...
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