Technological advancements central to corporate dominance from "summary" of The New Industrial State by John Kenneth Galbraith
In the modern industrial system, technological advancements play a crucial role in shaping the power dynamics within corporations. These advancements have enabled corporations to consolidate their dominance and control over various aspects of the economy. As a result, these corporations have become increasingly powerful and have a significant influence on both the market and the government. One of the key ways in which technological advancements have contributed to corporate dominance is through the creation of barriers to entry. The high costs associated with developing and implementing new technologies make it difficult for smaller competitors to enter the market and compete with established corporations. As a result, these corporations are able to maintain their dominance and control over the market. Furthermore, technological advancements have also enabled corporations to increase their economies of scale and scope. By investing in new technologies and production methods, corporations are able to produce goods and services more efficiently and at a lower cost. This allows them to outcompete smaller competitors and further solidify their dominance in the market. Additionally, technological advancements have enabled corporations to expand their reach and influence globally. Through the use of advanced communication and transportation technologies, corporations are able to operate on a global scale and reach customers in different parts of the world. This global reach allows them to increase their market share and further cement their dominance in the industry.- Technological advancements have become central to corporate dominance in the modern industrial system. These advancements enable corporations to create barriers to entry, increase their economies of scale and scope, and expand their reach globally. As a result, corporations have become increasingly powerful and influential in shaping the economy and the market.
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