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Notes -
Is China going to reciprocate?
I don't think that we can assume that American champions are just going to continue to be massively successful without the economies of scale or that even less accountable foreign companies won't take over. This, I assume, is Nybbler's complaint about wanting upsides with no downsides.
I assume China is scary to you because its interests do not necessarily line up with those of America, and if the Chinese government deems it necessary, it might take actions that are detrimental to American citizens if it becomes too powerful.
I would argue that the same is true for the mega corporations though. They did not get rich by being nice, and will tend to look out for their own interests first and foremost. Those interests may not always align with those of the local population, so if they become too powerful, they may take actions that are detrimental to American citizens. The main advantage of the mega corps being local then, are the jobs, taxes, and the fact that you can regulate them.
Unfortunately, the last two factors only work if the state is significantly stronger than the corporate entities, and willing to regulate them. When social media companies become big enough to sway public opinion though, they get the power to significantly reduce the will of the population, whilst lobbying for politicians to deregulate. So for large enough entities the advantages of taxes and regulation are bound to lessen over time.
So only jobs are left. This is important of course, but I would argue that mega corps are not necessary for this. After all, several countries exist without mega corps and still manage to have low unemployment.
So I suppose I don't see much of a difference between having the mega corps in America or in China. They don't seem to care about how their activities effect the world regardless.
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