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#CapitalAsPower, a framework from @BichlerNitzan, holds that companies don't seek to be as profitable as possible - but rather to accumulate as much POWER as possible. A company doesn't seek to be as big as possible, but rather, as dominant.
capitalaspower.com
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capitalaspower.com
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If you'd like an unrolled version of this thread to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:
pluralistic.net/2021/10/20/viz…
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pluralistic.net/2021/10/20/viz…
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There are two strategies for accumulating power: one is "breadth": to grow the market as much as possible, thus accumulating profits faster than the average competitor, eventually taking a commanding lead over the rest of the field.
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Today I'm tweeting about @BichlerNitzan's buy-to-build indicator.
If you're not familiar, this is an indicator that quantifies the portion of 'investment' spent buying other corporations.
#buytobuild
#capitalaspower
If you're not familiar, this is an indicator that quantifies the portion of 'investment' spent buying other corporations.
#buytobuild
#capitalaspower
Notice the scare quotes around 'investment'. To many people, 'investment' means to 'build new capacity'. Hence, governments are always chasing 'investment' dollars.
But here's the thing: 'investment' is purely about transferring property rights.
But here's the thing: 'investment' is purely about transferring property rights.
The word 'invest', @BichlerNitzan observe, has feudal origins. In feudal societies, 'investiture' was the "symbolic ceremony of transferring property rights from the lord to the vassal".
blairfix.github.io/capital_as_pow…
blairfix.github.io/capital_as_pow…
