For four years America has shuddered watching Donald Trump, the poor man’s Benito Mussolini, doing his Il Duce imitation. Certainly, Trump's timely political demise should be celebrated, but we cannot ignore a far bigger long-term threat to democracy—one that may be further accelerated by the new regime in Washington.
Under the kindly eyes of Uncle Joe, we soon may find ourselves living under an updated version of the fascist “corporate state”— an alliance between political leaders and a handful of ultra-rich, ultra-powerful companies that increasingly dominate the economy and culture. This new American-style corporate state reflects not a conspiracy but the politics of a society with unprecedented concentrations of wealth and power.
These firms, based largely in the tech industry, have benefited massively from the lockdowns and now account for nearly 40 percent of the value of the Standard and Poor index, a level of concentration unprecedented in modern history, As the giants get even more gigantic, up to 30 percent of America’s small businesses face bankruptcy and the ranks of the poor have grown by 8 million.
