Category Archives: Harm through the market

Oligopolies and monopolies are very important ways of obtaining income without providing a productive service. They produce goods, a productive service. However, they receive additional income by raising prices, and their oligopoly/monopoly profits are distinguished by economists from normal profits and other expenses, which are the returns to productive activity. There are other harmful aspects to concentration and large firms as well, including restriction of innovation, using patents to defend market position, non-compete requirements for their employees, and substantial political power.  Also see Obtaining income from the government as both are often involved.

Oppression and Exploitation News September 10 – 16

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Tax Havens 2020

Fincen Files: Thousands of secret suspicious activity reports offer a never-before-seen picture of corruption and complicity—and how the government lets it flourish Jason Leopold, Anthony Cormier, Jeremy Singer-Vine, Scott Pham, Richard Holmes, Azeen Ghorayshi, Michael Sallah, Tanya Kozyreva, and Emma Loop Buzzfeed News September 20, 2020
A huge trove of secret government documents reveals for the first time how the giants of Western banking move trillions of dollars in suspicious transactions, enriching themselves and their shareholders while facilitating the work of terrorists, kleptocrats, and drug kingpins. And the US government, despite its vast powers, fails to stop it.

Report documents criminality and corruption at heart of global banking system Barry Grey World Socialist Website September 22, 2020

Harm through the market 2020

This deal helped turn Google into an ad powerhouse. Is that a problem? Steve Lohr New York Times September 21, 2020

Oppression and Exploitation News – July 30 – August 5

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Damage to the U.S. economic and financial system 2020

Businesses are supposed to cut debt in a downturn. Why not now? Matt Phillips New York Times July 20, 2020
The Federal Reserve’s efforts to stabilize markets have touched off an even bigger borrowing binge than corporate America was already on. Investors have been so emboldened by the Fed’s actions that even companies viewed as especially risky are having no problem borrowing heavily…. The low costs of borrowing will inevitably keep some companies alive that would otherwise have gone bankrupt this year, creating a class of so-called zombie companies that stagger along but are too weak to invest and grow while sucking up cash that could be put to better use elsewhere.

Harming people – Keeping people oppressed 2020

Hachalu Hundessa, Ethiopian singer and activist, is shot dead Abdi Latif Dahir New York Times May 30, 2020
The musician, 34, was known for political songs that provided support for the ethnic Oromo group’s fight against repression and a soundtrack for antigovernment protests.

Harm through the government 2020

DeVos aide played role in helping failing for-profit colleges, texts and emails show Danielle Douglas-Gabriel Washington Post July 28, 2020

Harm through the market 2020

TurboTax and H&R Block used “unfair and abusive practices,” state regulator finds Justin Elliot ProPublica July 15, 2020
Last year alone, more than 14 million Americans paid around $1 billion to Intuit and other companies for tax prep that they should have gotten for free, according to a Treasury inspector general report.

Damage to the U.S. economic and financial system 2020

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A hedge fund bailout highlights how regulators ignored big risks Jeanna Smialek and Deborah B. Solomon New York Times July 24, 2020
The Dodd-Frank financial law succeeded at making banks safer, but empowered shadowy corners of finance that nearly wrecked the system in March.

Businesses are supposed to cut debt in a downturn. Why not now? Matt Phillips New York Times July 20, 2020
The Federal Reserve’s efforts to stabilize markets have touched off an even bigger borrowing binge than corporate America was already on. Investors have been so emboldened by the Fed’s actions that even companies viewed as especially risky are having no problem borrowing heavily…. The low costs of borrowing will inevitably keep some companies alive that would otherwise have gone bankrupt this year, creating a class of so-called zombie companies that stagger along but are too weak to invest and grow while sucking up cash that could be put to better use elsewhere.