"Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of smaller ones. The result of these developments is an oligarchy of private capital the enormous power of which cannot be effectively checked even by a democratically organized political society. This is true since the members of legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists who, for all practical purposes, separate the electorate from the legislature. The consequence is that the representatives of the people do not in fact sufficiently protect the interests of the underprivileged sections of the population. Moreover, under existing conditions, private capitalists inevitably control, directly or indirectly, the main sources of information (press, radio, education). It is thus extremely difficult, and indeed in most cases quite impossible, for the individual citizen to come to objective conclusions and to make intelligent use of his political rights."
China and India haven't fully privatized the banks, energy, telco/cable/internet, health and edu. How did that happen? Why didnt these sectors get over run by western private capital?
Can't speak to India, but China has an authoritarian government that is fiercely protective of its national interests, which includes all the sectors you listed. So the short answer is strict government regulation and oversight of the private sector operating within its borders?
China also went from one of the weakest mass transit systems to one of the most extensive in a very short time. How? If your property was in a right of way, it was appropriated (usually with some compensation). Like eminent domain in the US only you don't get to appeal the decision or sue or delay. Then economies of scale took over as they laid track.
This forum is an example of our progress in this area since 1949. It is read widely by the rich and poor globally, with impressively little filtering by its owners. Every comment we make here evades control by the rich on a scale that would have been science fiction to Einstein. The control of the means of communication by the rich has cracked in detail, and we seem to be witnessing the not very slow crumbling of traditional media.
And a growing demand to replace it with state control.
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[ 4.7 ms ] story [ 19.1 ms ] threadHighlighted quote:
"Private capital tends to become concentrated in few hands, partly because of competition among the capitalists, and partly because technological development and the increasing division of labor encourage the formation of larger units of production at the expense of smaller ones. The result of these developments is an oligarchy of private capital the enormous power of which cannot be effectively checked even by a democratically organized political society. This is true since the members of legislative bodies are selected by political parties, largely financed or otherwise influenced by private capitalists who, for all practical purposes, separate the electorate from the legislature. The consequence is that the representatives of the people do not in fact sufficiently protect the interests of the underprivileged sections of the population. Moreover, under existing conditions, private capitalists inevitably control, directly or indirectly, the main sources of information (press, radio, education). It is thus extremely difficult, and indeed in most cases quite impossible, for the individual citizen to come to objective conclusions and to make intelligent use of his political rights."
China also went from one of the weakest mass transit systems to one of the most extensive in a very short time. How? If your property was in a right of way, it was appropriated (usually with some compensation). Like eminent domain in the US only you don't get to appeal the decision or sue or delay. Then economies of scale took over as they laid track.
And a growing demand to replace it with state control.