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Why corporatism, not capitalism, is the root of social harm
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The economy is never as good as it looks and never as bad as it seems
An aphorism sometimes used by professionals in the financial markets is that ‘things are never as good as they look and never as bad as they seem.’ That is perhaps worth remembering when the Federal Budget is delivered on 11 May. The expected economic devastation from the COVID-19 lockdowns which caused deep harm to many sectors, especially tertiary education, travel and tourism has not, at least in aggregate, led to the economy falling off a cliff. Things have not turned out to be as bad as they had seemed a year ago.
When economic policy transcends political division
It is one of the ironies of Australian political history that a policy that has profoundly benefited this country’s version of capitalism came, not from the right, but from the Labor party and unions. The mandating of superannuation payments in 1992 under the Keating government has profoundly changed Australia’s financial system. There are few better demonstrations of how mouldy left-right economic distinctions based on ideas formed in the nineteenth century (or eighteenth century in the case of the Adam Smith) have mostly lost relevance in the twenty first century.
When the policy was introduced many Liberal Party politicians at first expressed hostility until they realised how much money was to be made, that is. It turns out that if you want robust capitalism, then ask the Left. The full financial effect has taken decades to emerge and it is still mostly ignored, or not understood, in political debates. There is much co
Finding a new business model for big tech monopolies
The increasing censorship by the tech monopolies is, reasonably enough, raising fears about attacks on free speech. Facebook’s ban on Australians’ finding or sharing news on its site has exposed the intense bullying, although in many ways this is a battle over who gets advertising revenue between News Corp and Facebook with the Federal government caught in the middle. Facebook is not interested in news; it is an advertising company.
What has been less noticed is that social media companies are adopting a strategy that may go down in history as among the worst corporate mistakes ever. Google and Facebook are, respectively, the fifth and sixth most valuable companies in the world. On the way up they were exceptionally innovative; so effective at providing better value to advertisers that they destroyed much of the world’s mainstream media industry by capturing over half of the world’s advertising revenue.
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