It isn’t socialist to question the ethical considerations of Bezos, Musk, Gates, Zuckerberg, and company and their wealth. It’s not wealth redistribution to question an economic system that permits the acquistion of multiple billion-dollar fortunes. And, this isn’t the first time on the American Adventure where questioning such lopsided wealth distribution favoring a very few is necessary.
Astor, Rockefeller, Getty, Morgan and company – the late 19th “Robber Barons” – financially benefited from an economic system unable to prevent monopolies. It took Congress stepping in to regulate fair market competition and close the economic loophole that allowed monopolies to happen.
The Sherman Act the Clayton Act and the Federal Trade Commissiom Act are the three main legislations addressing monopolies, if you’re curious.
The same type of legislation is soon to come in regulating the Tech Giants, and like the Robber Barons, the economic loophole that just made Bezos a $200-billionaire will be closed.
The antitrust acts were not socialism or wealth redustribution. The antitrust acts were a course correction of an unanticipated economic consequence requiring regulation.
The way the Tech Giants acquire wealth requires a similar course correction. And, it’s soon to come.