Nov 14, 2016
According to a report released by the campaign group “Global Justice Now,” of the 100 richest economic entities in the world, 69 are private companies. Only 31 countries make the list.
The concentration of capital in the hands of a small number of multinationals is nothing new, but it is increasing. The combined revenue of the world’s ten largest corporations is now larger than the total combined GDP of the world’s 180 poorest countries. Walmart’s income is larger than that of Spain, Australia, and the Netherlands. These corporations can sometimes entirely control the economy of a poor country. This used to be the case for Guatemala, which was controlled by the U.S. giant, the United Fruit Company. It is still the case today for Republic of Congo, which French oil major Total controls. Meanwhile, in the rich countries there are companies which have more influence than millions of voters, like the oil majors which got the U.S. and British governments to invade Iraq, despite widespread opposition.
The working class cannot expect any change from the ballot box. As long as these giant companies control countries and whole economies, the social injustices on which their parasitism in society is based, won’t be ended.