GEAB 184
The debate over whether the heads of the largest US technology companies or successive US Presidents wield the most power has persisted for many years. While the ascendance of the private sector is undeniable, with the market capitalisation or revenue of these companies now surpassing the GDP of most states, the balance of power has still largely favoured politics. Our team would point to Mark Zuckerberg’s setbacks as evidence for this. He was prevented from launching his cryptocurrency through Facebook (Meta) by the public authorities, for fear that it would be too widely adopted and compete directly with fiat currencies. The same Mark Zuckerberg was heard by the US Congress and the European Parliament, and the images that went round the world did not paint a very flattering picture, still less one of his implacable power in the face of the political system.
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