Traditional capitalism aims for perfect competition in which many firms vie to deliver goods and services to customers. Social media is dominated by impregnable monopolies that enjoy vast economies of scale and scope. Facebook’s latest scandals provide grounds for genuine reform.
British Prime Minister Boris Johnson told the United Nations just weeks ago that transitioning to a carbon-neutral economy would be a cinch. Oops. The global energy crisis changes everything. Not least, it makes the cost of jettisoning hydrocarbons a great deal more expensive.
The property developer’s spectacular collapse is the fruition of a massive real estate bubble, over-investment, excessive debt buildup and a wobbly credit system. As China’s bubble economy deflates, it will be replaced by a new one under President Xi Jinping’s absolute command.