Sachs says four key sectors of US business exemplify this feedback loop and the takeover of political power in America by the ''corporatocracy''.
First is the well-known military-industrial complex.
Second is the Wall Street-Washington complex, which has steered the financial system towards control by a few politically powerful Wall Street firms, notably Goldman Sachs, JPMorgan Chase, Citigroup, Morgan Stanley and a handful of other financial firms.
These days, almost every US Treasury secretary - Republican or Democrat - comes from Wall Street and goes back there when his term ends. The close ties between Wall Street and Washington ''paved the way for the 2008 financial crisis and the mega-bailouts that followed, through reckless deregulation followed by an almost complete lack of oversight by government''.
Third is the Big Oil-transport-military complex, which has put the US on the trajectory of heavy oil-imports dependence and a deepening military trap in the Middle East, he says.
''Since the days of John D. Rockefeller and the Standard Oil Trust a century ago, Big Oil has loomed large in American politics and foreign policy. Big Oil teamed up with the automobile industry to steer America away from mass transit and towards gas-guzzling vehicles driving on a nationally financed highway system.''
Fourth is the healthcare industry, America's largest industry, absorbing no less than 17 per cent of US gross domestic product.
Sachs says the main thing to remember about the corporatocracy is that it looks after its own. ''There is absolutely no economic crisis in corporate America.
''Consider the pulse of the corporate sector as opposed to the pulse of the employees working in it: corporate profits in 2010 were at an all-time high, chief executive salaries in 2010 rebounded strongly from the financial crisis, Wall Street compensation in 2010 was at an all-time high, several Wall Street firms paid civil penalties for financial abuses, but no senior banker faced any criminal charges, and there were no adverse regulatory measures that would lead to a loss of profits in finance, health care, military supplies and energy,'' he says.
''It began with globalisation, which pushed up capital income while pushing down wages. These changes were magnified by the tax cuts at the top, which left more take-home pay and the ability to accumulate greater wealth through higher net-of-tax returns to saving.''
1) The authors name is "Sachs" who some refer to as a globalist shill.
2) He appears to be a mainstream "academics" professor.
Sachs was raised in Oak Park, a suburb of Detroit, Michigan, and graduated from Oak Park High School. He attended Harvard College, where he received his B.A. summa cum laude in 1976. He went on to receive his M.A. and Ph.D. in economics from Harvard, and was invited to join the Harvard Society of Fellows while still a Harvard graduate student. In 1980, he joined the Harvard faculty as an Assistant Professor and was promoted to Associate Professor in 1982. A year later, at the age of 28, Sachs became a Full Professor of economics with tenure at Harvard.
During the next 19 years at Harvard, he became the Galen L. Stone Professor of International Trade, the Director of the Harvard Institute for International Development at the Kennedy School of Government (1995–1999), and the Director of the Center for International Development (1999–2002).
In 2002, Sachs left Harvard to become the Director of the Earth Institute at Columbia University in New York City. At Columbia he is the Quetelet Professor of Sustainable Development, and is also a professor in Columbia's Department of Economics and the Department of Health Policy and Management. His classes are taught at the School of International and Public Affairs and the Mailman School of Public Health, and his course "Challenges of Sustainable Development" is taught at the undergraduate level.
In his capacity as Director of the Earth Institute, he leads a university-wide organization of more than 850 professionals from natural-science and social-science disciplines, in support of sustainable development. Sachs has consistently advocated for the expansion of University education on sustainable development, and helped to introduce the PhD in Sustainable Development at Columbia University, one of the first PhD programs of its kind in the U.S. He championed the new Masters of Development Practice (MDP), which has led to a consortium of major universities around the world offering the new degree. The Earth Institute has also guided the adoption of sustainable development as a new major at Columbia College. The Earth Institute is home to cutting-edge research on all aspects of earth systems and sustainable development.
Sachs has been a consistent critic of the IMF and its policies around the world. He has blasted the international bankers for what he sees as a pattern of ineffective investment strategies
3) The source is from the MSM (Sydney Morning Herald)
Mainstream in what sense? That he is accomplished, respected and highly educated? What differnence does that make if his assertions are correct?
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Any issue involving mass injustice, patterns of abuse, invasion of constitutional rights, or deprivation, can be addressed if private citizens transform themselves into public citizens and demand it together as a persistent force.
Most people who are powerless don’t feel good about being powerless; they just accept it. Over time, though, feelings of powerlessness can gnaw away at one’s sense of self-worth—even for those who are leading the so-called good life.
So when they start meeting other powerless people like themselves who want to learn how to take part in shaping their own futures, something wonderful is created: a small community with a serious purpose.
Originally posted by TheComte
I would also include the food industry. That is pretty big and is also controlled by a few huge conglomerates. It also fits the theory nicely as a feeder mechanism for the health care racket.