Will Users Be Losers in “EU versus Google”? by Mario Mariniello – Project Syndicate

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This is an excellent, MUST READ, article by Mario Mariniello, published by Project syndicate. Mariniello is a research fellow at Bruegel, an international economics think tank.

via Will Users Be Losers in “EU versus Google”? by Mario Mariniello – Project Syndicate.

As I read this article, my mind wandered to the wider trends at stake here. Big corporations, like Google, seem to be able to make super-profits from apparently anti-competitive behavior and then avoid paying taxes. Despite all the bureaucracy emanating from the EU, I am concerned that consumers are not getting a fair deal against big-business. Perhaps, the European Commission has been too focused on excessive austerity to pay attention to anti-competitive behavior?

Let me turn this to an open question:

Since 2008 have consumers lost power against big-business?

Any thoughts?


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4 responses

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  3. Consumers have lost power against Big Business because as smaller businesses have been acquired ,Big Businesses have placed themselves in a position where they pay no taxes and any competition they might have had is effectively eliminated.
    Even when they are fined for money laundering the proceeds of drug dealing by Mexican drug barons(HSBS PLC),The $1billion USD fine levied in the American courts is first applied to any taxable profits in order to reduce the tax payable,the costs of sending executives to the hearings and loss of business plus the court costs and legal fees are also applied to the taxable profits thus reducing the tax bill even further.
    The coup de grace is delivered in the form of higher credit card charges,arrangement fees for loans and hidden bank charges,rendering the entire fine useless as a deterrent.
    As for the bankers themselves,their bonuses are back up to 82% in the case of those based in the City of London.
    Looking at executive pay and rewards for failure,those too have risen sharply and whether it is energy costs,food or rail fares the consumer is getting the sharp end of the stick.
    Unless Directors are made to feel some of the pain they inflict on others personally nothing will change and they will accrue even more power to themselves at the expense of their customers.

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