The forepart of this chapter discusses the very substantial power exercised by America’s giant corporations. One conglomerate, Samsung, accounts for approximately one-fifth of the South Korean economy. Samsung, well-known for electronics production, also builds roads, operates hotels, and sells insurance, among other activities. Critics say Samsung destroys smaller competitors, fixes prices, and avoids criminal punishment. “You can even say the Samsung chairman is more powerful than the South Korean President,” said Woo Suk-hoon, host of a popular economics podcast. “Korean people have come to think of Samsung as invincible and above the law.” Of course, Samsung generates hundreds of thousands of jobs and makes the world’s best-selling smartphone, the Galaxy.
a. If not already the case, do you envision a future in which a relatively small number of corporations dominate world economics? Explain.
b. Would we be better off if that domination were to transpire? Explain.