[PLUG-TALK] The Corner Newsletter: The Death of BuzzFeed News (fwd)

[Paul Heinlein]

On Fri, 28 Apr 2023, Rich Shepard wrote:

> For your information.
>
> ---------- Forwarded message ---------- No images? Click here
> https://openmarketsinstitute.cmail19.com/t/j-e-eidjddk-dluyyklhyd-c/
>
> Welcome to The Corner. In this issue, we explore how Big Tech behemoths have
> always controlled the destiny of digital media outlets like BuzzFeed News,
> which shut down last week.
>
> Closure of Buzzfeed News Shows How Big Tech’s Business Model is Still
> Killing Good Journalism

I have a long-standing fear that the corporate consolidation in the US 
economy over the past 40 years or so, in all markets (including 
journalism), has not been particularly beneficial to our society. It 
has

* concentrated wealth among top earners
* concentrated market decisions in a few hands
* reduced real capitalistic competition
* traded resilience for efficiency
* removed more workers from business decisions
* traded social wealth for corporate profits
* increased barriers of entry for small businesses

At some point, and I think we're long past it, consolidation removes 
the vibrancy from a market economy and makes it resemble something 
much more like statist system: a few big players, supported by 
political cronies, tending toward plutocracy.

-- 
Paul Heinlein
heinlein at madboa.com
45°22'48" N, 122°35'36" W