Who really owns the world, and what to do about it

The three companies that own everything

Asset management firms invest in everything from the stock market to housing, and as a result they now oversee over 26% of global private wealth. The 'Big Three' firms now manage over $23 trillion in assets - a number close to the GDP of the US. But, argues A.G. (writing under a pseudonym while she investigates the firms), these companies' size and influence encourages anti-competitive behaviour and prioritises short-term profits over broader economic health. This has led to wage stagnation and increased wealth concentration among the rich. We need alternative approaches. A democratically controlled public asset management firm could help us to achieve more equitable and sustainable prosperity.

 

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