Very thoughtful (2-fer) review. Thank you Bill Janeway! Spurs all kinds of questions about remedies. Anti-trust seems like an excellent place to start, but regulating conduct rather than breaking up the behemoths seems like the way to go. And who will lead? I think its much more likely a transnational European effort will have more bite than a US led effort -- even though the companies are US based. Or could, irony or ironies, authoritarian regime in their quest to suppress as the most effective counterweights? Lots Knightian uncertainty here!
After 2008, Greece came to symbolize global capitalism’s failure to balance credit and trade flows. Today, as the global mismatch between economic reality and financial returns grows, there is clear danger that, once again, the country is foreshadowing a new phase of the global crisis.
Since the European Union’s eastward expansion in 2004, Western Europe has been enjoying a free lunch at newer member states’ expense. But as today’s political divisions show, the bill may finally be coming due.