Only bold state intervention will save us from a future owned by corporate giants
Like a handful of other corporate giants, Amazon has seen its business expand during this crisis. In the US, the company took on 100,000 new workers between mid-March and mid-April, before looking to create another 75,000 posts. Its stock price has soared by more than 50% since the beginning of April, and Amazon’s founder, Jeff Bezos, has seen his wealth increase by $30 billion (£24bn) during the pandemic alone. The global billionaire class have never had it so good.
The government must ensure the recovery works for everyone, not just for the richest. A large part of the answer lies in a move to block corporate consolidation and predatory acquisition, preventing the leveraged buyout of the economy. This could take the form of a state holding company, with a mandate to support struggling small and medium enterprises directly through the coronavirus era and to prevent the destruction of what remains of the UK’s local small-business sector.