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Economic Termites: Monopolies not noticeable enough for most of us
Why is this economy so difficult to manage? The macro statistics are hiding the experience of being cheated.
The concept of an economic termite is the cousin to Cory Doctorow’s ‘enshittification’ or Yves Smith’s ‘crapification,’ terms that describe how a platform gradually degrades the quality of its service as it gains market power and gets pushed to extract cash by financiers. Its expenses are basically running a simple database, its strategy is to hike prices just below what will be noticed, and its method is to have politically connected people like Clinton Justice Department official Jamie Gorelick - who is one of Merrick Garland’s good friends - on its board. As one Wall Street analyst put it in praising the stock, “Like other software suites providing extensive support for customer workflows, ADSK's offerings can demand premium prices due to their prevailing market dominance.
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