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Failed Models
This piece is especially directed toward those who are always raging mindlessly about the “free market”.
The Saudi Oil Minister says global oil production could plunge 30% in the next decade if investors don’t put up more money. Of course, the oil industry is the fourth most profitable industry in the world in 2021.
What I have to say is that any business that has existed for decades and needs more outside investment is a failed business model but I will come back to that point.
The fact is that of the 5 most profitable industries globally in 2021, three are heavily subsidized by the US government. Software and the pharmaceutical industry actually exceed the fossil fuel industry. At least for this year. All 5 have stated they intend to increase prices in early 2022.
The arms industry in the US exists almost exclusively on government funding. Even foreign weapons sales are negotiated and subsidized by federal government marketing, threats and further economic subsidies. When the US gives money to countries like Saudi Arabia and Israel, those countries use that money to buy weapons from US corporations, which means that the weapons sold to other countries are paid for, in part or in full, by US citizens. By comparison, the arms industries in some…
