Technology, Power and Democracy

The technology sector has exploded over the past fifty years with exponential innovation, creating massive wealth and huge corporates the likes of which we have not seen before. This is testament to man’s ability to create what the mind can conceive, with scientific and engineering breakthroughs propelling technological innovation to incredible heights while creating many billionaires in the process.

The great technology wealth has created many jobs, with leading firms having been bestowed much power. Wealth does not just lead to more wealth, it also leads to more political and economic power being concentrated in the hands of a few which is highly problematic.

Many feel that the US system serves the capitalist rich which can be seen in the huge wealth divide in the country. The wealth gap has widened significantly over the past few decades with the richest 1% now holding more wealth than the bottom 90% combined. This concentration of wealth has far-reaching implications, not just for the economy, but for the political landscape as well.

Wealthy individuals and corporations wield significant influence over politics and policy-making, which is evident in the way political campaigns are funded, the lobbying power of large corporations, and the revolving door between corporate boardrooms and government positions. The recent inauguration of Trump highlighted this dynamic, with tech leaders from Google, Meta, Amazon, and Tesla taking prime seats at the event. These tech giants have seen their wealth increase by hundreds of billions over the last decade, while the federal minimum wage has remained stagnant at $7.25 since 2009, greatly exacerbating economic disparity.

The growing wealth divide creates a poverty vicious cycle. As the rich get richer, they gain more power to shape policies that favor their interests, often at the expense of the broader population. This leads to reduced social mobility, fewer opportunities for the middle and lower classes, and a growing sense of disenfranchisement among the populace.

US capitalism in its current form is failing the masses and in turn democracy. The balance between capitalist owners and the money they redistribute in society is highly unbalanced. The wealthy hold formidable power in their hands, with the uneven wealth distribution between them and their workers exacerbating social and economic inequalities. This imbalance threatens the very foundation of democracy, as people care less about the system ruling them and more about their well-being, opportunities, and prosperity, regardless of what system of government is ruling over them.

To ensure the survival of democracy, there must be a concerted effort to address wealth inequality. This includes implementing policies that promote fair wages, progressive taxation, and robust social safety nets. Additionally, there must be measures to curb the influence of money in politics and ensure that the voices of ordinary citizens are heard and valued.

The US can either continue down the path of concentrated wealth and power, leading to further erosion of democracy, or it can take bold steps to rectify the imbalances and create a more equitable society. The choice is clear. For democracy to thrive, the wealth divide must be addressed, and the power of the few must be checked to ensure the well-being and prosperity of the many is being maintained above all else.

A more equitable society certainly must be created to ensure the survival of US democratic principles and to bring together a highly fragmented American public.

Talal Abu-Ghazaleh