Platform Capitalism, eating your town

Platform Capitalism, a form of monopoly capitalism, is hollowing out your down town, knocking out local retail.

Major internet-based platforms command monopolies which allow them to charge well beyond their cost of production. They undercut the competition, take in 65% of all ad revenues and realize an 80% unearned return on investment, all tax free. In contrast, your local retailers face competition, collect only earned income, and pay taxes.

Monopolies are allowed to pocket economic rent, revenue without a corresponding cost of production, wealth that rightfully belongs to the community. This wealth should be captured by governments to fund programs in lieu of dead-weight taxes on earned income (jobs, businesses, sales).

The Canadian government, for example, could quickly stop this appropriation of economic rent without passing new legislation, simply by declaring them broadcasters under existing law.

Read: The crushing impact of social media freeloaders -- by Robin V. Sears, Toronto Star, April 14, 2019