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Better Offline

The Shareholder Supremacy

Better Offline

Cool Zone Media and iHeartPodcasts

Technology

4.6688 Ratings

🗓️ 10 July 2024

⏱️ 34 minutes

🧾️ Download transcript

Summary

In this episode, Ed Zitron tracks the history of the growth-at-all-costs rot economy to a court case in 1916 that established the Shareholder Supremacy, and set the terms for General Electric's Jack Welch to fundamentally break capitalism, an era where companies moved away from building lasting, sustainable companies that created things and instead began focusing on pleasing shareholders - and how it leads to today's terrible tech companies and leaders.

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Transcript

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0:00.0

This is an IHeart podcast.

0:02.5

Guaranteed Human.

0:06.5

CoolZone Media.

0:09.0

Hello and welcome to Better Offline.

0:11.0

I'm your host, Ed Zittron. in the next two episodes i'm going to walk you through a theory i have about how the tech

0:28.4

industry and capitalism at large became the playground of asshole do-nothing management dictators

0:34.4

that see human beings as assets and the customer as kind of an annoying

0:38.5

diversion from growth. But before I go any further, please check the episode details of this

0:44.9

for a URL that has sources for everything that I'm talking about in this and future episodes.

0:49.3

I want you all to be able to follow along with everything I'm saying. Don't take my word for it,

0:53.5

take the many, many links that I've included. It's important that you're just as informed as I am here.

0:59.5

But now to the episode, and I promise you, once we're done with this two-parter, everything

1:04.4

that's happening will make a little bit more sense. Even though it all feels just chaotic

1:10.0

and offensively stupid, disconnected from reality.

1:14.2

In many ways, I've been working on this episode and its follow-up for years, watching these

1:19.6

trends, getting steadily more pissed off, as you've probably heard, unable to see the big picture

1:24.2

because I've been picking up things as I go. Even since 2020 when I started writing my newsletter, there was something going on that

1:31.3

I just couldn't quite get.

1:33.6

It's been really hard to understand how companies like Meta can run terrible companies

1:38.0

with decaying services that are also somehow wildly profitable, or how Meta, Microsoft,

1:43.4

and Google keep proliferating this

1:45.3

unprofitable, unsustainable, generative AI tech that takes water from the desert and strains

...

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