Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.

In April, Société Générale economist Albert Edwards released a scathing note saying he hadn’t seen anything like the current levels of corporate greed in his four decades working in finance. He said companies were using the war in Ukraine as an excuse to hike prices in search of profits.

“The end of Greedflation must surely come. Otherwise, we may be looking at the end of capitalism,” Edwards wrote. “This is a big issue for policymakers that simply cannot be ignored any longer.”

  • Instigate@aussie.zone
    7·
    1 year ago

    I feel as though there’s a lot of one-upmanship in the capitalist class that prevents them from working in their own long-term best interest, coupled with a sense of infallible invincibility. Many capitalists believe they have what they have because they deserve it, and any moves to redistribute wealth that would maintain the status quo become untenable because of that constant drive to have more than your neighbour.