Executives are doing quite all right as well.
“The rules are being rigged and the companies are helping to rig them,” Irit Tamir, senior director of Oxfam America’s private sector department, tells Fortune, speaking of company taxation that has gone down due to a strong corporate-lobbying presence.
While money was seemingly tight for some, it was an equivalent of Christmas for those at the top: Stock buybacks in 2022 hit a record of $681 billion, per Oxfam.
The consolidation of power at the top has been a decades-long process. The concept of shareholder primacy started to take hold in the 1970s, per Tamir, who added that while companies started to prioritize this group, safeguards for workers were fading as union membership ebbed. In the 1980s, stock buyb
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