Market Data 
The recent inauguration of Donald Trump as President of the United States, surrounded by a veritable who’s who of billionaires, has reached a turning point in the development of contemporary politics. In the shadow of neoliberalism’s hegemony, this show symbolizes the victory of commercial authoritarianism.
The economic philosophy known as neoliberalism, which has dominated international politics for the last forty years, promised a world of unheard-of freedom and prosperity. Its supporters maintained that the free market would lift everyone’s boats and bring about a rising tide of opportunity and riches if it were not constrained by governmental regulation and interference.
The reality, however, has been very different. Social injustice, environmental degradation, and wealth inequality have reached previously unheard-of heights as a result of neoliberalism’s relentless drive for growth and profit. Due to the hollowing out of the once-powerful middle class, there is now less social mobility, precarious labor, and stagnating wages. With the tax cut and deregulation for the corporate sector, it weakened the goals of welfare state and full employment.
A new ideology known as business authoritarianism has arisen, as the shortcomings of neoliberalism have become more obvious. The concentration of political and economic power in the hands of a small elite, who utilize their resources and connections to influence public policy and hold onto power, is what defines this phenomenon.
Neoliberalism has laid the way for business authoritarianism by emphasizing free markets, deregulation, and privatization, transferring major authority from governments to businesses. Their policies reduce state regulatory capability, allowing firms to operate with little monitoring, increasing monopolistic dominance and exploitative tactics across industries. Privatization, which is usually touted as a means of increasing efficiency, typically neglects public welfare, reduces transparency, and weakens accountability. This concentration of economic power allows companies to have disproportionate authority over governance, labor regulations, and public decision-making, marginalizing civil society and undermining democratic protections.
Furthermore, neoliberalism’s emphasis on consumerism and individualism has cemented corporate power over cultural ideals, with companies using media ownership and marketing to influence public perception and behavior. Governments, which are more reliant on private-sector growth, frequently prioritize corporate interests over citizen well-being, exacerbating firms’ authoritarian inclinations. This interplay of economic dominance, cultural influence, and political leverage demonstrates how neoliberalism fosters an environment in which corporations behave as authoritarian entities, emphasizing the critical need for policies that restore regulatory balance, protect public interests, and maintain democratic accountability.
With its parade of billionaires and corporate titans, Trump’s inauguration is the pinnacle of corporate totalitarianism. From tax cuts for the wealthiest to industry deregulation, the incoming administration’s policies aim to further benefit the already powerful while leaving the majority of Americans to fend for themselves. Recently, Treasury Secretary Scott Bessent emphasized prolonging tax cuts that primarily favor the wealthy while providing minimal assistance to poor and middle-income Americans, demonstrating a blatant disrespect for economic inequality. Bessent favors keeping the 2017 Tax Cuts and Jobs Act, which provides significant advantages to billionaires and businesses, while opposing an increase in the federal minimum wage for an hour, which is now $7.25. In other words, “Freedom for the wolves often means death to the sleep”.
A clear reminder of the mutually reinforcing relationship between corporate power and political influence is provided by the attendance of billionaires such as Elon Musk, Jeff Bezos, and Mark Zuckerberg at the inauguration. These individuals are now in a position to influence the Trump administration’s policy agenda because they have accumulated wealth through their control over internet platforms, fossil fuel resources, and other strategic assets.
This development has serious and far-reaching ramifications. We can anticipate more surveillance and control of citizens, a deeper decline in social and economic disparity, and further deterioration of democratic institutions as corporate dictatorship solidifies its hold on power. Business authoritarianism is keen to fill the power void left by neoliberalism’s failure. Recognizing the seriousness of this new ideology’s threat and organizing opposition to its pernicious effect is crucial as to traversing this perilous terrain.
Despite the domination of commercial authoritarianism, there is still hope for a better future based on the ideas of progressive liberal economic policies. These policies provide a compelling alternative to corporate hegemony by prioritizing communal welfare, equitable economic distribution, and the construction of strong regulatory frameworks to limit corporate exploitation. Progressive policies prioritize investments in social services such as universal healthcare, affordable housing, and excellent education in order to build an inclusive society in which all individuals, regardless of socioeconomic background, have the chance to succeed. Strengthening workers’ rights through measures such as fair salaries, union protections, and workplace democracy is critical to returning power to the people and closing economic gaps.
Furthermore, progressive economic frameworks prioritize environmental sustainability, pushing for green energy programs and a fair transition for workers affected by the shift away from fossil fuels. Policies like progressive taxation guarantee that the wealthiest individuals and companies give their fair part to the greater benefit. Investing in infrastructure and technology for public benefit rather than private profit promotes innovation while being accountable to the public.
At their foundation, these policies oppose the excessive concentration of money and power, instead envisioning a society based on democratic ideals, shared prosperity, and long-term sustainability crushing the corporate dictatorship.
[Photo by the White House, via Wikimedia Commons]
Aamnah Fatima Khan is a graduate of Defense and Diplomatic Studies and is currently a contributor at Asia in Review, a flagship newsletter of German-Southeast Asian Center of Excellence for Public Policy and Good Governance (CPG). The views and opinions expressed in this article are those of the author.
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