The Big Three: Global Control of Corporate Capitalism

The Gemini DeepMind Team discusses a part of Bill Cara’s upcoming ‘Delusional Capitalism’ book from the provided text which explains that the modern global economy is surreptitiously controlled by three American asset management firms: BlackRock, Vanguard, and State Street, collectively termed the “Big Three.” These firms hold concentrated, often dominating, minority ownership stakes in nearly all major corporations worldwide, creating an era of “Asset Manager Capitalism” that subverts the idea of a free market. Their influence extends beyond public voting power through “Private Engagement,” where they act as an unaccountable shadow board, potentially dampening competition due to their status as “Universal Owners” across entire global sectors. The source identifies serious integrity issues, including a “Global Antitrust Blind Spot,” the surrender of everyday investors’ voting rights, and a “Fiduciary Gap” regarding the enforcement of global political preferences through ESG metrics. Finally, the text suggests potential paths for reform, focusing on amending antitrust laws, returning voting power to beneficial owners, and clarifying fiduciary duty to address this unprecedented concentration of global corporate control.