NEW YORK (Realist English). Prominent American economist Michael Hudson has accused the largest U.S. tech corporations — including Google, Amazon, and Meta* — of operating like the “robber barons” of the 19th century, extracting profits from society while eroding democratic norms. In his article Digital Empires and the Ghosts of the Gilded Age, Hudson argues that these companies dominate the global economy not by creating value, but by monopolizing digital infrastructure, data flows, and user attention.
“They don’t create value — they collect it,” Hudson writes. He describes their model as a form of rentier capitalism, where profit derives from ownership and control rather than productive activity. This shift, he suggests, mirrors the transformation that occurred during the Gilded Age, when railroad and finance magnates reshaped the American economy — but with far greater global reach and fewer constraints.
Hudson warns that the dominance of these digital platforms has distorted global capitalism. “American power today rests on control of global digital infrastructure and the dollar, not on production or trade,” he notes.
He is particularly concerned with the political consequences of digital monopolies. “When a handful of corporations can shape public discourse, filter information, and evade regulatory accountability, we are no longer dealing with a free market — we are dealing with a digital oligarchy,” he states.
To counter this concentration of power, Hudson advocates for a new framework of regulation and taxation. He calls on governments to make these firms pay for the public infrastructure and attention they monetize — and to limit their influence over politics and society.
*Meta (owner of Facebook and Instagram) is designated as an extremist organization and banned in the Russian Federation
