When historians write the final history of Earth, they will likely note a moment in time when we began comparing the market value of corporations to the gross domestic product of various sovereign nations.
Check out today’s headline from CNN Money: “At $500 billion, Apple is worth more than Poland.” Click here to read the story.
CNN also notes: “Apple’s valuation is now higher than the gross domestic product of Poland, Belgium, Sweden, Saudi Arabia, or Taiwan.” And it links to a really cool blog that lists things Apple is worth more than. Click here to see the blog by Downtown Josh Brown.
If any company deserves this valuation, it’s Apple, which has truly revolutionized the world. But such corporate wealth and power is a threat to sovereignty and the world as it is organized today.
The precise moment when companies became more valuable than countries will be difficult for historians to pinpoint as a trend. I think it began some time between the 1970s and today.
Historians will note that as corporations became ever more wealthy and powerful, national borders and sovereign governments became less relevant.
They will note that even the debate over communism vs. capitalism and other forms of government and economic structures disappeared as the world order devolved into a global oligarchy of corporate interests that saddled the world with stock market losses and corporate debt.