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Mark Twain once said, \u201cHistory doesn\u2019t repeat itself, but it often rhymes.\u201d History of course can\u2019t exactly repeat itself. There are too many variables at play that differentiate circumstances. However, those circumstances can still be similar. Because of that, we can still learn from the past, though we often don\u2019t. A case in point is the similarity between various global monopolies and those of the robber barons in the later part of the 19th century.\xa0

These men controlled vast swaths of the United States economy, giving them the ability to have a huge effect on national policy and to dictate their employees\u2019 lives far beyond anything that most people in the Western world will have experienced. Not only would they use their large coffers to \u2018lobby\u2019 politicians, they would also buy out anyone who looked to be a competitive threat. One might reasonably point out that these start-up companies didn\u2019t have to sell. Technically, that\u2019s true. In reality, that underestimates the determination of the bigger companies. They would simply charge their potential rivals higher prices for goods or services they provided, or persuade their friends in business to do so. The pressure would become so great that it would sell out or go bankrupt. Should someone continue to resist, it could get ugly. Just go look into the way Edison harassed Tesla. Or the Pinkerton Detective Agency and its role in suppressing unions.\xa0

There were of course the justly maligned company towns. While mostly associated with mining companies, there were a few variations on the theme. In their most well-known format, the company town was a place where the employees lived and bought most of their stuff. And everything was owned by the company. That meant rent was paid to the company, all of a family\u2019s groceries, clothes, and anything else were all paid back to the company. Why couldn\u2019t they buy their stuff elsewhere and break the cycle? Because the company didn\u2019t pay them in cash, they paid them in vouchers or tokens that were only redeemable in the town. Other types of company towns would have certain lifestyle requirements like no drinking or smoking. Think of them as a forerunner of the modern Home Owners\u2019 Association.\xa0

Today, the tech companies look like they are in a similar position as the robber barons of old. They regularly buy out competition. In fact, it recently came out in a congressional hearing that the founders of Instagram felt the need to sell because they would get destroyed otherwise. Tech companies have worked together to censor pundits, governments, officials, even a sitting president. Whether you like the people censored or not, it sets a very dangerous precedent, especially when the same companies will do the bidding of China just for access behind the Great Firewall.\xa0

And of course they can influence markets to an unprecedented degree. By controlling the flow of information and mining data they can swing the stock of whole industries just by what they allow to be said. Just look at the way Elon Musk can swing the price of Bitcoin or DogeCoin just with a tweet.\xa0

There is also evidence that some of these companies are flirting with the idea of the company town again. Their vast sprawling campuses have a variety of services and amenities that make it tempting to basically stay right there. Some, like Facebook, are openly looking at getting into the realm of real estate. Then there are the more recent stories about Blackrock and other firms buying houses at ridiculous prices in Appalachia. The speculation is that they are intentionally pricing out the middle class and looking to force them to become permanent renters. That\u2019s just one general store away from being a modern company town.\xa0

Where will it all lead? It\u2019s hard to say. We dodged a bullet in the robber baron days. It\u2019s hard to say exactly why, but it seems likely that the various communist revolutions that swept Europe in the early twentieth century gave people a wake-up call to change a few things before the same happened here. Can we avoid the pitchforks again? Only time will tell.

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