“Our Economy Isn’t Set Up For This”

Scott Galloway discusses Amazon’s hidden costs to American society, economy, and consumers.

Selected excerpts:

“Our entire society; our roads, our hospitals, our military, is based on profitability–and that is we tax profits.

What happens when the most successful company in the world has paid in the last 10 years 1.4 billion dollars in taxes and Walmart has paid 64 billion despite the fact that Amazon added the value of Walmart in a three-month period in 2017?”

“Should [AWS] be able to funnel profits into the retail group, which we largely think of as Amazon and sets the tone for all of Amazon, [to] sell at-cost or slightly below? [Amazon retail] is being subsidized by Amazon Media Group and AWS.

When the Chinese tried to do that with steel they said ‘We’re going to roll out the international steel market and we’re going to sell steel into the US market at less-than-cost’. Back then we called it dumping–with Amazon we call it innovation.”