The great Internet monopolies of Amazon, Apple, Facebook, Google (Alphabet), and Microsoft are different. They are global firms and do not depend upon government licenses for the market power. At the same time, they have extremely close relations with the US government and much of their work relies upon research and innovations first developed under military auspices. In just two decades, these five firms have conquered capitalism in an unprecedented manner. If you look at the largest companies in America today in terms of market value, the top five companies in the United States and the world in terms of market value are, in no particular order, Microsoft, Apple, Amazon, Google, and Facebook. They’re the top five companies in the world in terms of market value. It’s astonishing what a dominant role they play. They blow everyone out of the water and they are growing at breakneck speed.

I think that ten of the top twenty-four corporations in the US are internet companies, and fifteen of the top forty. The number of internet firms drops off sharply once you get past the top forty. There is not much of a middle class or even upper middle class in digital capitalism.