Interview With A Monopoly Capitalist

Did you know that the richest man in the world owns a significant portion of Mexico?

[Carlos] Slim accumulated his $53.1 billion fortune by collecting companies in much the same way he did baseball cards. He searches for businesses that are undervalued, infuses them with cash and uses the size of his holdings to overwhelm the competition. He now owns stakes in more than 220 businesses…[SNIP]

His wealth has caused some resentment in a country where 40 percent live in poverty and thousands emigrate each year to seek opportunity in the United States. Both the U.S. and Mexican governments complained recently that Mexico's economic growth is stunted because large conglomerates such as Slim's have too much control.

From the minute many Mexicans are born - perhaps in one of Slim's Star Médica Hospitals - they begin putting money in his pocket. They use electricity carried by Condumex brand cables, drive on roads paved by the CILSA construction company firm and burn fuels pumped from Swecomex drilling platforms. They communicate through Telmex phone lines, smoke Slim's tobacco, which is sold under the Marlboro brand, and shop at Sears Roebuck of Mexico, a subsidiary of his huge Carso Group.

And even with all of that filthy lucre, he’s not above playing the “Mexican” card!

Slim says that he is held to a double standard because he is Mexican and that many U.S. companies such as Microsoft, Boeing [sic] and Intel enjoy similar dominance of their sectors.

Actually, Mr. Slim is partially correct, he is being criticized because he’s Mexican, but the standard isn’t double, but separate. Slim is a citizen of the same Mexico whose economic and social practices trap its poorer, darker citizens in their low station in life; that’s why they’re coming here. (When darker Americans begin to bum rush the Canadian border, call me.) That same climate allowed Slim to become what he is today; he may not be the creator of it, but the advantages taken by him are born from his country’s apartheid-like economic and social character.

Still, it’s an interesting article about a man whose sound personal economic practices are part of why he's where he is today.

Comments

[Gringo]

The foundation for Carlos Slim's wealth is a government supported monopoly in telecommunications. Guess who lobbies to stop the Mexican government from opening up the market to competitors?