Why capitalism needs populism for a proper rebalancing

Globalisation and other factors have given US corporations market dominance. This must be challenged, writes Raghuram Rajan.

Big Business is under attack in the US. Amazon cancelled its planned new headquarters in the New York City borough of Queens in the face of strong local opposition.

Lindsey Graham, a Republican US senator for South Carolina, has raised concerns about Facebook’s uncontested market position, while his Democratic senate colleague, Elizabeth Warren of Massachusetts, has called for the company to be broken up. Warren has also introduced legislation that would reserve 40% of corporate board seats for workers.