The hard power is - more so than at any other time in history - in the hands of central governments.
Governments used to have to go begging to private wealth to finance themselves, during panics, at times of war, etc. Today Bill Gates is hilariously undersized compared to the US Government (as are all corporations); 120 years ago, Rockefeller by himself towered over the US Government. During the 19th century governments of Europe had to beg for private financing for wars and bailouts.
What corporation, anywhere on earth, has any meaningful hard power? Tanks, jets, machine guns, aircraft carriers, cruise missiles, nukes, legal surveillance capabilities, thousands of soldiers, transports, military bases, the legal right to knock down your door and arrest you, the ability to put you in prison for 15 years with minimum sentencing laws, the legal ability to steal your property at gun point through civil asset forfeiture with no compensation, the right to arrest you for smoking pot, and on it goes.
Name a few corporations with anything even resembling those powers.
All real control over currencies today rests with central governments and their proxies (eg the Fed). That was not the case prior to the global establishment of the modern central banks in the last century. A little over a century ago, JP Morgan ruled the financial markets, and was vastly more powerful than the US Government in financial matters. Today, one month of QE is bigger than the entire fortune of the world's wealthiest man.
At what other point in world history, other than the last century, have governments been singularly all-powerful when it comes to military might? No domestic entity even remotely dares threaten the big governments of today. See: China, Russia, US.
I think the comment parent was not referring to hard power in the geopolitical sense, but rather real power or decision power in the more abstract sense.
No corporation can arrest you for smoking pot, but corporations could decide for smoking pot to become legal overnight. No corporation can launch a missile, but they can arrange for the missiles to be bought, installed, etc..
That said, I would soften your statement that governments are singularly all-powerful: ISIS, al-Qaeda, the iraqi insurgency writ large, MEND, and other non-state groups have been able to quite successfully go toe-to-toe with nation states and make out quite handsomely.
This comment does not counter your larger point but point out a couple of exceptions.
The Federal Reserve is not a government entity. Though the Fed's President is appointed by the government, candidates suggested by the member Banks who hold shares in the organisation.
i cant upvote you enough. people blaming corporations for controlling everything is lame. the politicians who are elected have the free will to choose, the electorate can easily review the politician's record if they like. just because huge numbers of them are corrupt isn't the fault of the corporations...
This is orthogonal to the topic of corporations, but I don't believe elected politicians have "free will to chose". Frankly, I think that politics is the place where you literally lose free will as you move up the chain. You can't really have much agency where every decision you make is necessarily based on all the little deals, agreements and power plays you've had to get embedded in to garner support. This is really a systemic problem, I find it increasingly hard to blame particular politicians for it.
Governments used to have to go begging to private wealth to finance themselves, during panics, at times of war, etc. Today Bill Gates is hilariously undersized compared to the US Government (as are all corporations); 120 years ago, Rockefeller by himself towered over the US Government. During the 19th century governments of Europe had to beg for private financing for wars and bailouts.
What corporation, anywhere on earth, has any meaningful hard power? Tanks, jets, machine guns, aircraft carriers, cruise missiles, nukes, legal surveillance capabilities, thousands of soldiers, transports, military bases, the legal right to knock down your door and arrest you, the ability to put you in prison for 15 years with minimum sentencing laws, the legal ability to steal your property at gun point through civil asset forfeiture with no compensation, the right to arrest you for smoking pot, and on it goes.
Name a few corporations with anything even resembling those powers.
All real control over currencies today rests with central governments and their proxies (eg the Fed). That was not the case prior to the global establishment of the modern central banks in the last century. A little over a century ago, JP Morgan ruled the financial markets, and was vastly more powerful than the US Government in financial matters. Today, one month of QE is bigger than the entire fortune of the world's wealthiest man.
At what other point in world history, other than the last century, have governments been singularly all-powerful when it comes to military might? No domestic entity even remotely dares threaten the big governments of today. See: China, Russia, US.