The Biden administration's delayed response to inflation highlights the political vulnerability democratic governments face, especially as emergencies like hurricanes and wars become common.
Our analysis of over 130,000 earnings calls reveals that large corporations capitalize on cost shocks to coordinate price hikes across industries, exacerbating inflation.
Previous assumptions about corporate pricing behavior have changed; companies now leverage crisis situations to collectively increase prices, threatening economic stability.
The interplay of inflation with overlapping global crises suggests the need for new societal measures to safeguard democracy against the threats posed by corporate practices.
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