The “Disciplinary Society” according to the philosopher Gilles Deleuze, strives to lock up its population in enclosed places, such as factories, schools, hospitals, or prisons. This type of society prevailed in the West from the post-Napoleonic period until the beginning of this century.
In more recent years, the world has discovered the “Society of Control,” which simultaneously frees its members from the walled shackles and controls them as close as possible to everyday life through private companies that process information, including Facebook, Amazon, Apple, Microsoft, and Google (aka the ‘FAAMG’). The FAAMG, therefore, cannot escape the gaze of the political authorities.
The first two letters on this subject were published more than a year ago in July 2020. Part III now focuses on the global outgrowth of the FAAMG, which is at odds with efforts to deglobalize more traditional activities – a situation that is not without consequences in portfolio management.