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The mechanisms of control are insidious . Through campaign donations that dwarf the average voter ’ s lifetime earnings , lobbying efforts that whisper promises of wealth to legislators and media empires that dictate the topics that dominate the news cycle , these elites have found ways to shape politics without ever running for office .
Flashmag ! Issue 156 January 2025
In the Western world , where democracy is celebrated as the cornerstone of governance , a more discreet and less visible force increasingly wields the real power : hedge funds like BlackRock . With trillions of dollars under management and unrivalled access to financial markets and policymakers , BlackRock and similar entities like Vanguard and State Street have transcended their role as financial institutions to become shadow governments . They shape public policy , influence elections and elevate elites to positions of immense power . Their influence reshapes democracies , often to the detriment of the people they are supposed to serve .
BlackRock stands out not only for its size , but also for its scope :
BlackRock is the world ’ s largest asset manager , with over $ 10 trillion in assets in 2023 , more than the GDP of every country except the USA and China . Founded in 1988 by Larry Fink , the company started out as a risk management firm , but has since grown into a behemoth that influences almost every aspect of the global economy . It holds significant stakes in almost every major listed company , from tech giants like Apple and Google to fossil fuel companies like ExxonMobil .
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