For Bill Gates to control a share of the U.S. telephone market similar to Slim’s reach in Mexico, Gates would have to own AT&T, MCI, Quest, Sprint, and Verizon — and even then, Gates would still only have less than 80 percent market share, well short of Telmex’s 92 percent. On a recent trip to Washington, Slim rented a modest Ford sedan at Ronald Reagan National Airport and chauffeured himself around D.C. — alone — while dropping in, unannounced, on business leaders and bureaucrats. Here, again, the case of Mexico and Slim is instructive. If the Carlos Slims of the world keep getting more powerful, then what will happen in the next election in Mexico? and understand all perspectives of today's news and issues. In too many countries, it was assumed that embracing free-market capitalism was an end in itself; that the first wave of reforms (slashing tariffs, encouraging foreign investment, privatization) was sufficient to simply coast to broad prosperity. Michael Wolff (born August 27, 1953) is an American author, essayist, journalist, and a columnist and contributor to USA Today, The Hollywood Reporter, and the UK edition of GQ.
Today, his fortune stands at more than $59 billion — and grew, on average, more than $1 billion a month last year. Become your own publisher by becoming a member today! In Mexico, Felipe Calderón won the 2006 election by just 243,934 votes, or .58 percent of the electorate — the other candidate, a leftist former mayor of Mexico City, would surely have taken the country in a very different, more Chávez-like direction. Slim graduated with a degree in engineering from the National Autonomous University of Mexico, and … Whatever the outcome, it’s possible that the Carlos Slims of the world could lead to one of the first great ideological battles of the 21st century. Described by some who have met him as disarming, austere, and even humble, he seems to be aware that much of the world isn’t exactly thrilled to have an alleged monopolist in the No. Interestingly, Slim defends the monopoly charges by comparing himself to Gates (Microsoft has a 95 percent market share, compared to 92 percent for Telmex); Slim complains that he is held to a different standard because he hails from the developing world. Indeed, the success of Slim and other new billionaires often seems less attributable to their skill as businessmen than to their bona fides as politicians.
Theoretically, Telmex could be split up into lots of Baby Telmexes, à la the AT&T breakup; but how do you confront a man who could, on a whim, single-handedly throw your economy into a depression? Yet, even if this is just a phase, it’s certainly a painful one, with consequences that extend across the entire economy. He began his professional life as a teacher but then switched to the banking and finance sector in various roles, working at Bear Stearns before forming his own firm. For this and other reasons — poor education, crumbling infrastructure, and tax evasion among them — Mexico’s growth has badly lagged behind countries such as China, India, and Chile for nearly a decade. The resulting lack of jobs has driven millions of Mexicans to seek opportunities in the United States. Or does the rapidly accumulating wealth of Slim and his ilk merely signify an undesirable byproduct of a very desirable process — the spread of free-market capitalism around the globe? U.S. News & World Report is an American news magazine published from Washington, D.C. After some initial misgivings, the world had largely grown comfortable with the Microsoft founder as the closest thing capitalism has to a mascot — the No. Yet, regulators and anti-trust bodies only function if there is political will and a strong, independent judiciary. Slim has also given $100 million to the Clinton Global Initiative. However, the same process that produced many of today’s titans has taught us, rather painfully, that starting points matter. This pales in comparison to the roughly $30 billion each pledged by Gates and Buffet to the Bill and Melinda Gates Foundation, but it’s a start. Slim’s business empire, the scope of which is largely unprecedented in modern economic history, ranges from cigarettes to airlines, from electric cables to floor tiles. Enforcing anti-trust regulations earlier this decade against Microsoft took years of litigation, and that was in the supposedly "mature" economies of the United States and Western Europe.
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