Corporate bankruptcies have spiked this year—a trend that seems poised to continue as rising costs eat away at consumer spending. According to S&P Global Market Intelligence, more than 450 major businesses have gone belly up so far in 2023.
That’s higher than the total number of businesses that failed in each of the previous two years. It’s also the highest single-year for bankruptcy filings since 2010.
This is what it takes to cool an economy. Better bankruptcies than widespread unemployment
It’s the smaller companies going bankrupt though, allowing even greater market share for the megacorps, which allows them to further enshittify the world.
This is also how we get market consolidation, decreasing competition, and eventually increasing prices.