I base this on some, few, companies having seen their market power increase in recent years.7 These companies are often known as “superstars” and have high profit margins and have experienced high return on invested capital. They are often multinational corporations that sell products and services all over the world. At the same time, it appears as though smaller companies have fared less well. The difference in productivity between superstars and ordinary companies has also increased.8 When we talk to companies in our Business Survey, they largely confirm this picture. The companies that have long been subjected to international competition on global markets have a greater tendency to regard digitalisation as an opportunity than the consumer-related companies with most of their operations in Sweden. Change is a necessary condition for a prosperous society... Regardless of what stage of technological development we are at, it is clear that technological advances revolutionise lives and entire societies. The internal combustion engine transformed transportation in society. Electricity gave us light,  4 Cowen (2011). 5 Brynjolfsson and McAfee (2011). 6 https://voxeu.org/article/technological-progress-thing-past 7  See, for instance, De Loecker and Eekhout (2017, 2018). 8 OECD (2015). 3 [12]  heat and energy. Digitalisation, and above all the internet, has given us almost direct access to enormous amounts of information. Each new innovation replaces other products or changes their areas of use. Our behaviour changes and we make new demands of companies and decision-makers. In some branches the changes have been particularly marked over the past decade. One example is traditional media.
Along with Pillar 2 add-ons in the UK, which are used to address additional salient risks not captured by the LCR. 34. A fuller discussion of the challenges in interpreting changes in the LCR can be found in Bank of England and PRA Discussion Paper 1/22 ‘The prudential liquidity framework: Supporting liquid asset usability’, March 2022 35. Goodhart, C (2008), ‘Liquidity Risk Management’, Banque de France Financial Stability Review. 36. Bank of England and PRA Discussion Paper 1/22 ‘The prudential liquidity framework: Supporting liquid asset usability’, March 2022  ,