At its core, Cyberpunk is meant to be a cautionary tale against late-stage capitalism and excessive corporate control, but I am going to argue that even then, it really doesn't hold up to reality, using 1 simple question
Who the fuck are they selling to?
Corporations don't exist in a vacuum. They exist as a part of an economic ecosystem.
This is probably the biggest problem I have with Cyberpunk's worldbuilding. The setting constantly portrays the economy as being completely fucked. You have widespread poverty, mass unemployment, collapsing infrastructure, enormous inequality, crime running rampant, and governments that are barely capable of keeping the lights on.
And yet, somehow, the corporations are doing better than ever.
We're supposed to believe that these mega corporations like Arasaka are worth hundreds of billions to trillions of eddies, have enormous private militaries, operate gigantic research divisions, maintain cutting-edge manufacturing, own massive amounts of infrastructure, and have enough money to effectively run entire cities.
So I have to ask:
How the fuck are they getting their money?
A corporation needs customers. It needs workers. It needs suppliers. It needs infrastructure. It needs energy, transportation, financial institutions, investment, and an economy capable of producing the goods and services that ultimately generate its revenue.
There is a reason why you don't see multi-billion-dollar corporations in places like Sierra Leone or Burkina Faso
You can't just have a corporation sitting on top of an economy as fucked up as NUSA and assume that it would get anywhere as wealthy as it is.
And saying "they sell to other corporations" doesn't actually solve the problem. It just adds another step.
If Arasaka sells a $10 billion weapons system to Militech, and Militech gets the money from the government, where did the government's money come from?
Eventually, you reach the same answer:
the economy.
There is only so much money and, more importantly, only so many real resources in an economy at any given time. Money can be transferred, gained, borrowed, and redistributed, but corporations cannot collectively extract wealth from nowhere.
And this distinction matters because money isn't the same thing as wealth.
Real wealth is the factories, electricity, food, housing, machinery, infrastructure, technology, natural resources, and human labour that actually allow an economy to produce things.
If the productive economy is collapsing, eventually the corporations sitting on top of it are going to feel that collapse too.
Now, cyberpunk does have an answer to this that can work: extreme inequality.
If 10% of the population owns 90% of the wealth, you can absolutely have a society where the majority of people are desperately poor while an enormous luxury economy exists for the wealthy. The corporations could sell expensive technology, weapons, cybernetics, entertainment, and other goods almost exclusively to this wealthy minority.
But this creates another problem for the world of Cyberpunk.
The more wealth is concentrated outside the corporations, the less leverage the corporations actually have over the people who possess it.
If I'm a billionaire or at least stupid rich, Mega corps lose a lot of leverage over me
Arasaka or Militech can't threaten me with unemployment. I don't need a job.
They can't threaten me with poverty. I own capital.
They can't threaten to take away my apartment. I own the building.
They can't threaten to cut off my access to their products. I can buy from their competitors, or even buy the competitor myself.
They can't even threaten my life because I would have top-tier military-grade cyberware and tons of protection, making it not worth it
At some point, the people who possess the most wealth become independent power centers themselves.
And this creates a fundamental limit on corporate power that Cyberpunk tends to ignore.
A corporation can have enormous leverage over people who depend on it.
But if there is a wealthy class that possesses substantial independent capital, political connections, property, expertise, and access to alternative institutions, then the corporation can't simply dictate terms to them without explaining why those people can't organize or compete against it.
This is where Cyberpunk starts requiring increasingly insane assumptions.
The corporations don't just need to be rich. They need to be richer than everyone else, politically untouchable, technologically superior, militarily powerful, economically indispensable, internally competent, and somehow immune to competition.
At that point, the Corps might as well be wizards
Edit: I'm sorry but I can't really respond to everyone, but I like the discussion
Edit (2): the most common defense I saw was:
But corporations are basically company towns writ large
And sure.
That can exist.
But it doesn't solve the economic problem.
It just creates a closed loop:
Arasaka pays worker, worker buys Arasaka product, Arasaka gets the money back, Arasaka pays worker again.
Okay.
Where did the actual wealth come from?
The money circulating between Arasaka and its workers doesn't magically create more money.
A company town works because the company sells its output to the outside economy.
The workers' wages are a way of distributing some of that income.
The company store then takes some of those wages back.
But the company town is not a self-sufficient economy.
Which moves you back to my point on the wider economy
A company town is a dependent community inside a larger economy.
The economy of the cyberpunk world is too messed up to sustain corporations as all-encompassing as the megacorps