Deindustrialization took 50 years in the US. Imagine if it took 5 or 10, how much worse it would be. Or imagine hundreds of millions of people in China being cut off at the knees because their jobs were automated or reliant on a person who is no longer necessary.
Is it not an existential threat to democracy when trillion dollar multinational companies suck up all of the productivity gains and begin to manipulate the very systems which are supposed to regulate them? Strictly speaking, corporations are collective superintelligences as defined by Nick Bostrom.