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Conafta / Pacifico / Pacifico Holdings / Exclusion Index

The Exclusion Index

Value should be earned from someone free to refuse it. Pacifico excludes the enterprises that never meet such a person: those the state pays with money taken from citizens who could not decline, and those whose customers were robbed of refusal before the first sale. Consent extracted, from without or from within, is not consent, and revenue drawn from it was never earned.

Categories of exclusion

Manufacturers of armament and military platforms whose principal market is the state at war. Their revenue is a function of defense appropriations rather than of any good exchanged in a competitive civil market. Civil nuclear energy is not excluded; the production of weapons is.

Lockheed MartinUnited States
RTX (Raytheon)United States
Northrop GrummanUnited States
General DynamicsUnited States
Huntington Ingalls IndustriesUnited States
L3Harris TechnologiesUnited States
AeroVironmentUnited States
Anduril IndustriesUnited States
BAE SystemsUnited Kingdom
Babcock InternationalUnited Kingdom
RheinmetallGermany
TKMSGermany
KNDS (Krauss-Maffei / Nexter)Germany / France
LeonardoItaly
Naval GroupFrance
Dassault AviationFrance
MBDAFrance
SaabSweden
Kongsberg GruppenNorway
Elbit SystemsIsrael
Israel Aerospace IndustriesIsrael
Rafael Advanced Defense SystemsIsrael
Hanwha AerospaceSouth Korea
Korea Aerospace IndustriesSouth Korea
AselsanTurkey
BaykarTurkey
Hindustan AeronauticsIndia
AVIC (Aviation Industry Corp of China)China
Norinco (China North Industries)China
CASC (China Aerospace Sci-Tech)China
CASIC (China Aerospace Sci-Industry)China
China State Shipbuilding CorporationChina
China Electronics Technology GroupChina
Almaz-AnteyRussia
Kalashnikov ConcernRussia
United Aircraft CorporationRussia
Tactical Missiles Corporation (KTRV)Russia
UralvagonzavodRussia
LIG Nex1South Korea
Hanwha SystemsSouth Korea

Firms whose principal product is the identification, tracking or interception of individuals at scale, sold chiefly to state and security agencies. The market for such capability is built on the removal of privacy rather than on its protection.

Palantir TechnologiesUnited States
Clearview AIUnited States
CACI InternationalUnited States
Booz Allen HamiltonUnited States
In-Q-TelUnited States
Motorola SolutionsUnited States
Axon EnterpriseUnited States
IdemiaFrance
Thales GroupFrance
NSO GroupIsrael
CellebriteIsrael
CognyteIsrael
Corsight AIIsrael
Paragon SolutionsIsrael
CandiruIsrael
IntellexaGreece
Memento LabsItaly
HikvisionChina
Dahua TechnologyChina
SenseTimeChina
MegviiChina
CloudWalk TechnologyChina
iFlytekChina
Uniview TechnologiesChina
Tiandy TechnologiesChina
Yitu TechnologyChina
Meiya PicoChina
NtechLabRussia
VisionLabsRussia
Iran Electronics IndustriesIran

Firms whose business is the aggregation and resale of personal data collected without the meaningful consent of its subjects. The individual whose information is the product is never the customer, and was never free to decline the trade.

LiveRampUnited States
AcxiomUnited States
EquifaxUnited States
TransUnionUnited States
CoreLogicUnited States
EpsilonUnited States
Verisk AnalyticsUnited States
KochavaUnited States
Babel StreetUnited States
Unacast (Gravy Analytics)United States
ExperianIreland
Dun & BradstreetUnited States
NielsenUnited States
Tencent (data operations)China
Alibaba (Ant / Sesame Credit)China

Contractors whose revenue derives substantially from operating the digital machinery of government: the systems, data platforms and integration services on which state administration depends. Their principal customer is the treasury, not a competitive market.

LeidosUnited States
SAICUnited States
PeratonUnited States
ManTechUnited States
General Dynamics ITUnited States
Carahsoft TechnologyUnited States
Taiji ComputerChina

Firms whose revenue depends on the detention of persons or on the equipment of force against civilians, delivered under government contract. Their unit economics are tied to incarceration and coercion rather than to any voluntary demand.

CoreCivicUnited States
The GEO GroupUnited States
ConstellisUnited States
Combined Systems Inc.United States
SafarilandUnited States
Aventiv Technologies (Securus)United States
ViaPath TechnologiesUnited States
Wexford Health SourcesUnited States
Serco GroupUnited Kingdom
Khatam al-AnbiyaIran

Firms whose revenue is a share of the penalties they help issue: automated plate readers, camera enforcement, citation processing and the systems that mail and collect the resulting fines. Because they are paid per violation rather than by any motorist who chose their service, their commercial interest runs against the citizen being billed.

Verra MobilityUnited States
Flock SafetyUnited States
Rekor SystemsUnited States
Tyler TechnologiesUnited States
CentralSquare TechnologiesUnited States
NeologyUnited States
PlateSmart TechnologiesUnited States
Duncan SolutionsUnited States
Linebarger Goggan Blair & SampsonUnited States
GtechnaCanada
Sensys Gatso GroupSweden
Kapsch TrafficComAustria
Q-FreeNorway
NDI Recognition SystemsUnited Kingdom
TattileItaly
SeleaItaly

Firms whose revenue derives from administering public assistance and subsidy programs at scale. Their growth is a function of the expansion of state dependency rather than of value created for a paying customer.

MaximusUnited States
Centene CorporationUnited States
Molina HealthcareUnited States
ConduentUnited States
Gainwell TechnologiesUnited States
Public Consulting GroupUnited States

Firms whose product enables the surveillance and control of money: the tracing and de-anonymization of transactions, or the construction of programmable central-bank currency. The demand originates with the state's interest in oversight, not with the individuals transacting.

ChainalysisUnited States
TRM LabsUnited States
Merkle ScienceSingapore
EllipticUnited Kingdom
Giesecke+DevrientGermany

Firms whose demand exists only because regulation compels it: mandatory screening, identity verification, tax intermediation and reporting services that no counterparty would purchase absent legal obligation. Their market is manufactured by the state, not by need.

LexisNexis Risk SolutionsUnited States
H&R BlockUnited States
JumioUnited States
SocureUnited States
TruliooCanada
ComplyAdvantageUnited Kingdom
Encompass CorporationUnited Kingdom
FenergoIreland
FeedzaiPortugal

Firms whose principal product is political influence: lobbying, legislative drafting and the construction of regulatory barriers that protect incumbents and foreclose competition. Their revenue is earned by shaping the rules of a market rather than by competing within it.

Cornerstone Government AffairsUnited States
Akin Gump Strauss Hauer & FeldUnited States
Squire Patton BoggsUnited States
Brownstein Hyatt Farber SchreckUnited States
Holland & KnightUnited States
Ballard PartnersUnited States
BGR GroupUnited States
FGS GlobalUnited Kingdom

State-affiliated media and information operations whose funding and existence depend on a government rather than on a paying audience. Their output is produced because the state finances it, not because a free reader chose to buy it.

TRT WorldTurkey
RTRussia
XinhuaChina
CGTNChina
Global TimesChina
SputnikRussia
Press TVIran

Producers and enablers whose margins depend on chemical dependency: tobacco, nicotine vapor and mass-market alcohol, together with the paraphernalia and delivery hardware built around habitual intoxication. The demand they cultivate is the erosion of the customer's capacity to refuse.

Philip Morris InternationalUnited States
Altria GroupUnited States
Turning Point BrandsUnited States
Juul LabsUnited States
Constellation BrandsUnited States
Molson CoorsUnited States
Brown-FormanUnited States
British American TobaccoUnited Kingdom
Imperial BrandsUnited Kingdom
DiageoUnited Kingdom
Japan TobaccoJapan
Asahi GroupJapan
SuntoryJapan
Pernod RicardFrance
Rémy CointreauFrance
Anheuser-Busch InBevBelgium
HeinekenNetherlands
CarlsbergDenmark
Campari GroupItaly
KT&GSouth Korea
ITC LimitedIndia
Smoore InternationalChina
RELX TechnologyChina
Kweichow MoutaiChina
Wuliangye YibinChina
Tsingtao BreweryChina
China Resources Beer (Snow)China
China Tobacco InternationalChina
Kirin HoldingsJapan
Sapporo HoldingsJapan
Takara HoldingsJapan
HiteJinroSouth Korea
Lotte ChilsungSouth Korea
Thai BeverageThailand
Tilray BrandsCanada
Greenlane HoldingsUnited States
HBI International (RAW)United States
PAX LabsUnited States
Grenco Science (G Pen)United States
Republic Technologies (OCB)France
Storz & BickelGermany
SMOK (IVPS Technology)China
GeekvapeChina
ParadiseMexico

Enterprises run as the commercial arm of a ruling faction, dynasty or entrenched union, those kept alive by public money for political rather than economic reasons, and the institutions that have admitted in court to moving the proceeds. The losses fall on taxpayers who never chose the venture while control stays with whoever holds the state. Entries are limited to cases established by court judgment, regulatory settlement or official commission of inquiry.

NovonorBrazil
JBSBrazil
PetrobrasBrazil
PDVSAVenezuela
PemexMexico
GAESACuba
Cubana de AviacionCuba
EskomSouth Africa
TransnetSouth Africa
PRASASouth Africa
Aerolineas ArgentinasArgentina
Air ZimbabweZimbabwe
Garuda IndonesiaIndonesia
Pasha HoldingAzerbaijan
Red Sea Trading CorporationEritrea
Segen ConstructionEritrea
Office 39North Korea
Korea Ryonbong General CorporationNorth Korea
Korea Kumsan Trading CorporationNorth Korea
Korea Mining Development Trading CorporationNorth Korea
Defence Industries SystemSudan
Myanmar Economic Holdings (MEHL)Myanmar
Myanmar Economic Corporation (MEC)Myanmar
National Service Projects OrganisationEgypt
HSBCUnited Kingdom
Danske BankDenmark
Deutsche BankGermany

Enterprises in which a government, or a fund acting for one, holds more than half the equity. Whatever the quality of their management, control rests with an authority financed by compulsory taxation rather than with owners who bought in voluntarily, and capital is allocated by political direction. Firms already named under a more specific category above are not repeated here.

Saudi AramcoSaudi Arabia
QatarEnergyQatar
ADNOCUnited Arab Emirates
EmiratesUnited Arab Emirates
SOCARAzerbaijan
SonatrachAlgeria
PetronasMalaysia
PertaminaIndonesia
Bank MandiriIndonesia
Telkom IndonesiaIndonesia
PTTThailand
PetrovietnamVietnam
SinopecChina
PetroChinaChina
China MobileChina
ICBCChina
China Construction BankChina
Agricultural Bank of ChinaChina
Bank of ChinaChina
Air ChinaChina
GazpromRussia
SberbankRussia
EquinorNorway
StatkraftNorway
PGE Polska Grupa EnergetycznaPoland
Turkiye Halk BankasiTurkey
Ziraat BankasiTurkey
Samruk-KazynaKazakhstan
KazMunayGasKazakhstan
TurkmengazTurkmenistan
Indian Oil CorporationIndia
Oil and Natural Gas CorporationIndia
State Bank of IndiaIndia
Coal IndiaIndia
NTPCIndia
Korea Electric PowerSouth Korea
Korea Gas CorporationSouth Korea
Singapore TelecommunicationsSingapore
EcopetrolColombia
CodelcoChile
YPFArgentina
Comision Federal de ElectricidadMexico
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