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What happens when, or if, the economy becomes dominated by a handful of actors who impose monopolistic economic inefficiencies just as damaging as any the state
by deciplex 11y ago
What happens when, or if, the economy becomes dominated by a handful of actors who impose monopolistic economic inefficiencies just as damaging as any the state could have conjured, and with the additional injury that there is no democratic way to reverse them?
- patrickaljord 11y agoThe argument here is that monopolies can only exist when the State is protecting them. In a free market with no State intervention, if an actor misbehave by abusing its position, it creates a business opportunity for competing services to spring. See the taxi industry, they offered very bad services, refusing rides, mistreating customers etc so what happened? Uber, Lyft and others saw the business opportunity to offer cheaper, more efficient services. Only in cities where the government banned the competition is the taxi industry allowed to continue its monopolistic abuses.