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> competition in the marketplace is ultimately great for the consumer Not necessarily. History is replete with monopolies that arise through competition; cabal
by austinjp 10y ago
> competition in the marketplace is ultimately great for the consumer
Not necessarily. History is replete with monopolies that arise through competition; cabals, sweetheart deals and other secret arrangements designed to fool the consumer into believing there is competition where there is none; race to the bottom in terms of quality vs profit margin; exploitation of underprivileged workers; and so on.
Not to say that all competition is bad, just that market competition is not a panacea.
- zebrafish 10y agointo believing there is competition where there is none It feels like you're validating the original point here. These secret arrangements are not competition and instead consolidation. If market competition did exist, free from illegal practices, the product that provides the most value for a given consumer will win that customer's business. You're instead talking about why anti-competitive practices are bad... Which is why we have the sometimes-inept DOJ.