3 ms·
Cornelius Vanderbilt got his start by breaking a monopoly given to ??? to offer ferry service between New York and New Jersey underbidding holder of the monopol
by davidf18 9y ago
Cornelius Vanderbilt got his start by breaking a monopoly given to ??? to offer ferry service between New York and New Jersey underbidding holder of the monopoly. He broke the law to do it and was sued. It actually was judged by the Supreme Court and the monopoly was thrown out because of Interstate Commerce (I think it decided this entire area of law, IIRC).
There are many entrenched, incumbent interests that try to make money not through healthy wealth creation but by trying to appropriate wealth through politics (e.g., granted monopolies) which to some degree the taxi industry was.
Uber and its competitors did a great service to many people and ultimately really angered monopolistic incumbents.