> It’s just like binding arbitration clauses. In many industries, like mobile phone service, you can’t “choose” a market participant that doesn’t have such a cl

> It’s just like binding arbitration clauses. In many industries, like mobile phone service, you can’t “choose” a market participant that doesn’t have such a clause because all of them do. I couldn't agree more. What you are describing is a cartel, or, at a later stage, a monopoly-ish entity. Markets "where the barrier to entry is so high" sometimes snap into existence as a function of what they do, but also sometimes appear simply because it's easier to collude than compete.