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This is a side effect that I'm willing to deal with. The problem with monopoly is not so much about the concentration of individual wealth in my mind, it's abou
by 40acres 8y ago
This is a side effect that I'm willing to deal with. The problem with monopoly is not so much about the concentration of individual wealth in my mind, it's about the lack of competition between companies which make investment in R&D and innovation less of a factor to success.
Rockefeller rightfully became more wealthy when he owned a large portion of stock in very successful, but highly competitive companies, as opposed to an unchallenged behemoth. It would be like splitting your stake in Walmart into equal shares of Amazon, Target and Dollar Tree.
- ameister14 8y agoIt's also interesting that when Rockefeller dominated the oil market and standardized it, the price of kerosene dropped dramatically. Rather than monopoly being negative for consumers, the competition had actually driven up prices and lowered quality standards as competitors sabotaged eachother
- gumby 8y agoI think that was a function of the phase of the S curve. Also remember his tying: he controlled all the tankers so even if you competed with him in petroleum products he controlled your (literal) path to market.