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I feel like the logic here is that if companies behave badly enough competitors will emerge and kill the bad company. This school of thought was first pioneered
by connor11528 4y ago
I feel like the logic here is that if companies behave badly enough competitors will emerge and kill the bad company. This school of thought was first pioneered by Robert Bork in the 70s along with the “consumer welfare standard” that hey if you can’t prove it’s hurting consumers then who cares. This is the dominant view of establishment antitrust lawyers to this day and why American industries from chocolate to diapers to national defense are concentrated.
The reality is that if the owners do what they want they will buy competitors, rent seek and not innovate. If the government seeks to meddle they will buy lobbyists. Additionally firms that have their market cornered will squeeze workers and their vendors. Finally close ties between concentrated industry and the government leads to more authoritarian rule.
- monero-xmr 4y agoIn 2021, American companies represented 65% of global stock value. https://www.weforum.org/agenda/2021/07/top-100-companies-usa-china-money-capital-market/ https://www.weforum.org/agenda/2021/07/top-100-companies-usa... America has 4% of global population. This tiny country population-wise is beating the shit out of everyone else by 1000x in economic and military might. Maybe you should see our system in a better light.
- crummy 4y agoBy this argument there can be no flaws in the American system, right?
- monero-xmr 4y agoHow about advocating for an economic revolution to align the system closer to Argentina and Venezuela is dumb considering the US is clearly the best on earth by a significant margin? No one prevents you from moving away.
- tchaffee 4y agoWho here is advocating for Argentina's or Venuzuala's economic system? If it's 100 degrees in the room and I want it to be cooler that doesn't mean I'm advocating for the room to be 0 degrees. Your need to exaggerate the point of others points to a weakness in your own argument.
- tchaffee 4y agoAll of the system? Including the progressive taxes? You should also consider that we don't serve the economy. The economy should serve us. Of that economic output you're so proud of, the vast majority of it ends up in the hands of rich people. Why would the average person want to defend that system?
- valenterry 4y agoNote that 65% of global stock value does not mean 65% of global value. The US has a much higher number of public companies. That doesn't mean that they are better.