The Misplaced Fear of "Monopoly"by Thomas E. Woods Jr.Feb. 15, 2013 |
All-Indian Crew On Ship That Crashed Into Baltimore's Francis Scott Key Bridge
RFK Jr Names Nicole Shanahan as VP Pick
Texas Gov. Greg Abbott Signs Executive Order to Punish 'Antisemitic Rhetoric' on College Campuses
Israeli Lawyer Who Pushed 'Hamas Mass Rapes' Hoax Accused of Scamming Donors
Israel 'Admits It May Not Be Able to Destroy Hamas,' Blames America
Those of us who get drawn, often against our better judgment, into Internet debates soon discover that the case against the market economy in the popular mind boils down to a few major claims. Here I intend to dissect one of them: under the unhampered market we'd be at the mercy of vicious monopolists. This fear can be attributed in part, no doubt, to the cartoon history of the 19th century virtually all of us were exposed to in school. There we learned that rapacious "robber barons" gained overwhelming market share in their industries by means of all sorts of underhanded tricks, and then, once secure in their position, turned around and fleeced the helpless consumer, who had no choice but to pay the high prices that the firms' "monopoly" position made possible. Read More |