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Article posted Feb 15 2013, 9:05 AM Category: Economy Source: Thomas E. Woods Jr. Print

The Misplaced Fear of "Monopoly"

by Thomas E. Woods Jr.

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.

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