Posted on 09/16/2018 8:58:27 PM PDT by MagillaX
The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few
There is much to be concerned about in America today: a growing political and economic divide, slowing growth, decreasing life expectancy, an epidemic of diseases of despair. The unhappiness that is apparent has taken an ugly turn, with an increase in protectionism and nativism. Trump’s diagnosis, which blames outsiders, is wrong, as are the prescriptions that follow.
This is an edited version of his talk delivered at "Does America Have a Monopoly Problem," co-hosted by the Roosevelt Institute and the George Washington Institute of Public Policy on September 25, 2017, in Washington, DC.
But we have to ask: Is there an underlying problem that can and must be addressed?
There is a widespread sense of powerlessness, both in our economic and political life. We seem no longer to control our own destinies. If we don’t like our Internet company or our cable TV, we either have no place to turn, or the alternative is no better. Monopoly corporations are the primary reason that drug prices in the United States are higher than anywhere else in the world. Whether we like it or not, a company like Equifax can gather data about us, and then blithely take insufficient cybersecurity measures, exposing half the country to the risk of identity fraud, and then charge us for but a partial restoration of the security that we had before a major breach.
Monopoly capitalism took over our economy in the 30s and has run the show ever since.
It must be reformed or the Deep State will be unstoppable.
The Multi-National Corporations exemplify what we so lovingly call “Globalism.”
= fascism.
This drumbeat about this, is for the most part an attack on us while ignoring the bad that other nations do. Rather hypocritical. China is one of the worst, polluting the world and insisting on doing things their way while preventing foreign commerce in their land. India has long had protectionist policies. But there is this drumbeat only against western nations, and in particular against the U.S.A. Leftists are out to destroy us, and many are too blind to see it.
Many of the abuses and risks of concentrated corporate power are most properly and effectively addressed via the Federal Trade Commission and industry-specific regulators. The problem is that such agencies tend to be hobbled by inadequate funding, weak management and staff, unclear legal authority, and captivity by the industries they are supposed to oversee. That being so, comments and Twitter posts by Trump may be essential to get things moving.
I’ve read that Walmart has actually been losing some market share to Dollar General. DG has pursued a successful business model in opening locations in very small towns that are attractive alternatives to a long drive to Walmart for customers who are looking for some basic everyday items.
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Interesting, since opening in small towns is how Walmart got started.
And Dollar General is getting attacked for putting mom and pop retailers out of business just as Wal-Mart was in the 1980s and 1990s.
Where even Walmart won’t go: how Dollar General took over rural America
https://www.theguardian.com/business/2018/aug/13/dollar-general-walmart-buhler-haven-kansas
I respectfully suggest the issue is *not* monopolies, or monopolistic behavior.
The real problem is *socializing* risk, and *privatizing* profit. Andrew Jackson said as much 200 years ago. It’s gotten worse since then.
What do you mean by “’privatizing’ profit”?
Just trying to better understand your post. Thank you.
bump
America has only one Monopoly problem....
Massive, wealth destroying government.
Corporate monopolies - if they actually exist - are just blips on a huge economic radar screen.
Add Comcrap and Verizon to that list.
L8r
Dollar General opens stores in TINY towns. The link posted above is a good article that describes this.
"I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank.
Very good post, 100% correct.
It’s not corporatism that is the problem it’s GLOBALIST NWO Corporatism that is the real problem for American workers.
Dollar General is just another store front for the ChiComs to suck wealth out of the USA in return for low quality junk.
Symptoms:
When will the “business” media acknowledge that borders exist and trade imbalances and trade “deals” are the big problem? Hell, this person doesn’t even address the issue at all. What a joke.
The UniParty kumbaya politicians who become millionaires while in elected office.
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