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[2017] America Has a Monopoly Problem—and It’s Huge
the nation ^ | October 23, 2017 | Joseph E. Stiglitz

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.


TOPICS: Government; Politics/Elections
KEYWORDS: 2017; chat; nolink; notnews; oldnews; stiglitz; thenation; vanity
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Dear President Trump its time for Jeff Sessions to enforce our Anti-Trust laws.
1 posted on 09/16/2018 8:58:27 PM PDT by MagillaX
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To: MagillaX
I’ll say. It’s a terrible game.
2 posted on 09/16/2018 9:00:44 PM PDT by Simon Green ("Arm your daughter, sir, and pay no attention to petty bureaucrats.")
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To: MagillaX

America is governed by cartels who are run with approval of Fed.gov


3 posted on 09/16/2018 9:07:38 PM PDT by PGR88
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To: MagillaX

Let’s start with Faecesbook, Twatter, D’Appled, Goolag, and Microsucks.


4 posted on 09/16/2018 9:09:25 PM PDT by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: MagillaX

Retail: Walmart
Amazon

Banking: Bank Of America
JP Morgan Chase

Music: Sony Publishing

TV: Disney
Viacom

Radio: Clear Channel

Print: Time Warner

Internet: Google
Twitter

Electronics: Apple


5 posted on 09/16/2018 9:11:06 PM PDT by CaliforniaCraftBeer
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To: CaliforniaCraftBeer

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.


6 posted on 09/16/2018 9:18:27 PM PDT by Alberta's Child ("The Russians escaped while we weren't watching them ... like Russians will.")
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To: MagillaX
I don't know, I think this article is off-base. No one minded the monopoly problems we had in the past. For much of the 20th century, several car manufacturers dominated the automobile market in the U.S.A. There used to be dozens, all swallowed up by Ford, GM and Chrysler. There weren't many complaints. Now we again have dozens, although many have partnerships that dilute the offerings.

Same thing for telephone access, all swallowed up by AT&T, which was broken up into smaller Bells, which then merged and got monopolized again. But with cellular, we again have choices (although few).

We had few choices in Television content, with only a few choices you could count on your hand. Now we have many. How is that a monopoly?

As for drug prices, R&D is expensive and must be covered by initial pricing before protections expire and other companies are allowed to clone them without any R&D expense. The high pricing is not because of any monopoly, it is an expense to be covered as no one develops a product for free.

7 posted on 09/16/2018 9:26:47 PM PDT by roadcat
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To: MagillaX
The lecture was printed in the left-wing magazine The Nation last year, and the Nobel prize winner is Clinton advisor Joseph Stiglitz.

I don't think America really does have a monopoly problem: once great companies like GM, GE and Sears are in trouble. You can hate Apple and Walmart, but they have been innovators. When they stop being ahead of the curve, or when they misjudge their opportunities, they will go the way of older companies that fell from a position of predominance.

8 posted on 09/16/2018 9:27:56 PM PDT by x
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To: MagillaX

Many novel prize winners are leftist morons.


9 posted on 09/16/2018 9:28:24 PM PDT by genghis
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To: MagillaX

“...protectionism and nativism...” COUNT ME IN!


10 posted on 09/16/2018 9:59:41 PM PDT by Tuketu (The i(D)iot Platform is splinters bound by crazy glue. TRUMP is the solvent.)
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To: CaliforniaCraftBeer

You forgot Kaiser, Signa, Aetna, etc... Health care and periferal diagnostics and support is the worst.


11 posted on 09/16/2018 10:01:44 PM PDT by Axenolith (WWG1WGA!)
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To: MagillaX

Which reminds me, when does the McDonalds Monopoly Game start?


12 posted on 09/16/2018 10:02:46 PM PDT by Kickass Conservative (THEY LIVE, and we're the only ones wearing the Sunglasses.)
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To: MagillaX

The power to regulate begets the power to regulate corruptly. Governmental solutions are at best clumsy, inefficient, and ineffective, and at worst, criminally corrupt.


13 posted on 09/16/2018 10:16:58 PM PDT by Spok ( Findings)
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To: MagillaX
Dear President Trump its time for Jeff Sessions to enforce our Anti-Trust laws.

I don't think anti-trust applies in many of these cases.

If a company comes to dominate and industry by being better, faster and more competitive than others that is not a violation.

If it buys others and absorbs them, that may be a violation.

15 years ago, the claim was that Walmart was going to monopolize retail. Today, Amazon came from nowhere and is now leading.

The Facebook category didn't exist 20 years ago. Nor did Google.

Apple has never dominated any industry--no monopoly there.

14 posted on 09/16/2018 10:22:16 PM PDT by CurlyDave
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To: roadcat
'As for drug prices, R&D is expensive and must be covered by initial pricing before protections expire and other companies are allowed to clone them without any R&D expense. The high pricing is not because of any monopoly, it is an expense to be covered as no one develops a product for free. '

Nothing is more monopolistic than having a protected market that prevents competition from oversea drug importations. .Gov effectively limits the importations of drugs to the benefit of drug companies.

The price stranglehold will eventually bring forth even more 'socialism' to the US if it isn't stopped.

15 posted on 09/16/2018 10:29:51 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: Theoria

Are you contesting my statement of fact that R&D is expensive and must be covered? No one develops a product for free, and there must be protections against piracy. Oversea drug marketers rip off the originators of drugs. I have no qualms about free markets. But I do believe piracy must be stopped. The Chinese and others blatantly copy products without trying to invent the products themselves. This is something President Trump is trying to prevent. Competition is good, but piracy is bad.


16 posted on 09/16/2018 10:37:11 PM PDT by roadcat
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To: MagillaX
A large drum beat of the 'anti trust' movement is coming from leftist fringes. I would watch it with care.


17 posted on 09/16/2018 10:38:40 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: x

The problem is when the monopolies are in bed with the government.


18 posted on 09/16/2018 10:42:29 PM PDT by dfwgator (Endut! Hoch Hech!)
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To: roadcat
'Are you contesting my statement of fact that R&D is expensive and must be covered?'

Do not they get the returns back here? Isn't that part of the problem. They 'choose' to sell overseas. It would be something if they developed here and only sold here. But, they don't they still sell their wares at reduced rates to such countries. That's their choice! They could easily sell only here. Then there wouldn't be such price discovery concerns.

China has long decided they will not obey or recognize our patents. And we have long decided, that we don't care. If it was such of a concern, 'we' would have made it conditions of barrier to enter the WTO or to have trade with. Same with human rights. Nobody cares.

As for the drugs, we are mainly talking about generics and such. Why not allow a drug from india? Or bring back from Canada?

19 posted on 09/16/2018 10:44:04 PM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: MagillaX
with an increase in protectionism and nativism

Why is it that only western nations are accused of protectionism and nativism? Not a word about China, or Japan, or Malaysia, or UAE, or Turkey, or a hundred other countries that insist on maintaining their identities and culture. Just westerners. Doesn't that strike anyone in the elite crowd at slightly odd?

20 posted on 09/16/2018 10:53:42 PM PDT by blueplum ( "...this moment is your moment: it belongs to you... " President Donald J. Trump, Jan 20, 2017)
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