If it seems that a few major corporations are gaining phenomenal power congratulate yourself on being perceptive. Monopolies are growing by buying up competition, something that is supposed to be regulated against. In the last 25 years, however, consolidation (another word for monopolization and the reduction in competition) has concentrated:
- 90% grain production to only 4 companies,
- 90% of media production to only 6 companies,
- 80% of the airline market into only 4 airlines,
- 77% of hospital visits covered by 3 companies,
- and 50% of American wealth held by 3 people (Gates, Bezos, Buffett.)
There has also been a decrease in the number of companies going public, effectively cutting off a supply of passive investments for individual investors. Decreased competition also means restrictions to innovation, invention, and challenges to the established institutions. Concentrated power is also contributing to concentrations of wealth and income. All are trends that are unsustainable – but highly profitable for those in control.