Price Of US Monopolies

” “Capitalism without competition isn’t capitalism; it’s exploitation,” Biden said”

US consumers have gradually become familiar with monopolies to the point that monopolies are generally accepted, generally complained about, and aren’t expected to be challenged. There’s a cost to that complacency of unchallenged monopolies.

“According to one estimate from New York University economist Thomas Philippon, monopolies and oligopolies cost the average American household some $5,000 a year.” – Vox

It is easy to see. Amazon does far more than sell books. We complain about Facebook – on Facebook. There is competition between computer companies, but as with mobile phones, the selections and options within each company’s architecture can be constraining. Banks have even been labeled “too big to fail”. Yet, capitalism requires competition to be sustainable. Creative disruption is the idea that competition can rise up and remove archaic and anachronistic companies and institutions; but that has become less likely as the monopolies simply buy out the smaller companies.

For some, $5,000 per year is a trivial cost, but for those with the greatest need, saving $5,000 in their living expenses could be more beneficial than trying to receive an equal amount from government aid, or finding that better job in their area.

The US government enforced anti-trust laws in the past. They may do so, again. It won’t be easy because ironically, the government will require the very services, like internet access, to enforce the laws.