The Rise of Monopolies and Oligopolies
This chapter makes the argument that in the current economy, capitalism is not really promoting the ubiquity of competitive markets; rather, it is quickly moving toward consolidation and oligopolies. The growing influence of oligopolies is a primary driver of inequality and redistribution of income. Consolidation and oligopolies have become the norm and are a dangerous threat to the economy.
Capitalism is a free-market system that is supposed to promote competition. In classic capitalist theory, competition leads to innovation and more affordable prices for consumers. Without competition, a monopoly, oligopoly, or cartel may develop. A monopoly occurs when one firm supplies the total output ...
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