Part Two

Seven Possible Problems

Chapter Five

Global Concentration

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Source: Terry Mosher/Aislin Inc.

HOW SHOULD THE rediscovery of market failures—factors that can lead unregulated markets to inefficient or undesirable outcomes—affect how we think about markets' cross-border integration? This chapter focuses on one market failure that has come in for particular discussion in the context of globalization: small numbers of competitors, or high concentration. Both pro- and antiglobalizers associate globalization with what the late William Safire called “the norm of enormity”: they believe that most industries are coming to be dominated by a small ...

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