Reply to Does anyone else believe the impending financial crash will be bigger than 2008-2009?

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[quote=Anonymous]The biggest problem we have now is that it is a monopoly economy. People tend to think of Big Tech as monopolies *which is true* but tech giants are only the tip of the iceberg of the monopoly problems. Unaffordable health care, income inequality and stagnant wages are the result of monopoly power. For example, two corporations, Fresenius Medical Care and DaVita, control a 92% market share in dialysis centers, a $24.4 billion industry. Other examples are baby formula, where three companies control 80% of the market, washer and dryer manufacturing, where three companies control 100% of the market, and airlines, where four companies control 76% of the market overall, with even higher concentrations on individual routes.

Chicken monopolies are extracting wealth from chicken farmers. Hospital mergers are depressing nurse’s wages. Small and big businesses, workers and creators are being squeezed by monopolists who use their market power to extract the fruits of everyone else’s labor. It’s no surprise we are experiencing economic inequality that amounts to a New Gilded Age, with the richest 0.1% of all American families owning as much wealth as the lower 90% of all American families combined.

Market concentration causes wages to stagnate because it reduces competition for labor. Job growth slows because you only need so many people at the top. Innovation stops because everyone is doing the minimum to keep their job.

And the risks soar. When there are so few companies controlling a market, they become less efficient. When they inevitably fail, the entire economy is going to come down like a house of cards.

https://concentrationcrisis.openmarketsinstitute.org/[/quote]

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