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Monopolies are Bad for Capitalism

Updated on September 29, 2017
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Jack is currently a volunteer at the Westchester County Archives. Jack has worked at IBM for over 28 years.

Introduction

Capitalism is the best economic system to prosperity. The key to the success is free enterprise where everyone is on an equal footing to compete. Today, more and more companies are consolidating to the detriment of capitalism. The close ties between some companies and our government is a bad omen. We need to recognize the problem with monopolies that leads to crony capitalism.

- Jun. 2016

Background

History is repeating itself. In the early part of the 20th century, we had a big problem with monopolies. There were a few large companies that colluded to manipulate prices and drive out the competition. Our government responded with several acts beginning with the Sherman Anti-trust Act in 1890 and the Clayton Act in 1914. Today, we are experiencing similar monopolies in some Corporations. Where are the FTC and the SEC and the FCC setup to oversee these mergers?

Here are a few industries under the spot light.

  • Consumer goods
  • Media
  • Energy
  • Technology
  • Banking and Financial

Consumer Companies

Did you know that ten companies have a large majority of the products Americans buy? These 10 companies are well know and are conglomerates that are holding companies for many of the names we know and love.

  • Kraft
  • Coke
  • Pepsico
  • General
  • Kellogg
  • Mars
  • Unilever
  • Johnson & Johnson
  • P & G
  • Nestle

Media Companies

Here are a few of the Media goants that control all news and information.

  • CBS
  • NBC
  • ABC
  • CNN
  • FOX

Energy

The largest energy companies in the world.

  • Exxon Mobil
  • Cevron
  • BP
  • Conoco Phillips

Technology

The large technology companies are also getting in bed with our government. There money and influence is wide spread.

  • Google
  • Apple
  • Microsoft
  • Facebook

Banking and Financials

With the help of the Federal Reserves, the largest banks and investment companies have monopolized the credit market. They are responsible for our poor economic progress with very low interest rates and tough loan policies. The bailout bill was orchestrated to help the big banks with the tax dollars of the common people. Some of them deserves to go to jail for what they did in the housing bubble of 2008.

  • Bank Of America
  • JP Morgan and Chase
  • Wells Fargo
  • Goldman Sachs
  • Citi Bank

Summary

Capitalism has been given a bad name by Wall Street. Our governement is being manipulated by big businesses and big money. The controls of a free market system has broken down. The SEC and FTC have failed us. Their main job is to level the playing field and lock up the criminals that are gaming the system. Is it any wonder that socialism is making a come back with the youths?

© 2016 Jack Lee

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