Airlines are not the only industry ruled by the few. Mobile phone plans, internet services, social media, pharmaceutical companies and the entertainment business all are examples of market sectors controlled by a few large leaders.
How do we re-introduce fair trade in the US? With large corporations blocking market entry by acquisitions, regulatory lobbying, and generous campaign donations, the hurdle may be too high. By allowing these barriers to exist, are we stifling innovation?
Ironically, as US businesses have become more monopolistic, Europe has taken over the free market model. Government regulations have opened doors for less expensive competitors to enter existing markets in Europe. The beneficiaries of the competition are the European consumers. It is estimated that oligopolies in America cost the average family $300 a month. The country who once blazed the path for free trade is now eating the dust of large market dominating corporations. How will we re-introduce a competitive mindset policy for American trade? Perhaps, we should look to Europe for answers.
Sources:
https://www.theguardian.com/commentisfree/2019/nov/13/america-was-once-the-land-of-free-markets-now-theyre-becoming-a-myth
https://www.investopedia.com/ask/answers/121514/what-are-major-differences-between-monopoly-and-oligopoly.asphttps://www.cosboa.org.au/post/2016/08/09/thoughts-on-oligopolies
https://www.cosboa.org.au/post/2016/08/09/thoughts-on-oligopolies
I think that what Europe is doing is cool and interesting. You're right in that they swerve as a nice role model for us, but it also seems iffy and risky because technically, a free market doesn't really involve too much government intervention. Simultaneously, though, it might be necessary in this situation in order to maintain a fair playing field for all.
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