The theory of natural monopoly is an economic fiction. No such thing as a 'natural' monopoly has ever existed. The history of the so-called public utility concept is that the late 19th and early 20th-century 'utilities' competed vigorously, and like all other industries, they did not like competition. They first secured government-sanctioned monopolies, and then, with the help of a few influential economists, they constructed an ex post facto rationalization for their monopoly power. ... The theory of natural monopoly is a 19th-century economic fiction that defends 19th-century (or 18th-century, in the case of the U.S. Postal Service) monopolistic privileges and has no useful place in the 21st-century American economy.
more Thomas J. DiLorenzo quotes
[A]ny provider that commands 90 percent of the market—whether we’re talking about software, phone service, or heating oil—is, by definition, a monopoly. Our government employs thousands of bureaucrats to track down and break up monopolies on the grounds that monopolies stifle competition and thereby produce bad products at high prices. Doesn’t it strike anyone as strange that the same government protects its own monopoly in education? And stranger still, that nearly everyone accepts this state of affairs as normal—as something that has always been and must always be? ... [C]ompetition forces public schools into making long-overdue repairs. And it offers poor parents the choices they desperately desire.
more Jennifer A. Grossman quotes
To create conditions in which competition will be as effective as possible, to prevent fraud and deception, to break up monopolies -- these tasks provide a wide and unquestioned field for state activity.
more Friedrich August von Hayek quotes
Big business in America today and for some years has been openly at war with competition and, thus, at war with laissez-faire capitalism. ... The left's attack on corporate capitalism is, when examined, an attack on economic forms possible only in collusion between authoritarian government and bureaucratized, nonentrepreneurial business. It is unfortunate that many New Leftists are so uncritical as to accept this premise as indicating that all forms of capitalism are bad ...
more Karl Hess quotes
In a free market, consumer sovereignty and competition tend to create instability when sellers learn to game the system too well... In a technocratic system, it is more difficult for consumers to exercise countervailing power. Innovative competitors are often precluded by regulation. Suppliers tend to apply concentrated lobbying power to protect their interests, while the diffuse interests of the consumer are poorly represented in the political process. ... Centralized, regulated systems look good on paper, and they may be effective as they start. However, market systems learn faster, because competitive innovation prevents a market from getting captured by the incumbents who have learned how to game the system.
more Arnold Kling quotes
Government spending on business only aggravates the problem. Too many business have successfully lobbied for special favors and treatment by seeking mandates for their products, subsidies (in the form of cash payments from the government), and regulations and tariffs to keep more efficient competitors at bay. Crony capitalism is much easier than competing in an open market. But it erodes our overall standard of living and stifles entrepreneurs by rewarding the politically favored rather than those who provide what consumers want.
more Charles Koch quotes
Competition, free enterprise, and an open market were never meant to be symbolic fig leaves for corporate socialism and monopolistic capitalism.
more Ralph Nader quotes
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
more Theodore Roosevelt quotes
The history books say that during the Progressive era, government trustbusters reined in business. Nonsense. Progressive 'reforms' -- railroad regulation, meat inspection, drug certification and the rest -- were done at the behest of big companies that wanted competition managed. They knew regulation would burden smaller companies more than themselves. The strategy works.
more John Stossel quotes
Monopoly favors the rich (on the whole) just as competition (on the whole) favors the poor.
more George Watson quotes
Wealth comes from successful individual efforts to please one’s fellow man ... that’s what competition is all about: “out pleasing” your competitors to win over the consumers.
more Walter E. Williams quotes
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