Monopoly World: Oligarchy and Authoritarianism
In today’s global economy, corporate power has become increasingly concentrated, with a handful of companies dominating entire industries. From Apple’s 70% share of the U.S. performance smartphone market to Luxottica’s control of 80% of the eyewear industry, monopolies and oligopolies are pervasive. This consolidation, often unnoticed or ignored, shapes everything from the sunglasses we buy to the hotels we book, as companies like Expedia and Booking Holdings dominate the travel industry. While these monopolies operate quietly, their influence is profound, raising concerns about competition, innovation, and economic fairness.
The roots of monopolies trace back to royal privileges in England, where monarchs granted exclusive trading rights to favored entities. Over time, this evolved into corporate monopolies during the Industrial Revolution, with giants like Standard Oil controlling vast swaths of industries such as oil, sugar, and steel. These monopolies were criticized for price-fixing, lobbying, autocratic control, and suppressing labor rights. In response, the U.S. introduced antitrust laws, starting with the Sherman Antitrust Act of 1890, which sought to break up monopolies and promote competition. Figures like Teddy Roosevelt and Louis Brandeis championed this cause, leading to the breakup of Standard Oil in 1911. However, antitrust enforcement has fluctuated over time, allowing new monopolies to emerge.
Today, big tech companies like Google, Meta (Facebook), and Apple face antitrust lawsuits for allegedly maintaining monopolies through exclusionary practices. For example, Google pays Apple billions to be the default search engine on iPhones, stifling competition. Similarly, Meta’s acquisitions of Instagram and WhatsApp have been criticized as attempts to eliminate potential rivals. While breaking up these companies is one solution, the unique nature of tech monopolies requires innovative regulatory approaches.
The dangers of monopolies extend beyond economics. Historically, concentrated economic power has facilitated authoritarianism, as seen in Nazi Germany and Japan, where cartels supported oppressive regimes. While large corporations can drive efficiency and innovation, unchecked monopolies risk stifling competition, inflating prices, and undermining democracy. Balancing the benefits of economies of scale with the need to prevent abuses of power remains a critical challenge. Learning from history, we must craft policies that promote fair competition while fostering innovation in an increasingly concentrated world.
Monopoly is forbidden in Islam. Makes sense now why they love spreading Islamophobia.
really good
So well put together...keep up the great work Lewis
Domination by excellence is a temporary economic situation that fluctuates with competition. Competition is hampered by authoritarianism, as noted by the author, Royal degree has corrupted economic development historically. Without it, monopoly is beneficial, temporary, as competition freely provides innovation, progress. With it, we suffer unnecessary stagnation, war, famine, poverty, exploitation. Yet, "The Most Dangerous Superstition" (Larken Rose) prevails. Why? Economic ignorance as seen in this documentary.
Very well researched! A real eye-opener which emphasises the importance of history awareness to enable the interpretation of current affairs.
I now look forward to a documentary by the same editor on the selling-out of our health systems to huge companies listed at the stock exchange. Health has become a commodity to further enrich the super wealthy while the less privileged are diying prematurely.
And the world looks on.
Exccellent.