Canadian, U.S. regulators asleep at the switch as monopolies thrive GlobeBusiness
Today we live in the second Gilded Age where robber barons dominate key industries that affect our daily lives. Most Canadians are aware of the major oligopolies, such as the banking industry that is controlled by TD Bank, Royal Bank of Canada, Bank of Nova Scotia, Bank of Montreal, and Canadian Imperial Bank of Commerce.Europe made a bold proclamation earlier this month that North American regulators should heed: Consumers precede corporate profits.
What’s remarkable about this decision is that, although modern anti-monopoly convention arose in North America during the first Gilded Age, today’s European regulators are far more protective of free markets and consumer benefit than our own antitrust agencies this side of the Atlantic.The argument in favour of fostering homegrown monopolies to compete globally is likely to resonate with some Canadian firms.
Today, we live in the second Gilded Age in which a few players dominate key industries.
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