The several ways monopolies across the economy stifle competition and harm Americans ⤵️
While the specific question of what to do about Big Tech and Facebook is front and center at the moment, Chao points out that monopolies are an issue in other industries too. The Economic Security Project is also engaged in anti-monopoly work that is focused on the pharmaceutical industry , agriculture and farming, utilities, and more.
“It's not just Big Tech that has followed these patterns of consolidation and concentration. The power of monopolies across the economy stifles competition and harms Americans in several ways — from high-cost and low-speed cable and internet service to,” says Chao. “Monopolies take advantage of imbalances of power between consumers and producers, between users and service providers, and between workers and employers, trapping us in unequal and sometimes even abusive relationships.
One of the major criticisms of monopolies is that they prevent everyday consumers from being able to make their own choices about products and services that best fit their needs or preferences. When companies occupy the majority of a marketplace but also acquire additional companies in that same marketplace, they’re able to maintain an illusion that consumers have competitive options.
Interestingly, Chao notes, this illusion of choice also makes boycott strategies a lot harder because you might not even realize certain businesses share the same parent company. According to a 2019 Pew Research Center, for example, just 29% of respondents knew that WhatsApp and Instagram were owned by Facebook.
“Technology isn't inherently bad by any stretch,” clarifies Chao, acknowledging that the anti-monopoly movement has a reputation as anti-tech. “We recognize that there's just so many positive benefits to technology, particularly
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