Monopolies in Canada, and indeed around the world, are growing and working hard to buy up rival firms and eliminate competition rather than invest, innovate and become more productive
Complaints about Canada’s productivity and economic growth cannot be divorced from the structure of our economy, including the legal regime that permits the concentration of corporate power. The country is dominated by large, entrenched business monopolies that make life worse for consumers, workers and businesses alike. It’s been that way for decades with little indication of any major changes that will level the playing field – or change the game all together.
The status quo serves big companies well. Monopolies in Canada, and indeed around the world, are growing. These companies are working hard to buy up rival firms and eliminate competition rather than invest, innovate and become more productive. But they’re also sinking their massive capital into vertically integrating, controlling as much of their own industry as possible, from supply to retail, while also entering new sections of the marketplace in a bid to become an “everything company.
The extent to which monopolies dominate Canada may be even greater than you expect. Hearn and Bednar cite plenty of instances of this dominance: airlines, telecoms, eye glasses, streaming, movie theatres, app stores, concert tickets, grocers, banks, hotels, transportation, minerals, grains, pork, turkey and more.
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