Mr. Lynn ... describes companies that swallow their rivals and then, with competitive pressure diminished, set about "destroying product variety and diversity." ... We learn of entire industries where competitors have grown so close to one another that a collapse at one company would probably bring down many of the others as well.
Thursday, March 04, 2010
A New Age of Monopolies
Mark Thoma points us to Thomas Frank's essay, A New Age of Monopolies [subscriber-only content], a review of Cornered: The New Monopoly Capitalism and the Economics of Destruction by Barry C. Lynn: