I think it is a bit of a misnomer when people conflate capitalism or the free market with cronyism. Costs should be going down in a true free market in order to compete, but monopoly's that have cornered a market continue to push their prices up with no one to challenge them and governments comply with introducing regulation to keep out competitors.
This seems to be most evident in the central banks. There was a program on UK TV where a self made millionaire tried to set up a bank because of what the banks were doing and the opposition he faced was huge. Massive barriers to entry...
Yeah, it's economic ignorance but also widespread. Cronies don't like competition so they benefit from monopolization of the market.
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I watched another video on Youtube recently with Peter Thiel the paypal guy and the video was called "competition is for losers". He was saying that companies like google who basically own the market try to play down their position and say there is lots of competition, but smaller companies try to play up their position and claim market dominance. It was a interesting video anyway.
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Yeah that does sound interesting. Thanks will check it out.
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