Government-Created Monopolies Are Everywhere
05/23/2019Mike Holly
Ludwig von Mises and other free market economists have argued correctly that monopoly results from government intervention. However, they have largely ignored the prevalence of monopolies (including oligopolies). Throughout American history, politicians have incessantly awarded preferential policies (e.g., “corporate welfareâ€) to special interests that has allowed them to create monopolies dominating virtually every major market.
Pro-regulation economists have falsely blamed markets for creating monopolies. But their view has been common, perhaps because they have better recognized the pervasiveness of monopolies. Monopolies have created wealth disparity by: increasing incomes and profits for certain politically-favored groups while blocking opportunities for other businesses; decreasing wages by reducing the competition for workers; and especially increasing prices on consumers and others.
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