This article was in the Wall Street Journal, it was called “A New Age of Monopolies”, it was written on March 2, 2010 By: Thomas Frank.
‘If monopoly persists, monopoly will always sit at the helm of the government,” “If there are men in this country big enough to own the government of the United States, they are going to own it. ” Woodrow Wilson. The article was about monopolies. The article discussed Barry C. Lynn’s recent book, “Cornered: The New Monopoly Capitalism and the Economics of Destruction. His book discussed many large companies and how they prevented competition and ate their rivals.
Companies such as Walmart.This name and corporation is nothing new to hear about and its unconventional and unfair ways of taking out its competitors. As a business major I have heard many things about Walmart. Mr. Lynn even tried to tell Americans to use the antitrust law to break Walmart to pieces.
“For example, he describes companies that swallow their rivals and then, with competitive pressure diminished, set about “destroying product variety and diversity. ” He tells how the logic of concentration brought about a dangerous shortage of flu vaccine. ” Personally, I do not shop at Walmart often because of their unethical corporate behaviors.But, I did notice that they had a much different product selection than most other grocery stores. Because, Walmart is destroying product variety and diversity. Overall, I enjoyed the article. I found it interesting and enjoy hearing about Monopolies.
Although, Walmart is not officially a monopoly because of stores like Meijer and Kroger in Michigan. In many other states, they are a monopoly. I think its crazy how much control many of these larger corporations have. I think the government should stand up to these corporations and stand up for consumer and employee rights.