Google, Facebook, Amazon And The Future Of Antitrust Laws
U.S. antitrust law dates back to 1890, but it's been largely out of the spotlight for twenty years. Now, with antitrust concerns swirling around Big Tech companies and major telecommunications mergers, it's back. Watch this video to find out how US antitrust law evolved and what it means for America's biggest businesses.
** Correction ** This video incorrectly states John Newman's title and school. He's an associate professor of law at the University of Miami.
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Google, Facebook, Amazon And The Future Of Antitrust Laws
There is an irony to this video: CNBC is owned by NBC Universal which is owned by Comcast, which is also a monopoly and duopoly for most areas in US, in the cable and broadband business.
that's why they don't mention media monopolies, lol.
Because they're bunch of idiot that want to destroy the US economy and future. It's like they want to give rise to other countries tech companies like China huawei, tencent and alibaba by breaking up big USA tech companies.
Comcast is definitely a monopoly.
Not duopoly Comcast and Verizon have what's known as an oligopoly. They work together to collectively raise, illegally screwing over the consumers, with billing fraud.
@@KyleTheLEGOMaster this is called cartel, but with a monopoly scale companies. Just like the few countries have oil cartel called OPEC en.wikipedia.org/wiki/OPEC and they choose oil price that we use in our cars.
Love how daddy Comcast and other cable companies are left out.
They said telecommunications which includes cable firms. But yeah, totally hypocritical video.
How about Luxotica. Italian company which manufactures sunglasses and frames for eye glasses. They own Pearle Vision, Lens Crafters, Ray Ban and Sunglass Hut. They can now charge what they want due to no competition. America is doomed.
I agree, telecommunications is captured by monopolies worldwide.
Exactly!
innovation is needed
Disney should also be in there
The JokerKing they literally did mention the telecommunication industry. The reason why they didn’t, they would have to mention Comcast which owns CNBC.
And AT&T. I guess they didn't learn their lesson the first time
Imagine being so powerful that even mentioning it's name is dangerous
Ever Heard of paramount studios
The JokerKing What about Florida Power and Lights (FP&L), Xfinity, and Wal-Mart?
You can't make me use Bing.
lol. an underrated comment.
I do for free voucher
Yeah but you can make KZhead, Google, Waymo separate companies. You can also make Facebook, Instagram, Whatsapp, etc separate companies. Also force Amazon to break up its business units and act as a fair marketplace and divest from AWS.
But why? It's not hurting you that Google owns KZhead, etc.
@@ChrisGilliamOffGrid Look Up "Scott Galloway Break up big tech" the first two videos, watch them. L3 is his own.
Is amazon really a tech company? Nobody knows what they are these days. Retail? Logistics? Tech? Entertainment?
Amazon makes most of their money through AWS so I would say they are a tech company first and foremost
Hotel? Trivago
they're an ONLINE EVERYTHING corporation. that's what Bezos long-term plan's always been. which is how we get Amazon Prime Video. and all that direct-to-video nonsense sandwiched between one or two decent flicks....... 🙄
They're a tech company but they do seem to want every piece of every market in every industry everywhere.
@@mitchclark1532 no. they just want their fingers into EVERYTHING using the internet.
I need more media companies and internet providers because it's looking scary right now
@Sam Butler That's nonsense. Right now, many markets have a single non-cellular ISP. That allows the providers to dictate not only prices, but restrictive terms of use, like data caps. Multiple ISPs per market would force them to compete against each other, lowering prices and improving terms of service.
Xfinity needs to on here
Smart observation Teddie...if you are feed up with censorship? No matter Red/Blue - come try WYMLive - the new anti-FB, a new social media platform that has NO algorithm & NO creepy ads which means WYM doesn’t censor what is said and who sees it! www.wymlive.com/ WYMLive is in the final stages of production (beta) so please forgive a few bugs…we were waiting to work them all out before release but the need for a NON-censored social media platform is too great right now! Be heard - tell the world Why You Matter on www.WYMLive.com! Why You Matter (WYM) was created out of a necessity for a social media platform free from the usual constraints and frustrations. We saw endless stories of people being put in “jail” or not being able to find what they wanted in search results or their “feed” being suppressed and filled by an algorithm or being censored by having their content deleted. We were watching our collective freedoms being eroded in the country that has always been the beacon of personal freedom. We were tired of it and knew we could do it better. So, we did. You’re welcome. It is clear Big Tech controls access to almost all information. News, politics, world views, ads, products/services, tech, entertainment and the list go on. They control the search results when you are buying a book and who sees your post about your thoughts on the book you bought. Their reasons for doing this do not matter. But you matter. Your thoughts matter. If people can access each other’s thoughts freely, it matters. We set out to build a truly autonomous social media platform. WYM disrupts the social media establishment by providing an innovative platform that allows what Big Tech will not. Freedom for all. • You will have freedom of speech. You will not be censored. • You will have a true “timeline”. Your timeline will not be a “feed” manipulated by an algorithm to control what you see and how you are seen. • You will experience general ads. You will not be spied on and have ads targeted at you. • You will own your content. You will not be held hostage by the loss of your content history. • You will own your own persona. You will not be censored or suppressed. • You will be rewarded for your engagement in the WYM Live community with activity points and merit badges from your very first activity. • We built WYM to give you back the control over why you matter without suppression, manipulation or censorship. Tell the world Why You Matter. WYM is what you make of it. We will not censor users. If you don’t like what someone shares, you have the power to “change the channel” and to live and let live. As do they.
*Laughs in lobbying*
When you realize CNBC releases quality content and you're actually going to subscribe to a news station ... Things are changing so fast
Subscribed to them long ago. They are quite good!
Check out Rising on The Hill's KZhead channel.
I don't mind that old fashioned TV stations do well on KZhead. They're bringing decades of skill to the format people want. I for one welcome our TV monopoly overlords. Mostly because i can just unsub if they stop doing the content i want.
@@Mrchair-bk5ns They're alright, except when it comes to their political commentary
@@jmonsted That's a good attitude
Xfinity needs to be on this list, shady billing practices.
Lmao they own NBC tho
I agree. "Hey, we have a deal. 59 bucks for 140 channels." Cool, when do i sign up? 12 months later, "Oh, we so sorry, we now have to charge you 137 bucks. Your loss." Wow, that seems so fair, a 110% increase after the first year that they don't tell you about when you sign up.
That is why in the far future the only restaurant left will be Taco Bell.
Reference understood. 🤣
Nah. MickeyDs
Jex Fre 😂😂😂
..but I still don't know how to use the three sea shells..
“Welcome to Carl’s Jr. Would you like to try our EXTRA BIG *ss TACO? Now with more MOLECULES!”
Monopolies are bad for the customer. They can get away with awful practices and are hard to get rid of even with competition. Facebook is a perfect example of this since they purchased their competitors such as Instagram and Whatsapp
so what you saying is, you don't enjoy using a free product from google, facebook, Instagram, etc and you don't like amazon low price, and want them to raise the price as much as possible? sorry but the founder of the company that gets acquired is very happy, they get a big payday by selling their company and i don't think monopolies is bad, even the giant of the industry like Nokia and blockbuster can be destroyed too, also today all big company get more competition from single-person create a business from his garage than ever
I wouldn't be surprised that WhatsApp and Instagram will be spun off into a separate company.
@@jensenraylight8011. First of all, none of those products are free. You give something in exchange for them. And although I do love the low prices from amazon, I do not love the methods used to receive those prices. Amazon takes advantages of its workers and pay zero dollars in taxes while most of their employees are in food stamps. It is absurd as well for you to think that I want them to raise the price as much as possible. All I want is a living wage for those who need it the most. Also, whether the founder is happy or not is not relevant to whether this is a better outcome for the costumer or not. You have to realize that these companies are not here for our best interests. They soon or later control of all the money and lobby the government to work for them. The government needs to break them up because it need to look out for the majority of the population and not just the 1 percent.
I see a trend going, the "golden years" that are the 50s and 60s, those same decades that get republicans so starry eyed are those of high taxes and strong antitrust laws, yet they love them just because: 1º they where young and allowed to be racist and arseholes to other minorities without consequence "freedom of speech" they call it and 2º even if they didn't go to college, or even finish high school they had the best job opportunities in history. Of course those jobs had...wait for it...really strong unions that made possible high wages!! They don't care about the economic trends in those years. I mean they love them because it benefited them but nothing else, all they care now is to get the feel of total superiority back. Here is a clue, they don't want that superiority by paying more taxes or having strong unions or antitrust laws... Yes, most of them, including the president just want to be assholes again without any consequences at all to be honest it would be really hard now to obtain that level of superiority again and that's why, looking back its a dangerous game, back then Europe and Japan had ben blown to smithereens and China was one of the poorest countries in the world. even if Trump had absolute power to do what he wanted he couldn't regain that superiority by other means that aren't subjugating all the other countries with a war. I mean, that's what happened in the first place, that's why the US had so much power!!
@@jensenraylight8011. Eventually we would all become slaves, and have no other choice but to work for them since they will control the land, crops, and everything essential. #Bernie Sanders 2020
This reminds of the documentary "The Men Who Built America". Definitely recommend everyone check it out.
They just finished airing a very similar short series this week on History channel, called the food that built America, on Wednesday night. It was 3 two hour shows. It was really much more interesting and educational than I would have expected. I recommend checking that out, as well.
Very engaging documentary. I only wish it would be more detailed but hey, American television am I right
I loved it , Carnegie and Rockerfeller feud the emergence of Morgan and how they bought the election to keep their monopolies had to delete the whole for Game of Thrones season 8 and I regret it heavily
noelj317 The jp morgan documentary is my favorite
@Brandon Martin Yes, because there is no such thing as "bad" in comparison to whatever your ideal is, right? There's a lot more to suffering than a historical perspective, and you referencing that historical period while disparaging the troubles of others does nothing constructive to actually change the world we live in.
People talk about Big Tech monopolies/duopolies/other oligopolies all the time... But not enough people talk about the biggest duopoly of them all- the US Republican and US Democrats
@Montag theMagnificent wouldnt make any difference even if there is 5 parties, every party will end up being bought out by big businesses, special interests, lobbies, Jews etc Anyway, 2 party system satisfy bare minimum for calling it a democracy, make sheep think there is choice and their votes can make a difference LMAO😂😂😂
Federal judges are as crooked as politicians. Americans already had enuff
The dems and republicans are owned by corporations
Those aren't organizations, they are a vague range of ideas. You can become either without interacting with any exterior establishment or person. It's sort of like saying Christianity and Islam are an organization. The two are so expansive that you can have almost entirely different ideals to another who falls in that same group.
Most silicon valley companies employ very few people but have products or services in multiple industries.
mac berry what are you talking about, they are the biggest employers in California. I literally live here
@@skeleskele Are you saying they have the most employees compared to other silicon valley companies and I didn't single out Google
mac berry who said google? What? Tech companies are the top employers in California
@@skeleskelethe silicon valley tech industry is a wealthy industry but they employ fewer people than other industries that make material goods. It's time for silicon valley to grow up and be responsible for the power they hold
@@macberry4048 so your saying a company that is successfully being run by the current employees is not acceptable they should hire more even do they don't need more people?
We definetly need oversight into these huge companies monopolizing the business markets. Such as High tech, the Pharmaceutical companies, the Airlines etc, etc, etc.
It's genuinely maddening that the current standard is restricted to only "consumer harm" like that's the only type of way a monopoly can cause harm. Look at big poultry, who control the market through buyers power and run uncontested regional monopsonies. They harm farmers by getting to dictate how they raise the chickens, what and even how much they get to feed them, and at the end of the day they pay them just enough to service their loans but never enough to get ahead. But according to the Supreme Court of the late 70s, that's not a good enough reason to break up a corporation.
This! The meat packing industry has similar problems I believe, though it is starting to "harm the consumer" as prices are now beginning to increase.
a problem with these companies they have to compete international now aswell since economy is more wordwide then ever
👍
Not a problem for them at all. Making out like global bandits.
Then get rid of the Jones act
I think anti trust laws should take effect when any business gets too big and powerful (Google, Amazon) that no other companies can form and complete.
Baidu and Lumia and taobao compete ig in a way
As long as a company hasn't committed anti competitive practices and aren't stifling competition. They should be big as they please.
@@sucram1015 but the problem is that to get that big they NEED to employ anti consumer tactics and such. Big companies need to be broken up. Amazon, Apple, Facebook, Google, all of them.
We have such laws but judges and both party politicians are crooked and on gravy train.
@@sucram1015 So you agree. Because those companies did that.
There should be strict laws and close monitoring on pricing and inflation.
Pornhub should also be included
santiago carreño - bwahahaha
More like MindGeek which owns sites like Pornhub, RedTube, and YouPorn, as well as adult film production companies like Brazzers, Digital Playground, Men.com, WhyNotBi.com, Reality Kings, Sean Cody, and much, much more.
This but unironically.
Antitrust: *exists* Disney: I'ma gonna end this man's career
Antitrust: Not if I end yours first. To quote one of your own movies "I know my place! It's time you learned yours." You are nothing but an animation studio with some theme parks and it's time you make your decisions based on what Walt would do.
@Quinn Crook NO. HE. WAS. NOT. That is a myth and an urban legend that has been debunked numerous times. Do not ever spread lies. I plan on seizing Disney myself in a hostile takeover and will make it great again by being the Trump it needs. Under my rule, "what would Walt do?" will once again be the law of the land like it was for years after his death.
3:15: McClure's magazine is shown on-screen, highlighted in yellow liner. Troy McClure (character) of The Simpsons!
Q: How does anti-trust work? A: *It doesn't!*
Disney now owns the top 2 franchises to the box-office and antitrust didn't stop anything. Avengers and Avatar are now both in Disney's courtyard.
Diadlo Star Wars too
So what's your point?
And giant transforming robots.
... And your point is?
Disney is a monopoly in entertainment
Nobody is trying to fix the root problems we have in this country. Everyone is trying to make enough money so that the problems don't apply to them.
This is good journalism
Here's a fun fact: After Standard Oil was broken up (in 1911) oil prices actually jumped.
Wow. Can you explain why that happened?
"There's no guarantee that a bunch of our economy's problems would go away if we adhere to antitrust" mhmmm... Sure... I think you're right, we should just let companies continue to do whatever they want including but not limited to maximizing shareholder profits and minimizing worker pay. I think that's a great idea.
They will keep doing whatever they want. I mean, they have been recording everyone secretly in their homes and won't be held accountable for that so why would anything change?
Defeated without a fight, they love brainwashed men.
Thanks for spending the time to create and share this content awareness
With all these fears, it’s the perfect time to load up on shares in companies like FB!
Tech companies gather your information and sell it to other companies. When you are offered a so called free service, you are the product.
Is this information still even shocking anymore ? So many people have repeated it multiple times
@Programming is Cool So I suppose you don't have email?
Yeah, it sucks. I think Apple is the only one that doesn’t sell your information from Siri, pictures you take, or using Apple maps etc. But I could be wrong
They will likely target the following: 1) Facebook's ownership of their own service plus Instagram and WhatsApp; 2) Google's near complete dominance on web searches, web technology and how it effectively drove Windows Mobile 10 out of the market; 3) Amazon trying to take over most of the aspects of distribution of products it sells.
Thanks CNBC, I learn much from these and aljazeera's videos.
f off spy
Tech companies today provide services to customers for free or at dead cheap prices. Anti-trust ain't touching them.
There is no such thing as a free service, when someone offers you a free service, your information is the product that they sell.
@@oceannavagator What negative effect does this have on me though? I am not being manipulated and I prefer cheap / free services. I agree with the conservative viewpoint that monopolies can be efficient and better for consumer as long as they don't Jack up their prices. Silicon valley is very good with this, the ISP companies are terrible and need to be disrupted.
, so I'm guessing you would not mind your landlord giving you cheap/free rent in exchange for videotaping everything you do at home so he can sell it for the highest bidder.
If a product is free, you're the product.
@@vinny7114 Good thing I have the choice to deny that to my landlord.
CNBC and quality news.... Strange synonyms in sync....
Came to say this! I've been quite happy with CNBC youtube, compared to TV.
What about government monopolies like utilities? I'd argue they are much worse. The Amazon's and Google's earned their customer's business through hard work and providing value-added services to the economy. Government monopolies by law tell customers that no matter how high the price or bad the service, customers can only use its service.
Colluding to fix prices? Cough cough pharmaceuticals cough cough!?
6:30 AH! The baby bells. My pops told me this story....long ago. Before the Internet.
They want to go after big tech, but not the airlines or banks? Lol.
Enyaw ^^^^ underrated comment
Enyaw it’s basically deflection at this point
if there are many banks they will not have money left to lend you. This is a mathematical principle.
@YouNeed2FearMe illusion of choice. Try peeling back a few of those bank and you'll quickly learn its own by the same banking group.
I like how CNBC, which is owned by NBC Universal (trust), doesn’t talk about how American media is pretty much only owned by 5 companies
Write your leech representatives in Washington and FCC. Be a nuisance at least.
It’s starting to feel like modern government began with the Reagan Administration.
I think my biggest concern with breaking up these big tech companies is that it opens the door to foreign acquisitions of these ‘broken’ companies. Imagine if Facebook or Google gets broken apart, and gets bought out by the likes of Huawei or Xiaomi
Pretty sure the we wouldnt go through the trouble of breaking these companies up just to let them merge again.
Yeah becuase that never happens. Foreign investment in US interests has never happened. In fact, that's how we've kept china from owning like 50% of US real estate. Oh wait we didn't? Well that must be capitalism. What could we do?
@@ksc1406 I've seen it happen with other companies. Government plans always get mucked up.
No foreign company will be allowed to buy them when they get broken up. Those companies are under embargo and not allowed to do business in the US.
If you think glasses are expensive, you need to look behind the screen of numerous company names to see the single provider. When AT&T was broken up, the US had slipped way behind the Industrial World in telecommunication quality. We soon made great strides, but we have not caught up.
Perfect Competition is indeed needed for sustainable and stable growth of the economy. But on the other hand we cannot avoid the impact of the Monopoly market on the economy in the last few decades especially in Technical fields.
How many internal start ups can they build by locations you think of the amount of tech hubs, think of the solutions to common problems, it's all about how a company can serve the interests of customers, stakeholders and employees, why a firm matters.
There should be more antitrust laws and governments should make sure to enforce them. I think this is one the biggest concern in the future, when Coporations have more control than the governments, and to be honest this is really scary.
3 industrie that i know that are desperately in need of more Anti-Trust laws are Media, Entertainment and telecommunications like Comcast needs to be broken apart and so does Disney
You can use another social network. You have twitter, instagram, and a handful of other. You can use any shopping site you want to. They are thousands of sites at which you can shop. You can use other search engines. And other products that google has.
Which can be easily be bought out and merged. Do you understand what is illusion of free choice ?
The reason Amazon doesn't make any profits on retail is because they are engaged in predatory pricing. They subsidize retail with their cloud business. We are enjoying the low prices until they finish every considerable competition in every market they are targeting. Then, I don't have to tell you what's going to happen.
How could it be a monopoly if there is Bing, Twitter and Ebay ?
How come nobody is arguing for the breakup of the Two Party System and let us have some actually democracy? Why is the best candidate usually barred by their party from running and only the corporate/union/NGO sponsored candidates got to run?
My thoughts exactly! Also, if having a monopoly is such a bad thing, how come there's only one monopoly and mergers commission? Lol?
Look at internet service providers. Back when cable modems came out they were charging $19.95. One would think 22 years later the prices would remain the same or go down. I’m paying 50$ a month.
Monopolies
Being anti-trust is not a liberal value. Conservatives believe in competition in the market place, and low taxes for business growth. Teddy Roosevelt was a conservative by today’s standards as well.
9:00 oh! Awesome, theres gonna be a part 2.
The equity securities (e.g., Irish stock market) and financial advisors external communications as contracted are involved with investor relations ethics. The laws of England and Wales when the Government of Ireland involve Irish banking and monetary base policy have the ethical cause for legal compliance and un-bias use of those contracts that arbitration, mediation, and or mutual conciliation can occur. A point exampli gratia with legal ethics. An interesting view of older banks with cyber-security takes physical security and telecom marks with business to business in consumer interest from postal code of the bank as established pre technology since 1890 satisfying the compliance requirements for consumer rights and opening their marketing with accounts for external investors.
Can we get a general record of votes on Anti trust related laws? I have an odd feeling about it, and Want to get a clearer picture.
Idk about the other industries but more airline competition probably won’t do much as fares are really low and profits while high are only about 10%. That’s not that much
Ordering laws... I think there is bigger the responsability about TORTURE AGAINST ME SINCE MORE THAN 6 YEARS than the size.
The government hasn’t kept up with Internet Commerce. They need to pass new laws regarding E-Commerce. The scary thing is there are non-e-commerce companies which are monopolies and nothing is being done. Look up Luxoticca and you will see what I mean. They own Lens Crafters, Ray-Ban, Sunglass Hut and Pearle Vision. They are an Italian company and dominate the market.
there needs to be more new Anti-Trust laws specializing in attacking individual industries
... why did the video not say anything about the companies mentioned in the title?
i didnt know, thanks for the video
Everyone is talking so intellectually on this video. I feel dumb
Peppa Pig The Killer don’t worry peppa, you’ll understand when you grow up. Tell george I say hi
H conteh I already killed him.
Maybe you are dumb? lol
In some markets there is global competition, like with smartphones or software or jumbo jets. Maybe our companies have to be large to compete globally
Capitalist Dilemma: competition 🆚 profits Prolonged competition is the opposite of outsized profits. Smaller entrepreneurs have to compete because they have no choice. However, as their business and profits grow - it increases the incentives and (more importantly) the financial resources to limit competitors. As such, the easiest way not to become the next victim of profit diminishing competition is to put up barriers to entry for the next guy who wants to compete: Barriers to Entry (definition) en.wikipedia.org/wiki/Barriers_to_entry To be fair: capitalism is the worst economic system, except for all the others. - (My take on Winston Churchill’s famous quote: "Democracy is the worst form of government, except for all the others.")
Thank god for the EU that is able to hold major American tech companies accountable for their unfair business practices. They even hold their own companies to account too. I wish that the US would do that too.
USA has that, called federal judges but they are all crooks on the gravy train.
"If a company stifled innovation in the industry" I N T E L
Oh the "US Government" did? ... What does that mean?... Which part?.. Who in what part?.. Not 100 years ago, but now.... Who are these experts?... Beyond tech trusts, could there possibly be other facets of Corporate business that have too much -- everything?....... Is a free market still free if there are only a few select players? Super brave KZhead video, CNBC... Keeper' up!
This is inevitable. Those who forget history are forced to repeat it.
I feel like it should be more antitrust laws for these new big companies and great video CNBC :]
They're going after the wrong businesses. People LOVE and USE all these companies. No one feels they are HURT by these giant companies. The three major record labels, Sony Uni and WMG on the other hand are basically hated by ALL musicians and would be hated if the public knew what the major labels were doing.
And one year later the only area that congress focuses on is tech. Maybe it’s because of their prevalence and that other areas e.g. pharmaceuticals, education have stronger lobbies.
The purpose of anti-trust is to keep democracy working, hence it should be enforced independently and not controlled by president who can benefit from having large influential corporations.
This is a great idea. Maybe like the consumer protection bureau. This should be extended to other agencies as well.
There's tons of monopolies needing broken up
Amazon needs to be broken up for sure!
Yes it should. If breaking up a company for being too big and anticompetitive practices is "punishing success" then yes success must and will be punished. Amazon will be broken up and it can go away forever. Nobody will miss it.
@2:00 AM👈 Bezo's pet
@2:00 AM Do you really think "hard work" got Amazon where it is today? Because if you do, boy do I have a revelation.
yes that way Amazon Prime video and Amazon studios could be consolidated and rebranded under Metro Goldwyn Mayer and MGM will finally return to Major movie studio status
Monopolies are scary. Facebook and Google take all our data and yet we still use their platforms. I mean, we're watching this video on youtube. If you want to give up using google stuff, you're basically saying goodbye to watching videos because no other video company even comes close. These companies just have so much control over us because of their convenience.
@Invesigator 2 Yes. So google owns youtube, and have a monopoly over the video industry.
The convenience argument was used as a scare tactic by AT&T during the antitrust case that if they were broken up then the telephone industry would collapse and the public would panic, it didn't work out that way though when they were busted up.
Two things : 1 - Either the company is using it's size to bully (not out compete, but bully) smaller company, then something need to be done. If a huge conglomerate just outcompete the competition, preventing any from spawning (like wallmart), then there is no issue, it's just the end game of optimization, and everyone benefit from it. 2 - The focus of anti-trust law shouldn't be on horizontal integration but on VERTICAL integration. This gather way less wind but a lot of huge conglomerate are using their monopoly or near monopoly power not to directly screw up competition or consumer, as it would put them in the cross hair, but to indirectly do it at another level
"The Government" should really stop worrying about "protecting the people" and start worrying about the companies that operate on a global scale large enough to contest their sovereign status. Companies now exist with enough social power to sway the ideology of their users and whose mindset is not always in sync with the goverment that "controls" them. Antitrust has a new meaning in this context.
"in the early 1990s, the auto industry created the US Auto Battery Consortium (USABC) to stifle the development of electric vehicle technology" - copped a patent and limited the techs use ... so much for large companies having an interest in innovation. en.wikipedia.org/wiki/Patent_encumbrance_of_large_automotive_NiMH_batteries
👍 Thank you for sharing the link.
I agree that it is a myth that capitalism is all about competition. In fact, competition is the opposite of outsized business profits. Smaller entrepreneurs have to compete because they have no other choice. However, once their company grows, most have an understandable desire to stay at the top, and the easiest way not to become the next victim of profit diminishing competition is to put up barriers to entry for the next guy: Barriers to Entry (definition) en.wikipedia.org/wiki/Barriers_to_entry To be fair: capitalism is the worst economic system, except for all the others. - (My take on Winston Churchill’s famous quote: "Democracy is the worst form of government, except for all the others.")
Antitrust isn't always beneficial to consumers! Think about it, when consumers want to find old friend(s): go to Facebook, or check every of 10 social medias? Or when browsing: just try Google, or try every of10 search engines that only specializes on certain topics? Other countries try to consolidate their companies & become more efficient and competitive by doing merger, and here the US wants to make their top companies smaller, weaker, less bargaining power.
Bell labs was one of the most innovative entities of the last century
Ida Tarbell and Sherman v John D Rockefeller was the first
Hello CNBC! I think you forgot Comcast. Wonder why? Maybe just an honest oversight. My apologies.
"Power tends to corrupt, and absolute power corrupts absolutely." - Lord Acton
John Dee but he was speaking of politics.
ISPs definitely need to get looked at.
Funny how this video didn't mention the media Monopoly. Conflict of interest eh
The Boeing-Airbus duopoly is a case in point. Boeing released a flawed aircraft, the 737 max 8, but will survive because Airbus is at capacity and can't take much more market share. Boeing also could afford to squeeze more out of an old design instead of innovating with a new one.
FTC claims that anti discounting practices by Amazon undermine competition, and directly hurt consumers. However, the evidence to that is still classified. Hence, it’s hard to say at this time how successful the Amazon case will be, at least in terms of anti discounting, which directly affects consumers and competition.
>government regulates markets and industries >Companies can't compete due to large amount of regulations >Monopolies start forming >hOw cOuLD tHe FREe MaRkeT dO tHis To uS?
What about the antitrust case with AT&T?
Can the consumer trust said company is the guiding rod?
He must be a very popular professor.
There is a typo in your closed captions at 3:26 - 3:27 it says 1986 when they are supposed to say 1906
innovation is needed in this and others
Unregulated competition always inevitably leads to a small handful of dominant firms (or single dominant firm) who will seek to structurally cement their dominant position. Unless we reform our governments into systems which can effectively regulate markets and enforce competition, then the long-term stability of capitalism is doubtful. We either fix it or say goodbye.
It will crash under own weight hope those that propped it up at expense of American workers crash with it.
Instead of breaking up companies, remove barriers so that entrepreneurs can more easily enter the market.
or both
The barriers to entry are established by the dominant companies in the first place. For example, the 'network effects' of the big tech giants (e.g., $FB, $GOOG, $AMZN, $MSFT, $AAPL) are enormously hard to overcome for competitors that are smaller in scale.
What Are Network Effects? 📺 kzhead.info/sun/lNOekdBro5ykpK8/bejne.html (7 minute video w/ James Currier)
Economic Moats (succinctly explained) 📺 kzhead.info/sun/o9iCd96gnnt7Zqc/bejne.html (5 minute video w/ Pat Dorsey)
Capitalist Dilemma: competition 🆚 profits Competition is the opposite of outsized profits. In other words, prolonged competition always diminishes business profits. Smaller entrepreneurs want to compete because they have no choice. Once they grow big enough, they want to stay at the top, and the only way not to become the next victim of competition is to put up barriers to entry: Barriers to Entry (definition) en.wikipedia.org/wiki/Barriers_to_entry
Just leave business alone how the hell some bureaucrats knows what’s best is crazy the market will regulate itself people won’t buy a product or service if they don’t like it so it’s a win win when government stays out
These companies got that way because of increased demand for their products. The public keeps them in business.
Andrew Yang is like Elon Musk of politics, listening to him is like driving a Tesla, you feel the future! #ElonForYang #ElonIsYangGang #Yang2020
Government has so many great ideas. Ideas that are so good that they must be imposed on everybody using the threat of extreme violence. All good ideas start with the threat of extreme violence. People threatening me with extreme violence makes me feel happy and valued.
Exactly lol
Market dominance does not equal monopoly. None of these tech companies come close to Standard Oil or old AT&T.