America Has a Monopoly Problem—and It’s Huge

The Nation, By Joseph E. Stiglitz, "The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few.... Over the past four decades, economic theory and evidence has laid waste to such claims and the belief that some variant of the competitive equilibrium model provides a good, or even adequate, description of our economy.

But if we begin with the obvious, opposite hypothesis—that what we see in our daily life is true, that our economy is marked in industry after industry by large concentrations of market power—then we can begin to simultaneously understand much of what is going on.

The Nation, By Joseph E. Stiglitz, "The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few.... Over the past four decades, economic theory and evidence has laid waste to such claims and the belief that some variant of the competitive equilibrium model provides a good, or even adequate, description of our economy.

But if we begin with the obvious, opposite hypothesis—that what we see in our daily life is true, that our economy is marked in industry after industry by large concentrations of market power—then we can begin to simultaneously understand much of what is going on.