Should the government encourage monopolies and other big businesses?:
The heretical truth is that rapid economic growth and unionization may sometimes require markets that are deliberately made less competitive by regulation. Monopolistic and oligopolistic corporations are more likely to invest in breakthrough innovation than firms struggling to break even in highly competitive markets. And cartelized industries are far friendlier to organized labor than ultra-competitive markets. If progressives really want to promote technology-driven growth and a union-based middle class, then they need to reconsider the lessons of the New Deal’s successful experiment in utility capitalism.(And an interesting pair of replies.)
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