Monopolies and Anti-Competitive Markets: Crash Course Economics #25

What is a monopoly? It turns out, it's more than just a board game. It's a terrible, terrible economic practice in which giant corporations dominate markets and hurt consumers. Except when...

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Jacob: Welcome to Crash Course Economics, my name is Jacob CliffordAdriene: and I’m Adriene Hill. Today we’re going to talk about monopolies! Which areterrible, illegal, and only serve to exploit helpless consumers, except when they’redelivering essential services that competitive free markets kind of fail to deliver.Jacob: So, are monopolies are good? Or bad? Or?Adriene: Both.[Theme Music]Jacob: When some people hear the word “capitalist” they picture the robber barons of the 19th century.Cutthroat monopolists, like Andrew Carnegie, JP Morgan, and John D. Rockefeller.They dominated industries like oil, railroads, banking, & steel and would do anything to crush their competitors.After all, in Rockefeller’s words “The growth of a large business is me...