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In this episode, we attempt to counter Richard Wolff's argument that Capitalism will always lead to monopolies. I first define my terms to establish what we exactly mean by monopolies. I then explain how competition is factored in and how the resulting economic system in fact does not result in monopolistic conglomerates, but instead, a variety of different companies offering different goods targeting different market segments.
By The Golden QuestionIn this episode, we attempt to counter Richard Wolff's argument that Capitalism will always lead to monopolies. I first define my terms to establish what we exactly mean by monopolies. I then explain how competition is factored in and how the resulting economic system in fact does not result in monopolistic conglomerates, but instead, a variety of different companies offering different goods targeting different market segments.