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Welcome to a World Dominated by Monopolies – How to Thrive in the Age of Giant Corporations

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The Modern Monopolies: A Closer Look at Corporate Power and Dominance

It’s easy to think that monopolies are a thing of the past, that the days of J.P. Morgan, Andrew Carnegie, and John D. Rockefeller are long gone. However, the truth is that monopolies are very much alive and well in our modern society. In this article, we’ll delve into the alarming reality of monopolistic control in various industries, and explore the implications these monopolies have on consumers and competition.

The Broadband Monopoly

One of the most concerning examples of modern monopolies is the control that communications giant Comcast holds over the broadband market in the U.S. With over 50 percent market share, Comcast and Charter together have complete monopolies over millions of Americans, leaving them with no other choice for cable providers.

Digital Dominance

In the digital realm, tech giants like Google, Meta, and Amazon collectively bring in about 60 percent of all digital ad revenue. Amazon also commands nearly 38 percent of retail e-commerce and controls a significant share of other markets, such as book distribution and data storage.

Market Control Across Industries

From smartphones to wireless subscriptions to movie distribution and airline industry, various conglomerates hold a significant monopolistic control, limiting consumer choice and competition in these sectors.

The Banking and Retail Giants

When it comes to banking, a handful of the largest banks hold a substantial fraction of all U.S. deposits, while major retailers, like Walmart, wield significant dominance in the grocery market.

Implications for Consumers

The effects of these monopolies are felt by consumers every day. From lack of competition leading to higher prices and limited choices, to poor customer service and little accountability, the implications of monopolistic control are far-reaching.

Seeking Solutions

Federal Trade Commission chair Lina Khan is leading the charge against these modern-day monopolies, challenging the status quo and advocating for fair competition. Her efforts represent a glimmer of hope in the fight against monopolistic power.

Share Your Experience

If you’ve been impacted by the influence of monopolies, we encourage you to share your experiences in the comments section. By shedding light on the real-world consequences of monopolistic control, we can work towards fostering a more competitive and consumer-friendly marketplace.

Ross Rosenfeld is a political writer and educator based on Long Island.

The views expressed in this article are the writer’s own.

Uncommon Knowledge

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.

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Micheal Kurt

I earned a bachelor's degree in exercise and sport science from Oregon State University. He is an avid sports lover who enjoys tennis, football, and a variety of other activities. He is from Tucson, Arizona, and is a huge Cardinals supporter.

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