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Article Highlights
- Monopolies disproportionately reduce purchasing power of low-income households by sabotaging low-cost substitutes for products and services
- The practice is pervasive, from home building to legal services, oral health care, K-12 education, and more
- The sabotage increases poverty and economic inequality to an extent not captured by standard proxies like income inequality
www.minneapolisfed.org/article/2021/by-sabotaging-essential-products-monopol…- People also ask
Andrew Carnegie had gone a long way towards creating a monopoly in the steel industry when J.P. Morganbought his steel company and merged it into U.S. Steel to create a monstrous corporation approaching the size of Standard Oil. U.S. Steel controlled about 60% of steel production at the time, but … See more
The Sherman Antitrust Act was passed in 1890 in response to a public outcry over price-fixingabuses by monopolies. This act banned trusts and monopolistic combinations that … See more
The oil industry was prone to what is called a natural monopoly because of the rarity of the products that it produced. John D. Rockefeller, the founder and chair of Standard Oil, and his partners took advantage of both the rarity of oil and the revenue produced … See more
Following the breakup of sugar, tobacco, oil, and meatpacking monopolies, big business didn’t know where to turn. There were no clear guidelines about what constituted … See more
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