Posted at Hartmann Report on Sep. 24, 2023
Cancer and Monopoly: The Hidden History of Monopolies
Cell phone service that costs $15 a month in France or $12 a month in Australia bills out at an average of $61.85 per month in the United States. High-speed broadband that’s a bit over $31 a month in France or $36 in Germany (for higher speeds and better reliability than almost anywhere in the United States) averages nearly $70 per month in the US. Similar metrics are found with pharmaceuticals, airfares, and medical costs, among dozens of other product and service categories. Why is this? Monopoly.
The average American family pays an annual “monopoly tax”—in additional costs for pretty much everything—of around $5,000, according to economist Thomas Philippon. And things are steadily getting worse as monopolistic concentrations continue to tighten their grip on every American industry from banking to telecom to food.