The Missing Middle with Mike Moffatt and Sabrina Maddeaux How Corporate Consolidation is Ruining Everything: Discussion with Denise Hearn and Vass Bednar
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Jan 8, 2025 Denise Hearn, a Senior Fellow at the Columbia Center on Sustainable Investment and co-author of "The Big Fix," joins economist Mike Moffatt and journalist Cara Stern to tackle the troubling effects of corporate consolidation in Canada. They discuss how monopolies create an illusion of competition, driving up prices and stalling wages. The conversation spans the impact on various sectors, including healthcare and veterinary services, and calls for urgent policy changes to foster genuine competition and innovation while amplifying voices of workers and small businesses.
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Illusion of Rivalry
- Many grocery shoppers are unaware of the extent of brand ownership consolidation.
- This creates an illusion of competition, where brands seemingly compete but ultimately contribute to the same parent company.
Luxottica Monopoly
- Cara Stern expresses frustration upon discovering Luxottica's ownership of numerous eyewear brands and retailers.
- This anecdote highlights how consumers feel deceived by the illusion of choice.
Monopsony Power
- Monopsony power occurs with concentrated labor markets, limiting worker wage negotiation.
- This contributes to wage stagnation and growing inequality.