Past Present Future The History of Bad Ideas: Monopoly
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Jul 3, 2025 Economic historian Marc Palen joins to delve into the intriguing world of monopolies. He discusses why monopolies flourish even in competitive economies and the historical anti-monopoly movements, particularly the impactful ideas of reformer Henry George. The conversation links past struggles against monopolies to the modern tech landscape, including Silicon Valley. Plus, the origins of the board game Monopoly are explored, revealing its initial anti-monopoly intentions that have evolved over time.
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Monopoly: Not Always Bad
- Not everyone sees monopolies as purely bad; some defend them as natural or beneficial.
- Fighting monopolies is challenging, evidenced by their persistence even in competitive economies.
19th-Century Monopoly Defenses
- In the 19th century, monopolies arose through political connections and federal subsidies.
- Defenders justified monopolies as beneficial for investors and as Darwinian survival of the fittest.
Consumer Cost of Early Monopolies
- 19th-century monopolies like railroads were criticized for high consumer costs.
- Unlike modern services like Amazon, 19th-century monopolies offered little consumer benefit.
