Robert Samuelson: Is It Time To Revive Antitrust Against Google, Facebook, Etc.? [Investor's Business Daily]
Meta Platforms, Inc. - Class A (FB)
Last meta platforms, inc. - class a earnings: 4/29 04:05 pm
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Source: Investors Business Daily
Competition is dying. That's the latest complaint against American business. We have too many super-sized firms, excessively large and unnaturally profitable. Dubious mergers, permitted by toothless antitrust laws, boost companies' market power and squash rivals. The lifeblood of a dynamic economy is competition; its erosion — if true — would be a momentous event. But is it true? Let's see. Superficially, there's ample corroborating evidence. Facebook, Google, Microsoft, Apple and some other tech firms are massive and have dominant market positions in their chosen fields. Google — to take one obvious example — has about 90% of the internet search market. Mergers and acquisitions among large firms are also common, with antitrust laws providing only limited restraint. Just recently, the Justice Department (which shares antitrust enforcement with the Federal Trade Commission) approved the $69 billion healthcare merger between CVS and Aetna. Earlier, Justice challenged the $85 billion mer
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