Entrepreneurship is essential to economic progress and to upward mobility. But market concentration in the services, retailing, and light manufacturing industries has removed the incentive for small business owners to innovate, compete, and invest in research and development.
The Open Markets Institute submitted a statement for the record before the U.S. House of Representatives Committee on the Judiciary Subcommittee on Antitrust, Commercial and Administrative Law on Online Platforms and Market Power, Part 2: Innovation and Entrepreneurship on July 16, 2019.
The Retail Industry Leaders Association, which represents Walmart, Target, Home Depot, and other national retailers, wrote a letter to the Federal Trade Commission last week demanding that the FTC examine “persistent oligopolies in other parts of the retail ecosystem.”
After years of calling out Amazon, Google, Facebook, and Apple for abusing their monopoly power, Open Markets is cautiously optimistic that law enforcers finally intend to protect American democracy and American capitalism from these behemoths.
Open Markets calls on America’s antitrust enforcers to block the McGraw-Hill/Cengage merger. American students already pay outrageous prices for textbooks. The mega-merger of McGraw-Hill and Cengage will not lower costs for students, but will almost definitely result in higher prices.
Open Markets Institute applauds Senator Cory Booker (D-NJ) for calling for the break-up of the big tech platforms, and for accurately characterizing them as “engines for discrimination, harassment, misinformation and extremism.”