Capitalism and Monopolies: The Myth of Free Market Monopolies—Second Thought Debunked

Capitalism and monopolies, the favourite argument used by opponents of capitalism, whether it's mixed economy sympathisers or even Marxists, the one erroneous claim you will always hear is the myth of free market monopolies.

Many, much like Second Thought, are led to believe that in the late 19th century there were robber barons that used predatory pricing to wipe out competition, shaft the consumer and through monopolies they would put out dangerous products and the consumers couldn't do a thing, therefore, to popular belief, people think the Sherman Antitrust Act of 1890 was there to break up the "supposed" evil monopolies.

This, again, is another Second Thought Debunked video to add to my collection. The common theme you will find is that he assumes that we are living under capitalism today and again, makes the fatal flaw and his baseless assumption that he seems to think we're living under a style of economy lacking in government regulations. Whenever you hear about deregulation in the economy, it tends to be minute in the grand scale of things and as the Mises Institute points out in the following article you can see that the real cause of the problem is governments regulation blocking entry for the competition.

The Question of the Cable Monopoly:
https://mises.org/library/question-cable-monopoly

Again, government intervention through socialism creates a problem, capitalism sadly gets the blame for it.

As I covered on capitalism and monopolies, the myth of free market monopolies is just that. The origins of monopolies throughout history have stemmed government intervention in the market through its regulatory power. As history proves, there has never been a single realworld example of a monopoly to stem from predatory pricing, you can find the example of Herbert Dow's chemical company to prove why predatory pricing is a silly idea here:

Tom Woods: Herbert Dow and the Predatory Pricing Myth:
https://www.youtube.com/watch?v=V6dD-ifIr8s&t=6s

As I have noted, there is only one way a monopoly can form and that is by restricting productive output to increase costs. The claims against the likes of Rockefeller are similar to many throughout the 20th century whether it was the Tobacco Company, IBM or even Microsoft.

Whilst I acknowledge the problem today with big tech and the censorship, as well as the oligopoly market with mainstream media, the real solution to the problem is not antitrust legislation, but to free up the market from government regulation and interference in the market, to move toward a free market economy. We do still have choice, but it's whether people are willing to give up on those who are abusing them.

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MUSIC
• On the Cool Side

On the Cool Side by Kevin MacLeod https://incompetech.com/
Promoted by MrSnooze https://youtu.be/iYOvAO1rAM0
License: CC BY 3.0 https://goo.gl/Yibru5

• Shades of Spring

Shades of Spring by Kevin MacLeod https://incompetech.com/
Promoted by MrSnooze https://youtu.be/iYOvAO1rAM0
License: CC BY 3.0 https://goo.gl/Yibru5

• Cool Vibes

Cool Vibes by Kevin MacLeod https://incompetech.com/
Promoted by MrSnooze https://youtu.be/iYOvAO1rAM0
License: CC BY 3.0 https://goo.gl/Yibru5

Intro: (0:00)
Merger Argument: (0:57)
Monopoly Definition: (1:39)
Big Tech, Media and Solution: (3:19)
Monopolies Explained: (10:28)
Telecommunications Act: (14:50)
Natural State of Capitalism: (20:49)
Monopoly Power and Antitrust Myth: (22:43)
Conclusion: (25:57)