This paper discusses the role and character of monopolies in the truly capitalist free-market economy. The general nature of monopolies is examined followed by the relative positives and negatives. The paper also analyzes the relevance of monopolies in today's global economy. The final conclusion is that monopolies are more relevant today than previously given the current trends towards consolidation across all industries.
From the Paper:
"Monopolies, in one form or another, have been around as long as man has engaged in organized business. Businesses have always attempted to capture the market for themselves and the ones that are successful are, justifiably or not, invariably accused of monopolistic practices. Statt defines a monopoly as: A situation in which a MARKET is under the CONTROL or domination of a single ORGANIZATION. This condition is generally considered to be met at one-quarter to one-third of the market in question. A monopoly is contrary to the ideal of the FREE MARKET and is therefore subject to legal sanctions in all industrialized countries with a capitalist or MIXED ECONOMY. (99) While this definition seems fairly straight-forward and one would think that therefore classifying a company as a monopoly or monopolistic should be a relatively easy task. Yet, in a true free market environment where the market is in a constant state of flux..."
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