“Capitalism without competition isn’t capitalism; it’s exploitation. Without healthy competition, big players can … charge whatever they want and treat you however they want.” President Biden’s cogent statement about the benefits of competition would make Adam Smith smile in his grave. What could be more obvious? When one or all of the major players in an industry get to set prices while avoiding the threat of a competitor offering a better deal, the consumer suffers.
Maybe it’s time we start applying more of this same thinking to governments themselves. After all, this is the administration that celebrated a multi-country agreement to establish and maintain a minimum level of corporate income taxes. The move promises to undermine the ability of the people to hold policymakers accountable.
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