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:

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:

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

• Shades of Spring

• Cool Vibes

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)

[AshenOne_CR]

I watched this video a long time ago and I thought it was legit. The Mises institute really comes in clutch

[complexengineering]

I wasn't expecting you to come out with another video on second thought that fast!

[Seouldrift]

Once again having some sort of economic freedom and privatization does not automatically mean capitalism. Especially if it involves monopolization.

[harveybeaver]

17:45 Where can I find MacKenzie's report? It sounds interesting.

[LoavesofBread]

The reason there is "investment" in other of the big five is because channels are separate broadcasters. You have a direct production company that creates the show backed by 1 or multiple producers and distributors.
A high rating/earning show can be cancelled after the broadcast network has to pay more based on a contract.

[crystalparker]

Have you even read the Wealth of Nations?

[harveybeaver]

10:00 And that's why I won't invest money in any Netflix-copycat. It's not just that you could only hog so many titles. It's that by the very nature, a web-service like Google or Amazon would the most efficient as a monopoly since they require interactions between at least two users with the website acting as a middle man.

I would not say the same thing, say, an apple-growing monopoly, they may raise the prices on the fruits all they want since they would have no serious competition, but you can bypass them by growing your own apple-tree in you backyard if you local climate permits.

You could not do it as effectively against Amazon this way since they already got most of the infrastructure and brand-recognition, and creating your own website already demands computing skills, let alone the one which requires careful logistics and infrastructure of your own delivery company.

[DJ]

Love your videos mate, quality. Could you possibly make a video about neoliberalism? I see the term thrown around alot these days and most people who use the term seem to conflate so called “ neoliberalism ” with free market capitalism and id love to hear your take on it. Thank you for solid the content, its much appreciated. keep up the good work.

[masinissaibrahimi]

Any solution for perhaps something essential in the market. Imagine the cure for cancer, but only one company invented it and sells it at a high price. What would be the alternative then?

[janvancura]

Should I put link for your videos under his videos

[hzmx]

Dont know if second though even understand common knowledge, business, economy or why people still buy them or business trick why people still buy them when they hate it.

People hate the new Star Wars Movie but people still watch them

Marvel, Star Wars and Indiana Jones yes they are now under Disney controlled but how's there quality now its staring to get rot badly really bad.
Not just that even Hollywood and comic book industry are getting bad and losing money they dont know why sure they have Big names or franchise to get their customer well if u check recent movies just come out are getting bad and losing even more money and Dont Know Why

And guess who is entering the market to international customer Japanese Anime and Manga they take Comic book readers and Hollywood fan to read and watch anime and manga. They dont really have the biggest name well they do but they have many many titles genre without having to get big blockbuster franchises.
Guess what Comic book writer wants Big Government to regulate Manga and Anime. This is called Anti-Competitor

This can also be relate to anything here’s few why would I want to buy Subway when I can go to nearby market to by ingredients to make my for cheaper price.
Why would I buy the new Xbox when I can buy Ps5 because more games and really good exclusive game.
Or why would I buy comic when they are just shoving and forcing horrible political and not fun to read But I would willing to spend extra money on Manga they are great have great and good story and art.
Well it’s called choices.
I bet Second Though either never have choices one of those coomsumers never think before buying or never think of there are choices people can choose if they want to buy or not not to buy

Also this video will also tell u about company u hate but still used them

[acestro]

Great vid Scotty, monopolies have only formed with help of the state and corporate lobbying, I don’t know why anti intellectuals use this.