Jayson,
I don't think they have a problem rationalizing monopoly. A number
of people, edging toward libertarianism (right wing variety) take the
position that under certain conditions, competition cannot work and
monopoly or tight oligopoly is to be welcomed. One principled holder
of this is Lester Telser, emeriti at the University of Chicago.
Michael Perelman references Telser occasionally and I have quoted him
in the past. One of the economists who signed the letter waved around
in the bailout hearings last week was George Bittlingmeyer of the U.
of Kansas. Bittlingmeyer believes monopoly under some conditions of
production is much more efficient than competition and publishes
academic articles explaining. And a weekly columnist in the Wall
Street Journal, Holman Jenkins, pushes this line hard on Wednesdays --
oops, until it would force him to advocate regulated monopoly and then
his principles sag a bit.
Gene Coyle
On Sep 29, 2008, at 7:37 PM, Jayson Funke wrote:
Will the bailout eventually slow, rather than hasten, the threat of an
even more concentrated monopoly-finance system? IF financial firms are
left as chum in the shark tank of "market forces," as the neoliberals
seem to desire in order to keep out the gov., then the number of
acquisitions and mergers is likely to increase as firms go under,
leaving fewer and fewer behemoth financial institutions running the
game. How can monopolies be rationalized within neoliberal ideology?
Jayson
Jayson Funke
Graduate School of Geography
Clark University
950 Main Street
Worcester, MA 01610
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