Global tech giant Google came under fire in the South Korean market for withdrawing from the free cloud service that had been provided to domestic universities. The withdrawal came just two years after it initiated the policy, during which South Korean students have willingly uploaded a massive amount of lectures and academic materials. Major universities in South Korea have racked their brains to find solutions by removing Google accounts of graduates and faculty members not on the payroll, for instance. Although some may point out that there is no free lunch, the controversy shows how significantly Google’s overwhelming governance affects our daily lives.
This book highlights how monopolists in the United States, the top leading capitalist nation, affect individual citizens. The author, as an exploratory report expert, studies various stories of the victims of monopolies in various fields such as aerospace, media, telecommunications, pharmaceuticals, finance and medicine as if he searched the waters with a dragnet. For example, as only four major carriers (United Airlines, American Airlines, Delta Airlines and Southwest Airlines) cover more than 80 percent of the U.S. commercial airplane market, the number of direct routes has decreased while routes via hub airports in Chicago, Atlanta, etc. have risen greatly. This is because carriers can save cost when they use hub airports with sufficient staffs and equipment ready for them. However, this has caused travelers to experience the inconveniences of flying longer hours than the past. The book describes stories of students who have been left to do their assignments at a Starbuck parking lot as U.S. telecom giants do not provide Internet networks to minor cities with a small population.
Although the Sherman Antitrust Act is in place in the United States to contain market monopoly, the author argues that the U.S. government has laxly enforced the law since the Reagan administration. Robert H. Bork, a former Yale Law School professor, provides a philosophical basis for the effects of monopoly by maintaining that a monopolized market can increase consumers’ benefits (consumer welfare) in terms of price and service. It may seem to make sense if you are reminded of cutting-edge technologies invented and provided by Google, Apple, Samsung and other behemoths.
However, the author tells you not to fall for his reasoning. Economics professor John Kwoka of Northeastern University says that 38 out of 46 Washington-approved corporate mergers have driven retail prices up. Also, statistics show that incomes of workers at monopolistic companies have went down over time. Citing Warren Buffett, the chairman and chief executive of Berkshire Hathaway, telling investors that he advises managers to expand a moat – or a monopolized area – every year, the author concludes that the government and citizens should stand up against the greedy monopolists.
Sang-Un Kim firstname.lastname@example.org