Amazon in ecommece is exception to the rule. In almost any other industry, be it traditional like metals and chemicals, plastic, etc. or services sector like hotels and trips, banking or IT, all those fields are riddled with competition. Now, that makes one wonder why a few monopolies like Amazon, Google, etc. are able to sustain? Is it due to a lack of interest or ability by other players or some other factor (like entry and information barriers)?
The competition is rather superficial in practice. Currently, 1% of the world population owns more than half the wealth. If you look at all these businesses and competition, most of it can be traced to a tiny number of owners. Capitalism created a phenomenal amount of wealth concentration because it’s fundamentally designed to concentrate wealth.
Amazon in ecommece is exception to the rule. In almost any other industry, be it traditional like metals and chemicals, plastic, etc. or services sector like hotels and trips, banking or IT, all those fields are riddled with competition. Now, that makes one wonder why a few monopolies like Amazon, Google, etc. are able to sustain? Is it due to a lack of interest or ability by other players or some other factor (like entry and information barriers)?
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The competition is rather superficial in practice. Currently, 1% of the world population owns more than half the wealth. If you look at all these businesses and competition, most of it can be traced to a tiny number of owners. Capitalism created a phenomenal amount of wealth concentration because it’s fundamentally designed to concentrate wealth.