Quote:
Originally Posted by a_Username
Capitalism does not create monopolies. The only monopolies in existence are government granted monopolies. If you're proposing high tariffs in the midst of a global recession, then you'll realize that we'll be in far more economic hurt than we are now. Of course, this hurt is mainly due to the terrible monetary policies of our government.
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I never said capitalism creates monopolies. I said high protective tariffs create monopolies. High protective tariffs are anti-capitalist in many ways.
High protective tariffs in the late 19th century created monopolies in the steel, oil, and tobacco industries just to name a few. However, the progressives under Teddy Roosevelt reacted with government regulation rather than free trade principles to break up the monopolies which has led us down the path of government intervention in business that we see today.