Up until now, economic theory held that competition was good and monopolies bad. Market economics says: Compete for ideas and products that will attract customers. That is the system’s mantra. That’s how we learned it in schools and universities.
This formula brought prosperity to the West and helped capitalism win over communism. In recent speeches about the fall of the Berlin Wall 25 years ago, the legacies of Walter Eucken, Alfred Müller-Armack, Wilhelm Röpke and Ludwig Erhard were celebrated like banners promising happiness on earth.
But of all places it’s in the model country of a competition economy, the United States – where apparently any gifted or hard-working person can make it to the top – that another theory propagated of late suggests the opposite. According to the theory, only monopolies are productive enough to accomplish future missions, and competition is an “annoyance” and nothing more than an “ideology” that pervades the whole society.