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IPFS News Link • Business/ Commerce

Big Business versus Monopoly

•, by Jacob G. Hornberger

As CNN Business puts it, "Exxon is now a shell of its former self."  The company us losing money and its "market value has crumbled by a staggering $267 billion from the peak."

What? That's not possible! Haven't we always been taught that big corporations just keep getting bigger and bigger? Don't Keynesian economics professors all across America teach that oil companies are "oligopolies," which enables them to raise their prices whenever they want and to make as much money as they want? Haven't statists told us for years that it's necessary for the federal government to break up these "big companies" because they have so much power over American consumers?

Well, if all that is true, then what's the deal with Exxon? It was a big company. Why didn't it keep growing?