Describe your opinion about monopolies here in Canada.
I have never had a strong opinion on monopolies in Canada. However, I believe that monopolies can stifle innovation, competition, and affect the prices that the consumer has to pay for a product or service. Since we live in a mixed market economy, Canada has very few monopolies such as the health, airspace, and telecommunications industries. Companies within theses industries are notorious for price fixing, lack of innovation, and competition. These problems are prevalent because of the barriers to entry the new players face such government regulation, the cost of doing business, and infrastructure.
Overall I believe monopolies are a good and bad thing for Canada. Let me explain, in Canada, we have a population of roughly 40 million people unlike the US with a population of 400 million and growing. Because of our low population number companies in the telecommunication sector cannot compete on price because the consumer base is too small to generate profit without losing money. I believe this type of monopolization is a good thing because large telcos can contain to built our telecommunications infrastructure in remote areas in the contry. Also, I believe monopolies are a good thing in the health industry because it lowers the amount that Canadian have to pay for health care. If you look at health care in the US, you would agree that our approach is better and more efficient for everyone, not just the well off.
Do you think there are too many or too few monopolies and why?
When I researched which sectors of the economy are monopolized, I had a lot of mixed feeling about each industry. For example, I like that our health care industr...
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...d job of allocating resources in productive place for their customers. However, in an area such as investment banking companies can use the deposited money for risky investments such as foreign government and corporate bonds. When these banks lose money on their investments or go out of business, all of the customer 's savings would be gone. Also, in this type of system bankers are more likely to commit fraud such as opening fake accounts vis a vis Wells Fargo.
Subsequently, this kind of behavior will not have an impact in the short term, but it will have a long-term negative impact on countries economic growth because people will have less money saved up for a downpayment on a house, car, boat, business, and much more. As a result, business profits will decrease, and companies will create fewer jobs because they don 't have the capital to expand their business.
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