![]() We see some of the most dramatic evidence of concentration at the level of individual economic sectors. Louis and Memphis increasingly find themselves cut off and hollowed out. ![]() As research and writing by Open Markets has detailed, wealth and power is increasingly concentrated in fewer and fewer cities, meaning that as San Francisco, New York City, and Washington thrive, a growing large number of large heartland communities like St. Similarly, we can see how wealth is increasingly concentrated geographically. Thanks to research led by the Open Markets Team, we see how economic concentration increasingly blocks entrepreneurs from starting and growing their own businesses. We see when we compare the salary of a CEO today to that of a CEO in the 1970s. There are many indicators that economic concentration is increasing. The economists Paul Krugman and Larry Summers have linked growing monopoly power to weak growth, and in a recent White House report, Jason Furman and Peter Orszag argued that monopoly has contributed to inequality in wages. The Economist exemplified this with a pair of articles in 2016, in which they wrote that “the fruits of economic growth are being hoarded” by America’s profitable corporate giants, who face negligible competition. Thus far, most of the coverage of America’s monopoly problem has come from the 10,000-foot level. ![]()
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