Quote:
Originally Posted by DiapDealer
Can someone please give me some examples of corporations that achieved a monopoly-like status by undercutting all the competition, and subsequently jacked up their prices so high that no-one could afford to buy the products they sold anymore; thus slitting their own throats and killing an entire industry. Surely there must be dozens.
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The textbook example is "Standard Oil" in the US in the late 19th and early 20th century. It did precisely that until it was forcibly broken up by the US Supreme Court in 1911. It was the business practices of Standard Oil which led to the introduction of anti-trust legislation in the US.
In the process, it made John D. Rockefeller the richest man in the world.