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Old 07-31-2013, 06:03 PM   #54
Andrew H.
Grand Master of Flowers
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Quote:
Originally Posted by HarryT View Post
Do a Google Search for "Standard Oil". This is precisely what they did (and is the way that Mr Rockerfeller made his zillions). It was the actions of Standard Oil that led to the introduction of anti-trust laws.
This is true, although it's worth pointing out that it was 1890 and involved a scarce product (oil) and not a retailer selling products available to any other retailers.

The general point remains true, however - despite repeated claims that low price retailers like WM are going to drive competitors out of business and then jack prices up, this never happens. WM has driven some competitors out of business, but it has not jacked up its prices. The same is true of Amazon, and the same was true of B&N and Borders vs. smaller stores.

There is *always* competition in the retail space; if WM raised its prices, competitors would instantly pounce because WM does not own the companies that produce the goods sold in its stores, just like Amazon doesn't own exclusive rights to the books sold in its stores, and unlike standard oil which *did* own almost all of the oil refineries in the US.
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