My Take on Econ

 What are monopolies? What are monopolies? A monopoly, by definition, is a business that is the majority owner/producer/seller of a certain product (usually essentials) and has the power to leverage high prices as there is no free-market competition. As a traditional monopoly does not have any significant competitors to be forced set reasonable prices. Example of a monopoly. Monopolies are very rare at present because of anti-monopolistic government policy. But the most notable one was John D. Rockefeller’s company  - “The Standard Oil company and trust”- an American oil-producing, transporting, refining, and marketing company established in 1870. Standard Oil controlled 90% of the US oil market in 1880, a mere 10 years after it started. But how do businesses like Standard Oil gain monopolies?  Standard Oil, like many other monopolies, grew in power and wealth through horizontal integration; by purchasing rival businesses in the refining sector and through...

This is a tale of a nation previously ravaged by the most devastating war in history and has been struck with the most powerful bombs ever used in active warfare. With all its cities damaged and factories destroyed, Japan emerged from the ashes of its history in World War 2. With help from the allies, notably Britain and USA, Japan experienced one of the largest economic booms ever seen. Between 1953 and 1965, Japan achieved a sustained growth rate of 9% annually - meaning that the size of the economy almost tripled in 12 years. Moreover, the Japanese government re-invested its newfound wealth back into the nation and built highspeed railways, airports, and metro systems, which would all contribute to the success of the nation. Japan took advantage of globalisation and leveraged its position as the world’s low-cost manufacturer. Their tech and car industries were booming as with the nation’s businesses being known internationally. However, in the 1990s, it all stopped. The GDP of Jap...