Are conservatives changing their minds about fundamental principles?

Jon Stewart and Oren Cass from American Compass

American Compass is the self-described home of conservative economics. It describes its mission as:

To restore an economic consensus that emphasizes the importance of family, community, and industry to the nation’s liberty and prosperity.

There is much of interest in the work of this organization. My central critique is that though they identify the finance sector and financialization of corporations as central problems, they do not have a vigorous approach to the monopolization (market concentration) of almost every sector of the economy.

What are the consequences of monopolized markets?

First, highly concentrated markets often exhibit elevated prices due to diminished competition.

Second, in the labor market, the reduction in competition for labor between corporations has held down wages.

Third, in many markets - particularly rural ones - there are very few suppliers of a commodity or service. Consequently, effective competition is lacking.

Fourth, monopolistic companies can dictate prices paid to their suppliers, resulting in minimal profits for the suppliers and consequently very low wages for their workers.

Fifth, monopolized markets eliminate small competitors and significantly increase the challenges for new firms entering. This stifles innovation in new products and services.

---

Here is a brief discussion between Oren Cass, founder of American Compass and Jon Stewart.