Sometimes you have to cringe when a Capitalism fan praises the wonder of the “free market.”
For example, “free market competition lowers prices…”
Sounds great, but visit a store and compare the price of batteries from various companies – each one is within a penny of the other.
Listen to the CEO of a major airline who explains: “we no longer compete on price because that’s bad for profits for the entire industry.”
Or, be amazed when the generic drug you are prescribed is made by the same manufacturer as the brand name version and the price of both is nearly identical.
Ah…the “free” market. Some politicians salute this as the cure for rising middle class healthcare costs. Is medical services shopping fun as you put your heart attack on pause to consult with various institutions and learn they have no set price, just schedules of charges that all fall within a close range? Continue reading →