Comment by hellojesus
2 years ago
""" Through horizontal integration in the refining industry—that is, the purchasing and opening of more oil drills, transport networks, and oil refiners—and, eventually, vertical integration (acquisition of fuel pumping companies, individual gas stations, and petroleum distribution networks), Standard Oil controlled every part of the oil business. This allowed the company to use aggressive pricing to push out the competition. """ https://stacker.com/business-economy/15-companies-us-governm...
Standard Oil, the classic example, was destroyed for operating too efficiently.
How did customers benefit?
> This allowed the company to use aggressive pricing to push out the competition.
The consumers got the lowest prices.
Standard was notorious for price gouging and using those profits to buy their way into other markets.
Any other examples?
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Until the last competitors are forced out of the market; after that, it's just providing the shittiest service possible without it being clearly fraud, priced at the maximum the market can bear.
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