Amazon doesn’t fit comfortably within the free-market fable of how capitalism is supposed to operate. We are, in theory, supposed to get freedom, competition, the reward of innovation, the elimination of all-powerful centralized bureaucracy. But consider this recent Wall Street Journal report on how Amazon destroys its competitors. Essentially, because Amazon is gigantic and has vast sums of money at its disposal, it does not need to “innovate” the same way smaller companies do. It can simply lift the innovations of others, and because it can undercut their prices, it can put them out of business. The Journal cites a number of examples.
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