Chapter 02 · Market power and the state
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No bylines · evidence first

Power has a price

Concentration rewrites choice

In twenty sectors, three firms now set the menu before consumers see a shelf.

Cheap capital made empires

A decade of low rates rewarded scale first and discipline later.

Regulation follows evidence

The useful test is not size, but whether prices, wages and entry still move.

Openness remains the remedy

Lower switching costs and cleaner data rights do more than another speech.