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Journalism monopoly was also a market failure.

Journalism monopoly was also a market failure

From the article, which says it all:

For everyone but the monopolists and oligopolists, the market was grossly inefficient and nearly impossible to change.

Impossible, that is, until the barriers to entry dropped. In print, desktop publishing was the first crack in the dam, but it didn’t fully open the market. That only happened when the Internet came along — when eBay and Craigslist and Monster and Google and a host of other nimble companies created Internet advertising alternatives that monopolists couldn’t begin to match; and when a zillion content-based start-ups started finding better ways to tell people the things they needed or wanted to know.

The FTC is the principal federal government agency charged with promoting competition in American commerce. I don’t recall that it paid much attention to the inefficient, uncompetitive markets we had during the dominant days of newspaper monopolies and cozy, government-protected broadcasting.

So why, when the market finally opens up to competition at a variety of levels, is it suddenly time to fret so urgently about a market failure in journalism?