“Only consumers win with more competition in the market.” -Anonymous.
What does competition lead to? Better products, cheaper prices, more choices and MORE innovation! Free markets encourage competition because of its benefits: everyone wins. When open competition exists in markets free of regulatory barriers, entrepreneurs can bring market giants to their knees with minor tweaks on systems or products.
Consumers are free to choose from a variety of products in all kinds of different markets in today’s world. The freer the market is the more choices, and transparency exists for the benefit of consumers and entrepreneurs alike. When you look at cell phones, vehicles, dog food, restaurants, cameras, computers, and so many more industries in America( which is only slightly free) The choices are abundant to say the least. The bottom line here is that consumers are the ultimate winners in a competitive space because we have the power to choose what succeeds and what doesn’t by choosing where to spend our dollars.
Large businesses don’t like the power competition can give to consumers, and their rivals in the market space, because as a business grows it becomes more costly for them to innovate into a new trend, or compete with a new business by overhauling their business model. The EV market is a prime example of big business being forced into changing their business model to compete with a new foe. These large businesses often turn to the government to restrict new competition in a market space with regulatory overkill, but that’s a subject for another day.
The bottom line here is: the benefits of competition are clear, it’s great for consumers, and it forces business to listen to what the overall market is wanting in a product or service. Competition pushes prices down with new products flooding the market, and it ensures that no one company can squeeze the consumer dry. Competition is key to freedom, and key to a high functioning society. We are looking forward to the rest of the week. Enjoy!
