Looks to my uneducated eye like China has been enforcing competitive markets internally, with consistent economic policies. Meanwhile the US has stopped enforcing antitrust altogether and keeps violently changing its mind about economic policy every four years.

And then externally Chinese policy is oriented around suppressing the value of its currency, which is basically a monopolist's tactic--artificially lowered prices in order to crowd out competition.

I think that's mercantilist-ish, but kind of a modern version?

It's definitely the opposite of what the US does, the currency is the world reserve and therefore drives the price of the dollar above what it would be without trade, which I guess makes exporting from the US much more difficult?

Anyone who is an expert in global economics please correct me here :)

I mean they did execute a wealthy banker a couple years ago. So I think the mercantile class occupies a different place in society there than in America

In democracies people can vote in control of the government to benefit themselves, unlike private monopolies. Corrupt autocracies get much criticism.

How would a bad monopoly be likely to be taken down if not by government intervention?

Good for whom, exactly?

This seems like a classic straw man argument. Plutocratic oligarchs have been making the argument that private monopolies are better than representative democracy at basically any societal function for decades without any actual data.

This seems like a classic straw man argument. Plutocratic oligarchs have been making the argument that private monopolies are better than representative democracy at basically anything for decades.

>Haven't read his book, but the idea that monopolies are good isn't typically made in a vacuum, it's made relative to alternatives, most often "ham-fisted government intervention". It's easier to take down a badly behaving monopoly than to change government, so believing monopolies are better than the alternatives seems like a decent heuristic.

What? How is the first alternative poor government instead of multipolar competing companies? When was the last time a Monopoly was actually broken up in the US? ATT/Bell 50 years ago? lol

> if someone claimed more than a few decades ago that certain economic strategies and structures are good or bad

As you point out, it is all game theory.

But things that arrange for the game to be more beneficial to everyone, that align our interests more, deserve to be called "good", regardless of their inability to universally do so.

The latter would be an impossible bar for anything.

Where I find things frustrating, is when someone thinks because something is "good", it somehow becomes "enough". (Think, capitalized versions of different economic schools of thought.)

> Economic behavior is inherently game theoretic.

Game theory is just math. As with any math, the calculations can all work out, but that says nothing of how it reflects nature. All you can say is that if the axioms are all true, then this is the necessary outcome. Look for string theory as a cautionary tale here.

Game theory assumes rational systems. But we have over 6 decades of behavior science which contradicts that fundamental assumption. Economic behavior is not necessarily rational, and subsequently it is not inherently game theoretic. You will find plenty of dogmatic, idealistic, superstitious, counter productive, etc. behaviors in an economy. You need psychology, and not just math, to describe the economics which happens in the real world.