Money talks: Monopolies and boardroom games
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 13 November 2018
⏱️ 17 minutes
🧾️ Download transcript
Summary
How powerful firms could undermine public faith in capitalism. Shakespearean drama in Nokia’s boardroom. And most businesses are ramping up their holiday hiring, but where will they find workers? Simon Long hosts.
Music by TeknoAXE CC by 4.0 (Cello Zen, The Cold of the Night)
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Transcript
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| 0:00.0 | Attention at all passengers. You can now book your train tickets on Uber and get 10% back in Uber credits to spend on your next train journey. |
| 0:11.0 | So no excuses not to visit your in-laws this Christmas. |
| 0:16.5 | Trains now on Uber. T's and C's apply check the Uber app. Hello I'm Simon Long, international editor at The Economist on today's program. |
| 0:27.0 | Hello, I'm Simon Long, international editor at The Economist. |
| 0:32.0 | On today's program, market concentration means that a handful |
| 0:36.0 | of firms are becoming ever more powerful in the West. |
| 0:39.5 | Might public faith in capitalism be undermined. |
| 0:42.6 | And Shakespearean business drama, will it be All's Well that ends well at Nokia. |
| 0:50.3 | And most businesses are ramping up their holiday hiring. |
| 0:54.0 | But where will they find the workers? |
| 0:56.6 | Welcome to Money Talks. |
| 0:59.0 | But first, the economist Patrick Fowles recently had a very interesting journey from New York to the University of Chicago |
| 1:05.5 | to attend a conference on the threat posed to prosperity by monopolies. |
| 1:09.4 | The journey began with an alarm beeping on a handset made by Apple, which has a 62% market share in America. |
| 1:21.0 | Next came a bumpy taxi ride to the airport in New York and I paid for that using |
| 1:26.7 | a piece of plastic issued by one of three credit card companies in America, American Express, Mastercard and Visa that together have a 95% market share |
| 1:38.0 | of their credit card industry. Once I was in the airport terminal I had breakfast, one of the super-sized fast food chain that dominate the industry in the US. |
| 1:51.0 | And I checked my emails through Google, has a 60% market share of the |
| 1:56.6 | browser market. A mobile signal from my phone was transmitted using one of three telecoms networks that |
| 2:04.9 | control 78% of the telecoms market. |
| 2:08.4 | And I took a flight with one of four airlines that control 69% of passenger journeys within America's borders. |
| 2:19.0 | Once I finally got to Chicago, I checked into a hotel called London House and I thought it was a |
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