I am a financial writer, publisher, and New York Times bestselling-author. Each week, nearly a million readers around the world receive my Thoughts From the Frontline free investment newsletter. \n\nMy most recent book is Code Red: How to Protect Your Savings from the Coming Crisis. I appear regularly on CNBC and Bloomberg TV. I’m also Chairman of Mauldin Economics, a research group that provides monthly analysis and recommendations to thousands of readers around the world.\n\nI was previously CEO of the American Bureau of Economic Research. Today I am President of the investment advisory firm Millennium Wave Advisors, LLC. I am also president and registered principal of Millennium Wave Securities, LLC a FINRA and SIPC registered broker dealer.\n\nWhen I’m not traveling to speak at conferences and events, I live in Dallas, TX. I’m also the proud father of seven children.
When you write for a wide audience, no matter what you say, or how carefully you say it, some people will misunderstand. Sometimes it’s amusing. Reading through my feedback , I get called both heartless capitalist and bleeding-heart socialist in reaction to the same article.
Asked if they favor capitalism or socialism, 49% of Millennials favored socialism. But if you ask if they favor big business or “free enterprise,” the numbers change significantly. In the future, I intend to substitute “free market” for capitalism where possible.Capitalism, at least the free market version, can’t work without competition. It motivates producers to offer the best products at the lowest prices, and lets consumers choose whatever best fits their needs.
Many states have health insurance markets where the top two insurers have an 80 percent to 90 percent market share. For example, in Alabama one company, Blue Cross Blue Shield, has an 84 percent market share and in Hawaii it has 65 percent market share. Apple’s iPhone and Google’s Android completely control the mobile app market in a duopoly, and they determine whether businesses can reach their customers and on what terms. Existing laws were not even written with digital platforms in mind.It was not always like this. Without almost any public debate, industries have now become much more concentrated than they were 30 and even 40 years ago.
Many of today’s large corporations would collapse if we had actually free markets—for instance, insurance companies protected from out-of-state competition.
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