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US Steel

When the government manipulated and misused the robber barons

Economists from Adam Smith on have written about the evils and dislocations that monopolies bring to an economy. What has been much less written about over the years, however, are the evils of monopsony.
There is an old saying about the transitory nature of American fortunes: shirt sleeves to shirt sleeves in three generations. As Donald Trump has discovered, they can vanish a lot faster than that. But Trump is not the record holder for financial plummeting (at least not yet).

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