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Don’t Panic! Natural Monopolies Can Be Free Market Friendly
The term “monopoly” is back in the news again after Facebook announced that its subsidiaries, Instagram and WhatsApp, will soon sport a “by Facebook” brand. The social media juggernaut aims to make it “clearer about the products and services that are part of Facebook,” but critics assert that this will superciliously parade its monopoly status. This might be part of a game of 4D chess since the company ostensibly wants to be broken up by the US government. But is Facebook a monopoly? If so, is it natural or born from government privileges? That second question is far more pertinent than the first.