Capitalism cannot do without monopoly powers

Plainly, the economic space of competition has changed in both form and scale over time. The recent bout of globalization has significantly diminished the monopoly protections given historically by high transport and communications costs, while the removal of institutional barriers to trade (protectionism) has likewise diminished the monopoly rents to be procured by keeping foreign competition out. But capitalism cannot do without monopoly powers, and craves means to assemble them. So the question upon the agenda is how to assemble monopoly powers in a situation where the protections afforded by the so-called "natural monopolies" of space and location, and the political protections of national boundaries and tariffs, have been seriously diminished, if not eliminated.

David Harvey, Rebel Cities (Verso, 2013) pp. 95-96