In Economics 101, one eventually learns the definition of a monopoly as "one firm or producer in an industry or market sector."
Outside of class, and in life, one learns that the somewhat educated news media throws around the term 'monopoly' without any regard to a standardized definition (9 times out of 10). And, of course, this is the same news media that calls bloggers into question for journalistic integrity issues.
So, we have to give The Economist some professional and journalistic credit for recently writing that
Carlos Slim enjoys "two near-monopolies" ("Let Mexico's moguls battle"; The Economist, February 4, 2012).
Note for future billionaires: it helps to become a billionaire with occassionally achieving a near-monopoly on a market or two. Call Bill Gates about this.
So here we have Carlos Slim owning both Telmex and Telcel, both with huge near-monopoly market shares in the broadband and mobile markets in Mexico.
And because The Economist is interested in economic fairness (among other things) it is suggesting that Carlos Slim, or the government, or somebody allow a little competition into the marketplace for the benefit of Mexican consumers.
Fat chance. Pun intended.
As they say in Mexico: "it is impossible to go a day without putting pesos into Carlos Slim's pockets."
Enjoy the pesos Carlos!
Carlos Slim Helú of Mexico beat Bill Gates and Warren E. Buffett for the top spot on Forbes magazine’s annual list of billionaires, becoming the first person from outside the United States to lead the rankings in 16 years.
