Biden: Capitalism without competition is exploitation
United States President Joe Biden stated on Friday that capitalism without business competition is exploitation, rather than a fair economy. In his view, poor competition is holding the US economy back.
The statement comes shortly before the signing of a presidential Executive Order on promoting competition in order to stimulate the US economy and subsequently increase wages and lower prices, especially in industries such as pharma, tech and communications.
“No more tolerance for abusive actions by monopolies, no more bad mergers that bring mass layoffs, higher prices, fewer options for workers and consumers alike,” Biden said.
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