Representative image: Reuters
‘Capitalism without competition isn't capitalism. It's exploitation.’ This is what US President Joe Biden said on July 9, 2021, while signing an executive order promoting competition across American industries and labour markets. From pharmaceuticals, agriculture and tech companies to banks and Internet service providers, the directive is indicative of the range of industries on which future regulations may be imposed. Together with restrictions on non-compete agreements in labour contracts, these regulations, when they come into force, are expected to check the monopoly power...