Busting up the city sponsored taxi monopoly in Little Rock Arkansas (Video)

Kens cab c c

The late great economist Murray Rothbard liked to point out that the word “monopoly” has been bastardized over the last 100 years or so. It used to mean the granting of exclusive business rights to one individual or company by the government. Monopoly was a government gift.

That’s pretty much the only way “monopolies” survive even today – despite what we are told. Government must protect monopolies. The market tends to eventually bust them. This has happened over and over in history when the market has been allowed to work.

In Little Rock the local cab company and its buddies in government don’t want the market to work. I mean who wants lower fares and a higher level of service?