Pure Monopoly - 1:00 Barriers to Entry - 1:10 Crony Capitalism - 2:35 Oligopoly - 2:52 Horizontal Integration - 4:25 Vertical Integration - 4:38 Usefulness of monopoly - 5:51 Natural Monopoly - 6:38 Non-Coercive Monopoly- 7:25 Price Discrimination - 8:14

OMGG MR. CLIFFORD!!! He got me through AP-microeconomics with a 4 on the test! His channel is dope too! Glad to see him here :)

In Pittsburgh you can pick and change your electricity provider. All the power plants are hooked to the same grid, but different plants charge different prices based on supply and demand. This keeps prices low without the government getting as involved with setting the prices.

One thing is sure: There’s always money in the banana stand

1:37: McMongol's, Burger Viking, Taco Bros and those awesome animations!!! thank you animation team, this was the best class in my life!

Parks and Rec thought bubble! Brought a smile to my face.

I'm a big fan of you guys! I haven't missed a episode of crash course economics! Keep doing it

2:32 is that a parks and rec reference?

Cramming these videos in for my final tomorrow... I'm going to love you two forever if I end up doing well

This was so so so helpful thank you so much! All of your market structure videos are so clear and easy to understand! :)

Another factor in breaking up monopolies that I don't remember being directly addressed in the video: product stagnation. Not only could a monopoly potentially charge whatever they wanted but they also had no insensitive to improve their product or service. The phone company is great example, crummy and sparse telephone lines, an operator is needed to connect all your calls etc. A product that breaks a lot so have to replace it, a product that barely performs its intended function, a product that pollutes a lot but what are you going to do? All things monopolies will cause.

jerry/larry/terry/gary riding lil sebastion is the best way i could have imagined learning microeconomic principles

After watching most of this series, I've finally learned why I never see AC/DC belt buckles anywhere. Mr.Clifford owns all of them.

I love studying antitrust law and love this course, thanks!

Love your videos CrashCourse! Would be even nicer if you could leave some readings in the description for further studies!

watched this 25 videos in two days, looking forward to the next one!

WAIT! Pharmatical researchers get to wear silly spacesuits??? Why was I not told???

In Norway we have a high-percentage alcohol retail monopoly company called "Vinmonopolet" ("The Wine Monopoly"). It's state-owned, and follows strict rules for making certain that the focus of the consumer is on quality instead of quantity. They never have discounts or deals of any kind, but their stores have large selections of different types of drinks, and their staff are very professional and helpful. Buying high-percentage alcohol in Norway always feels like you're entering a wine snob's basement (although they sell many other things than wine for all sorts of occasions, from young adult partying to old men feasts).

Havent watched a lot of these episodes since like #5, but the dude is pronunciating WAY more and not slurring. Good for him, I like him it's good to see him do well!

Thanks for the videos beautiful Adrian and tall Jacob! I'm from Nigeria where Crony capitalism abounds and unfortunately there aren't any government policies to help regulate markets. In our case, the monopolistic companies - excluding major power and water supply companies - aren't really helpful mainly because they are significantly stifling 'healthy market competition,' and are simply milking the entire nation. Barriers to entry in most industries such as telecoms are sky high...

I love the Parks and Rec reference!!

2:35 The cast of parks and recs

thank u this video easy to learn. I wish I could make such good videos in Spain but your English is very well understood. Thank you!!!

1:50, I dont think people walked in the street and said to themselves "I need a food truck right now". But rather the food truck came by and then the idea sprang about. Thus what happens is the exact opposite, the food truck generates 'demand', the people follow.

I want my Mc'Mongols Szechuan Sauce.

love the parks and rec thought bubble characters

Year 2017, and here you are helping me. Thank you

you guys are awesome & my econ teacher couldn't make me understand any of these terms like you guys could. I'm 20-Something episodes in now! I'm going to donate (:

Governments create all monopolies the following five ways: 1.Regulations 2.Subsidies 3. Tariffs 4.Intellectual Property 5.Nationalization Walter Block had a joke he originally gave to a room full of anti-trust lawyers: First joke is that there are three prisoners in the gulag in the former Soviet Union. The three find out why each of them is there. The first said that he came late to work and was accused of cheating the State out of labor. The second guy said that he came early and was accused of trying to out-compete his comrades. The third guy said that he came to work everyday and exactly on time, and the KGB accused him of owning a Western wristwatch. Second joke is that there are three prisoners in the U.S. They were all in jail for economic crimes of violating monopoly laws. First guy said that he charged higher prices than anyone else and the government then accused him of price gouging and profiteering. Second guy charged lower prices than anyone else and they accused him of predatory and cutthroat pricing. And the third guy said that he charged the same prices as everyone else and they accused him of collusion and price fixing.

+CrashCourse *** Please add this episode to the playlist, episodes #25 and #26 are not in the "Economics" playlists, they're floating in the uploads sections. ***

While watching I wanted to hug you both! Thank you for your gorgeous explanations

Just trying to get some Uranium and Plutonium to build a Nuclear Powerplant in my backyard, but those damn monopoly controlling govment not letting me.

Mayor Gergich and Lil' Sebastian at 2:05!

SO many Parks and Rec referencesI love this!

Thank you for this video!

5:22 Year is 2023 and Microsoft changed their ‘internet explorer’ to ‘Microsoft Edge’ and they are still trying to push users to install their browsers. LoL 😂

yep, at&t tried to buy tmobile but failed... of wait its 2020 and theyre together now

love all the parks and rec references

What a fantastic primer on monopolies and anti-trust legislation. Very useful for someone like myself that has to translate hearings and documents about this type of matter between Japanese and English! My appreciated. =]

a good natural monopoly: the NHS a bad one: the energy market, they keep putting prices up despite falls in oil prices and changing suppliers is complex and not guaranteed to get you a good rate

2:30 Parks and Recreations cast

Another awesome video, Thank-You.

Dope AC/DC belt buckle!

Also, you make price discrimination out to be bad, but in many cases price discrimination can increase overall utility for customers. Without price discrimination, a lot of things would be more expensive.

How much market share must a company have before it's a monopoly?

I love how much more natural and organic they became. It's clear they feel more comfortable before the camera now

Thank you 🙏, very simply explained. 👏🇺🇸😊

Big pharma also gets a lot of R&D from universities (we funded). And pharma spends much more on marketing than they do research (19 times more).

I'm really dissapointed you didn't go into the pros and cons of deregulating government natural monopolies which often lead to corporate monopolies. Especially in Europe, this has been a major problem: GDF Suez has been screwing the Belgian government and citizens over and electricity hasn't gotten any better since the utilities were shifted to corporate hands.

now I watch the video till the end to know how you will tailor the topic to the end,,,, keep up , good job

How come I have never heard of this channel??? Subscribed

The problem with the notion of a "compassionate capitalism", in which domineering monopolies are antithetical to a free market, is that it's BS. Monopolies are a product of free market competition, established when a corporation ostensibly "wins" the competition and is successful enough to eliminate all competitors. Business economics isn't a sport, they don't have seasons after which a champion takes home a trophy and we all start over on even terms next year. All the cheap tricks and dirty tactics an edified venture has access to are a natural consequence of free market economics, if they were restricted the market wouldn't be totally free. Free market capitalism sounds meritocratic on paper, and is at it's inception, but after the first winners emerge it becomes fundamentally unfair.

If AMD doesn't step up it's game Intel is going to be a monopoly soon.

Thanks for your help :)

You guys are really fantastic.... I only wish I could be getting college credit for watching this!

2 errors: 1) At 5:21 - Microsoft was not pressuring PC manufactures to pre-install IE - it bundled IE with Windows for free. Google "browser wars" for details. 2) At 7:53 - breaking large company into smaller companies is NOT an example of "deregulation".

Don't forget to hit the like button. These videos need more views.

You are great guys!

You get better and better, here my thumb's up !

Also, they are impossible.

Monopolies are created and propped up against market forces by governments, which themselves are self enforcing, territorial monopolies on law.

in Norway, we have vinemonopolet, "the wine monoply", who are the only ones allowed to sell wine and booze, which is owned by the government. This is to regulate alcohol. Though it makes booze expensive, it is understandable, since it makes it more dificult to be alcoholic, as well as it makes it difficult to make profit by private companies out of peoples sufferinng

6:57 Building 3 different power plants isn't at all a problem, its only the distribution network that would be a waste. We already have lots of individual power plants, but still only one grid.

Fascinating they didn't point out that the government is an example of a monopoly

Breaking up monopolies = deregulation?? So using laws (i.e. regulations) to break up monopolies is called deregulation (i.e. reducing the number of laws!). If that's actually the case, whoever tried to tie the word deregulation to anti-monopolies regulation was very Orwellian.

Very well explained! Thank you for this information.

Best Series ever

1:35 Mulder and Scully, plus a martian from mars attack

KZfaq needs to have its monopoly regulated.

This is the soaring cost of healthcare/pharmaceutical drugs in a nutshell.

LOVE your video BTW but what happen to Closed Captions?

McMongol's, Burger Viking, and Taco Bros. That's so hilarious!

Toys R Us got in trouble for trying to have store-exclusive toys? Pretty sure that kind of thing is allowed now. I've seen Target exclusive Nerf guns and everyone knows about console exclusive games.

The Disney/ Fox deal brought me here

Objection to the electricity example here. Here in Vietnam, electricity is a monopoly by state own enterprise. Being a monopoly has encouraged the company to do bad business practice, make losses, and fail to innovate in time. As such, the electricity power price keeps rising.

AC/DC! Keep on rockin'

Better just read Human Action.

The claim that patents encourage innovation is debatable. There are strong arguments that they actually inhibit innovation more than they encourage it.

Hi! Good video!

I just realized that the opening shows two friends starting from a lemonade stand as children, to partners that just got a loan to make an actual business, to a nationally recognized name brand... We watch two kids achive a huge goal in life in a few seconds.

what about dualopolies that ISPs like time warner and Comcast have in the US?

One of the most curious pseudo monopolies currently in existence is worth a look at. The PC video game distribution platform called Steam, owned by Valve. Now technically here the monopoly is not on the goods themselves, Valve is not the only developer of video games in the world, but it's a quasi monopoly on the distribution of the games. Other online stores exists, some of them video game distribution specialists as well, but their share of the market is dwarfed by Steam, even if they are able to compete with prices on Steam. A few companies elect to sell their games on their own private platforms, but only those with decent established reputations are successful in doing so (Blizzard, EA and very few others) These companies are scorned by the public for electing not to sell their games on Steam, but the quality and reputation of the games themselves means they'll be sold for massive profits regardless. But tinier less reputable companies have basically no choice but to get on the store. What's really curious about this monopoly is that it's the fault of the consumers. Like I said the other distributors offer similar, often better prices on some games, but the vast majority of people won't even bother to look at them. "If it's not on Steam, I won't buy it." is a very popular mantra. Now Valve are actually very smart people and I believe they are reason as to why this fierce loyalty arose. Back in the day, Steam used to curate their store, only allowing games on the platform that met certain secretive arbitrarily checks. Rumors were that this was a form of quality assurance check by Valve. This meant that a game was expected to have a certain standard of quality before it could get on to the store, and thus the simple fact that it got there meant it was good (Which was not always true, mind you, but people kept thinking it was) This is likely where the "Only buy Steam" mentality arose. Since a few years ago Valve as opened the flood gates and is now allowing an absolute bonkers amount of games on the store on a regular basis, but despite having lost this "QA check", the store remains vastly popular. Steam also provide a community hub, allowing you to find people to play your games with more easily, Steam updates all games that you have installed on your machine tied to it's library automatically and they also provide a few other side extras to further promote the use of their store and games sold on their store, such as trading cards. Tradings cards are acquired by playing many of the games bought from Steam and can be sold for usually .05 to .25 dollars each on the Steam store, which will be sent automatically to a Steam wallet. This money can only be used to buy products on the Steam store : games and trading card for games (The cards can be collected as sets to get special goodies, which is why they are valuable enough to set a price on in the first place.) Steam built a reputation and a consumer base that became both immense and ferociously loyal, and today Valve holds a frightening amount of power in the PC market for video games. Thankfully they have so far not chose to abuse this power. I think they know if they started to raise prizes across the board they would lose a lot of their market share, so it's kinda of a monopoly, but also not a monopoly because everyone goes to Steam as long as Steam is kept in check by the threat of losing it's consumer enforced monopoly should they try to take advantage of the monopoly. It's all really odd. When it comes to distribution of video games on PC, Valve were clearly pioneers. They got there first, people started growing purchasing habits revolving around the use of Steam and now they won't stop. Despite being fully aware of the issue, I'm guilty of being a dumb consumer myself. Whenever I decide to shop for new games, I always check Steam first, typically find something interesting, buy it without checking other distributors which are only a few clicks away and then I'm done. Happy with my purchase I install and play the game, have a good time and move on with my life. The only time I don't use Steam is when I hear about a game via other sources and can't find it on Steam, then I'll look other stores. Often these games are just not yet released or not available on PC, because these days, it's becoming VERY RARE that Steam will not have a game on their store. They are so important that everyone, including many super rich publishers will always want their games on the store, so Steam has almost everything in one place, which is another reason people don't bother to check lesser known stores. These days it's more like "If it's not on Steam, it doesn't exist?" What are your thoughts about this CC folks? I'm curious as this seems like a rare example of consumers enforcing a monopoly, which is obviously something they shouldn't be doing. It could simply be a trend set by Valve's innovative growth in the market that's taking a very long time to erode away. Eventually competition might dilute their power away. Or it might not. People love their habits. And sorry for the long post :P

2:38 its Ron, Leslie, Andy, Ann and Jerry from parks and recks

I'd say most monopolies we have today, and there are many that weren't mentioned, are caused by barriers of entry.

If a business influences government regulations for their own benefit, the answer is to get rid of the regulations. I want a completely free market capitalist system, not crony capitalism. I have no problem with free market monopolies; they can only gain such power by producing their goods/services at so low prices and high quality that no one else is able to compete. If they fall in quality or rise in prices, competitors can take customers and end the monopoly. I do have a massive problem with government-created monopolies, though. This are made into monopolies regardless of their quality and prices. As a result they often have higher prices and lower quality. Free market monopolies are actually a good thing because they can only maintain such a monopoly by being the most competitive. Government-created monopolies are horrible because they often produce the exact opposite but are propped up by government when those in the free market would fail. I have no problem with horizontal or vertical integration. I don't believe there should be patents; anyone should be able to produce a good/service so long as they don't steal the name. If the original provider wants to stay in business, they must still produce better quality and lower prices. I don't want any government-created monopoly in any public utility. These should all be left to private businesses paid by those individuals who use the utility. Cut out the government middle-man. Nike is an excellent example of how things should be: it's a near monopoly that must continue to produce high quality at low prices to maintain the monopoly.

Don't forget that the state also take monopolies in Justice, Law and Violence.

How about you guys make a series on LAW? It's going to be really helpful for many of us, and it's a potentially unserved group of learners. Thank you for considering.

In Malaysia our highways companies profit are guaranteed by the government. They can charge us for toll whatever price they like or threaten to charge the government for profit if we do no comply. The best thing is they don't even have to disclose their profit to us, they just simply say they are make a loss and the government will have to act accordingly to their contract to reimburse them

But you proved an important point: it is through *government* intervention that monopolies are created: almost no monopolies ever occur absent govt intervention through exclusive contacts, licensing and regulation (think, who is requiring you to have a license to own food trucks? Who is giving out and limiting these licenses? Government). If the government on principle did not interfere, there would be no ability or incentive for powerful private interest to lobby. The “barriers to entry” supposedly created by monopolies are erected by the government in response to the lobby.

Oh thank God, I thought you guys let Cenk from TYT into the video. Turns out it's just a guy that looks like him.

Some monopolies are good when companies make such a good job, that no one wants to buy from it's competitors. Google is an example, Standard Oil is another one. By the time Rockefeller's company was broke by the government, it had 60% of the market share and it still sold the cheapest highest quality oil derived products in the market.

In the UK we have privatised water... But you only ever have one supplier to choose from, and water.... Isn't exactly optional.

Government, the biggest monopoly of all.

Google isn't a monopoly, you're completely free to use duckduckgo or bing.

7:26 Footlocker Rotterdam, The Netherlands!

The only monopolies are government monopolies. Google is free, as is its competitors. Internet Explorer was free and there was no barrier to install Netscape at a nominal fee.

BYE BYE LI'L SEBASTIAN

did he say andrew carNEGY?

2:30 when the cast of Parks & Rec makes a cameo

you forgot to mention goverment granted monopolies for example in sweden alcoholic drinks above 3.5% by volume can only be sold by one company owned by the goverment. this is both to restrict the flow to consumers and use the profit from such a socially damaging product into the goverment. some side benefits is that by law they must get the product the consumer wishes to buy and create and even floor for the products to compete on.