The article discusses the concept of ‘economic termites,’ referring to monopolistic practices by various companies that, while not immediately visible, collectively contribute to rising costs and economic difficulties. It highlights specific firms like Verisign, Autodesk, Linde, Assa Abloy, Gracenote, and LinkedIn, which have exploited their market power to raise prices, hinder competition, and degrade service quality. The author argues that these practices lead to widespread economic malaise and distrust in the system. The piece calls for awareness and legal action against these monopolistic behaviors, emphasizing the need for antitrust measures to restore fairness in commerce and innovation.
| name | description | change | 10-year | driving-force | relevancy |
|---|---|---|---|---|---|
| Economic Termites | Instances of monopolization that are subtle yet harmful to the economy. | Shift from visible monopolies to hidden economic termites affecting everyday costs. | In ten years, monopolistic practices may be more recognized, leading to regulatory changes and market shifts. | Growing consumer awareness and demand for fair competition may drive change in market dynamics. | 5 |
| Inflation as a Catch-All Term | Inflation is increasingly seen as a blanket explanation for rising costs across sectors. | Transition from specific cost increases to a generalized perception of inflation causing economic distress. | In a decade, public understanding of inflation may evolve, influencing economic policies and consumer behavior. | The impact of economic education and public discourse on inflationary trends and perceptions. | 4 |
| Consolidation in Industries | Merger activities leading to reduced competition in essential service sectors. | From competitive markets to oligopolies, limiting choices and driving up prices. | In ten years, industries might witness stricter regulations on mergers and a push for antitrust actions. | Regulatory shifts and public advocacy for fair competition are critical in shaping industry landscapes. | 5 |
| Skepticism Towards Corporations | A growing wariness in society regarding corporate practices and pricing. | Shift from trust in corporations to skepticism about their motives and pricing strategies. | In a decade, consumer behavior may shift towards supporting ethical companies and demanding transparency. | Rising consumer activism and demand for corporate accountability are driving societal change. | 4 |
| Price Hikes Across Sectors | Routine price increases by companies seen as monopolies, affecting consumer costs. | From occasional price adjustments to a trend of consistent price hikes in essential services. | In ten years, consumers may adapt to a new pricing reality, influencing budget and spending habits. | Market dynamics favoring monopolies and oligopolies continue to drive price inflation. | 5 |
| Switching Costs in Software Markets | High switching costs prevent innovation and maintain monopolistic practices in software. | From competitive pricing and innovation to stagnant markets dominated by a few players. | In a decade, the software industry might see disruptive innovations or regulatory changes affecting competition. | The emergence of alternative technologies or regulatory pressure may alter existing market dynamics. | 4 |
| Legal and Antitrust Awareness | Increasing recognition of the need for antitrust actions against monopolistic entities. | Shift from complacency regarding monopolies to a proactive approach towards legal challenges. | In ten years, the legal landscape may be reshaped with more antitrust cases influencing corporate behavior. | Consumer advocacy, media scrutiny, and political pressure for fair competition drive legal changes. | 5 |
| Hidden Economic Costs | Small, unnoticed costs accumulating from monopolistic practices affecting daily life. | From transparent pricing to hidden costs impacting consumers without their awareness. | In a decade, consumers might demand clearer pricing structures and accountability from companies. | Consumer awareness and demand for transparency in pricing practices will shape future markets. | 5 |
| name | description | relevancy |
|---|---|---|
| Economic Monopolization | The increase and normalization of monopolistic practices leading to inflated costs and diminished innovation across various sectors. | 5 |
| Supply Chain Bottlenecks | Hidden bottlenecks in supply chains that inflate prices and contribute to a sense of economic decline without clear accountability. | 4 |
| Legal and Regulatory Capture | The potential for companies to manipulate legal frameworks to maintain monopolies and hinder fair competition. | 5 |
| Predatory Corporate Practices | Companies exploiting their market power through aggressive sales tactics and poor service, damaging smaller firms and consumers. | 4 |
| Erosion of Faith in Economic Systems | Growing public distrust in economic systems due to consistent hidden price hikes and poor service quality from monopolies. | 5 |
| Lack of Innovation | Stagnation in innovation within industries dominated by monopolistic firms, inhibiting economic growth and consumer choice. | 4 |
| Increased Costs for Consumers | Rising prices across various essential services and products as a result of monopolistic strategies that go unnoticed by the public. | 5 |
| name | description | relevancy |
|---|---|---|
| Economic Wariness | A growing public sentiment of distrust and wariness regarding rising costs and economic stability, leading to feelings of being cheated. | 5 |
| Recognition of Economic Termites | Awareness of monopolistic practices and their impact on everyday costs, termed ‘economic termites’ that undermine the economy. | 5 |
| Demand for Antitrust Action | Increased calls for antitrust interventions against monopolistic companies to restore competition and fair market practices. | 4 |
| Consumer Coercion Awareness | Recognition of predatory practices by large corporations that coerce smaller businesses and consumers, leading to market stagnation. | 5 |
| Shift Towards Legal Action | A trend towards seeking legal remedies and class action lawsuits against monopolistic behaviors, reflecting a change in public sentiment. | 4 |
| Corporate Accountability Pressure | Growing pressure on executives and politicians to be held accountable for monopolistic practices and unethical business behaviors. | 5 |
| Emergence of Alternative Solutions | Potential rise of alternative business models and technologies, such as generative AI, aimed at breaking monopolistic control in various industries. | 3 |
| name | description | relevancy |
|---|---|---|
| Generative AI | A form of artificial intelligence that can create new content or designs based on existing data, potentially reshaping industries like architecture and engineering. | 4 |
| Smart Locks | Advanced locking mechanisms that can be controlled via smartphones or other digital means, impacting the security and convenience of residential and commercial spaces. | 3 |
| Industrial Gasses for Carbon Capture | Utilization of industrial gases in processes that capture carbon emissions, supporting renewable energy initiatives and sustainability efforts. | 4 |
| Automated Rental Lockers | Self-service lockers for outdoor and sporting equipment, streamlining rental processes and enhancing user convenience in various locations. | 3 |
| name | description | relevancy |
|---|---|---|
| Economic Termites | Instances of monopolization that are not easily noticeable but significantly impact costs and economic dynamics. | 5 |
| Monopolization and Market Power | The growing trend of monopolistic practices leading to price hikes and reduced competition across various industries. | 5 |
| Supply Chain Bottlenecks | Hidden bottlenecks in the supply chain that contribute to rising costs and economic inefficiencies. | 4 |
| Corporate Procurement Attitudes | The growing assumption among corporate procurement officers that costs will continue to rise without clear reasons. | 4 |
| Legal and Regulatory Challenges | The need for renewed legal actions and regulations to address monopolistic behaviors and protect competition. | 5 |
| Consumer Awareness of Hidden Costs | The increasing difficulty for consumers to identify and understand the small, incremental cost increases from monopolistic practices. | 4 |
| Impact of Mergers on Competition | The negative effects of mergers in concentrated industries leading to reduced competition and higher prices. | 4 |
| Antitrust Concerns in Software and Tech Industries | The potential for antitrust actions against leading software providers like Autodesk and LinkedIn due to monopolistic practices. | 5 |
| Economic Tyranny from Small Monopolies | The cumulative effect of small monopolies creating significant economic burdens on consumers and businesses. | 5 |
| Shift in Antitrust Enforcement | A potential shift in government policy and enforcement regarding monopolistic practices in response to public concern. | 4 |