The United States is a capitalist country, that is, businesses and profits are controlled by private companies, not by the state. Capitalism dominates free markets, which leads to competition between companies. Because of the competition, consumers are free to choose among options. In Tepper’s “The Myth of Capitalism”, Tepper argues that capitalism is dying because large companies have become monopolies or oligopolies that control the market. Eventually, customers have no freedom to choose.
No surprise, Canada is a capitalist country as well. However, like the U.S., monopolies and oligopolies are very common and lots of small companies have closed because they cannot compete with large companies. For example, a large convenience store, Shoppers opens in almost every community, and it operates 24/7. Smaller convenience stores are barely seen now due to their limited ability to compete. Other monopolies and oligopolies include Translink and Artona. Large companies buy smaller yet competitive companies to reduce the competition in the market and expand the companies. For example, there are more and more Chinese residents, students and travelers in Vancouver, which gives rise to Chinese markets. Thus, Real Canadian Superstores bought TNT supermarket, a popular Chinese market. Similar to the U.S., competitive free markets are dying in Canada.
Capitalism promotes free markets competitions and leads to freedom of choice. But competitive free markets are ruined if monopolies and oligopolies are taking over the power to control the market. Hence, capitalism will not truly be an economic system that private owners control productions and profits. According to Tepper, a revolution is needed to restore free markets and freedom of choice.
@fionahuang001 mentioned the negative impact of monopolies in economics. As monopolies and oligopolies control the market and resources, they are very likely to raise prices and maximum profits. Ultimately, consumers have no options but to accept expensive products.