A Few Unicorns Are No Substitute for a Competitive, Innovative Economy


The bottom line: Entrepreneurship is declining and conglomeration in increasing. That’s a problem, since it’s impossible to create a truly vibrant economy if it’s dominated by companies that are politically insulated and shackled to the ball and chain of bureaucracy. The challenge, then, isn’t merely to encourage more Silicon Valley–style entrepreneurship, as important as that is; it’s to recognize that growing more unicorns is no substitute for vigorous antitrust enforcement and a concerted effort to unleash the latent entrepreneurial energy that resides deep within large, established organizations.


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