In order for a country to progress, it is important that there is freedom to start businesses, restrictions to monopoly and ease to legally document permits.
If the government places high barriers in many industries, competition will be hindered and growth will be hard. Daren Acemoglu’s book reports that in Mexico, government protects the monopoly of its giant Internet Service Provider, resulting to unsatisfying service and expensive prices.
In the Philippines, if our nation will allow healthy competition and resolve monopoly or oligarchy in Telecommunications, this would lead to faster and more affordable Internet, international cooperation, more options for buyers and more progress.
Monopoly leads to expensive prices and lower standard of output. Healthy competition leads to lower prices and higher quality of products. #economics101 #freedomindex