But I'm not sure any action should be taken to stem this tidal wave of consolidation and downsizing. The ability of any firm to expand its size and, in doing so, claim more market share is as American as starting a small business. Plus, consolidation is sometimes necessary. The reality of today's economy precludes a dozen or so full line machinery builders being able to exist and make a profit. The alternative, expanding government regulation to control consolidation, isn't needed . . .
Government regulation is a tricky thing.
Look no further than your telephone service. Outside of those annoying television ads, the deregulation of the telephone industry has been remarkably smooth, encouraging competition while reducing service costs to consumers. A free economy also provides opportunity for anyone with a better widget and the burning desire to make money. Every year I receive a dozen press releases announcing new products being built by upstart companies. The lion's share of these new firms were created by farmers who hatched a better way of doing things while cultivating crops.