1. For example, “Amazon is a monopoly, a product of this new and twisted Gilded Age” quoted from Ross Barkan, “Amazon’s Retreat from New York Represents a Turning Point,” Guardian, February 14, 2019; Ryan Cooper, “Google Is a Monopoly—and It’s Crushing the Internet,” The Week, April, 21, 2017; David Meyer, “Why Facebook Is Impervious to Damage—and What’s Needed to Rein It In,” Fortune, January 31, 2019; and Denise Hearn, “Canadian, U.S. Regulators Asleep at the Switch as Monopolies Thrive,” Globe and Mail, February 25, 2019.

2. The five—Apple, Ama​zon​.com, Alphabet (which owns Google), Microsoft, and Facebook—were the five largest companies in the world by market value in 2018 (in billions of U.S. dollars) according to Statista, “The 100 Largest Companies in the World by Market Value in 2018.”

3. Ryan Bourne, “Every Day, We Vote with Our Clicks That We Value Facebook,” City A.M., February 5, 2019; and Erik Brynjolfsson et al., “GDP-B: Accounting for the Value of New and Free Goods in the Digital Economy,” NBER Working Paper No. 25695, March 2019.

4. David Evans, “Why the Dynamics of Competition for Online Platforms Leads to Sleepless Nights, But Not Sleepy Monopolies,” SSRN (website), August 23, 2017.

5. Jason Furman et al., “Unlocking Digital Competition: Report of the Digital Competition Expert Panel,” HM Treasury, United Kingdom, March 2019, https://​assets​.pub​lish​ing​.ser​vice​.gov​.uk/​g​o​v​e​r​n​m​e​n​t​/​u​p​l​o​a​d​s​/​s​y​s​t​e​m​/​u​p​l​o​a​d​s​/​a​t​t​a​c​h​m​e​n​t​_​d​a​t​a​/​f​i​l​e​/​7​8​5​5​4​7​/​u​n​l​o​c​k​i​n​g​_​d​i​g​i​t​a​l​_​c​o​m​p​e​t​i​t​i​o​n​_​f​u​r​m​a​n​_​r​e​v​i​e​w​_​w​e​b.pdf.

6. Strategy&, 2018 Global Innovation 1000 Study, PricewaterhouseCoopers.

7. Nicolas Petit, “Technology Giants, the Moligopoly Hypothezis and Holistic Competition: A Primer,” SSRN (website), October 20, 2016.

8. Jill Sundie, Betsy Gelb, and Darren Bush, “Economic Reality vs. Consumer Perceptions of Monopoly,” Journal of Public Policy & Marketing 27, no. 2 (Fall 2008): 178–81.

9. Lina Khan, “Amazon’s Antitrust Paradox,” Yale Law Journal 126, no. 3, Note (January 2017): 710–805.

10. Furman et al., “Unlocking Digital Competition: Report of the Digital Competition Expert Panel.”

11. Joshua Wright et al., “Requiem for a Paradox: The Dubious Rise and Inevitable Fall of Hipster Antitrust,” George Mason Law & Economics Research Paper No. 18–29, Arizona State Law Journal, 2019.

12. Joseph A. Schumpeter, Can Capitalism Survive? Creative Destruction and the Global Economy (New York: Harper Perennial, 2009). Originally published as Capitalism, Socialism, and Democracy.

13. Schumpeter, Can Capitalism Survive? Creative Destruction and the Global Economy, p. 45.

14. Dirk Auer and Nicolas Petit, “Two Systems of Belief about Monopoly: The Press vs. Antitrust,” Cato Journal 39, no. 1 (Winter 2019).

15. Timothy Muris and Jonathan Nuechterlein, “Antitrust in the Internet Era: The Legacy of United States v. A&P,” George Mason Law & Economics Research Paper No. 18–15, May 29, 2018.

16. R. S. Tedlow, New and Improved: The Story of Mass Marketing in America (New York: Basic Books, 1990).

17. Marc Levinson, “Monopoly in Chains: Antitrust and the Great A&P,” CPI Antitrust Chronicle 12 (2011).

18. Paul Ellickson, “The Evolution of the Supermarket Industry: From A&P to Walmart,” chapter 15, in Handbook on the Economics of Retail and Distribution (Cheltenham: Edward Elgar Publishing, 2011), pp. 368–91.

19. Aaron Hardy Ulm, “Chain‐​Store ‘Issue’ Arises: Retailer and Wholesaler Seeking Government Aid in Struggle against ‘Menace,’” Barron’s, June 4, 1928.

20. Arundel Cotter, “Legislating against the Consumer: Price‐​Fixing Laws Raise Retail Prices—Threat of New Patman Bill,” Barron’s, January 9, 1939; and Thomas V. DiBacco, “Depression Tale: Putting the Chain Stores in a Cage,” Wall Street Journal, March 5, 1985.

21. “A.&P. Defends Variations in Prices between Cities,” Wall Street Journal, May 2, 1940.

22. “A.&P. Decision,” Washington Post, October 3, 1946.

23. “A&P Ad Puts Antitrust Case before Public,” Los Angeles Times, September 21, 1949.

24. “A.&P. Files for Bankruptcy,” New York Times, December 12, 2010; and “A&P Grocery Chain Files for Bankruptcy Again,” USA Today, July 20, 2015.

25. Victor Keegan, “Will MySpace Ever Lose Its Monopoly?,” Guardian, February 8, 2007.

26. John Barrett, “MySpace Is a Natural Monopoly,” Tech News World, January 17, 2007.

27. Stefanie Olsen, “Google’s Antisocial Downside,” CNET​.com, December 19, 2006.

28. Josh Catone, “Hitwise: MySpace Takes 3/​4ths of US Social Network Traffic,” Read​write​.com, May 6, 2008.

29. Jasper Jackson, “Time Inc. Buys What Is Left of MySpace for Its User Data,” Guardian, February 11, 2016.

30. Liveuniverse, Inc. v. Myspace, Inc., 304 Fed. Appx. 554 (9th Cir. 2008).

31. Michael Arrington, “Facebook No Longer the Second Largest Social Network,” TechCrunch, 2008.

32. “The Rise and Fall of MySpace,” Financial Times, December 4, 2009.

33. Jeremy Barr, “Does MySpace Have Any Distribution Juice Left for Publishers?,” AdAge, April 28, 2016.

34. Martin Armstrong, “Myspace Isn’t Dead,” Statista, March 18, 2019, https://​www​.sta​tista​.com/​c​h​a​r​t​/​1​7​3​9​2​/​m​y​s​p​a​c​e​-​g​l​o​b​a​l​-​t​r​a​ffic/.

35. Zoe Kleinman, “MySpace Admits Losing 12 Years’ Worth of Music Uploads,” BBC, March 18, 2019.

36. According to data on StatCounter, in March 2019 Apple had a market share of just under 55 percent in the mobile vendor market, with Samsung a distant second with 24 percent. http://​gs​.stat​counter​.com/​v​e​n​d​o​r​-​m​a​r​k​e​t​-​s​h​a​r​e​/​m​o​b​i​l​e​/​u​n​i​t​e​d​-​s​t​a​t​e​s​-​o​f​-​a​m​erica.

37. Nick Whigham, “How Some of the Once Unstoppable Tech Giants of Yesteryear Met Their Demise,” news​.com​.au, November 20, 2017; and Bruce Upbin, “The Next Billion,” Forbes, October 26, 2007.

38. Tony Smith, “Nokia Grabs 40% of Phone Market for First Time,” The Register, January 24, 2008; and Phil Goldstein, “Report: Nokia’s Smartphone Market Share Dropping,” FierceWireless, March 11, 2009.

39. Jack Ewing, “Nokia Rockets Past Rivals,” Der Spiegel, January 25, 2008.

40. Yves Doz, “The Strategic Decisions That Caused Nokia’s Failure,” Insead (website), November 23, 2017.

41. Doz, “The Strategic Decisions That Caused Nokia’s Failure.”

42. “Why Did Nokia Fail and What Can You Learn from It?,” Brand Minds, Medium, July 23, 2018.

43. Statista, “Global Market Share Held by Leading Smartphone Vendors from 4th Quarter 2009 to 4th Quarter 2018.”

44. James Surowiecki, “Where Nokia Went Wrong,” New Yorker, September 3, 2013.

45. “Kodak Moment,” Wik​tionary​.org.

46. Henry C. Lucas, Jr., The Search for Survival: Lessons from Disruptive Technologies (Santa Barbara, CA: Praeger, 2012).

47. “A Kodak Monopoly,” Time, May 12, 1923.

48. “U.S. Jury Finds a Kodak Monopoly in Amateur Photography Business,” New York Times, January 22, 1978.

49. Dave Lehmkuhl et al., “Kodak: The Challenge of Consumer Digital Cameras,” University of Michigan Business School.

50. Jordan Crook, “What Happened to Kodak’s Moment?,” TechCrunch, 2012.

51. Michael Hiltzik, “Kodak’s Long Fade to Black,” Los Angeles Times, December 4, 2011.

52. Lehmkuhl et al., “Kodak: The Challenge of Consumer Digital Cameras.”

53. Lucas, The Search for Survival: Lessons from Disruptive Technologies.

54. Felix Richter, “Digital Camera Sales Dropped 84% since 2010,” Statista, February 13, 2019.

55. Statista, “Digital Cameras,” https://​www​.sta​tista​.com/​o​u​t​l​o​o​k​/​1​5​0​1​0​4​0​0​/​1​0​9​/​d​i​g​i​t​a​l​-​c​a​m​e​r​a​s​/​u​n​i​t​e​d​-​s​t​a​t​e​s​#​m​a​r​k​e​t​-arpu.

56. Michael J. De La Merced, “Eastman Kodak Files for Bankruptcy,” New York Times, January 19, 2012.

57. Quentin Hardy, “At Kodak, Clinging to a Future beyond Film,” New York Times, March 20, 2015.

58. Talia Soghomonian, “Who Will Break iTunes’ Monopoly?,” NME​.com, May 28, 2010.

59. Daniel Eran, “Myth 4: The iTunes Monopoly Myth,” Roughly Drafted (blog), December 30, 2006.

60. Brad Stone, “Apple Is Said to Face Inquiry about Online Music,” New York Times, May 25, 2010.

61. Jeff Goodell, “Steve Jobs: Rolling Stone’s 2003 Interview,” Rolling Stone, October 6, 2011.

62. Christian de Looper, “History of the Apple iPod Antitrust Case,” Tech Times, December 19, 2014; and Dominic Timms, “Apple iPod and iTunes Accused of Music Monopoly,” Guardian, January 6, 2005.

63. Rachel Rosmaren, “IPod Killers That Didn’t,” Forbes, October 23, 2006.

64. Devin Leonard, “Rockin’ Along in the Shadow of iTunes,” Fortune, February 13, 2007; and Paul Boutin, “Live from the Steve Jobs Keynote—‘It’s Showtime,’” (“And the higher figure of 88% came from Steve Jobs’ mouth himself in a Keynote speech”), Engad​get​.com, September 12, 2006.

65. Albert Lin, “Understanding the Market for Digital Music,” Stanford Undergraduate Research Journal 4 (Spring 2005): 50–56.

66. Sundie, Gelb, and Bush, “Economic Reality vs. Consumer Perceptions of Monopoly.”

67. Harrison McAvoy, “Developers Are Our Best Bet to Stop Apple’s App Store Monopoly,” Next Web, February 23, 2019.

68. NPD Group, “Amazon Ties Walmart as Second‐​Ranked U.S. Music Retailer, behind Industry‐​Leader iTunes,” press release, May 26, 2010.

69. NPD Group, “iTunes Continues to Dominate Music Retailing, But Nearly 60 Percent of iTunes Music Buyers Also Use Pandora,” press release, September 18, 2012.

70. NPD Group, “Streaming Music Is Gaining on Traditional Radio among Younger Music Listeners,” press release, April 2, 2013.

71. Statista, “Most Popular Music Streaming Services in the United States as of March 2018, by Monthly Users (in Millions).”

72. Joshua P. Friedlander and Matthew Bass, “2018 RIAA Shipment & Revenue Statistics,” Recording Industry Association of America, 2019.

73. Paul Resnikoff, “Apple Is Shutting Down iTunes Music Downloads on March 31, 2019, Sources Say,” Digital Music News, April 6, 2018; and Dion Dassanayake, “iTunes Is NOT Shutting Down—Apple Rubbishes Rumours That It Will Scrap Music Player,” Daily and Sunday Express, April 14, 2018.

74. John Naughton, “Netscape: The Web Browser That Came Back to Haunt Microsoft,” Guardian, March 22, 2015; and Ed Kubaitis, “Browser Statistics for April 1996,” Engineering Workstations, University of Illinois at Urbana‐​Champaign.

75. James Collins, “Netscape’s Marc Andreessen,” Time, February 19, 1996.

76. “Microsoft’s Share of Browser Market Continues to Rise: Now More Than 87 Percent,” WebSideStory, accessed with the Internet Archive.

77. “Firefox’s Share of Browsers Market Grows 34 Percent in One Month, According to WebSideStory,” press release, December 13, 2004.

78. Timothy F. Bresnahan and Pai‐​Ling Yin, “Economic and Technical Drivers of Technology Choice: Browsers,” Harvard Business School Working Knowledge, August 12, 2005.

79. Sara Grant, “Lessons from the Browser Wars,” Harvard Business School Working Knowledge, April 10, 2006.

80. Klint Finley, “The Sorry Legacy of Internet Explorer,” Wired, January 12, 2016.

81. Andreas Gal, “Chrome Won,” Andreas​Gal​.com, May 25, 2017.

82. Victor K. McElheny, “Xerox Fights to Stay Ahead in the Copier Field,” New York Times, February 21, 1977.

83. SCM Corp. v. Xerox Corp., 463 F. Supp. 983 (D. Conn. 1978).

84. Larry Schweikart, The Entrepreneurial Adventure: A History of Business in the United States (Cengage Learning, 1999).

85. Neil Gandal, “The Dynamics of Competition in the Internet Search Engine Market,” UC Berkeley Center for Competition Policy Working Paper No. CPC01-17, February 19, 2004.

86. Randall E. Stross, “How Yahoo! Won the Search Wars,” Fortune, March 2, 1998.

87. Gil Press, “Why Yahoo Lost and Google Won,” Forbes, July 26, 2016.

88. “Yahoo! Selects Google as Its Default Search Engine Provider,” press release, Google, June 26, 2000.

89. Search Engine Market Share for United States of America, StatCounter Global: http://​gs​.stat​counter​.com/​s​e​a​r​c​h​-​e​n​g​i​n​e​-​m​a​r​k​e​t​-​s​h​a​r​e​/​a​l​l​/​u​n​i​t​e​d​-​s​t​a​t​e​s​-​o​f​-​a​m​erica.

90. Joe Salkowski, “AOL May Also Have Monopoly,” Chicago Tribune, June 19, 2000.

91. “AOL’s Instant Messaging Monopoly?,” editorial, Wired, December 26, 2000.

92. Jeff Desjardins, “The Evolution of Instant Messaging,” Visu​al​Cap​i​tal​ist​.com, November 17, 2016.

93. Alan Reynolds, “The Return of Antitrust?,” Regulation 41, no. 1 (Spring 2018): 24–30.

94. Agis Salpukas, “I.B.M. Says F.T.C. Has Ended Its Typewriter Monopoly Study,” New York Times, February 3, 1978.

95. Elizabeth Warren, “Here’s How We Can Break Up Big Tech,” Medium Business, March 8, 2019.