The foundation of our economic system is based on competition and a free market. Antitrust laws were established in order to promote competition and preclude monopolies from occurring so that society as a whole will benefit. But consider the taxi industry. All the requirements and regulations taxi companies need to abide by in order to operate have resulted in decades of a government-backed monopoly. Then came Uber, a tech start-up out of San Francisco five years ago, which has made taxi companies vulnerable in recent years and requires a closer look at the concept of innovation, regulation, and government backed monopolies.
