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Markets suffer when companies focus on deals, not innovation, top Australian official says

By Laurel Henning and James Panichi ( February 27, 2020, 02:13 GMT | Insight) -- The international failure of regulation to prevent the concentration of economies has led to market stagnation and a slowdown in innovation from larger companies, Australia’s top merger official said today. Speaking at a conference in Melbourne, Stephen Ridgeway questioned why, if markets are working as efficiently as industry lawyers would suggest, innovation continues to happen in garages rather than in the “pastel-colored breakout rooms” of technology and industry giants. The Australian Competition & Consumer Commission official went on to compare those downplaying the risks of market concentration with climate-change denialists. The international failure of regulation to prevent the concentration of economies has led to market stagnation and a slowdown in innovation from larger companies, Australia’s top merger official said today....

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