This photograph taken on September 28, 2017, shows a smartphone being operated in front of GAFA logos (acronym for Google, Apple, Facebook and Amazon web giants) as background in Hédé-Bazouges, western France. / AFP PHOTO / Damien MEYER
When it comes to competition, the Banque de France is here to tell you your economics textbook was right.
Tech giants like Facebook and Amazon are the tip of the iceberg of a trend toward market concentration. That's good for profits, but a new study says it also risks harming productivity and growth potential in the long run.
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