I'll add that regulation can be an <i>entrenching</i> mechanism, as the overhead of compliance has less relative cost to large existing businesses than to small, new ones.<p>For example: if social media companies were required to ID their users <i>in person</i> within 30 days of sign-up ("think of the children" IDK), the infrastructure to comply with that regulation would make it extremely difficult for a new startups to pull off, while big incumbents with compliance departments already staffed up can make it work.<p>Even worthwhile safety regulations have this effect. You can't just start a hazardous chemical transportation company in a weekend like you can a software company. I'd say that's working as intended, but it does still give larger players a competitive edge <i>just for being larger/older.</i><p>For my 2¢, limiting acquisitions and mergers is the way to go here. The laws already exist, they just need to be more strictly enforced. If a company's core business grows, the company can and should grow. But we don't want a ravenous corporate blob that absorbs everything tangential to its business, whether that's for growth or defensive reasons.