The early credit card industry in the US was characterized by regional monopolies. Successful anti-trust rulings in the 1970s and 1980s made the credit card industry more competitive, leading to enormous welfare gains, in particular for low-income earners.

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  3. The early credit card industry in the US was characterized by regional monopolies. Successful anti-trust rulings in the 1970s and 1980s made the credit card industry more competitive, leading to enormous welfare gains, in particular for low-income earners.

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