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The shortage of baby formula is largely due to a lack of competition in the industry, with just four firms dominating 89% of the market. Abbott, the largest firm, is accused of negligence, including failing to fix defective equipment and falsifying records. Despite this, Abbott spent billions on stock buybacks instead of improving safety. This lack of competition and Abbott's dominance has led to the shortage, highlighting the need for stronger anti-trust enforcement to restore competition and hold corporations accountable.
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