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Micro Beers Brew Up Big Business

The brewing industry is becoming more consolidated, but for aficionados in the U.S. there has never been a better time to drinkor makebeer

Adam Smith was right—markets do work over time. At least when it comes to beer.

Throughout the 20th century local and regional breweries in the U.S. closed by the thousands as improved transportation and the economies of scale led to increasing consolidation. Today the business is dominated by a handful of industrial-scale giants including Anheuser-Busch (BUD), Molson Coors (TAP), and InBev (INTB).