October 12, 2020 |
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In the 1980s, under the Reagan administration’s lax enforcement of antitrust laws, corporate mergers in the U.S. began to jump. Since then, the market power of America’s biggest corporations has only continued to increase, with this result: A tiny number of companies dominate slews of major industries—from pharmaceuticals and retailers to hospitals and meat processors to defense contractors and social media, to many, many others. This issue was thrown into stark relief during the pandemic when behemoths such as Amazon, Google, Facebook, and Walmart saw their market values skyrocket while smaller companies all over the country went bankrupt.
Zephyr Teachout contends that monopoly is the forgotten issue of our time.
Monopoly, argues the law professor and former New York congressional and gubernatorial candidate, is a key driver of modern society’s biggest problems, such as low wages, income inequality, financial speculation, restrictions to worker freedom, declining entrepreneurship, and racism.
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