Competition in America

Elizabeth Warren's keynote address about industry consolidation described monopolistic corporate power that is “hiding in plain sight all across the American economy and threatens our markets, threatens our economy, and threatens our democracy.”

Her speech begins at minute 56:45 in this recording from conference at the Capitol put on by New America’s Open Markets program. video transcript

After many examples of dysfunction in our economy she turns to solutions available now and shown to work.

quote

Congress created antitrust law to address the concentration of wealth and power in the hands of the few, passing the Sherman Anti-Trust Act and Clayton Anti-Trust Act. The original purpose of these laws was to fight concentrated economic and political power. One hundred years ago, Congress understood that these two factors were forever intertwined.

In the late 1970s, Robert Bork wrote an influential book rejecting the idea of competition as the driving rationale for antitrust law. Bork argued that the government should weigh the costs of less competition against the claims of greater economic efficiency that consolidation could create.

So how do we get more competition? We can start with a President and an Executive Branch willing to once again enforce our laws in the way Congress originally intended them to be enforced.

Number one: Hold the line on anticompetitive mergers.

Number two: Closely scrutinize vertical mergers.

Number three: Require ALL agencies to promote market competition and appoint agency heads who will do so.

For much of our history, Americans organized and protested against the forces of consolidation. As a people, we understood that concentrated power anywhere was a threat to liberty everywhere. It was one of the basic founding principles of our nation. And it threatens us now.

Competition in America is essential to liberty in America, but the markets that have given us so much will become corrupt and die if we do not keep the spirit of competition strong. America is a country where everyone should have a fighting chance to succeed—and that happens only when we demand it.

.

See Age of Entanglement for another call for wise choices.

Apple plans third Prineville data center. post