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.
With her new book, Break Em’ Up: Recovering Our Freedom from Big Ag, Big Tech, and Big Money, Teachout seeks to make anti-monopoly a top issue for progressives again. I recently spoke to her by phone about how the Left has missed the monopoly problem, why her book is more about power than economics, and why we need to strive for a “fuck off” economy.
In your introduction, you write that humans have a drive for power that must be checked or tyranny will result. Why did you start like this?
So many questions about politics, power and the economy are really questions about human nature. When we treat Jeff Bezos or Mark Zuckerberg as only about the bottom line, we’re misunderstanding motivations. It’s much more than greed. As I write in the book, these are “William the Conqueror” types. They’re out to accumulate power. We need to confront that if
- On Monday, business leaders under the Business Twenty group made 22 policy recommendations for the G-20 group.
- Each recommendation fell into three key areas: empowering people, safeguarding the planet and shaping new frontiers.
Top business leaders say the global economy is facing its worst crisis in a hundred years, and “downside risks remain elevated” unless urgent reforms are enacted during the G-20 summit hosted by Saudi Arabia in November.
“The global economy is in its worst state in a century,” warned Yousef Al-Benyan, chairman of Business Twenty (B20), a group made up of high-level CEOs from around the world. “The challenging opportunity is to build back better, with real urgency required from policymakers and business leaders,” he added.
Business Twenty is an engagement group that seeks to represent the voice of the global business community across all member states and economic sectors in the Group of 20.
The group is urging G-20 leaders to undertake “bold and broad based” policy action to put the post-pandemic economic recovery on a stronger, more stable growth path. It said trade tensions, policy uncertainty, geopolitical strains and building financial vulnerabilities were key risks to the outlook, as societies and economies navigate the crippling impact of the coronavirus.
“As the economic recovery evolves over the next couple of years, downside risks remain elevated,” Al-Benyan said, raising concern about low productivity growth and rising inequalities.
“Business has its share of responsibilities to honor and a substantial role to play in building back an economy that is socially inclusive and environmentally sustainable,” he added.
Saudi Arabia will be the first country in the Middle East and North Africa region to host a G-20 summit. The event brings together the leaders of the largest economies of the world to address financial
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