Posted at Hartmann Report on Jun. 23, 2024
The Core Solution: Competition: The Hidden History of Monopolies
The key to a functioning regulated-capitalist economy is competition; as competition declines, so do innovation, investment, employment, and the wealth of working people. Lacking competition, those people and corporations in the economic top .01% will explode their wealth while everything and everybody else suffers.
Since the 1980s, when Reagan began aggressively applying Chicago School neoliberal policies and Robert Bork’s perspective on antitrust, industry after industry, sector after sector, has been interpenetrated and then consumed almost entirely by cancer-like monopolies and oligopolies. Not only have wages and innovation suffered, but the overall economy itself has largely stagnated, relative to the preceding four decades.