America’s Monopolies Are Holding Back the Economy

Consolidated corporate power is keeping many products’ prices high and quality low. Why aren’t more politicians opposing it?

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Media Outlet: The Atlantic

Barry Lynn's article about concentration for the Washington Monthly was syndicated in The Atlantic.

There are many competing interpretations for why Hillary Clinton lost last fall’s election, but most observers do agree that economics played a big role. Clinton simply didn’t articulate a vision compelling enough to compete with Donald Trump’s rousing, if dubious, message that bad trade deals and illegal immigration explain the downward mobility of so many Americans.
As it happens, Clinton did have the germ of exactly such an idea—if one knew where to look. In an October 2015 op-ed, she wrote that “large corporations are concentrating control over markets” and “using their power to raise prices, limit choices for consumers, lower wages for workers, and hold back competition from startups and small businesses. It’s no wonder Americans feel the deck is stacked for those at the top.” In a speech in Toledo last fall, Clinton assailed “old-fashioned monopolies” and vowed to appoint “tough” enforcers “so the big don’t keep getting bigger and bigger.”

Author:

Barry Lynn was the director of the Open Markets program at New America. He is author of Cornered: The New Monopoly Capitalism and the Economics of Destruction (Wiley 2010) and End of the Line: The Rise and Coming Fall of the Global Corporation (Doubleday 2005).