The Battle Over Monopoly Power Is Just Beginning

The outcry over monopoly power has gone mainstream. A few years ago, concerns over increasing market concentration began to appear in the economics profession, and a few scattered activists began to make the issue a central priority. But while academics and think tanks continue to speak out about antitrust and monopolies, more and more economics writers are now also sounding the alarm. Law professor Tim Wu went so far as to warn that widespread monopoly could lead to the death of democracy itself. The Economist has an entire special report covering many aspects of the issue. Author and private-sector economist Jonathan Tepper has a new book entitled “The Myth of Capitalism: Monopolies and the Death of Competition” that could bring the problem into the public eye.

And a few politicians on both sides of the aisle are starting to take up the cause. Minnesota Senator Amy Klobuchar, a Democrat, has introduced legislation that would expand the set of considerations that antitrust authorities use to block mergers -- instead of simply worrying about higher consumer prices, the senator’s bill would direct regulators to consider wages, product quality and innovation. But her efforts are receiving assistance from Republican Senator Mike Lee of Utah. Republican Senator-elect Josh Hawley of Missouri has declared his intent to go after big tech companies. And Democratic Senator Elizabeth Warren of Massachusetts, a leading progressive, continues to bang the drum about monopolies.