It’s still a long shot, but there’s actual chatter on Wall Street and within the bar. We put criminal charges for Mark Zuckerberg on the table as a possible remedy. Here a few of the things I think we’ve accomplished together. People often pretend that they created the wave, just because they surfed it. But what about this newsletter? In politics it’s often hard to tell just what one has gotten done. So I’d say, in terms of political goals, it’s been an astonishing ride for the broader movement. Judges are rethinking antitrust, as is the small business lobby, and the conservative legal movement.
Trump initiated the first Federal suit against Google in 2020, Clarence Thomas has turned on big tech, Marco Rubio encouraged Amazon unionization, and Kanter and Khan both got 16 Republican Senate votes. And Rohit Chopra is at the Consumer Financial Protection Bureau making trouble for bank mergers. Jonathan Kanter, a savvy antitrust lawyer, runs the DOJ Antitrust Division. Khan is now the head of the Federal Trade Commission, which was unthinkable a few years ago. Important anti-monopolists are in critical positions. it faced a buzzsaw it was the first time a major venture by Facebook had been truly brushed back by elected officials. First, the day after my launch, Mark Zuckerberg announced Facebook would create its own global currency. Two key events happened in the history of the movement that same month.
Then in June of 2019, three months before Goliath came out, I launched BIG. In 2013, I started working on a longer history on why the Democrats had allowed antitrust to collapse, the result of which was this article in the Atlantic in 2016, and then my book Goliath a few years later. We noted that markets in everything from seeds to candy were concentrated, and the cause was weak antitrust law.
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Basically, a series of writers in the early 2010s, inspired by the problem of Too Big to Fail banks, realized that Too Big to Fail was everywhere. I wrote about this history in one of my first issues of BIG. This movement, like the anti-monopoly movement of the 1880s, is rooted in journalism and business, not academia or economics. But I’ll offer a narrative on the broader anti-monopoly movement. Of course, evaluating whether we’ve succeeded is inherently subjective. And it does actually work, though turning around massive bureaucracies takes time.
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So I try to learn about specific industries, and then teach the public and policymakers how to restore integrity to those markets. How? Well, knowledge engenders confidence, and becomes power. Over the past forty years, people forgot how to govern, and now they don’t believe they can govern. Why do we organize our laws this way? And is it a fixable problem? I think it’s a mixture of ignorance and fatalism. Why? It’s not that the people who run our elite financial and corporate institutions are bad or that markets naturally lead anywhere in particular, it’s just that our legal framework fosters socially destructive behavior, like monopolization and other legalized forms of looting. I’m pro-business, the problem is that, increasingly since the 1980s, much of what we call business is in fact cheating. Of course, the goal wasn’t to be widely read, but to change policy.
(I don’t always send out every issue over email, because I don’t want to overload your inboxes. The Lina Khan Effect: Mega-Mergers “Plummeted in 2021” What the Great Ammunition Shortage Says About InflationĬommunity Bankers Ask for Regulations on Big Tech It turns out, there is! So let’s take stock and ask the question, how have we done? And what’s likely to come?īut first, if you want something on specific market power problems, here are some short pieces I wrote over the last few weeks.ĭid a Fire Just Burn Down our Semiconductor Supply ? I thought there might be an appetite for content focused on market power. I started this newsletter two and a half years ago to build the anti-monopoly movement, timed to the release of my book, Goliath: The Hundred Year War Between Monopoly Power and Democracy. If you’d like to sign up, you can do so here.
Welcome to BIG, a newsletter about the politics of monopoly.
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