Over the last four years, new voices in the Democratic Party have been calling for policies that push back on established power structures.
The growing anti-monopoly movement is a major part of this populist uprising—aimed at breaking up the corporate giants that dominate large swaths of the economy.
Even some stalwarts of the old system are now anti-monopolists:
In late April, a group of longtime Democratic economists and antitrust practitioners sent a urging Congress to pass legislation that would align antitrust law with “modern economic theory and to fix harmful judicial rules.”
The letter’s recommendations, if enacted, would create a substantially more active antitrust regime than we’ve seen over the last four decades.
In other words, elite liberals now recognize that something has gone wrong in how America polices market concentration.
The problem, though, is they haven’t yet fully figured out what that “something” is.
The April missive prescribes new legislation and judicial interpretations of antitrust law, which would be welcome, but it ignores the circumstances that made antitrust enforcement collapse in the first place.
America’s flawed anti-monopoly policies have flourished because a cloistered world of bureaucrats—some well-intentioned, some not—have been charged with implementing it with few checks on their power. […]
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