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mostlysignssomeportents · 3 days ago

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The most remarkable thing about antitrust (that no one talks about)

I'm on a 20+ city book tour for my new novel PICKS AND SHOVELS. Catch me in PITTSBURGH on May 15 at WHITE WHALE BOOKS, and in PDX on Jun 20 at BARNES AND NOBLE. More tour dates here.

It's hard to remember now, but for more than three years under Biden, it was possible to read the headlines every morning and feel excited that your government was taking big, decisive action to tame the corporate behemoths that rip you off, maim you on the job, and undermine our democracy.

The antitrust surge under Biden was and is a truly remarkable thing: a sustained, organized, effective government policy that supported the interests of the majority of people against the interests of a tiny cohort of ultra-wealthy wreckers and looters. According to political scientists, that antitrust surge should have been impossible. In 2014, a pair of political scientists from Northwestern and Princeton published their landmark study, "Testing Theories of American Politics: Elites, Interest Groups, and Average Citizens":

https://faculty.wcas.northwestern.edu/jnd260/cab/CAB2012%20-%20Page1.pdf

The paper analyzes 1,779 US policy fights from 1981 to 2002, and conclude that the US only does things that regular people want if those are also things that rich people want:

Ordinary citizens… get the policies they favor, but only because those policies happen also to be preferred by the economically-elite citizens who wield the actual influence.

When ordinary people want something that rich people don't want, ordinary people lose. Even when 80% of us want something, we only get our way 43% of the time. This is antidemocratic in the most fundamental sense: rich minorities get their way at the expense of working people, nearly all the time.

And then there's antitrust. Ordinary people don't like having their wages stolen. They don't like having their rents jacked up by algorithmic collusion. They don't like having their air and water poisoned. They don't like being mangled or killed on the job. They don't like having to sign noncompetes that bar them from taking a better job if one opens up.

More to the point, working people are not made better off when stuff like this happens. On average, working people own either zero or nearly zero stocks, not even in a 401(k) retirement savings, because 40 years of wage stagnation and the near-abolition of employer based defined-benefits pensions has left most Americans with nearly no retirement savings (hence the panic over Trump and Musk's attempt to kill Social Security):

https://pluralistic.net/2020/07/25/derechos-humanos/#are-there-no-poorhouses

By contrast, the richest 10% own 94% of all the stocks held by Americans. Even if you, personally, don't want to be locked up by a noncompete or have your water poisoned by frackers, if you're in the top 10%, you probably benefit when this happens. After all, businesses cheat and maim because it's profitable, not because they're sadistic (they may be sadistic, or they may be depraved in their indifference to the harms they visit upon the rest of us, but the reason they do it is money):

https://markets.businessinsider.com/news/stocks/stock-market-ownership-wealthiest-americans-one-percent-record-high-economy-2024-1

Antitrust systematically attacks the sky-high monopoly rents extracted by the largest corporations and redistributes them to working people and small businesses, which, for the most part, are not listed on stock exchanges or traded over the counter. In other words, antitrust is a way to clobber the policy priorities favored by the wealthy in order to benefit the rest of us.

That means that the antitrust surge is amazing. It's one of those things that shouldn't exist at all. It defies political science. What's more, antitrust fervor precedes the Biden administration. Some of the Biden administration's most important antitrust cases (like the Google case) started under Trump. Some were even kicked off by far-right state attorneys general, like Texas's cartoonishly corrupt AG Ken Paxton, who led a coalition of nearly every AG in American in suing Facebook.

Antitrust fervor isn't a US phenomenon – it's global. Take Canada: in its entire history, the Competition Bureau (Canada's answer to the FTC) filed only three merger challenges, and won zero of them. But last year, Parliament passed a massive, muscular new bill giving the Competition Bureau unprecedented powers:

https://www.parl.ca/legisinfo/en/bill/44-1/c-59

In the UK, the Competition and Markets Authority led the world in investigating and punishing Big Tech monopolies…and they did so under a succession of shambolic Conservative governments. Indeed, it was a Labour (or "Labour") Prime minister, Keir Starmer, who fired the head of the CMA and replaced him with the former head of Amazon UK:

https://pluralistic.net/2025/01/22/autocrats-of-trade/#dingo-babysitter

We've seen big, ambitious antitrust action all over the world: Germany, France, Spain, the EU, Australia, South Korea, Japan, and even China.

It goes without saying that there is no dark money org funneling billionaires' wealth into this project to destroy billionaires. This is a groundswell political phenomenon, it's global, and it's powerful. The fact that Starmer and Trump have gutted their wildly effective antitrust agencies is heartbreaking, but it's not the end. The reason the US and the UK pursued such an ambitious antitrust agenda is the public groundswell. Getting rid of the agencies doesn't kill that groundswell – if anything, it only makes people madder.

It's hard to overstate just how weird the antitrust surge is. We've been fighting for decades for even tiny concessions to the interests of working people – a modest, below-inflation rise in the minimum wage, say, or small-dollar efforts to improve public education, reduce student debt, or control the price of prescription drugs. These efforts have largely failed, and when they've succeeded, the victories were modest, or worse, merely symbolic.

But antitrust is the exception. Antitrust – again, a movement that is squarely aimed at neutralizing the power of the wealthy – is the most successful popular movement of the past decade. Companies worth trillions of dollars are facing breakup as a result of antitrust cases. Everyone from meat-packers to landlords to sea freighters to pharma companies have faced massive, multi-billion-dollar setbacks at the expense of the antitrust movement.

Like I said, the current antitrust surge kicked off under Trump. But of course, that doesn't mean the GOP power-brokers support it – rather, they were cornered into it by their own base. The same is true of the Democrats: Biden didn't appoint the most effective antitrust enforcers the US has seen since the 1970s because he opposed corporate monopolies. Remember, this is the guy who, on the campaign trail, told business audiences that "nothing would fundamentally change" under a Biden administration:

https://www.salon.com/2019/06/19/joe-biden-to-rich-donors-nothing-would-fundamentally-change-if-hes-elected/

Nor does the Democratic Party power-structure support this stuff. Remember when Harris's billionaire surrogates Marc Cuban and Reid Hoffman demanded that Harris fire the Biden administration's antitrust enforcers?

https://prospect.org/power/2024-07-26-corporate-wishcasting-attack-lina-khan/

The success of the antitrust movement happened in spite of the Democratic Party, in spite of the GOP. To the extent that either party embraced an antitrust agenda, it's because the people demanded it, so undeniably that the parties chose the public interest over the interest of the billionaires who call nearly every shot for them.

It's impossible to overstate what an anomaly this is. On today's episode of the excellent Organized Money podcast, hosts Matt Stoller and David Dayen reminisce with Jonathan Kanter, Biden's former DoJ antitrust boss, about a conference they attended together in 2017 where the after-dinner keynote speaker was Richard Posner, a judge who was hugely influential in the dismantling of antitrust in the 1970s and 1980s. According to Dayen, the substance of Posner's keynote was:

Antitrust. That's dead, isn't it? I don't know what you guys are even talking about. This is ridiculous. There is no such thing as antitrust law.

And Kanter, Dayen, Stoller and future FTC chair Lina Khan were all sitting around a table, listening to this in 2017. By 2021, Kanter and Khan were running the DoJ and FTC antitrust agenda, and they did more in the next three years than all their predecessors over the past 40 years, combined.

Khan, Kanter, and their colleagues (like Rohit Chopra at the CFPB) did incredible work during the Biden administration. There is no denying their skill, their competence, their commitment. But the reason they were able to bring all those virtues to bear in service to working Americans is the massive popular surge of rage at corporate dominance. In other words, the Biden administration's prodigious trustbusting accomplishments were the effect of the antitrust movement, not its cause.

The corollary is that just because Trump has dismantled the agencies that were buoyed up by the movement, it doesn't make the movement itself smaller or less powerful. If anything, the Trump regime's relentless pursuit of an agenda in service to the rich at working people's expense will only add fuel to the anti-corporate, anti-billionaire wildfire. Trump's tariff chaos might be bad for some parts of the ruling class, but as Van Jackson writes for Labor Notes, there's plenty of plutocrats who love the prospect of a deep recession sparked by global trade chaos:

[L]avish tax cuts, deregulation, and an environment friendly to union-busting are just as valuable to most CEOs as a growing economy. What they lose in the stock market, they will more than make up in surplus labor, a fire sale on distressed assets, and Trump’s promise to totally eliminate the capital gains tax.

https://labornotes.org/blogs/2025/04/viewpoint-why-oligarchs-want-recession?

American wealth is more concentrated today than it was in France on the eve of the French Revolution. People are pissed. That anger is out there, waiting to be harnessed by smart political movements:

https://twitter.com/highbrow_nobrow/status/1909607195961917687

To grab that anger and mobilize it, we need to show people that their rage over specific issues is actually downstream of excessive corporate power. Furious that one company owns every brand of eggs and has used the excuse of bird flu to make record profits? You're not angry about eggs, you're angry about corporate power:

https://pluralistic.net/2025/03/10/demand-and-supply/#keep-cal-maine-and-carry-on

Worried that the EPA has been put in an induced coma and that means your kids will grow up with asthma and lead poisoning? You're actually angry about corporate power:

https://www.theatlantic.com/health/archive/2025/04/air-pollution-trump-administration/682361/

The Department of Education is in the hands of a woman who took over her rapey husband's professional wrestling monopoly, a corporation that misclassified performers as contractors, leaving them without health care so they have to beg for pennies on Gofundme so they can die with dignity of their workplace-related injuries:

https://www.youtube.com/watch?v=m8UQ4O7UiDs

Trump's Secretary of Education is monumentally unqualified for her position. Not only is she is planning to fire teachers en masse and replace them with AI, she doesn't know what AI is and just gave a speech where she repeatedly referred to it as "A-1":

https://gizmodo.com/trumps-education-chief-linda-mcmahon-repeatedly-calls-ai-a1-in-school-speech-2000587329

Angry about this? Worried that your kids' teachers are about to be replaced with steak-sauce thanks to the incompetence of this fucking muttonhead? Me too. But you're not just angry at Trump or Linda McMahon – you're angry at corporate power.

In his book The Public Domain, the copyright scholar James Boyle talks about the political salience of the term "ecology." Boyle recounts how, prior to the rise of the word "ecology," there were many standalone issues, but no movement. Sure, you care about owls, and I care about the ozone layer, but what does the gaseous composition of the upper atmosphere have to do with the destiny of charismatic nocturnal avians?

https://thepublicdomain.org/thepublicdomain1.pdf

The term "ecology" welded all these thousands of issues together into a movement. When I look at the incredible, organic, bottom-up surge of antitrust energy, the only explanation I can find is that something similar is happening here. Concentrated corporate power is the common enemy of beer drinkers, surgeons, shippers, patients, farmers, grocery shoppers, social media users, any anyone who wears sneakers:

https://www.openmarketsinstitute.org/learn/monopoly-by-the-numbers

Something remarkable is happening, right under our noses. Nothing like this has happened in my lifetime. The world is terrifying, but this? This is exciting.

Smart political organizers have a once-in-a-century opportunity here. Trump's wildly unpopular destruction of the antitrust enforcement system opens up all kinds of opportunities for state enforcers (remember, states can also enforce antitrust law):

https://www.thesling.org/state-antimonopoly-enforcement-must-be-a-guardian-of-american-democracy-heres-how/

A massive political change that bubbles up from the bottom, aimed directly at the richest, most powerful people in the history of the human race, is an amazing thing. As bad as things are – and boy are they bad – this remains true, and important.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2025/04/10/solidarity-forever/#oligarchism

Image: umseas (modified) https://www.flickr.com/photos/snre/34605145761/

CC BY 2.0 https://creativecommons.org/licenses/by/2.0/deed.en

#pluralistic #ecology #james boyle #jamie boyle #antitrust #antimonopoly #pluralism #policy preferences #oligarchy #piketty #climate #epa #doge #linda mcmahon #wwe #nepobabies #anti-oligarchy

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