The reinvigorated fight against market consolidation is a fight against lower standards of living.
The Roosevelt Rundown features our top stories of the week.
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** Confronting Market Power
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Federal Trade Commission Chair Lina Khan is a leading force in the antitrust movement.
(Photo by Chip Somodevilla/Getty Images)
Rising market power in the United States has resulted in higher corporate profits, more concentrated markets in various sectors, and less economic competition. Roosevelt Institute Chief Economist Joseph Stiglitz wrote ([link removed]) this week about how the Biden administration is seriously addressing these threats to the dynamism of the US economy—and to the well-being of workers.
Federal antitrust authorities have successfully pressured companies to halt mergers, such as last month’s failed effort by Adobe to acquire Figma. In December, the Department of Justice also released updated merger guidelines ([link removed]) that place both horizontal and vertical consolidation under increased scrutiny.
“We all suffer from market power because it distorts markets in ways that reduce overall productivity and allows firms to raise prices, thus lowering standards of living,” Stiglitz writes. “At the same time, the combination of growing market power and weakening worker power has held down wages, eroding living standards still further.”
Read more in “The Biden Administration’s Recent Antitrust Wins Help Us All.” ([link removed])
** What We're Talking About
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** What We're Reading
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Biden Administration Issues Rule That Could Curb 'Gig' Work, Contracting ([link removed]) — Reuters
US Moves Closer to Filing Sweeping Antitrust Case against Apple ([link removed]) — New York Times
The US Is Reaping the Benefits of Low Unemployment ([link removed]) — New Yorker
CFPB Report Finds Long-Predicted Student Loan Servicer Problems ([link removed]) — The American Prospect
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