Antimonopoly And American Democracy

Americans today worry about concentrated power in private industry to an extent not seen in generations. Not only do they find diminished diversity of service-providers and producers, but they are disquieted by the power of a few large companies to shape and constrain democratic processes. Americans across the political spectrum, from former President Donald Trump to Massachusetts Senator Elizabeth Warren, have sounded alarms about the overlarge power of business in both public and private life. While many of the technologies and industries that worry Americans are new, the concerns they've raised are not unprecedented. Antimonopoly and American Democracy traces the history of antimonopoly politics in the United States, arguing that organized action against concentrated economic power comprises an important American democratic tradition. While prevailing narratives tend to treat monopoly as a risk to people mainly in their roles as consumers--by causing prices to increase, for example--this study broadens the conversation, recounting ways in which monopolism can hurt ordinary people without directly impacting their wallets. From the pre-revolutionary era to the age of Big Tech, the volume explores the effects that historical monopolies have had on democracy by using their wealth and influence to dominate electoral politics and regulation. Chapters also highlight a range of sites of economic concentration, from land ownership to media reach, and attempts at combating them, from labor organizing to constitutional revision. Featuring original scholarship from some of the world's leading experts in American economic, political, and legal history, Antimonopoly and American Democracy offers important lessons for our contemporary political moment, in which fears of concentrated wealth and influence are again on the rise.

"Despite considerable public interest in the emergence of new monopolies and their implications for American democracy, the dominant intellectual framework for concentrated economic power has focused narrowly on antitrust policy as a tool and on consumer welfare as a goal. This approach overlooks not only the broader democratic significance of monopolies, but also the fact that antitrust law is just one part of a highly contested American antimonopoly tradition concerned with managing concentrations of private and public power"--

Recent Supreme Court decisions in Citizens United and other high-profile cases have sparked disagreement about the role of corporations in American democracy. Bringing together scholars of history, law, and political science, Corporations and American Democracy provides essential grounding for today’s policy debates.

After two generations of emphasis on governmental inefficiency and the need for deregulation, we now see growing interest in the possibility of constructive governance, alongside public calls for new, smarter regulation. Yet there is a real danger that regulatory reforms will be rooted in outdated ideas. As the financial crisis has shown, neither traditional market failure models nor public choice theory, by themselves, sufficiently inform or explain our current regulatory challenges. Regulatory studies, long neglected in an atmosphere focused on deregulatory work, is in critical need of new models and theories that can guide effective policy-making. This interdisciplinary volume points the way toward the modernization of regulatory theory. Its essays by leading scholars move past predominant approaches, integrating the latest research about the interplay between human behavior, societal needs, and regulatory institutions. The book concludes by setting out a potential research agenda for the social sciences.

“Every thinking American must read” (The Washington Book Review) this startling and “insightful” (The New York Times) look at how concentrated financial power and consumerism has transformed American politics, and business. Going back to our country’s founding, Americans once had a coherent and clear understanding of political tyranny, one crafted by Thomas Jefferson and updated for the industrial age by Louis Brandeis. A concentration of power—whether by government or banks—was understood as autocratic and dangerous to individual liberty and democracy. In the 1930s, people observed that the Great Depression was caused by financial concentration in the hands of a few whose misuse of their power induced a financial collapse. They drew on this tradition to craft the New Deal. In Goliath, Matt Stoller explains how authoritarianism and populism have returned to American politics for the first time in eighty years, as the outcome of the 2016 election shook our faith in democratic institutions. It has brought to the fore dangerous forces that many modern Americans never even knew existed. Today’s bitter recriminations and panic represent more than just fear of the future, they reflect a basic confusion about what is happening and the historical backstory that brought us to this moment. The true effects of populism, a shrinking middle class, and concentrated financial wealth are only just beginning to manifest themselves under the current administrations. The lessons of Stoller’s study will only grow more relevant as time passes. “An engaging call to arms,” (Kirkus Reviews) Stoller illustrates here in rich detail how we arrived at this tenuous moment, and the steps we must take to create a new democracy.

As an experiment in reconnecting academia to the broader democracy, this work is designed to invigorate public policy debate by rededicating academic work to the pursuit of solutions to society's great problems.

The activist state of the New Deal started forming decades before the FDR administration, demonstrating the deep roots of energetic government in America. In the period between the Civil War and the New Deal, American governance was transformed, with momentous implications for social and economic life. A series of legal reforms gradually brought an end to nineteenth-century traditions of local self-government and associative citizenship, replacing them with positive statecraft: governmental activism intended to change how Americans lived and worked through legislation, regulation, and public administration. The last time American public life had been so thoroughly altered was in the late eighteenth century, at the founding and in the years immediately following. William J. Novak shows how Americans translated new conceptions of citizenship, social welfare, and economic democracy into demands for law and policy that delivered public services and vindicated peopleÕs rights. Over the course of decades, Americans progressively discarded earlier understandings of the reach and responsibilities of government and embraced the idea that legislators and administrators in Washington could tackle economic regulation and social-welfare problems. As citizens witnessed the successes of an energetic, interventionist state, they demanded more of the same, calling on politicians and civil servants to address unfair competition and labor exploitation, form public utilities, and reform police power. Arguing against the myth that America was a weak state until the New Deal, New Democracy traces a steadily aggrandizing authority well before the Roosevelt years. The United States was flexing power domestically and intervening on behalf of redistributive goals for far longer than is commonly recognized, putting the lie to libertarian claims that the New Deal was an aberration in American history.

Leading scholars from across the social sciences present empirical evidence that the obstacle of regulatory capture is more surmountable than previously thought.