Why the US must break the grip of huge monopolies
Monopolies wield an immense amount of economic and political power and influence. So what can we do to make the economy more equitable?
GANESH SITARAMAN: So I think one of the things that we've seen in the last decade or so is increasing concentration in sector after sector in the economy. And it's a problem for a few reasons. First, it's an economic problem. When you have massive concentration into a small number of monopolists you often get higher prices, less innovation, because there's less competition. And you have a political problem, which is that a small number of companies can lobby Washington to try to pass policies or support regulations that benefit themselves at the expense of others.
So we have this problem that's both economic and political, that comes from concentration and consolidation. What's really striking is that we have anti-trust laws, and throughout our history have really had an anti-trust, an anti-monopoly movement that was very concerned about this kind of consolidation, both for economic reasons and for constitutional and democratic reasons.
And it goes way back to the first Gilded Age, in the late 19th century, and the Industrial Revolution. Back in that time period, there were, there was massive concentration of companies into a smaller and smaller number, they called them the trusts back then. And the trusts wielded great power economically over society, and politically over government. They were often depicted in writings as an octopus with their tentacles all over American society.
And so what people of the Progressive Era did, is they passed anti-trust laws. The Sherman Act in 1890, the Federal Trade Commission Act, the Clayton Act. And the goal of these laws was to try to breakup these consolidations of economic power, and in other laws, to try to regulate economic power in places where there were natural monopolies, to create them to be more like public utilities. And in either case, the idea was that democracy should be able to control significant economic power, rather than economic power controlling democracy. And that was the idea of these laws in the Progressive Era, and it really continued for most of the 20th century. And then starting in the 1970s, there was a real shift. And this shift was to say that anti-trust wasn't really about power and concentration and distribution of power, it was really about economic efficiency, about a kind of idea that all that really mattered was consumer prices, and lowering prices.
And this idea started to expand, starting in the 1970s, and it became more and more powerful, and over time really took over much of the anti-trust profession, to the point that we're now in a place where the anti-trust laws have not been significantly enforced in the way that they might have been in early generations. And what we're seeing is greater and greater consolidation. So I think one of the things that we need to do as we think about achieving an economic democracy, a system in which there's no one that has so much economic power that they can dominate either the economy or our politics, is we need to think about reinvigorating our anti-trust laws and the principles of anti-monopoly that gave spirit to those laws and to lots of other regulations.
One of the things I think that's really interesting about this moment, is that people in the country, from all different parts of the country, whether geographically, or parties, walks of life, understand that there is something very, very wrong. When you look at polling there's people, you know, it's a very common thing, that people think that they don't trust the government, that they think the government is corrupt, that they think the economy is rigged against ordinary people or for people at the very, very top.
And in the middle of the coronavirus, especially, people understand that in a public health emergency, you actually need government to be able to work for you and help. And so I think this is a moment where people are really starting to see, even across political parties, how important it is to have a government that works, in order to be able to address the public health emergency, in order to be able to address the economic crisis that is a consequence of that emergency, and that they have seen that where we've been as an economy over the past 30 years, where we've been in terms of our politics over the past 30 years, hasn't really been working for everyday ordinary people, and instead has been really working for a small number of people, and a small number of corporations, and interest groups.
I think that is a place where there's an opportunity to start moving together and delivering on results that actually help a lot of people, and help them see that we can actually have a government that works for us. That will help change some of the polarization that we're seeing when those results are delivered.
- According to Vanderbilt law professor and author Ganesh Sitaraman, America has a monopoly problem—a problem that is almost universally acknowledged as such, yet little is done about it.
- Sitaraman explains how monopolies of today share DNA with trusts of the 19th century, and how the increased concentration and consolidation of these corporations translates to increased power both economically and politically.
- "We need to think about reinvigorating our anti-trust laws and the principles of anti-monopoly that gave spirit to those laws and to lots of other regulations," he argues. Restoring faith in government and the economy starts with dismantling the things that make people question its allegiances and priorities.
- How Big Pharma secures drug monopolies - Big Think ›
- Can Monopolies Save The Internet? - Big Think ›
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What is human dignity? Here's a primer, told through 200 years of great essays, lectures, and novels.
- Human dignity means that each of our lives have an unimpeachable value simply because we are human, and therefore we are deserving of a baseline level of respect.
- That baseline requires more than the absence of violence, discrimination, and authoritarianism. It means giving individuals the freedom to pursue their own happiness and purpose.
- We look at incredible writings from the last 200 years that illustrate the push for human dignity in regards to slavery, equality, communism, free speech and education.
The inherent worth of all human beings<p>Human dignity is the inherent worth of each individual human being. Recognizing human dignity means respecting human beings' special value—value that sets us apart from other animals; value that is intrinsic and cannot be lost.</p> <p>Liberalism—the broad political philosophy that organizes society around liberty, justice, and equality—is rooted in the idea of human dignity. Liberalism assumes each of our lives, plans, and preferences have some unimpeachable value, not because of any objective evaluation or contribution to a greater good, but simply because they belong to a human being. We are human, and therefore deserving of a baseline level of respect. </p> <p>Because so many of us take human dignity for granted—just a fact of our humanness—it's usually only when someone's dignity is ignored or violated that we feel compelled to talk about it. </p> <p>But human dignity means more than the absence of violence, discrimination, and authoritarianism. It means giving individuals the freedom to pursue their own happiness and purpose—a freedom that can be hampered by restrictive social institutions or the tyranny of the majority. The liberal ideal of the good society is not just peaceful but also pluralistic: It is a society in which we respect others' right to think and live differently than we do.</p>
From the 19th century to today<p>With <a href="https://books.google.com/ngrams/graph?year_start=1800&year_end=2019&content=human+dignity&corpus=26&smoothing=3&direct_url=t1%3B%2Chuman%20dignity%3B%2Cc0" target="_blank" rel="noopener noreferrer">Google Books Ngram Viewer</a>, we can chart mentions of human dignity from 1800-2019.</p><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0ODU0My9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1MTUwMzE4MX0.bu0D_0uQuyNLyJjfRESNhu7twkJ5nxu8pQtfa1w3hZs/img.png?width=980" id="7ef38" class="rm-shortcode" data-rm-shortcode-id="9974c7bef3812fcb36858f325889e3c6" data-rm-shortcode-name="rebelmouse-image" />
American novelist, writer, playwright, poet, essayist and civil rights activist James Baldwin at his home in Saint-Paul-de-Vence, southern France, on November 6, 1979.
Credit: Ralph Gatti/AFP via Getty Images
The future of dignity<p>Around the world, people are still working toward the full and equal recognition of human dignity. Every year, new speeches and writings help us understand what dignity is—not only what it looks like when dignity is violated but also what it looks like when dignity is honored. In his posthumous essay, Congressman Lewis wrote, "When historians pick up their pens to write the story of the 21st century, let them say that it was your generation who laid down the heavy burdens of hate at last and that peace finally triumphed over violence, aggression and war."</p> <p>The more we talk about human dignity, the better we understand it. And the sooner we can make progress toward a shared vision of peace, freedom, and mutual respect for all. </p>
Researchers dramatically improve the accuracy of a number that connects fundamental forces.
- A team of physicists carried out experiments to determine the precise value of the fine-structure constant.
- This pure number describes the strength of the electromagnetic forces between elementary particles.
- The scientists improved the accuracy of this measurement by 2.5 times.
The process for measuring the fine-structure constant involved a beam of light from a laser that caused an atom to recoil. The red and blue colors indicate the light wave's peaks and troughs, respectively.
Scientists at Washington University are patenting a new electrolyzer designed for frigid Martian water.
- Mars explorers will need more oxygen and hydrogen than they can carry to the Red Planet.
- Martian water may be able to provide these elements, but it is extremely salty water.
- The new method can pull oxygen and hydrogen for breathing and fuel from Martian brine.
The WashU electrolyzer<iframe src='https://mars.nasa.gov/layout/embed/model/?s=6' width='800' height='450' scrolling='no' frameborder='0' allowfullscreen></iframe><p>The WashU electrolyzer—it has no snappy acronym yet—will not be the first device capable of extracting oxygen from Martian water. That honor goes to the Mars Oxygen In-Situ Resource Utilization Experiment, or <a href="https://mars.nasa.gov/mars2020/spacecraft/instruments/moxie/" target="_blank">MOXIE</a>, which is en route to Mars onboard NASA's <a href="https://mars.nasa.gov/mars2020/" target="_blank">Perseverance</a> rover. The rover was launched on July 30, 2020. It will arrive on February 18, 2021, and will perform high-temperature <a href="https://en.wikipedia.org/wiki/Electrolysis_of_water" target="_blank">electrolysis</a> to extract pure oxygen, but no hydrogen.</p><p>In addition to being able to capture hydrogen, the WashU system can even do a better job with oxygen than MOXIE can, extracting 25 times as much from the same amount of water.</p><p>The new system has no problem with Mars' magnesium perchlorate-laced water. On the contrary, the researchers say it ultimately makes their system work better since such high concentrations of salt keep water from freezing on such a cold a planet by lowering the liquid's freezing temperature to -60 °C. He adds it may "also improve the performance of the electrolyzer system by lowering the electrical resistance."</p><p>Cold itself is no issue for the WashU system. It's been tested in a sub-zero (-33 ⁰F, or -36 ⁰C) environment that simulates Mars'.</p><p>"Our novel brine electrolyzer incorporates a lead <a href="https://www.sciencedirect.com/science/article/abs/pii/S0926337318311299" target="_blank">ruthenate pyrochlore</a> <a href="https://en.wikipedia.org/wiki/Anode" target="_blank" rel="noopener noreferrer">anode</a> developed by our team in conjunction with a platinum on carbon <a href="https://en.wikipedia.org/wiki/Cathode" target="_blank">cathode</a>," explains Ramani. He adds, "These carefully designed components coupled with the optimal use of traditional electrochemical engineering principles has yielded this high performance."</p>
Back home<p>"This technology is equally useful on Earth where it opens up the oceans as a viable oxygen and fuel source," Ramani notes. His colleagues forsee potential applications such as producing oxygen in deep-sea habitats with ample water available, such as underwater research facilities and submarines.</p><p>The study's joint first author Pralay Gayen says that "having demonstrated these electrolyzers under demanding Martian conditions, we intend to also deploy them under much milder conditions on Earth to utilize brackish or salt water feeds to produce hydrogen and oxygen, for example, through seawater electrolysis."</p>
Scientists find that bursts of gamma rays may exceed the speed of light and cause time-reversibility.
- Astrophysicists propose that gamma-ray bursts may exceed the speed of light.
- The superluminal jets may also be responsible for time-reversibility.
- The finding doesn't go against Einstein's theory because this effect happens in the jet medium not a vacuum.
Jet bursting out of a blazar. Black-hole-powered galaxies called blazars are the most common sources detected by NASA's Fermi Gamma-ray Space Telescope.
Cosmic death beams: Understanding gamma ray bursts<div class="rm-shortcode" data-media_id="cu2knVEk" data-player_id="FvQKszTI" data-rm-shortcode-id="c6cfd20fdf31c82cb206ade8ce21ba3f"> <div id="botr_cu2knVEk_FvQKszTI_div" class="jwplayer-media" data-jwplayer-video-src="https://content.jwplatform.com/players/cu2knVEk-FvQKszTI.js"> <img src="https://cdn.jwplayer.com/thumbs/cu2knVEk-1920.jpg" class="jwplayer-media-preview" /> </div> <script src="https://content.jwplatform.com/players/cu2knVEk-FvQKszTI.js"></script> </div>
Pfizer's vaccine needs to be kept at -100°F until it's administered. Can caregivers deliver?
- Fair distribution of the Moderna and Pfizer vaccines is especially challenging because they need to be stored at extremely cold temperatures.
- Back in 2018, the WHO reported that over half of all vaccines are wasted worldwide due to lack of cold storage, and they were only talking about vaccines that need to be chilled or kept at standard freezer temperatures.
- Real-time logistics data, location tracking, and information about movements are crucial to track shipment progress, product temperature and other conditions.