A trenchant account of an unacknowledged driver of inequality and
wage stagnation in America: the abandonment of antitrust law, which
has allowed corporations to combine into a smaller number of
massive conglomerates whose market dominance robs workers of their
bargaining power. The consequences of the massive consolidation
wave in corporate America that began decades ago are now
increasingly apparent: labor markets are no longer competitive.
Since the 1970s, Americans have seen income and wealth inequality
skyrocket-and job opportunities stagnate. There are many theories
of why this happened, including the decline of organized labor and
the introduction of tax policies that favored the rich. However,
another crucial event was the precipitous decline in antitrust
enforcement that began in earnest during the Reagan administration.
With ever-increasing combination and consolidation, workers had
fewer options to turn to. In How Antitrust Law Failed Workers, Eric
Posner documents the role of antitrust in our economy and why it
failed. Only through reforming antitrust law can we shield workers
from employers' overwhelming market power. As Posner explains,
antitrust laws were created to protect the labor market by
attacking monopolies, like Facebook and Google today, that are able
to either charge high prices or degrade the quality of their
services because customers cannot switch to competitors. Antitrust
laws are also used to attack business cartels that can fix prices.
In recent years, it has become clear that firms with market power
not only charge higher prices; they also suppress wages and output.
Many employers use anticompetitive devices-like covenants not to
compete for workers and no-poaching agreements-to advance their
market power at the expense of workers. Posner shares stories that
illustrate how the problem is playing out on the ground, and then
contextualizes what is going on via a concise history of the
American economy and labor relations since the 1980s. Essential
reading for anyone interested in fighting economic inequality, How
Antitrust Failed Workers also offers a sharp primer on the true
nature of the American economy-one that is increasingly
uncompetitive and tilted against workers.
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