Antitrust compliance is one of the most urgent issues confronting America today, and Amy Klobuchar, Minnesota’s senior senator, is leading the charge. This fascinating history of the antitrust movement explains how we got to where we are now and suggests practical ways to avoid monopolies, promote business competition, and encourage innovation.
Monopolies can harm consumers and cause market stagnation in a world where Google reportedly controls 90% of the search engine market and Big Pharma’s drug price hikes have an impact on healthcare accessibility.Klobuchar, a well-liked former presidential candidate, argues for swift, comprehensive reform in economic, legislative, social welfare, and human rights policies, as well as plans, ideas, and legislative proposals to strengthen antitrust laws and enforcement.
Through Standard Oil and the Sherman Anti-Trust Act to the Progressive Era’s trust-busters; from the collapse of Ma Bell (formerly the world’s largest corporation and largest private telephone system) to Big Pharma’s price monopoly and the future of giant tech firms like Facebook, Amazon, and Google, Klobuchar writes about the history and current battles against monopolies in America.
She starts with the Gilded Age (1870s-1900), when robber barons and fortune builders like J. P. Morgan, John Rockefeller, and Cornelius Vanderbilt were reaping vast riches as industrialization spread through the American landscape, with the wealthy becoming vastly richer and the poor getting poorer.She talks about President Theodore Roosevelt, who “busted” trusts and broke up monopolies during the Progressive Period (1890s-1920); the Clayton Act of 1914; the Federal Trade Commission Act of 1914; and the Celler-Kefauver Act of 1950, which improved the Clayton Act.She looks at today’s Big Pharma and its price gouging, as well as the tech, entertainment, content, and agriculture communities, to see how a market with few competitors, or one corporation controlling distribution, will damage consumer prices and stifle innovation.
As the ranking member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, Klobuchar offers a fascinating look at antitrust in America, as well as a path forward to protect all Americans from the risks of monopolies limiting competition and collecting large amounts of knowledge.