How free markets killed capitalism: Ayn Rand, Ronald Reagan, Walmart, Amazon and the 1 percent’s sick triumph over us all – Alternet.org

How free markets killed capitalism: Ayn Rand, Ronald Reagan, Walmart, Amazon and the 1 percent’s sick triumph over us all – Alternet.org

Yes, in many ways today we have greater concentration of wealth than we had during the days of the plutocrats, and yet there has been almost no discussion at all of the overthrow of our antimonopoly laws in the early days of Reagan. Joe Stiglitz is one of the only guys who’s connecting the end of antimonopoly law to inequality, to concentration. Other than Joe Stiglitz, there’s our unit at New America, and that’s about it. You saw the piece we just published in Washington Post. That was really the first article to make this link between inequality and monopoly.

It seems like a connection that’s natural, that’s obvious even. If you let these companies have this kind of power and control this kind of market share, and in fact, control the markets, of course this is going to happen, right?

Yes, it’s natural. It’s so natural that Sen. John S herman made that point exactly in his speech in 1890 promoting his new antitrust law. Here’s a quote. Sherman said that the aim of the Antitrust Act was to take on “the inequality of condition, of wealth, and of opportunity that has grown within a single generation out of the concentration of capital to control production and trade and to break down competition.” So the purpose – the fundamental purpose – of our first federal anti-monopoly law was precisely to avoid inequality.

So in fact, so we have the tools. That law’s still on the books.

That law’s on the books. And if we use that law right we can beat those bastards

via How free markets killed capitalism: Ayn Rand, Ronald Reagan, Walmart, Amazon and the 1 percent’s sick triumph over us all – Alternet.org

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