Market Concentration Is Threatening the US Economy

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After promising annual growth of “4, 5, and even 6%,” US President Donald Trump and his congressional Republican enablers have delivered only unprecedented deficits. Some US business leaders have shown real ingenuity in creating market barriers to prevent any kind of meaningful competition, aided by lax enforcement of existing competition laws and the failure to update those laws for the twenty-first-century economy. Over the past half-century, Chicago School economists, acting on the assumption that markets are generally competitive, narrowed the focus of competition policy solely to economic efficiency, rather than broader concerns about power and inequality.

Source: www.project-syndicate.org