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Antitrust: Taking on Monopoly Power from the Gilded Age to the Digital Age Hardcover – Deckle Edge, April 27, 2021
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In a world where Google reportedly controls 90 percent of the search engine market and Big Pharma’s drug price hikes impact healthcare accessibility, monopolies can hurt consumers and cause marketplace stagnation. Klobuchar—the much-admired former candidate for president of the United States—argues for swift, sweeping reform in economic, legislative, social welfare, and human rights policies, and describes plans, ideas, and legislative proposals designed to strengthen antitrust laws and antitrust enforcement.
Klobuchar writes of the historic and current fights against monopolies in America, from Standard Oil and the Sherman Anti-Trust Act to the Progressive Era's trust-busters; from the breakup of Ma Bell (formerly the world's biggest company and largest private telephone system) to the pricing monopoly of Big Pharma and the future of the giant tech companies like Facebook, Amazon, and Google.
She begins with the Gilded Age (1870s-1900), when builders of fortunes and rapacious robber barons such as J. P. Morgan, John Rockefeller, and Cornelius Vanderbilt were reaping vast fortunes as industrialization swept across the American landscape, with the rich getting vastly richer and the poor, poorer. She discusses President Theodore Roosevelt, who, during the Progressive Era (1890s-1920), "busted" the trusts, breaking up monopolies; the Clayton Act of 1914; the Federal Trade Commission Act of 1914; and the Celler-Kefauver Act of 1950, which it strengthened the Clayton Act. She explores today's Big Pharma and its price-gouging; and tech, television, content, and agriculture communities and how a marketplace with few players, or one in which one company dominates distribution, can hurt consumer prices and stifle innovation.
As the ranking member of the Senate Judiciary Subcommittee on Antitrust, Competition Policy, and Consumer Rights, Klobuchar provides a fascinating exploration of antitrust in America and offers a way forward to protect all Americans from the dangers of curtailed competition, and from vast information gathering, through monopolies.
- Print length624 pages
- LanguageEnglish
- PublisherKnopf
- Publication dateApril 27, 2021
- Dimensions6.6 x 1.59 x 9.52 inches
- ISBN-100525654895
- ISBN-13978-0525654896
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Having been in the software industry for over 30 years I agree with those that say technology companies are a different beastie and often misunderstood.
I still cringe when I hear Y2K was a dud - nothing happened - waste of money. It’s because we spent time and money doing tedious, non-marketable maintenance work that nothing much happened. After teaming up with our customer for months of code review, fixes and testing, we all waited for midnight to see how the system settled into the millennial digit change from 1 to 2. Turns out we had few bugs that our code scouring and testing missed, but they were minor and quickly patched.
From my experience in several successful software company acquisitions from both sides, it can be an effective way to weave together niche technologies into larger systems to fit specific needs. Doing it all homegrown is not efficient and typically without much inspiration. Small “startup” type companies are usually focused in a particular area with people who have a vision of how to address a problem. Often people in the acquired company stay on with the larger company. For one thing it takes knowledge on both sides to successfully merge software code and system metadata.
So, no - mergers and acquisitions are not inherently bad. They can be a good way to add functionality and standardize systems.
with some family history in her ancestors working for James J. Hill in the Twin Cities. There is
a detailed history going back to Adam Smith and the Wealth of Nations, the Boston Tea Party
and the East India Company, and various comments of the founding fathers. Then there is the
great era of the "robber barrons" or "captains of industry" such as Rockefeller, Carnegie, J.P.
Morgan, Vanderbilt, etc. She discusses how the farmers in the Midwest were getting ripped
off by the railroad companies and fought back.
In this area of policy the legislators and judges are important, but it is helpful to frame history
in terms of the commanders in chief. This begins in detail with McKinley, and the trust-busting
era continued with Teddy Roosevelt, Taft, Wilson and even continued into Harding, but slowed
down under Coolidge. Besides the Presidents, a key statesman was William Jennings Bryan.
Klobuchar also discusses figures such as Eugene Debs and the various muckrakers.
In the 50s or so there was the matter of Alcoa and Reynolds, which is of local interest in Massena.
Another company was General Electric. In the 70s there was AT&T, and in the 80s or so Klobuchar
was a lawyer for MCI. For me it's hard to root for MCI, I never really identified with them, but today
it's all about Verizon etc. She criticizes the government policy under Reagan and George W., but
the trend actually began with Carter, not because of Carter but just due to getting worn out.
She's not particularly pro-Obama or anti-Trump. The main thing about Trump was that he picked
and chose when to use antitrust, but the same was said of TR, and she cites Progressive Era by
Murray Rothbard, of all people. The other reviewer knows the topic and pointed out the weaknesses
in her arguments.
She refers to the conservative lawyers as the "Chicago" school, named after Richard Posner and
including Judge Bork and Justice Thomas, while the liberals from "Harvard" included Justice
Breyer and several others. Breyer is well aware that the topic is boring and complex. The problem,
as Robert Bork pointed out, is the Constitution doesn't give much guidance here, and few legislators
have the intellectual rigor to apply criteria in a coherent way. She clearly thinks Bork's philosophy
was wrong, but his success shows his ability. He did think that Microsoft was becoming a monopoly.
She concludes with 25 proposals including more funding for lawyers, amendments to the Constitution, campaign finance, more liberal judges, a more competitive old-fashioned media, etc.
Later companies that we remember include Walmart and Microsoft. Apple was once little compared
to IBM and later Microsoft, and now of course it's Google, Facebook and Amazon. This isn't necessarily
a partisan issue, at least on some points. Amy talks a lot about her colleagues Chuck Grassley and
Mike Lee. Josh Hawley, even though he was criticized with Trump for questioning the election, is in agreement on some of these things. Many people understand the way that the control of information
is having a negative effect on their lives. Klobuchar also discusses markets such as drug companies
and hotels. (Hint: all the hotel booking companies are actually the same thing).
Klobuchar was considered "moderate" in the primaries but here positions as a Midwest liberal in
the tradition of Humphrey, McGovern, Mondale, Jesse Jackson, Harkin and Wellstone. This is a
very long book with over 250 pages of notes. The notes are fine, but the main text is repetitive
toward the end and could have been cut. The good news is, when it's this long it's not just writing
another book to do it. It's a more in-depth study while attempting to popularize with references
to the game Monopoly and political cartoons from over the different eras. Her previous book
was around 2015, and there was no campaign book because she was working on this one.
This book is DENSE. It's COMPLEX. It's a huge subject... but even with me not being a lawyer I feel like I have a much greater understanding of the subject. There were times I felt like the author was "grand standing" on all the bills she's sponsored or co-sponsored, but then I realized it's because she really HAS done a lot with her passion for this topic and felt an appreciation for that passion and commitment to writing a few million words in those bills... and it led to respect, more than anything. If you're not interested in our nation's economy or big business, this book isn't for you. If you're really wanting to understand exactly how things got so messy and frustrating? This book ties a lot of it together in a comprehensible format that, while still a huge topic, you'll finish knowing more than when you started.
I really liked the organizational flow of the book (historical to present to future planning and calls to action). The dense content made it somewhat difficult to understand, as I'm not a lawyer, but she really worked hard to simplify a very complex subject.
I'm super glad I bought and finally finished this book!






