Tim Wu – “It’s Crucial to Break Up Facebook”

Columbia law professor Tim Wu on The Curse of Bigness, neo-Brandeisian antitrust, and the lessons we should learn from the first Gilded Age.

Cross-posted from Pro Market  The blog of the Stigler Center at the University of Chicago Booth School of Business

Four decades ago, writes Tim Wu in the introduction to his recent book The Curse of Bigness, the United States and other countries entered into a sweeping experiment that radically transformed their economies and politics. The experiment in question consisted of abandoning most checks on anticompetitive conduct, thus allowing concentrated corporate power to grow undisturbed.

The result: an increasingly concentrated global economy marked by historic levels of inequality and extreme concentrations of economic and political power, with disaffected voters being lured by radical far-right nationalists across the West. “We have managed to recreate both the economics and politics of a century ago—the first Gilded Age,” Wu writes.

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