Monopoly is back: Barry Lynn on the concentration of American economic power — and how we can restore fairness
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He had opportunities to help the working class, and he passed them up.
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In this piece on The Nation, Open Markets reporter Leah Douglas looks at an obscure legal loophole which has resulted in African Americans losing acres of land throughout the last century. Millions of farmers of all races were pushed off their land in the early part of the century, including around 600,000 black farmers. By 1975, just 45,000 black-owned farms remained.
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The company has established its level of dominance because of the failings of our current antitrust laws. To understand why, you first need to understand the scope of Amazon’s power.
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Amazon announced today that it wants to buy grocery chain Whole Foods for $13.7 billion in cash. If approved by regulators, the deal would worsen the already severe damage that Amazon is doing to America’s competitive, open market system.
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Open Markets fellow Matthew Stoller writes on the Huffington Post that Jeff Bezos has created an empire that’s quickly raising political questions. Like Google and Facebook, Amazon uses technology and data to sidestep traditional restrictions on monopoly power. Now, Bezos is attempting to add more power to his empire with the surprise announcement that the company will pay $13.7 billion for Whole Foods Market.
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