A Pitched Battle on Corporate Power

Source: The American Prospect
by David Dayen

“On July 9, 2021, President Joe Biden signed one of the most sweeping changes to domestic policy since FDR. It was not legislation: His signature climate and health law would take another year to gestate. This was a request that the government get into the business of fostering competition in the U.S. economy again. Flanked by Cabinet officials and agency heads, Biden condemned Robert Bork’s pro-corporate legal revolution in the 1980s, which destroyed antitrust, leading to concentrated markets, raised prices, suppressed wages, stifled innovation, weakened growth, and robbing citizens of the liberty to pursue their talents. Competition policy, Biden said, ‘is how we ensure that our economy isn’t about people working for capitalism; it’s about capitalism working for people.’ The executive order outlines a whopping 72 different actions, but with a coherent objective. It seeks to revert government’s role back to that of the Progressive and New Deal eras.” (01/25/23)