Make Enforcing Antitrust Law Great Again

In the late 19th and early 20th centuries, America was a vigorous, growing nation, coming of age in a new era of technological and industrial progress, with all the strains and stressors that develop under periods of mass movements and economic growth. Thousands of people flocked to the United States in search of opportunities. Despite domestic challenges and opposition from the wealthiest, Americans were able to rally in favor of reforms including antitrust legislation and increased food and workplace safety standards.

The Sherman and Clayton antitrust acts, two landmark laws from the era, form the cornerstone of the federal government’s enforcement of antitrust policy. Rapid industrialization after the Civil War allowed corporations in sectors such as railroads, oil, steel, and finance to consolidate market control, suppress competition, fix prices, and wield outsized influence over workers and politics. Farmers, small businesses, and labor organizations argued that these practices distorted markets and undermined democratic governance.

But since then, the usage of antitrust law has varied over the last century. In recent decades, federal regulators have gravitated more toward a “laissez-faire” view of antitrust enforcement. This hands-off approach puts the amorphous concept of the “market” at the core of the government’s concerns instead of taking more proactive measures to prevent unfair monopolies.

Read more in The American Mind.