Antitrust enforcement has almost disappeared. Wall Street’s five largest banks now have 44% of U.S. banking assets, up from 10% in 1990 and 25% before the crash of 2008. Meanwhile, 80% of Americans have no choice of Internet service provider. Ten years ago there were 9 major airlines; now, there are 4. Big Ag is bigger than ever: The four largest food companies now control 82% of beef packing and 85% of soybean processing. Monsanto alone owns key genetic traits to more than 90% of soybeans planted in the U.S. and 80% of corn. Hospitals are merging into a few giant systems, as are health insurers. Google, Apple, Amazon, Facebook, and Microsoft dominate digital platforms. Big Oil has grown larger. Five military contractors get 90% of all contracts.
As a result, profits are up and Americans are paying more than we should – an upward redistribution that’s hidden inside the “free market.” Why aren’t Republican free-marketeers yelling about this? Why aren't Democrats demanding stronger antitrust enforcement? -Robert Reich
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