July 16, 2017

PRESIDENT TRUMP NEEDS TO KEEP HIS PROMISE ABOUT INCREASED ANTITRUST ENFORCEMENT: “In the third quarter of 2016, companies owned by Facebook or Google took 90% of all new digital ad revenue.”

One place where I break with the Borkian consensus on antitrust is that I don’t think the Sherman Act was about maximizing consumer welfare so much as it was about inhibiting the growth of unaccountable political power. (The drafers of the Sherman Act, of course, weren’t aware of Bork’s theories.) We’re seeing a lot of unaccountable political power here, and it’s going to get worse if nothing’s done.

Related: Joel Kotkin: Today’s Tech Oligarchs Are Worse Than the Robber Barons. “Yes, Jay Gould was a bad guy. But at least he helped build societal wealth. Not so our Silicon Valley overlords. And they have our politicians in their pockets.”