America is more unequal than it has been in a century. The richest 0.1 percent of American families own as much wealth as the lower 90 percent of all American families combined. Between 1979 and 2007, the richest one percent took in 53.9 percent of all income growth. And wealth inequality grew even more dramati c in the wake of the great recession. The richest 7 percent expanded their average neat worth by more than 25 percent between 2009 and 2011, and whites claimed an even larger proportion of American wealth relative to Blacks and Hispanics.
Americans have responded with anger and indignation. The Tea Party Protests of 2009, Occupy Wall Street in 2011, and the campaigns of Donald Trump and Bernie Sanders were each, to some degree, directed at the growing concentration of wealth and power in the hands of the few. A majority of Americans – 65 percent – say that the economy unfairly favors powerful interests. Some 63 percent say that money should be more evenly distributed throughout the economy.
This growing inequality conflicts with many of America’s founding ideals. So too does the failure by both major political parties to support strong actions to combat the concentration of wealth and power in the hands of the few. From the founders’ efforts to abolish the practice of leaving all of a family’s wealth to the first-born male, to Head Start in the 1960s, Americans have repeatedly used government action to deconcentrate wealth and to promote equality of opportunity.
Central to those efforts has been antimonopoly policy. Since the beginning of the Republic, Americans have used antimonopoly policy not only to preserve market competition but to preserve the economic opportunity of the individual citizen and to guarantee that power and property would not become concentrated in the hands of the few. Indeed America was born out of rebellion against monopoly. During the Boston Tea Party of 1773 revolutionaries like Samuel Adams struck a blow against the British East India Company precisely because it was a monopoly, which they viewed as “forever dangerous to public liberty.”
https://www.openmarketsinstitute.org/learn/income-inequality-monopoly
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Jul 12, 2017 — Over the past three decades, the U.S. government has permitted corporate giants to take over an ever-increasing share of the economy. Massive market-dominant corporations stack their ranks with former senior government officials who can leverage their government contacts for corporate gain.
Just two years after leaving his role as George W. Bush’s Deputy Chief of Staff for Policy, Joel Kaplan was hired by Facebook to be the tech giant’s Vice President for U.S. Public Policy. Since Kaplan brought his government contacts to Facebook, the company has spent over $71 million lobbying the federal government, including against policies that protect consumer privacy and election integrity – nearly 100 times what it had spent before Kaplan joined.…it is standard practice in Republican and Democratic administrations for giant mega businesses like Pfizer, Google, BP, Citibank, AT&T, Boeing, and Comcast to vacuum up anyone and everyone who leaves one of their government regulators in an obvious effort to leverage their new hire’s political connections and use the allure of potential future job offers to extract favorable treatment. https://elizabethwarren.com › break-monopoly-influence
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thus the Internet, by requiring that Google be set as the preset default general search engine on billions of mobile devices and computers worldwide and, in many cases, prohibiting preinstallation of a competitor. In particular the Complaint alleges that Google has unlawfully maintained monopolies in search and search advertising https://www.justice.gov/opa/pr/justice-department-sues-monopolist-google-violating-antitrust-laws
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Saturday, November 6, 2021
Caesr and his monopoly game
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