The curse of bigness refers to the negative consequences that can arise from the concentration of power and influence in large corporations or organizations. This concept suggests that when business entities become too big and powerful, they can threaten the well-being of society and hinder fair competition. One of the main concerns associated with bigness is the potential for monopolistic behavior. When a company becomes very large and dominates its industry, it can use its market power to stifle competition, raise prices, and limit choices for consumers. This can harm smaller businesses, prevent innovation, and result in reduced quality and variety of goods and services. In addition, the curse of bigness often leads to the accumulation of political power.
“While the very term ‘antitrust’ may strike many as dreadfully dry, Wu manages to make this brisk and impressively readable overview of the subject vivid and compelling.” —Benjamin C. Waterhouse, The Washington Post
In The Curse of Bigness , Tim Wu explains how figures like Brandeis and Theodore Roosevelt first confronted the democratic threats posed by the great trusts of the Gilded Age but the lessons of the Progressive Era were forgotten in the last 40 years. We live in an age of extreme corporate concentration, in which global industries are controlled by just a few giant firms--big banks, big pharma, and big tech, just to name a few.
In addition, the curse of bigness often leads to the accumulation of political power. Large corporations have the resources to influence lawmakers, shape public opinion, and gain favorable treatment from government agencies. This can undermine democracy, create regulatory capture, and lead to policies that benefit the interests of the few at the expense of the many.
The Curse of Bigness: Antitrust in the New Gilded Age
From the man who coined the term net neutrality and who has made significant contributions to our understanding of antitrust policy and wireless communications, comes a call for tighter antitrust enforcement and an end to corporate bigness.
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Book Information
| Publisher: | Columbia Global Reports |
|---|---|
| Publish Date: | 11/13/2018 |
| Pages: | 154 |
| ISBN-13: | 9780999745465 |
| ISBN-10: | 0999745468 |
| Language: | English |
Full Description
From the man who coined the term net neutrality, comes a warning about the dangers of excessive corporate and industrial concentration for our economic and political future. We live in an age of extreme corporate concentration, in which global industries are controlled by just a few giant firms--big banks, big pharma, and big tech, just to name a few. But concern over what Louis Brandeis called the curse of bigness can no longer remain the province of specialist lawyers and economists, for it has spilled over into policy and politics, even threatening democracy itself. History suggests that tolerance of inequality and failing to control excessive corporate power may prompt the rise of populism, nationalism, extremist politicians, and fascist regimes. In short, as Wu warns, we are in grave danger of repeating the signature errors of the twentieth century. In The Curse of Bigness, Tim Wu, special assistant to President Biden for technology and competition policy, explains how figures like Brandeis and Theodore Roosevelt first confronted the democratic threats posed by the great trusts of the Gilded Age--but the lessons of the Progressive Era were forgotten in the last 40 years. He calls for recovering the lost tenets of the trustbusting age as part of a broader revival of American progressive ideas as we confront the fallout of persistent and extreme economic inequality.
About the Author
Tim Wu is a policy advocate, a professor at Columbia Law School, and a contributing opinion writer for The New York Times. He worked on competition policy in the Obama White House and the Federal Trade Commission, served as senior enforcement counsel at the New York Office of the Attorney General, and worked at the Supreme Court for Justice Stephen Breyer.
From the man who coined the term net neutrality and who has made significant contributions to our understanding of antitrust policy and wireless communications, comes a call for tighter antitrust enforcement and an end to corporate bigness.
Moreover, big corporations can also have harmful effects on the workforce. With their vast resources and influence, they can suppress wages, exploit workers, and create unfair labor conditions. This can contribute to income inequality and the erosion of workers' rights. Furthermore, the curse of bigness can have devastating environmental impacts. Large corporations often have a significant carbon footprint and may engage in unsustainable practices. Their influence can also enable them to avoid or undermine environmental regulations, exacerbating issues such as pollution, deforestation, and climate change. To address the curse of bigness, many argue for the need to enforce antitrust laws, which aim to prevent monopolistic behavior and promote competition. Additionally, promoting decentralization, supporting small businesses, and empowering consumers through information and choice can help mitigate the negative effects of bigness. In conclusion, the curse of bigness warns us about the potential dangers associated with concentrated power and influence in large corporations. It serves as a reminder to balance economic growth with considerations of fairness, competition, democracy, labor rights, and environmental sustainability. By addressing the curse of bigness, we can strive for a more equitable and sustainable society..
Reviews for "The Hidden Costs of Big Business: The Curse of Bigness for Consumers"
1. Sarah - 2/5 stars - Unfortunately, "The Curse of Bigness" fell short of my expectations. The story felt disjointed, and the characters lacked depth. I couldn't connect with any of them, and their motivations seemed unclear throughout. The pacing was also a bit off, with some parts dragging on while others felt rushed. Overall, I found the plot to be predictable and the resolution to be unsatisfying. I was hoping for a gripping and thought-provoking read, but unfortunately, this book didn't deliver.
2. John - 1/5 stars - "The Curse of Bigness" was a disappointment for me. The writing style was pretentious and hard to follow, making it difficult to engage with the story. Additionally, the characters felt one-dimensional and their actions seemed irrational at times. I couldn't find any redeeming qualities in this book, and it left me feeling frustrated and confused. Overall, I would not recommend this novel to anyone looking for an enjoyable and well-written read.
3. Emily - 2/5 stars - I had high hopes for "The Curse of Bigness" based on the intriguing synopsis, but unfortunately, it didn't live up to my expectations. The plot was convoluted and lacked coherence, making it hard to follow along. The characters were forgettable, and I found it difficult to invest in their stories. The ending felt rushed and left too many loose ends. While the concept had potential, the execution fell flat, and I was left feeling underwhelmed.