“Cornered: The New Monopoly Capitalism and the Economics of Destruction”
By Barry C. Lynn, Reviewed by Thom Hartmann
…This is only the second time in American history when we’ve faced such a concentration of wealth and power, of business and money, and of the political control that flows from it. The previous time was in the late 1800s, when J.P. Morgan came to dominate most of the American business landscape (Lynn notes that it was called “Morganizing” back then, instead of “private equity companies” or “M&A artists”), competing with a small handful of oligarchs like J.D. Rockefeller and Andrew Carnegie. When Theodore Roosevelt became president in 1901, he set out to break up these cartels, earning himself the moniker of “Teddy the Trustbuster.” But his efforts were flawed (he believed in a top-down strategy, as did FDR), and the result is that today’s monopolies are even more toxic than the ones of his day because these new ones are worldwide in their influence, and have largely captured our political processes.
…Reagan brought the modern era into being by suspending enforcement of the Sherman Anti-Trust Act, and Clinton and both Bush presidents refused to go back to enforcing the Sherman Act and other similar laws, both leaving in place and advancing the agenda of the Reagan Revolution corporatists. Obama has made tentative noises about enforcing the Sherman Act, but taken no serious action.
…If America is to survive economically and politically, Lynn suggests, we must break up the modern day monopolists and return opportunity and wealth to local communities and small businesses. His book is both shocking and prescriptive, an essential read and an important addition to your library.
