Eric Posner Discusses Monopolies
Eric Posner: "It is concerning when asset managers like Blackrock have such a large impact on the economy."
In the USA, the emergence of monopolies has been allowed to continue for far too long, says American lawyer Eric Posner. This has contributed significantly to inequality and political polarization. If the government consistently protected competition, the US economy could grow 1.25 times as quickly as it currently does.
This interview by Christoph Eisenring and Peter A. Fischer was originally published in German in Swiss daily NZZ on 20 May 2023. Translated and edited for layout purposes by the UBS Center.
Mr. Posner, tech companies in the U.S. are getting bigger and more powerful. Are we back in the days of the robber barons who shaped the U.S. economy with their monopolies in the late 19th century?
Today's situation is reminiscent of that. There was a period when there was significantly more competition in the USA than there is today. Market concentration has been increasing for thirty years. Competition is weakening, and inequality has increased at the same time.
Read more at UBS Center for Economics and Society at the University of Zurich