The Curse of Bigness Antitrust in the New Gilded Age
From the man who coined the term “net neutrality,” author of The Master Switch and The Attention Merchants, 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 giants 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, Columbia professor Tim Wu tells of 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.
“Tim Wu, in his book The Curse of Bigness, which is a cool 160 pages and politely holds the reader’s hand through about 200 years of American economic policy and practice, argues that the time is now, ‘to control economic structure before it controls us.’” —Kaitlyn Tiffany, Vox
"A sharp analysis of antitrust law is a welcome guide to power today. ... Columbia University law professor Tim Wu, [his] short and sharp new book, The Curse of Bigness, is an excellent primer for anyone who wants to understand why corporate wealth and power have grown so concentrated in the past four decades, and why that might be a problem for democracy. Wu is no populist or Democratic socialist; rather, he’s a historian and academic who makes an impassioned case for a return to an earlier interpretation of antitrust law, one focused on power."—Rana Foroohar, Financial Times
"In this short but persuasive book, Wu (The Attention Merchants), a Columbia law professor, connects the current political climate to a decline in antitrust enforcement. ...The book’s brevity is an asset—Wu skillfully avoids economic and legal rabbit holes, keeping the book laser-focused on his thesis: that antitrust enforcement must be restored 'as a check on power as necessary in a functioning democracy before it’s too late.' Persuasive and brilliantly written, the book is especially timely given the rise of trillion-dollar tech companies."—Publishers Weekly
"The Curse of Bigness is a useful guide to the evils of privatized scale... A revitalization of aggressive trustbusting is as radical a proposal as could be taken seriously in the short term, and Wu charts a clear path to temporarily forestall the social ills of an oligarchic private tech industry."—Evan Malmgren, Dissent Magazine
"A brief diagnosis of our monopolized moment and an eloquent articulation of principles that Wu believes can lead us into an era of shared prosperity, economic and political independence, and, in the words of Brandeis, 'the right to live, and not merely to exist.'"—Daniel Kishi,The American Conservative
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. He is the author of The Master Switch (2010) and The Attention Merchants (2016).
Best known for coining the phrase “net neutrality” and his book The Master Switch: The Rise and Fall of Information Empires, Tim Wu has a new book coming out in November called The Curse of Bigness: Antitrust in the New Gilded Age. In it, he argues compellingly for a return to aggressive antitrust enforcement in the style of… more
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