Big business loves consolidation of their Power. They are not benevolent. They’re avaricious and exist to raise profits and market share. By allowing mergers and one, two or 3 dominant players in every industry, we created greedy companies, oblivious to the needs of their customers and the root cause of our current Inflationary spiral.
We can do better!
The beauty of antitrust law is that it relies on corporate greed to deliver the best results for consumers, workers and the broader economy. The government doesn’t need to extract promises of good behavior or to rely on restraint. It just needs to maintain competition.
In approving the Live Nation deal in 2010, regulators displayed an astonishing faith in their ability to engineer competition. The government concluded that allowing the nation’s largest event promoter to buy the nation’s largest ticket vendor would give the new company greater power to squeeze performers, venues and concertgoers. But instead of blocking the deal, it imposed conditions that it said would preserve competition. These conditions included requiring Ticketmaster to license its software to potential competitors and requiring Live Nation to promise that it wouldn’t seek to drum up business for Ticketmaster by threatening to withhold performances from venues that used other services.