"The curse of bigness" refers to the negative consequences that can arise from the concentration of power and size in corporations or other large organizations. It is a concept that highlights the potential dangers of monopolistic practices, lack of competition, and the erosion of economic and social values caused by oversized entities. When a company becomes too big, it can wield significant influence, often leading to a decrease in competition and creating barriers for new players to enter the market. As a result, consumer choice may be limited, and prices can be artificially inflated. The lack of competition can stifle innovation and hinder economic growth. Moreover, the curse of bigness extends beyond mere economic considerations.
“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
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. 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.
Moreover, the curse of bigness extends beyond mere economic considerations. Large corporations can also have a profound impact on society, shaping public opinion, influencing government policies, and distorting democratic processes. Their vast resources and lobbying power can be used to prioritize their own interests over those of the general public, potentially leading to inequality and social injustices.
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.
“Wu joins a rising tide of public intellectuals now trying to rescue U.S. antitrust from the brink of obsolescence. Like Wu’s previous book The Master Switch, The Curse of Bigness takes history seriously. He offers an agenda for reform that is both bold and realistic. The Curse of Bigness shows with clarity and precision what such an agenda would look like.” —Frank Pasquale, Commonweal Magazine
In addition to economic and social concerns, the curse of bigness also raises ethical questions. As corporations grow larger, the concentration of power can lead to abuses, such as exploitative labor practices, environmental degradation, and disregard for consumer rights. These issues can be exacerbated when monopolies or oligopolies are formed, as there may be limited alternatives for consumers or workers to turn to. Addressing the curse of bigness requires a multi-faceted approach. Governments and regulatory bodies play a vital role in ensuring fair competition and preventing the concentration of power. Antitrust laws exist to promote competition and prevent the formation of monopolies. Additionally, promoting a culture that fosters entrepreneurship and innovation can help create a more resilient and diverse economy. It is important to recognize that not all large organizations are inherently harmful. Many big companies contribute positively to society and the economy, driving innovation, creating jobs, and providing goods and services to customers worldwide. However, it is crucial to strike a balance between the benefits that large organizations bring and the potential risks associated with their size and power. In conclusion, the curse of bigness refers to the potential negative consequences that can arise when power and size become overly concentrated in corporations and other large organizations. It encompasses economic, social, and ethical concerns and underscores the importance of promoting fair competition, ensuring transparency and accountability, and safeguarding the interests of consumers and society as a whole..
Reviews for "The Curse of Bigness: Examining the Influence of Big Pharma on Healthcare"
1. John - 2/5 stars - I was really excited to read "The Curse of Bigness" as I am interested in antitrust laws and their impact on the economy. However, I was disappointed with this book. While the author raises some valid points about the concentration of power in big businesses, the arguments lack depth and are overly repetitive. The book felt more like a rant against large corporations rather than a comprehensive analysis of the issue. I was hoping for a more balanced viewpoint, but instead, it felt one-sided and biased.
2. Sarah - 1/5 stars - As someone who prefers well-researched and evidence-based books, "The Curse of Bigness" was a major letdown for me. The author's arguments often rely on anecdotes and personal opinions rather than data and research. This made it difficult for me to take the book seriously. Additionally, the writing style is inaccessible, filled with jargon and convoluted sentences. I found myself struggling to understand what the author was trying to convey, which further hindered my enjoyment of the book.
3. Robert - 2/5 stars - I had high expectations for "The Curse of Bigness" given the author's reputation in the field. However, I found the book to be disappointing and lacking in substance. While the topic of corporate power and antitrust is important, the author fails to provide a cohesive argument or propose actionable solutions. The book feels disjointed, jumping from one topic to another without clear direction. I was hoping for a more insightful and thought-provoking read, but unfortunately, this book fell short of my expectations.
4. Emily - 2/5 stars - "The Curse of Bigness" has an intriguing premise, but it fails to deliver a compelling narrative. The author's writing style is dry and lacks engagement, making it difficult to stay interested in the book. Additionally, the book focuses too much on historical examples and case studies, without providing enough practical insights for the present. I was left wanting more substantial analysis and practical recommendations for addressing the issue of corporate dominance. Overall, it was a disappointing read that didn't live up to its potential.