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“The word ‘antitrust’ comes from the late 1800s. The trusts were companies that got together to create holding companies. They acted together. The banker who organized a lot of these trusts was called John Pierpont Morgan. Morgan hated chaos and disorder, and a dynamic, capitalist economy is extremely chaotic…Susan Berfield’s book highlights the importance of popular anger about what large corporations are doing… Teddy Roosevelt did not go out and say, ‘I’m going to be cutting back on these companies.’ But he recognized that’s where the power was, and that the big corporates were purely trying to maximize their profits. J.P. Morgan and Rockefeller were the face of that. Without that ugly face of capitalism of large companies, we may not have seen that big antitrust movement.” Read more...
The best books on Market Concentration
Jan Loeys, Economist
