With persistent inflation and growing concerns over a recession, pundits, policymakers, and the president have expressed concern about an alleged lack of competition lurking in the dark corners of the U.S. economy. As President Biden himself said, “capitalism without competition isn’t capitalism, it’s exploitation.” From Big Tech to baby food, both sides of the aisle are on the lookout for monopoly power. But sometimes the best place to hide is in plain sight.
Unbeknownst to many, monopolies aren’t limited to huge companies ostensibly controlling the prices of the goods we purchase. Labor can be monopolized too, and a lack of competition in the workforce causes its own problems. Case in point: While labor unions serve a vital purpose, laws that turn them into miniature monopolies have made them less answerable to their own workers. This is a rare opportunity for bipartisan cooperation among competition crusaders.
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