Goliath

The attempts at reform weren’t enough. The ICC was supposed to bar price discrimination and secret rebates by railroads, but it was defanged by the Supreme Court. And throughout the 1890s, courts used an interpretation of the Sherman Act to rule that price-fixing among competitors tended to be illegal, but mergers were not.36 This inverted the mean

“Power always thinks it has a great Soul, and vast Views, beyond the Comprehension of the Weak, and that it is doing God’s Service, when it is violating all his Laws.” —John Adams1

Take a look around. You probably have a phone made by one of two companies. You likely bank at one of four giant banks, and fly on one of four big airlines. You connect with friends with either Facebook, WhatsApp, or Instagram, all of which are owned by one company. You get your internet through Comcast or AT&T. Data about your thoughts goes in

The original modern housing finance system was designed with political goals in mind. In the words of William Levitt, the founder of the first postwar suburb, “No man who owns his own house and lot can be a Communist. He has too much to do.”8 This was a literal statement. People with a stake in society—a bit of property—do not rebel. People with no