Antitrust policy has taken center stage under the leadership of Federal Trade Commission Chair Lina Khan. The Biden administration, with Khan at the helm, is scrutinizing not just the traditional giants like Big Tech and Big Oil but also industries such as Big Alcohol, Big Hotels, and Big Concerts. The philosophy driving this renewed focus is nuanced: Is the primary goal of antitrust law to protect consumers from elevated prices, or to shield small businesses from the overpowering presence of large corporations?
This strategic ambiguity is far from insignificant. One perspective on antitrust enforcement gains traction by presenting it as a fresh and modern approach, earning Khan accolades from both progressive circles and small-business advocates. However, according to Matthew Yglesias, the policy framework being advanced by Khan’s FTC might be more conservative than it appears. Yglesias argues that using the FTC to curb the market power of large companies aligns with conservative economic principles that favor market competition.
This dual admiration from both sides of the political spectrum showcases the broad appeal of antitrust enforcement in contemporary political and economic discourse. By addressing oligopolistic behaviors across various sectors, the Biden administration aims to foster a competitive landscape that benefits consumers and small businesses alike.