EconTalk

Glen Weyl on Antitrust, Capitalism, and Radical Reform

Sep 13, 2021
Glen Weyl, a political economist and Microsoft executive, dives into radical reforms of capitalism and the flaws of traditional antitrust approaches. He expresses concern over corporate power, particularly in tech, proposing a complete overhaul of corporate governance. The discussion highlights innovative governance models from Taiwan and alternative funding sources like crowdfunding to empower communities. Weyl emphasizes the need for a new democratic framework that prioritizes values and participation over conventional voting, aiming for a more equitable economy.
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INSIGHT

Antitrust and Democracy

  • Antitrust laws are fundamentally about power and creating a democratic society.
  • They should focus on making power accountable, not breaking it up.
INSIGHT

Market Power and Innovation

  • Market power arises from successful exploitation of major technological advancements.
  • These advancements create significant opportunities, but market power can hinder full realization of benefits.
INSIGHT

Profit's Double-Edged Sword

  • Profit maximization in increasing returns markets leads to underutilization.
  • Firms restrict access to capture profits, limiting overall social gains.
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