The podcast explores the Federal Trade Commission's lawsuit against Amazon, delving into the history of antitrust and discussing the impact of the Standard Oil case. It examines the power of John D. Rockefeller, the role of journalist Ida Tarbell in exposing his tactics, and the transformation of antitrust law by lawyer Robert Bork. The podcast also touches on the significance of antitrust in the 1960s and the influence of Bork on contemporary antitrust laws.
The FTC has filed a lawsuit against Amazon, accusing it of being a monopoly and using anti-competitive tactics, highlighting the need to address monopoly power in the digital marketplace.
The landmark case of Ida Tarbell and Standard Oil led to the breakup of the company and a reevaluation of antitrust laws, exposing the importance of investigative journalism in challenging monopolistic control.
Deep dives
The FTC Lawsuit Against Amazon
The Federal Trade Commission (FTC) has filed a lawsuit against Amazon, accusing the company of being a monopoly and using anti-competitive tactics to maintain its market power. The lawsuit has significant implications for consumers, businesses, digital marketplaces, and antitrust law itself.
The History of Antitrust and Standard Oil
Ida Tarbell, an investigative journalist, took on John D. Rockefeller and Standard Oil, exposing the company's anti-competitive tactics and monopolistic control. This landmark case led to the breakup of Standard Oil and a reevaluation of antitrust laws in the United States.
The Bork Revolution and Consumer Welfare
Robert Bork's book, 'The Antitrust Paradox,' revolutionized antitrust law by shifting the focus from protecting competitors to promoting consumer welfare. This led to a reinterpretation of antitrust laws, favoring the free market and paving the way for the rise of big companies like Google, Facebook, and Amazon.
The Current State of Antitrust and Big Tech
The rapidly growing power of companies like Google, Facebook, and Amazon has sparked a renewed debate about antitrust law. The recent lawsuit filed by the FTC against Amazon highlights the challenges of regulating big tech and the need to address monopoly power in the digital marketplace.
Earlier this fall, the Federal Trade Commission filed a high-stakes lawsuit against Amazon.
In that suit, the FTC claims Amazon is a monopoly, and it accuses the company of using anti-competitive tactics to hold onto its market power. It's a big case, with implications for consumers and businesses and digital marketplaces, and for antitrust law itself. That is the highly important but somewhat obscure body of law that deals with competition and big business.
And so, this week on Planet Money, we are doing a deep dive on the history of antitrust. It begins with today's episode, a Planet Money double feature. Two classic episodes that tell the story of how the U.S. government's approach to big business and competition has changed over time.
First, the story of a moment more than 100 years ago, when the government stepped into the free market in a big way to make competition work. It's the story of John D. Rockefeller and Standard Oil, and a muckraking journalist named Ida Tarbell.
Then, we fast forward to a turning point that took antitrust in the other direction. This is the story of a lawyer named Robert Bork, who transformed the way courts would interpret antitrust law.
These episodes were produced by Sally Helm with help from Alexi Horowitz Ghazi. They were edited by Bryant Urdstadt. Alex Goldmark is Planet Money's executive producer.