. All this week, we've been looking at the view ascendant now among key members of the Biden administration that corporate monopolies don't just harm competition and consumers, they harm democracy.
STOLLER: It's a great question. And I think it starts with the concept of fear. So if you talk to a lot of people in business these days, whether they are workers, whether they are entrepreneurs, engineers, whatever they are. Everyone except middlemen and financiers and monopolists, they are often afraid to speak out about what is going, in their corporations or in the markets in which they operate.
BEATTY: Well, I get it. I get this idea of the pervasive fear that employers can have over their employees. And yet, look at the exceptions. Didn't we just have a whistleblower from Facebook come forward and surface the way in which this company has been exploiting fear among teenage girls about their weight and so on? I mean, that was a moment of revelation, that was a brave employee who came out and spoke.
STOLLER: I mean, Zoe Lofgren, who you know, she's a representative from Silicon Valley. But you know, she is very strongly in the camp of Google. And I believe one of the reasons that she is is because, you know, she says, if we don't protect Google from antitrust, then they probably won't be expanding more in my district. And I think that's a very common problem that people have. You can just look at Amazon with their second headquarters.
STOLLER: The simplest way to understand that is there's been so much consolidation than most labor markets are now highly consolidated. Which is to say that when you try to get another job in a similar industry where you have a similar skill set, it's often very hard because there aren't other employers, or there are very few. So to take an example, in 2019, the Trump administration allowed two gold mines. The two biggest gold mines in Nevada, to merge.
STOLLER: Unfortunately, while are unions, and they do have some bargaining power, the actual wages of pilots and flight attendants, they have nowhere near the amount of leverage and wage growth that they used to have. So in the 1960s, when you became a pilot for Delta, for example, they would put you in a room and say, OK, you know, give you an inspirational speech and say, all of you are going to become millionaires. It was known that was what was going to happen in that career path.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »