The Biden administration very quietly published a manifesto for a counterrevolution.
The new standards for assessing the legality of corporate mergers mark a counterrevolution against the Reagan-era policy shift that allowed for aggressive antitrust enforcement. The new guidelines seek to prevent corporations from acquiring the kind of power that enables abuses, even if econometric models promise efficiency gains. The guidelines also scrutinize how mergers might hurt workers, not just consumers. The article argues that the new framework is a reversion to the laws as originally conceived and written, and it injects a bit of humanity back into the calculus, which treated cheap goods as the highest and only aspiration.