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LPE Originals

Did More Competition Make Meatpacking Fairer?

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According to a common antimonopoly narrative, prior to the merger wave of the 1980s, antitrust enforcement kept the meatpacking industry competitive and relatively decentralized — a situation that enhanced farmers’ autonomy and bargaining power. Yet a closer look at the historical record reveals that this fierce midcentury competition also undermined the unionized labor force and New-Deal regulatory regimes that previously dispersed power. Correcting this narrative should encourage antimonopolists not to become too starry-eyed about “competition” as a market regulator.
LPE Originals

Is Anyone Afraid of Breaking The Price-Fixing Laws Anymore?

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The DOJ’s price-fixing suit against RealPage, which has uncovered brazen collusion among competing landlords across the United States, is a welcome departure from decades of hands-off antitrust enforcement. Yet with prices going up in industry after industry, and so few price-fixing cases brought in recent years, it appears many businesses have determined that the risk of collusion is worth the reward.
LPE Originals

How Should Democrats Respond to the “Migrant Crisis”?

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In the wake of their recent defeat, Democrats’ natural tendency will be to concede the issue of immigration to Republicans and embrace cruelty-lite versions of their opponents’ positions — a strategy that is bound to fail. Instead, Democrats need to offer their own agenda for immigration and internal migration. To do so, they should look to institutional experiments from a forgotten past.
LPE Originals

The Political Economy of the Urban-Rural Divide

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Though the urban-rural divide can sometimes appear like a primordial fault line in American political life, it is a relatively recent development. The Democratic Party’s collapse in the countryside was the predictable consequence of decisions to prioritize certain constituencies to the neglect of others, as it championed the shift to the metropolitan knowledge economy.
LPE Originals

Have You Heard the Good News About Consumer Protection?

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Recent years have witnessed a sea change in consumer protection, ushered in by a new generation of enforcers who reject many of the basic premises from the neoliberal era. They aim not merely to ensure that consumers have the information necessary to discipline firms through choice, but to prevent businesses from using their power to shape markets in ways that take advantage of consumers.
LPE Originals

Private Financial Markets Are Eating the World

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Over the past decade, private financial markets – the domain of venture capital, private equity, and private credit funds – have grown to the point where they now dominate financial activity. This shift has undermined the protections afforded by existing securities laws and, because pensions are one of the largest contributors to these private funds, has subjected ordinary workers to the opaque, unregulated side of financial markets.
LPE Originals

The Insurance Industry Is Not the Victim

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The rapidly worsening home insurance crisis is often understood as primarily a problem for insurers. Yet the overarching policy question should not be, “how do we save the home insurance industry from collapsing?” but rather, “what role should insurance markets play in the broader suite of policies to keep people safely housed?”
LPE Originals

The Puzzling Persistence of Gender Discrimination in Insurance

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Even though gender classifications have been eliminated from most market domains, they stubbornly persist in the insurance context. To understand this puzzling persistence, we must examine the traditions of mutualism that have shaped insurance as a social institution, and how these traditions embed gender in the tools used to price risk.