Synopsis
In The Curse of Bigness: Antitrust in the New Gilded Age, Tim Wu offers a sharp, historical, and cautionary analysis of how extreme corporate concentration threatens the foundations of democracy. He argues that we have entered a second "Gilded Age," characterized by the rise of massive tech monopolies and a global trend toward economic inequality that mirrors the era of the late 19th-century industrial titans. Wu contends that the current hands-off approach to antitrust law, which has dominated legal thinking for decades, focuses too narrowly on short-term consumer prices while ignoring the broader social and political dangers of allowing a few firms to hold unchecked power over the market and the flow of information.
The book traces the intellectual history of antitrust, contrasting the "Brandeisian" view—which sees big business as a threat to liberty—against the more modern "Chicago School" philosophy that prioritizes economic efficiency above all else. Wu warns that when economic power becomes too concentrated, it inevitably leads to political capture, where a small number of powerful entities can influence government policy to protect their own interests. This dynamic, he suggests, creates a sense of public helplessness and fuels the rise of populist and extremist movements, much like it did in the early 20th century.
To remedy this, Wu calls for a return to "trust-busting" and a more aggressive enforcement of the Sherman Act. He advocates for breaking up giant conglomerates, particularly in the tech sector, and implementing more rigorous merger reviews to prevent the "killer acquisitions" that stifle innovation. Ultimately, the book serves as a manifesto for reclaiming the original intent of antitrust laws: to ensure that the economy remains a level playing field where competition thrives and no single private interest can grow large enough to challenge the sovereignty of the state or the rights of the individual.