Antimonopoly
Antimonopoly at MFU
Since its founding in 1918, MFU has advocated for a fairer and more democratic economy that supports farmers, small businesses, workers, consumers and communities. The Antimonopoly Program seeks to connect the impact of this growing concentration across the economy and elevate the voices of those directly impacted by these challenges.
Monopoly Power Harms
The rapidly growing power of corporate monopolies is a growing and pervasive crisis with over 75% of industries becoming more consolidated since the 1990s. The entire economy has become 50% more consolidated since 2005, leaving most industries in the hands of a few giant corporations. If we do nothing to address this issue, we will have an average of one company left in each industry by 2070.
This growing monopoly power drives down wages, increases costs, stifles innovation and competition, and otherwise limits people’s voices in our economy and democracy:
- Farmers: A few giant firms control the inputs and the markets farmers rely upon. As a result of these monopolistic middlemen, farmers have seen their share of every dollar spent on food decline from nearly 50 cents in the 1950s to 14.3 cents today.
- Small Businesses: The small businesses that are the heart of our communities are being driven out by corporate monopolists. The Twin Cities has seen a 17 percent decline in local retailers since 2004 and Minnesota has lost 30 percent of its independent pharmacies since 2000.
- Workers: A recent analysis by the Treasury Department found the average workers’ wages are 20 percent lower because of corporate concentration and anticompetitive practices, adding to a growing body of research finding monopoly power leads to lower pay.
- Consumers: Prices have increased for everything from healthcare to groceries to gasoline while corporations enjoy record profits. Consolidation makes it easier for firms to increase prices on consumers while padding their bottom line.
