In Monopoly Politics, Erik Peinert provides a macro-historical explanation for why American and international markets are today monopolized by an ever-narrowing group of companies. Using original archival evidence from the United States and France, and borrowing insights from microeconomics, bureaucratic politics, sociology, psychology, and law, Peinert demonstrates how government policy towards competition and monopoly changes at key moments in the 20th century. Centrally, policy changes as a result of the interaction between staff turnover in policy circles and the diminishing returns to policy regimes.
As policy regimes across different arenas such as antitrust, intellectual property, trade, and industrial policy push consistently either in favor of competition or monopoly, they generate diminishing returns. Unsustainably pushing for competition suppresses profits and destabilizes markets, whereas pushing to defend market power will raise prices, stifle innovation, and concentrate profits in stagnant monopolies. However, with policy regimes locked in by committed policymakers who have invested time, reputation, or the careers into implementing one approach to policy, government policy only changes through their replacement with non-committed officials willing to reconsider policy. Examining policy change in the United States and France over the 20th century, and leveraging tens of thousands of archival documents, Peinert traces new policy ideas or frameworks through each government, from the site of the original insight to final decision-making, showing the economic research, theories, and interests that motivated the policy discussions ""in the room,"" and the key considerations influencing final policy choices.
By:
Erik Peinert (Assistant Professor Assistant Professor Boston University)
Imprint: Oxford University Press Inc
Country of Publication: United States
Dimensions:
Height: 232mm,
Width: 157mm,
Spine: 18mm
Weight: 426g
ISBN: 9780197789513
ISBN 10: 019778951X
Pages: 296
Publication Date: 09 October 2025
Audience:
Professional and scholarly
,
Undergraduate
Format: Paperback
Publisher's Status: Active
1. Introduction: The Monopoly Problem in the Long Run 2. Understanding and Explaining the Internal Evolution of Policy Regimes 3. Monopoly, the New Deal, and the Post-War Policy Order 4. Ententes and National Champions in Post-War France 5. Nixon, the Chicago School, and the Trustbusting State 6. The Return of American Monopoly Power 7. The Cartelized Economy and the End of Statism 8. Conclusion
Erik Peinert is an assistant professor of Political Science at Boston University. His research focuses on the political economy of advanced industrial states and the politics of economic policymaking. Prior to Boston University, he was a research manager at the American Economic Liberties Project, and he has had had research affiliations with the Rhodes Center for International Finance at Brown University, Johns Hopkins SAIS, the Center for European Studies at Sciences Po in Paris, and the Max Planck Institute for European Legal History. Peinert earned his PhD in political science at Brown University.
Reviews for Monopoly Politics: Competition and Learning in the Evolution of Policy Regimes
In this deeply-researched book, Erik Peinert weaves together an analysis of material and ideational factors to develop a new theory about how governments learn over the long-term. The result is an important contribution both to our understanding of competition policy and to prevailing accounts of how public policies change over time. * Peter A. Hall, Krupp Foundation Professor of European Studies, Harvard University * Tightly argued and deeply researched, Monopoly Politics offers a bold new answer to why states swing between regimes of market power and competition-not because of interests, ideas, or technology, but because every regime runs out of steam-in ways only outsiders can clearly see. * Beth Popp Berman, Richard H. Price Professor of Organizational Studies and Sociology, University of Michigan * In Monopoly Politics, Erik Peinert masterfully blends economic and political analysis, leveraging archival research on the U.S. and French cases to contends that markets require a balance between monopoly and competition, so enduring shifts in one direction eventually confront diminishing returns with lower growth, employment, and investment. Yet governments only reverse course over the long term, as bureaucrats committed to one paradigm are gradually replaced by new cohorts. * Steven K. Vogel, Il Han New Professor of Asian Studies and Professor of Political Science, University of California, Berkeley *
