antitrust
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Hospital CEOs Behaving Badly And The Devastating Consequences On The Middle Class
When big health insurers propose mergers, it makes for good antitrust enforcement theater to try to block them. However, if government officials want to address anti-competitive activities that have a dramatically bigger impact, they should shift their focus to local market provider M&A activity that consistently show prices increase after the deal is done. However, the most rapacious, anti-competitive practices I’ve seen in my entire career have come from hospitals–frequently from tax-exempt “nonprofits” that would make John D. Rockefeller blush with their brutal actions. The combined impact has created a middle class economic depression that has driven populist presidential campaign success, which was highlighted in a recently released Brookings study.
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What Can We Learn from a Big Boat Stuck in a Canal?
...The answer to addressing the problem of thinned out supply chains is to recognize that hyper-efficient globalization inherently carries the downside of unpredictable shortages, geopolitical tension, and supply disruptions. And then redesign our global trading order to make it less efficient and more resilient. There are three basic changes we'll need. First, we need to restore anti-monopoly rules, such as antitrust, to prevent the consolidation of production and distribution in the first place. Second, we should re-impose friction, like tariffs, in global trading so that we relocalize production. Trade is generally a good thing, but every country or geographic bloc should be able to provide itself with the essentials, in case there are disruptions. Third, we should rapidly restructure the way that firms finance themselves, so that they have less debt. Debt is a cruel taskmaster, and it leads CEOs to cut deeply not just into fat but into muscle and bone.
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