Australian Government Keen to Adopt Biden Administration Policy on Big Business
Australia’s assistant minister for competition, Andrew Leigh, says the country should follow in the footsteps of the Biden administration and adopt a more cynical view of big business, including more government intervention in the market.
The Labor minister has blamed increasing market concentration in the hands of a few big companies for creating higher prices for consumers (including inflation), and less opportunity for workers to switch to higher paying jobs—a principle known as “dynamism.”
“Over recent decades, there have been a number of significant changes in the Australian economy. The job‑switching rate has fallen. The business start‑up rate has declined. The largest firms have increased their market share. Mark‑ups have increased,” he told attendees of the FH Gruen Lecture at the Australian National University in Canberra on Aug. 25. “All this suggests that the Australian economy has become less competitive.”…