The heart of American capitalism: The Tipline for 12 July 2021

“Capitalism without competition isn’t capitalism; it’s exploitation,” President Joe Biden said on Friday before signing an executive order that he said “commits the federal government to full and aggressive enforcement of our antitrust laws”. Biden spoke of how “big tech”, “big pharma” and “big agriculture” are consuming their competitors rather than competing for consumers. “I expect the federal agencies – and they know this – to help restore competition so that we have lower prices, higher wages, more money, more options, and more convenience for the American people,” the president said.