How Democrats Killed Their Populist Soul Summary

In his thought-provoking essay "How Democrats Killed Their Populist Soul," published in The Atlantic Monthly in October 2016, Matt Stoller delves into a longstanding debate regarding the interpretation of the dangers of monopoly power and the response of antitrust law to those dangers. There are two main sides, one arguing for stricter antitrust enforcement to fight monopolies, the other claiming that such enforcement could reduce innovation and economic growth. Stoller positions himself firmly on the side, advocating for strong antitrust measures as a means to counter the consolidation of power in the hands of a few corporations. Stoller's main point revolves around the idea that Democrats, who have historically been advocates of anti-monopoly …show more content…
The Democratic party started in the Progressive Era when leaders like President Theodore Roosevelt championed trust-busting policies to rein in the power of monopolistic corporations. At the time, both Democrats and Republicans realized that concentrated economic power posed a threat to democracy and the changing economy. However, as Stoller states, Democratic priorities changed after the war, increasing focus on technocratic governance and economic efficiency. Paired with the emergence of a new liberal ideology, this caused the Democratic Party to drift away from their anti-monopoly beliefs. The decline of anti-monopoly sentiment within the Democratic Party further distances large business-owning individuals from the working class. By prioritizing the interests of lobbying corporations and Wall Street financiers over those of working-class citizens, Democratic leaders have lost trust in democratic institutions, whether intentional or unintentional. They need to reclaim the party's populist soul and recommit to anti-monopoly principles to take steps toward restoring faith in government and addressing the inequality that plagues