Goliath: The 100-Year War Between Monopoly Power and Democracy by Matt Stoller Summary

Goliath traces America’s century-long struggle against corporate monopolies and their threat to democracy, blending historical analysis with modern political commentary. Matt Stoller argues that concentrated financial power—from early 20th-century trusts to today’s tech giants—corrupts democratic institutions and fueled crises like the 2008 crash and 2016 election turmoil. The book revives lessons from antitrust victories like the New Deal to advocate for renewed anti-monopoly reforms.

This book suits readers interested in economic history, antitrust policy, or democratic reform. Policymakers, activists, and students will find value in its analysis of monopolies’ role in political instability. Stoller’s accessible narrative also appeals to general audiences concerned about corporate power’s impact on inequality and governance.

Stoller contends that monopolies erode democracy by centralizing economic and political power, as seen in the 2008 crisis and tech giants’ influence. He highlights historical efforts to combat trusts, like Franklin Roosevelt’s New Deal, and warns that abandoning anti-monopoly principles enabled modern authoritarianism. The book calls for reviving antitrust enforcement to dismantle corporate dominance.

The book links corporate consolidation to autocratic governance, showing how monopolies like 1920s banks or today’s Big Tech suppress competition, manipulate markets, and undermine civic institutions. Stoller argues concentrated economic power fosters political extremism by destabilizing middle-class prosperity—a pattern evident in the Great Depression and 2016 election.

Stoller examines trust-busting campaigns against Standard Oil, the populist backlash to 1920s banking monopolies, and FDR’s New Deal reforms. He contrasts these with post-1980s deregulation, which allowed corporate consolidation in sectors like finance and tech, leading to crises like the 2008 collapse.

Yes. Stoller critiques Google and Facebook as “information monopolies” that centralize control over data and media, paralleling early 20th-century trusts. He argues their dominance distorts public discourse and democracy, advocating for antitrust action to break up these platforms.

This tradition refers to America’s historical consensus—championed by figures like Louis Brandeis—that concentrated corporate power threatens liberty. Stoller traces its decline after the 1970s and argues reviving it through policies like breaking up monopolies and strengthening labor rights is essential to restoring democracy.

Stoller frames the crisis as a result of banking monopolies and deregulation, which enabled reckless speculation. He critiques bailouts that preserved Wall Street’s power while neglecting accountability, echoing New Deal-era failures to constrain financial giants.

Some reviewers argue Stoller oversimplifies complex economic systems or underplays globalization’s role in monopolies. Conservatives critique his regulatory prescriptions as overreach, while others note limited solutions for modern digital monopolies.

The book ties rising populism and partisan strife to economic inequality fueled by monopolies. Stoller suggests reforms like antitrust enforcement and corporate breakup could reduce polarization by decentralizing power—a lesson from the Progressive and New Deal eras.

Yes. Stoller’s blend of historical insight and urgent policy critique makes Goliath a vital read for understanding modern economic and political challenges. Its analysis of tech monopolies and democratic erosion remains particularly relevant, earning praise from scholars and policymakers.

Unlike narrower tech critiques (e.g., The Age of Surveillance Capitalism), Goliath offers a century-spanning narrative that contextualizes monopolies within democratic theory. It complements works like Zephyr Teachout’s Break ’Em Up but stands out for its historical depth.