Makris, Stavros; Lubinski, Filip; (2025) Antitrust and complex democracy: Reclaiming markets from technofeudalism. Concurrences , 7 , Article 126683.

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Abstract

This article contends that the unprecedented economic power amassed by Big Tech poses fundamental threats not only to market competition but also to the very foundations of democratic governance. Traditional neoclassical competition policy, with its emphasis on price and allocative efficiency, falls short in addressing how data monopolies and digital platforms —by suppressing competition— can undermine democratic decision-making, distort public discourse, and erode market diversity and resilience. Even dynamic competition policy, despite its strengths, does not fully confront these challenges. Drawing on the insights of Adam Smith and Ordoliberalism, this analysis underscores the deep, historically rooted connection between competitive markets and democracy: both function as safeguards against the concentration of power and as guarantors of republican freedom. To operationalize this nexus, this article adopts a ’complex democracy’ approach and explores five pathways: (i) viewing firms as adaptive agents within interconnected market, institutional, and sociopolitical ecosystems; (ii) ecosystem-centric enforcement; (iii) targeting not only market dominance but also private regulatory power; (iv) incorporating citizen-oriented welfare metrics, and (v) integrating democratic values, such as pluralism, diversity and market resilience into competition assessments. By operationalizing Daniel Innerarity’s theory of complex democracy, competition law can move beyond neoclassical competition policy and become a more effective tool for counterbalancing modern forms of economic power, fostering adaptive governance, and aligning market dynamics with democratic principles in the era of Big Tech. We would like to thank Todd Davies for his valuable comments and suggestions. All errors remain our own.

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