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The Great Reversal - How America Gave Up on Free Markets (Hardcover)
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The Great Reversal - How America Gave Up on Free Markets (Hardcover)
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In this much-anticipated book, a leading economist argues that many
key problems of the American economy are due not to the flaws of
capitalism or the inevitabilities of globalization but to the
concentration of corporate power. By lobbying against competition,
the biggest firms drive profits higher while depressing wages and
limiting opportunities for investment, innovation, and growth. Why
are cell-phone plans so much more expensive in the United States
than in Europe? It seems a simple question. But the search for an
answer took Thomas Philippon on an unexpected journey through some
of the most complex and hotly debated issues in modern economics.
Ultimately he reached his surprising conclusion: American markets,
once a model for the world, are giving up on healthy competition.
Sector after economic sector is more concentrated than it was
twenty years ago, dominated by fewer and bigger players who lobby
politicians aggressively to protect and expand their profit
margins. Across the country, this drives up prices while driving
down investment, productivity, growth, and wages, resulting in more
inequality. Meanwhile, Europe-long dismissed for competitive
sclerosis and weak antitrust-is beating America at its own game.
Philippon, one of the world's leading economists, did not expect
these conclusions in the age of Silicon Valley start-ups and
millennial millionaires. But the data from his cutting-edge
research proved undeniable. In this compelling tale of economic
detective work, we follow him as he works out the basic facts and
consequences of industry concentration in the U.S. and Europe,
shows how lobbying and campaign contributions have defanged
antitrust regulators, and considers what all this means for free
trade, technology, and innovation. For the sake of ordinary
Americans, he concludes, government needs to return to what it once
did best: keeping the playing field level for competition. It's
time to make American markets great-and free-again.
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