Great Reversal

4.21 (534 ratings by Goodreads)
Regular price €19.99
A01=Thomas Philippon
acquisitions
Age Group_Uncategorized
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airlines
american v european markets
anticompetition laws
Author_Thomas Philippon
automatic-update
banking
Category1=Non-Fiction
Category=JPP
Category=KCL
Category=KCP
Category=KCS
Category=KCY
Category=KCZ
COP=United States
corporate tax
Delivery_Delivery within 10-20 working days
demand elasticity
deregulation
eq_business-finance-law
eq_isMigrated=2
eq_non-fiction
eq_society-politics
free entry
gafams
global economy
health care
inflation
Language_English
manufacturing
market dominance
mergers
monopoly
monopsony
PA=Available
Price_€10 to €20
PS=Active
rise market power
softlaunch
telecommunication
wages

Product details

  • ISBN 9780674260320
  • Dimensions: 140 x 210mm
  • Publication Date: 19 Oct 2021
  • Publisher: Harvard University Press
  • Publication City/Country: US
  • Product Form: Paperback
  • Language: English
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“Superbly argued and important…Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so.”
—Martin Wolf, Financial Times

“In one industry after another…a few companies have grown so large that they have the power to keep prices high and wages low. It’s great for those corporations—and bad for almost everyone else.”
—David Leonhardt, New York Times

“Argues that the United States has much to gain by reforming how domestic markets work but also much to regain—a vitality that has been lost since the Reagan years…His analysis points to one way of making America great again: restoring our free-market competitiveness.”
—Arthur Herman, Wall Street Journal

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 one of the world’s leading economists on an unexpected journey through some of the most hotly debated issues in his field. He reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition.

In the age of Silicon Valley start-ups and millennial millionaires, he hardly expected this. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow Thomas Philippon as he works out the facts and consequences of industry concentration, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means. Philippon argues that many key problems of the American economy are due not to the flaws of capitalism or 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. For the sake of ordinary Americans, he concludes, government needs to get back to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again.

Thomas Philippon is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He was named one of the top 25 economists under 45 by the IMF and won the Bernácer Prize for Best European Economist. He currently serves as an academic advisor to the Financial Stability Board and to the Hong Kong Institute for Monetary and Financial Research. He was previously an advisor to the New York Federal Reserve Bank and a board member of the French prudential regulatory authority.