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The Great Reversal

How America Gave Up on Free Markets

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The Great Reversal

By: Thomas Philippon
Narrated by: Walter Dixon
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About this listen

Why are cellphone 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 a 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 20 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 financial 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 US 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.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

©2019 Dreamscape Media, LLC (P)2019 Dreamscape Media, LLC
Corporate & Public Finance Economic History International Organisational Behaviour Politics & Government Employment Business US Economy Economic Inequality Economic disparity

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Good facts about the current market

Used to think America is the chosen land and the model for a good market. This book helps me to learn that nothing will be good enough without developing. America seems have forgotten its origin of good fortune, and now is greatly controlled by the power of big capital.

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