The great reversal : how America gave up on free markets
(2019)
Nonfiction
Book
Call Numbers:
330.973/PHILIPPON,T
0 Holds on 1 Copy
Availability
Details
PUBLISHED
Cambridge, Massachusetts : The Belknap Press of Harvard University Press, 2019
©2019
©2019
DESCRIPTION
xii, 343 pages : illustrations ; 25 cm
ISBN/ISSN
9780674237544, 0674237544, 9780674237544
LANGUAGE
English
NOTES
"American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages"--
CONTENTS
Part one. The rise of market power in the U.S.: Why economists like competition...and why you should too --
Bad concentration, good concentration --
Rise in market power --
Decline of investment and productivity --
Failure of free entry --
Part two. The European experience: Meanwhile, in Europe --
Are US prices too high? --
How European markets became free --
Part three. Political economy: Lobbying --
Money and politics --
Part four. In depth look at some industries: Why are bankers paid so much? --
American health care: a self-made disaster --
Looking at the stars: are the top firms really different? --
To regulate or not to regulate, that is the question --
Monopsony power and inequality --
Conclusion