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The Great Reversal: How America Gave Up on Free Markets

4.24  ·  Rating details ·  21 ratings  ·  4 reviews
In this much-anticipated book, a leading financial 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 ...more
Hardcover, 304 pages
Published November 5th 2019 by Belknap Press (first published 2019)
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Jason Furman
Nov 23, 2019 rated it it was amazing
A great read on an important topic that advances a bold thesis about the United States economy, a counterintuitive re-thinking of the economic institutions of the European Union, and a synthesis of a lot of Thomas Philippon's research.

The bold thesis about the U.S. economy is that that concentration has risen across the economy with a smaller number of businesses dominating in each industry, an idea that a number of economists have advanced in recent years with Thomas Philippon among the leading
...more
Peter Tillman
Nov 07, 2019 marked it as to-read
Shelves: high-prority, new-tbp
WSJ review: https://www.wsj.com/articles/the-grea... (Paywalled. As always, I'm happy to email a copy to non-subscribers)
Excerpt: ‘The idea that US markets are the most competitive in the world has been widely accepted in economics for several decades,” economist Thomas Philippon writes in “The Great Reversal.” The thrust of his argument is that this idea is largely a myth. Even before the financial crash of 2007-08, he says, many Americans felt that there was something not right about the
...more
Ryan
Nov 19, 2019 rated it liked it
Shelves: monetary
I agreed with the thesis of this book before I read it, so I am clearly biased. The thesis is that competition in the USA has been declining in the USA since the late 1990s. There are too many mergers that increase pricing power and too many barriers to entry. As the author puts it, there is a measured increase in market concentration in many industries. This means that payouts to shareholders and managers is increasing while the consumer is not seeing the benefit through lower relative prices.

...more
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Dec 08, 2019 rated it it was amazing
Noi Europei (e specialmente noi Italiani) non ci rendiamo conto che, pur con tutti i suoi limiti e le tante cose da completare e modificare, l'Unione Europea è quanto di meglio lo sviluppo sociale ed economico è riuscito a produrre. Non saremo così competitivi come gli USA dal punto di vista tecnologico e militare, ma l'anima e il sogno Europeo sono straordinari elementi di speranza.

Lavoriamo per rafforzarla e completarla.
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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 Research. He was previously an advisor to the New ...more
“The estimated death toll for World War I is 10 million military and 8 million civilian deaths. For World War II, 22 million military and 50 million civilian deaths.” 0 likes
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