Great Reversal: How America Gave Up on Free Markets

The Great Reversal argues that American markets are giving up on healthy competition due to the concentration of corporate power. This leads to higher profits, depressed wages, and limited opportunities for investment, innovation, and growth. Philippon argues that government needs to get back to what it once did best: keeping the playing field level for competition to make American markets great and free again.

\n Format: Paperback / softback
\n Length: 368 pages
\n Publication date: 26 November 2021
\n Publisher: Harvard University Press
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“The Great Reversal” is a book that delves into the flaws of capitalism and how it has led to the rise of Donald Trump as a product of its shortcomings. The author argues that the United States needs a revival of the trust-busting spirit of Teddy Roosevelt to address the growing dominance of a few companies that have become too powerful and are able to keep prices high and wages low. The book highlights the negative impact of industry concentration on competition and consumer welfare, and suggests that restoring free-market competitiveness is a key way to make America great again.

The author's research reveals that American markets, once considered a model for the world, are giving up on healthy competition. The concentration of industries has led to reduced innovation, higher prices, and lower wages for workers. Lobbying and campaign contributions have played a significant role in defanging antitrust regulators, allowing companies to engage in anti-competitive practices without fear of consequences.

The book also explores the impact of industry concentration on global economic growth. The dominance of a few companies in certain sectors has created barriers to entry for new competitors, stifling innovation and limiting consumer choices. This has led to a lack of competition in many markets, which in turn has slowed economic growth and increased inequality.

The author suggests that reforming how domestic markets work is essential to address these issues. This includes promoting greater competition through policies such as antitrust enforcement, breaking up monopolies, and promoting consumer choice. It also involves investing in education and training to ensure that workers have the skills and knowledge needed to compete in the modern economy.

The book also raises important questions about the role of government in promoting economic growth and social welfare. The author argues that government should play a role in ensuring that markets are fair and competitive, but should also be mindful of the potential negative impacts of government intervention. This includes avoiding policies that may create unintended consequences or lead to increased government debt.

Overall, “The Great Reversal” is a thought-provoking and important book that provides a comprehensive analysis of the flaws of capitalism and the need for reform. The author's research is based on rigorous data analysis and provides a compelling case for restoring free-market competitiveness as a way to make America great again. The book will be of interest to economists, policymakers, and anyone who is concerned about the future of our economy and society.

\n Weight: 338g\n
Dimension: 140 x 209 x 29 (mm)\n
ISBN-13: 9780674260320\n \n