Great Reversal - How America Gave Up on Free Markets

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 investment, innovation, and growth.

About the author

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.

Summary

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.

Product details

• Authors: Thomas Philippon
• Publisher: Harvard University Press
• Languages: English
• Product format: Hardback
• Released: 30.11.2019
• EAN: 9780674237544
• ISBN: 978-0-674-23754-4
• No. of pages: 360
• Dimensions: 162 mm x 242 mm x 27 mm
• Subjects: Non-fiction book; Social sciences, law, business > Political science > Political science and political education; Öffentliche Verwaltung, Kapitalismus, Wirtschaftspolitik, Wirtschaftsgeschichte, USA, Volkswirtschaft: Sachbuch, Internationale Wirtschaft, Politik der National- Zentral- oder Bundesregierung, Wirtschaftspolitik, politische Ökonomie, Nationalökonomie, BUSINESS & ECONOMICS / Economic History, BUSINESS & ECONOMICS / International / General, International (Wirtschaft), Volkswirtschaft - Volkswirtschaftslehre - Volkswirt, Wirtschaft / Fremde Länder, Internationales, Politik / Recht, Staat, Verwaltung, Parteien, Spätkapitalismus, Verwaltung / Öffentliche Verwaltung, Versicherung - Versicherungskaufmann, POLITICAL SCIENCE / Public Policy / Economic Policy, BUSINESS & ECONOMICS / Government & Business, Wirtschaft / Allgemeines, Einführung, Lexikon, BUSINESS & ECONOMICS / Infrastructure, Economic history, Popular economics, International Economics, Public Administration, Political Economy, United States of America, USA, Economic systems and structures, Economic systems & structures, BUSINESS & ECONOMICS / Free Enterprise & Capitalism