Read more
The Myth of Capitalism tells the story of how America has gone from an open, competitive marketplace to an economy where a few very powerful companies dominate key industries that affect our daily lives. Digital monopolies like Google, Facebook and Amazon act as gatekeepers to the digital world. Amazon is capturing almost all online shopping dollars. We have the illusion of choice, but for most critical decisions, we have only one or two companies, when it comes to high speed Internet, health insurance, medical care, mortgage title insurance, social networks, Internet searches, or even consumer goods like toothpaste. Every day, the average American transfers a little of their pay check to monopolists and oligopolists. The solution is vigorous anti-trust enforcement to return America to a period where competition created higher economic growth, more jobs, higher wages and a level playing field for all. The Myth of Capitalism is the story of industrial concentration, but it matters to everyone, because the stakes could not be higher. It tackles the big questions of: why is the US becoming a more unequal society, why is economic growth anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why are workers losing out.
List of contents
Foreword xiii
Matt Stoller
Introduction xix
Chapter One: Where Buffett and Silicon Valley Billionaires Agree 1
Chapter Two: Dividing Up the Turf 21
Chapter Three: What Monopolies and King Kong Have in Common 35
Chapter Four: Squeezing the Worker 63
Chapter Five: Silicon Valley Throws Some Shade 87
Chapter Six: Toll Roads and Robber Barons 111
Chapter Seven: What Trusts and Nazis Had in Common 139
Chapter Eight: Regulation and Chemotherapy 169
Chapter Nine: Morganizing America 197
Chapter Ten: The Missing Piece of the Puzzle 213
Conclusion: Economic and Political Freedom 235
Notes 251
Acknowledgments 287
About the Authors 289
Index 291
About the author
Jonathan Tepper is the Chief Investment Officer at Prevatt Capital. Jonathan is the founder of Variant Perception. Formerly, he was an analyst at SAC Capital and a Vice President on the proprietary trading desk at Bank of America. Jonathan earned a BA with Highest Honors in History and Economics from the University of North Carolina at Chapel Hill, and a M.Litt. in Modern History from the University of Oxford. Jonathan is a Rhodes Scholar.
Denise Hearn is a writer, researcher and project catalyzer focused on how money and power manifest in economic and financial systems. She advises governments, financial institutions, companies, and nonprofits on economic policy and new economic thinking. Denise is a Senior Fellow at the American Economic Liberties Project, and her writing has been featured in publications such as:
The Financial Times, The Globe and Mail, Fortune, and
The Washington Post. Denise has an MBA from the Oxford Saïd Business School and a BA from Baylor University.
Summary
The Myth of Capitalism tells the story of how America has gone from an open, competitive marketplace to an economy where a few very powerful companies dominate key industries that affect our daily lives. Digital monopolies like Google, Facebook and Amazon act as gatekeepers to the digital world. Amazon is capturing almost all online shopping dollars. We have the illusion of choice, but for most critical decisions, we have only one or two companies, when it comes to high speed Internet, health insurance, medical care, mortgage title insurance, social networks, Internet searches, or even consumer goods like toothpaste. Every day, the average American transfers a little of their pay check to monopolists and oligopolists. The solution is vigorous anti-trust enforcement to return America to a period where competition created higher economic growth, more jobs, higher wages and a level playing field for all. The Myth of Capitalism is the story of industrial concentration, but it matters to everyone, because the stakes could not be higher. It tackles the big questions of: why is the US becoming a more unequal society, why is economic growth anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why are workers losing out.
