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The Great Reversal
Book

The Great Reversal

How America Gave Up on Free Markets

Thomas Philippon
Belknap Press, 2019

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Editorial Rating

8

Qualities

  • Analytical
  • Well Structured
  • Background

Recommendation

One stereotype associated with the United States is that it’s the land of free markets and competition, where entrepreneurialism, deal making and hard work benefit consumers. But according to professor Thomas Philippon in this critical assessment of the American economy, that’s no longer true. He points to big mergers, effective lobbying and a lack of new entrants as quietly but steadily increasing company profits while harming consumers. Readers will appreciate that Philippon challenges preconceptions and defies partisan pigeon-holing in describing America’s new take on competition.

Take-Aways

  • The United States once led the world in achieving competitive, efficient markets through deregulation and antitrust actions. 
  • Europe learned critical lessons about competition and regulation from observing the United States.
  • America has allowed many of its markets to become more concentrated, resulting in uncompetitive prices for US consumers. 

About the Author

Thomas Philippon, a finance professor at New York University, sits on the Monetary Policy Advisory Panel of the New York Federal Reserve Bank.

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