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The Myth of Capitalism
Book

The Myth of Capitalism

Monopolies and the Death of Competition

Wiley, 2018 plus...

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Editorial Rating

9

Qualities

  • Well Structured
  • Hot Topic
  • Engaging

Recommendation

In this illuminating examination of the early 21st-century economy, researchers Jonathan Tepper and Denise Hearn present a perhaps not-so-jarring idea: that, for all the focus on it today, wealth and income inequality is just a symptom of what ails capitalism rather than a root cause of its malaise. A lack of competition is the real culprit, according to the authors, who make a persuasive case that concentrated economic power stifles competition and adds to inequality. This informative text, presented in an accessible and organized manner, balances erudite explanations with lighter moments of dry wit. It offers general readers and experts alike an insightful, fresh perspective on highly topical and important economic issues.

Take-Aways

  • In the United States, where oligopolies and duopolies are more common than monopolies, controlling companies are still able to exert monopoly power.
  • The fewer the number of firms, the easier it for them is to collude to set prices.
  • A concentration of market power happens when businesses eliminate rivals by merger.

About the Authors

Jonathan Tepper founded Variant Perception, a macroeconomic research firm where Denise Hearn heads business development.