The Great Reversal
How America Gave Up on Free Markets
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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
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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