The Great Reversal

How America Gave Up on Free Markets

By: Thomas Philippon

Narrated by: Walter Dixon

Why are cellphone plans so much more expensive in the United States than in Europe? It seems a simple question. But the search for an answer took Thomas Philippon on an unexpected journey through some of the most complex and hotly debated issues in modern economics. Ultimately, he reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition. Sector after economic sector is more concentrated than it was 20 years ago, dominated by fewer and bigger players who lobby politicians aggressively to protect and expand their profit margins. Across the country, this drives up prices while driving down investment, productivity, growth, and wages, resulting in more inequality.

Meanwhile, Europe - long dismissed for competitive sclerosis and weak antitrust - is beating America at its own game. Philippon, one of the world’s leading financial economists, did not expect these conclusions in the age of Silicon Valley start-ups and millennial millionaires. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow him as he works out the basic facts and consequences of industry concentration in the US and Europe, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means for free trade, technology, and innovation. For the sake of ordinary Americans, he concludes, government needs to return to what it once did best: keeping the playing field level for competition.

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio.

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superb analysis of the US move toward monopolies

very convincing, well presented economic analysis of how and why the US slid to excessive concentration of economic activity during the last 20 years and must return to healthy competition and free entry.

Perfect

I know the corporate predator is taking my money, but how can I prove it...
This fact layout, easily understood in this SUPER book are indisputable examples of how it's done. No stone is left unturned. Under each stone is clear explanations, so well written. If there is an answer from the oligarchy it will not stand.

Technical at first but worth the read

The first third of this is extremely technical and pretty far over my head but it’s worth Pushing through. The book as a whole is extremely valuable.

An interesting lecture!

The content is fantastic. You will learn a lot and definitely understand The Great Reversal.... and How America gave up on Free Markets. The only problem is the use of too many references to equations and tables you cannot "see" while listening (if you read while running or driving). Still, even after all the "narration" of the different equations, the content comes across loud and clear.

Surprisingly interesting take on modern US markets

I started this book with relatively low expectations, since a) I didn't like the narrator's voice (quite "robotic"), b) it relied too heavily on figures & equations (which I couldn't see since I was listening while driving), and c) the "free markets are best" sort of talk struck me as overly ideological. But although the narration style didn't grow on me, the content did: the data & trends presented are interesting regardless of your ideology, and although the author's conclusions are sometimes a bit thin or simplistic (e.g. in response to the increasing impact of lobbying), they at least form a starting point for real discussion grounded in a more fact-based understanding of what the real trends have been.

Not terribly practical in terms of actionable advice. But for those trying to improve their mental models around modern US or European economics, the impact of regulations and policy decisions, and the overall place that the US markets hold on the world stage, it's a good read.