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The Great Reversal

How America Gave Up on Free Markets
Narrated by: Walter Dixon
Length: 10 hrs and 1 min
Categories: Nonfiction, Economics
5 out of 5 stars (6 ratings)

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Publisher's Summary

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.

©2019 Dreamscape Media, LLC (P)2019 Dreamscape Media, LLC

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  • Brad
  • Vancouver, British Columbia, Canada
  • 12-05-19

Excellent

An excellent and important book. Looking for an explanation on why the US economy has created more inequality and less productivity in the past 40 year Philippon process at least part of the answer.

1 of 1 people found this review helpful

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  • Ash
  • Atlanta, GA
  • 11-29-19

Eye-opening, but better as a book - a must-READ

This was a surprising and very insightful listen, but like Piketty’s “Capital in the 21st Century,” it features detailed analyses and visualizations to support the author’s arguments. As such, an audiobook is not the ideal medium for this story. It’s rather hard to follow along, especially when I’m listening while on my commute. I recommend this book to anyone, but in actual book or even ebook format.

1 of 1 people found this review helpful