Ebook: The great reversal: how America gave up on free markets

"American markets, once a model for the world, are giving up on competition. Thomas Philippon blames the unchecked efforts of corporate lobbyists. Instead of earning profits by investing and innovating, powerful firms use political pressure to secure their advantages. The result is less efficient markets, leading to higher prices and lower wages"--;Part one. The rise of market power in the U.S.: Why economists like competition...and why you should too -- Bad concentration, good concentration -- The rise in market power -- The decline of investment and productivity -- The failure of free entry -- Part two. The European experience: Meanwhile, in Europe -- Are US prices too high? -- How European markets became free -- Part three. Political economy: Lobbying -- Money and politics -- Part four. In depth look at some industries: Why are bankers paid so much? -- American health care: a self-made disaster -- Looking at the stars: are the top firms really different? -- To regulate or not to regulate, that is the question -- Monopsony power and inequality -- Conclusion.