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The Myth of Capitalism: Monopolies and the Death of Competition

“Capitalism without competition is not capitalism,” writes Jonathan Tepper in The Myth of Capitalism (Wiley, November 29, 2018). In the new book, Jonathan Tepper and Denise Hearn argue that while capitalism is the greatest economic system in history, the capitalism that exists in the United States today has become the antithesis of a competitive marketplace.

Wednesday, October 24, 2018 3:22 pm EDT
"Voters feel that markets are rigged, and populist politicians’ triumph. A truly competitive system prevents unjust inequality, averts price gouging, fosters economic growth and encourages startups."

THE MYTH OF CAPITALISM

Monopolies and the Death of Competition

By Jonathan Tepper

With Denise Hearn

 

"'If you want to understand the real cause of rising inequality, discard Piketty and read Tepper instead. This is a tract for the times with a rare bipartisan appeal."

— Niall Ferguson, Milbank Family Senior Fellow, the Hoover Institution, Stanford, and author of The Ascent of Money

 

"Tepper and Hearn have written an impressive and important book, documenting via their own research and that of many scholars, the very substantial increase in concentration on the supply side of US industry, leading to a decline in competition and a substantial shift in market and political power away from consumers and labor and toward the owners of capital." 

Michael Spence, Economics professor at Stern School of Business NYU, Nobel Prize in Economics (2001)

 

“Capitalism without competition is not capitalism,” writes Jonathan Tepper in The Myth of Capitalism (Wiley, November 29, 2018). In the new book, Jonathan Tepper and Denise Hearn argue that while capitalism is the greatest economic system in history, the capitalism that exists in the United States today has become the antithesis of a competitive marketplace.

At Capitalism’s best, it lifts people from poverty to create widespread wealth for billions of people. However, without competition, everyone suffers. When monopolies and oligopolies dominate the economy, it results in a few winners and millions of losers.

Four airlines currently dominate the skies and have monopolies in their “fortress hubs”, while two corporations’ control 90% of the beer Americans drink. More than 75% of households have no choice when it comes to high-speed Internet access. Most states are captured by two health insurers. Monopolies choke startups and manipulate markets to their advantage.

Jonathan Tepper explains, “Voters feel that markets are rigged, and populist politicians’ triumph. A truly competitive system prevents unjust inequality, averts price gouging, fosters economic growth and encourages startups.”

In The Myth of Capitalism, Tepper and Hearn explain how the United States got to this state and outline ways to bring back open markets and healthy competition, offering a path back to higher economic growth, more jobs, higher wages, and a level playing field for all.

About the Authors

Jonathan Tepper is the co-author of Endgame, a book on the sovereign debt crisis, and Code Red, a book on unconventional monetary policy after the financial crisis. Jonathan is a Rhodes scholar and has worked as a hedge fund analyst and trader. He is founder of Variant Perception, a macroeconomic research group that caters to hedge funds, banks and family offices.

Denise Hearn is Head of Business Development at Variant Perception—a global macroeconomic research and investment strategy firm. She has managed a variety of projects on impact investing and sharing economies.

About the Book

The Myth of Capitalism: Monopolies and the Death of Competition (Wiley, November 29, 2018, ISBN: 9781119548195, $27.95, 320 pages) 

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Contact:

Amy Laudicano, Publicity Manager
alaudicano@wiley.com

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