2019-11-14 Financial Times

Martin Wolf reviews “The Great Reversal" by Thomas Philippon

Philippon summarises:

The US markets have become less competitive; this lack of competition hurts consumers and workers; the main explanation is political, not technological.

The decrease in competition was due to increasing barriers to entry and weak antitrust enforcement, sustained by heavy lobbying and campaign contributions.

The post-tax profit share in US GDP has almost doubled since 1990s.

The EU has established more independent regulators than either its individual members or the US. Thus, EU compares better than the US in these regards.