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How concentrated is corporate power in America today? How big of a problem is this? According to Thomas Philippon, the answers are “more concentrated than in Europe, and more concentrated than any other time in recent American history,” and, more simply, “yes, it’s a big problem.” On today’s podcast, Thomas and I delve into this argument, outlined in his recently released book, The Great Reversal: How America Gave Up on Free Markets. We explore how industry concentration has affected various American markets — from air travel to health care. We also explore the difference between good and bad concentration, and discuss which label better applies to big technology companies.
Thomas is a professor of finance at New York University’s
Leonard N. Stern School of Business. He is also an associate editor of the
American Economic Journal and a research associate at the National Bureau of
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