Join us for a lunch event and book signing with Thomas Philippon, the Max L. Heine Professor of Finance, Stern School of Business, New York University.
Philippon will discuss his highly praised new book, The Great Reversal: How America Gave Up on Free Markets, and the decline of competition in the United States. Boxed lunches will be available on a first-come-first-served basis.
Moderated by: Anat Admati, George G.C.Parker Professor of Finance and Economics and Faculty Director, Corporations and Society Initiative, Stanford Graduate School of Business
In this much-anticipated book, a leading economist argues that many key problems of the American economy are due not to the flaws of capitalism or the inevitabilities of globalization but to the concentration of corporate power. By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth.
Philippon 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 United States 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. It’s time to make American markets great—and free—again.