“Capitalism without competition is not capitalism”.  That is the fundamental and irrefutable premise of a new book by Jonathan Tepper and Denise Hearn, The Myth of Capitalism: Monopolies and the Death of Competition, named one of the best economics books of 2018 by The Financial Times.

Tepper and Hearn launch a stinging attack on high concentration and insipid competition in the US economy today, documenting and explaining its symptoms and side effects at length. This is a polemic that takes no prisoners. Dysfunctionality and capture of the political, regulatory and academic establishments are recurring themes and, not surprisingly, Big Tech is singled out for special treatment.

The book mounts an extensively researched and engagingly written case for an overhaul of antitrust enforcement to fix the problem.  It's a call to arms, exhorting legislators and courts to ensure that antitrust laws play their part in administering the dose of reinvigorated competition that Tepper and Hearn argue is sorely needed.

Faltering productivity, stymied innovation, stagnant wages growth and rising inequality are not just concerns for the US, however.  They are the preoccupations of economic policymakers and enforcement agencies in many countries around the world, making the book a valuable resource with international relevance.

In this episode, Jonathan shares the key insights from the book and defends its thesis against the arguments that most commonly feature on the opposing side of the debate.

For more details and to order the book, you can visit The Myth of Capitalism website. For more about Jonathan Tepper, he has his own personal website, and you can follow him on Twitter @jtepper2.

Featuring regular cut-through interviews with leading thinkers, movers and shakers, Competition Lore is a podcast series that engages us all in a debate about the transformative potential and risks of digitalised competition.

Join Caron Beaton-Wells, Professor in Competition Law at the University of Melbourne, to tackle what it means to participate as a competitor, consumer or citizen in a digital economy and society.

Competition Lore is produced by Written & Recorded.

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