Market concentration and low competition has become the new normal in America
NYU finance professor Thomas Philippon argues that U.S. markets are no longer as free and competitive as they were a few decades ago.
When economist and New York University finance professor Thomas Philippon came to America in the late 1990s, he found an American market with cheaper prices than those he was accustomed to in Europe.
But nearly 20 years later and the reverse is true — prices of consumer goods and utilities are now largely more expensive than those in Europe. Philippon digs deep into how that happened in his new book, “The Great Reversal.”
Philippon spoke with “Marketplace Morning Report” host David Brancaccio about how increases in lobbying against competition and poor regulatory oversight led to a market reversal.
Click the audio player above to hear the interview