The Myth of Capitalism

The Myth of Capitalism

Monopolies and the Death of Competition

Book - 2019
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WILEY

The Myth of Capitalism tells the story of how America has gone from an open, competitive marketplace to an economy where a few very powerful companies dominate key industries that affect our daily lives. Digital monopolies like Google, Facebook and Amazon act as gatekeepers to the digital world. Amazon is capturing almost all online shopping dollars. We have the illusion of choice, but for most critical decisions, we have only one or two companies, when it comes to high speed Internet, health insurance, medical care, mortgage title insurance, social networks, Internet searches, or even consumer goods like toothpaste. Every day, the average American transfers a little of their pay check to monopolists and oligopolists. The solution is vigorous anti-trust enforcement to return America to a period where competition created higher economic growth, more jobs, higher wages and a level playing field for all. The Myth of Capitalism is the story of industrial concentration, but it matters to everyone, because the stakes could not be higher. It tackles the big questions of: why is the US becoming a more unequal society, why is economic growth anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why are workers losing out.



Publisher: Hoboken, New Jersey : Wiley, [2019]
Copyright Date: 2019
ISBN: 9781119548195
Branch Call Number: 330.973 TEP 2018-12
Characteristics: xx, 300 pages : illustrations ; 24 cm
Additional Contributors: Hearn, Denise 1986-- Author

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gravest
Jul 15, 2019

he has stories and evidence and charts to support his claims of the rise of concentrated markets and he sticks to a few keys reasons why those concentrated markets cause a problem. one thing that bothers me is that he supports unregulated markets but doesn't offer evidence about the effects of deregulation, like the housing or financial crisis we just went through. this book is accessible and references complex economic theories but does not forget the lay-person audience he is writing to.

s
StarGladiator
May 22, 2019

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[A serious question for self-reflection: Why didn't Ralph Nader ever write a book like this?]
The authors explore and explain the principal cause of massive inequality: the ultra-concentration of ownership, explaining everything regarding this, covering all the most crucial and cogent points! [Jose Azar's excellent papers are referenced - - he did great work on this subject!]
On p. 200 the authors give an example of the interntional reach of BlackRock, which is the majority shareholder in one-fifth of America's publicly traded corporations.
The authors quite intelligently mention China's ultra-Orwellian Social Credit System - - and thereby lies the fallacy of totalitarian/communist systems: Marxism was about the abolishing of private property, whereas the totalitarian/communist countries - - which are incorrectly labeled as Marxist - - view ALL their citizens as their very own PRIVATE PROPERTY, their chattel, slaves, et cetera!
Among the rich factual information the authors present [and indeed they present considerable amounts of it] is a study which concluded that the Dodd-Frank Act created a PROTECTED CLASS of financial firms with assets above $50 billion - - absolutely correct, but that wasn't incidental, but by design.Recall that Sen. Dodd's wife was employed w/the Chicago Mercantile Exchange and that Rep. Barney Frank's former senior staffer, now a senior lobbyist for Goldman Sachs, handed Frank a 20-page document which Frank entered into the legislation!
The primary cause of inequality is concentration of ownership - - rarely to never discussed - - EXCEPT in this book!
https://bettermarkets.com/sites/default/files/Better%20Markets%20-%20Wall%20Street%27s%20Six%20Biggest%20Bailed-Out%20Banks%20FINAL.pdf
https://www.gao.gov/multimedia/GAO-15-101R/interactive_graphic_individual_Insurers_map

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************************ 1,000 STARRED Review **********************
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b
bethgarza24
May 15, 2019

Amazon rec

s
StarGladiator
Mar 04, 2019

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************************ 1,000 STARRED Review **********************
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I would strongly urge everyone to read this book: the authors address all the important issues.
I am not 100% in agreement, though, as I believe the author is really referring to free enterprise as opposed to capitalism. I have long debated over capitalism - - has it been the scourge of humanity - - or balances out as a driver of human progress?
I do believe in free enterprise democratic socialism: as a young kid I had to work far more than I desired, doing mandatory chores at the orphanage I was raised at, delivering newspapers on early morning and evening routes and working as an underaged dishwasher on the weekends - - BUT I welcomed the opportunity for that work and the money it availed me. That, I believe, was free enterprise. The problem arises - - and it always does - - when a greedhead scoundrel comes along and takes on numerous paper routes - - just to subcontract those routes to other kids - - creating an artificial revenue-generator for himself, while performing ZERO labor and whittling down the wages of others [minus their subcontracting fees] - - THAT is capitalism, I believe!
The authors quite intelligently mention China's ultra-Orwellian Social Credit System - - and thereby lies the fallacy of totalitarian/communist systems: Marxism was about the abolishing of private property, whereas the totalitarian/communist countries - - which are incorrectly labeled as Marxist - - view ALL their citizens as their very own PRIVATE PROPERTY, their chattel, slaves, et cetera!
Among the rich factual information the authors present [and indeed they present considerable amounts of it] is a study which concluded that the Dodd-Frank Act created a PROTECTED CLASS of financial firms with assets above $50 billion - - absolutely correct, but that wasn't incidental, but by design. This was mentioned long ago, by myself and a number of others who actually bothered to read the Dodd-Frank Act [admittedly a monumental task as with all the legislation references to other legislation and amendments it totaled close to 5,000 pp.], including Prof. Michael Hudson and Pam Martens and her husband at their wonderful web site: www.wallstreetonparade.com. Recall that Sen. Dodd's wife was employed w/the Chicago Mercantile Exchange and that Rep. Barney Frank's former senior staffer, now a senior lobbyist for Goldman Sachs, handed Frank a 20-page document which Frank entered into the legislation!
The primary cause of inequality is concentration of ownership - - rarely to never discussed - - EXCEPT in this book!
________________________________________________________________________________
************************ 1,000 STARRED Review **********************
________________________________________________________________________________

s
StarGladiator
Mar 03, 2019

________________________________________________________________________________
************************ 1,000 STARRED Review **********************
________________________________________________________________________________
I would strongly urge everyone to read this book: the authors address all the important issues.
I am not 100% in agreement, though, as I believe the author is really referring to free enterprise as opposed to capitalism. I have long debated over capitalism - - has it been the scourge of humanity - - or balances out as a driver of human progress?
I do believe in free enterprise democratic socialism: as a young kid I had to work far more than I desired, doing mandatory chores at the orphanage I was raised at, delivering newspapers on early morning and evening routes and working as an underaged dishwasher on the weekends - - BUT I welcomed the opportunity for that work and the money it availed me. That, I believe, was free enterprise. The problem arises - - and it always does - - when a greedhead scoundrel comes along and takes on numerous paper routes - - just to subcontract those routes to other kids - - creating an artificial revenue-generator for himself, while performing ZERO labor and whittling down the wages of others [minus their subcontracting fees] - - THAT is capitalism, I believe!
The authors quite intelligently mention China's ultra-Orwellian Social Credit System - - and thereby lies the fallacy of totalitarian/communist systems: Marxism was about the abolishing of private property, whereas the totalitarian/communist countries - - which are incorrectly labeled as Marxist - - view ALL their citizens as their very own PRIVATE PROPERTY, their chattel, slaves, et cetera!
Among the rich factual information the authors present [and indeed they present considerable amounts of it] is a study which concluded that the Dodd-Frank Act created a PROTECTED CLASS of financial firms with assets above $50 billion - - absolutely correct, but that wasn't incidental, but by design. This was mentioned long ago, by myself and a number of others who actually bothered to read the Dodd-Frank Act [admittedly a monumental task as with all the legislation references to other legislation and amendments it totaled close to 5,000 pp.], including Prof. Michael Hudson and Pam Martens and her husband at their wonderful web site: www.wallstreetonparade.com. Recall that Sen. Dodd's wife was employed w/the Chicago Mercantile Exchange and that Rep. Barney Frank's former senior staffer, now a senior lobbyist for Goldman Sachs, handed Frank a 20-page document which Frank entered into the legislation!
The primary cause of inequality is concentration of ownership - - rarely to never discussed - - EXCEPT in this book!
https://bettermarkets.com/sites/default/files/Better%20Markets%20-%20Wall%20Street%27s%20Six%20Biggest%20Bailed-Out%20Banks%20FINAL.pdf
https://www.gao.gov/multimedia/GAO-15-101R/interactive_graphic_individual_Insurers_map
________________________________________________________________________________
************************ 1,000 STARRED Review **********************
________________________________________________________________________________

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