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Corporate market power has risen in recent decades, and new estimates in this note suggest that the likely wave of small and medium-sized enterprise bankruptcies from the ongoing pandemic will further strengthen market concentration. Whether and how policymakers should address this issue is hotly debated. This note provides new evidence on the policy relevance of rising market power and highlights possible implications for the design of competition policy frameworks and macroeconomic policies.
From the man who coined the term "net neutrality" and who has made significant contributions to our understanding of antitrust policy and wireless communications, comes a call for tighter antitrust enforcement and an end to corporate bigness.
What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.
Nearly every day brings news of another merger or acquisition involving the companies that control our food supply. Just how concentrated has this system become? At almost every key stage of the food system, four firms alone control 40% or more of the market, a level above which these companies have the power to drive up prices for consumers and reduce their rate of innovation. Researchers have identified additional problems resulting from these trends, including negative impacts on the environment, human health, and communities. This book reveals the dominant corporations, from the supermarket to the seed industry, and the extent of their control over markets. It also analyzes the strategies these firms are using to reshape society in order to further increase their power, particularly in terms of their bearing upon the more vulnerable sections of society, such as recent immigrants, ethnic minorities and those of lower socioeconomic status. Yet this study also shows that these trends are not inevitable. Opposed by numerous efforts, from microbreweries to seed saving networks, it explores how such opposition has encouraged the most powerful firms to make small but positive changes.
A Financial Times Book of the Year A ProMarket Book of the Year “Superbly argued and important...Donald Trump is in so many ways a product of the defective capitalism described in The Great Reversal. What the U.S. needs, instead, is another Teddy Roosevelt and his energetic trust-busting. Is that still imaginable? All believers in the virtues of competitive capitalism must hope so.” —Martin Wolf, Financial Times “In one industry after another...a few companies have grown so large that they have the power to keep prices high and wages low. It’s great for those corporations—and bad for almost everyone else.” —David Leonhardt, New York Times “Argues that the United States has much to gain by reforming how domestic markets work but also much to regain—a vitality that has been lost since the Reagan years...His analysis points to one way of making America great again: restoring our free-market competitiveness.” —Arthur Herman, Wall Street Journal Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question, but the search for an answer took one of the world’s leading economists on an unexpected journey through some of the most hotly debated issues in his field. He reached a surprising conclusion: American markets, once a model for the world, are giving up on healthy competition. In the age of Silicon Valley start-ups and millennial millionaires, he hardly expected this. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow Thomas Philippon as he works out the facts and consequences of industry concentration, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means. Philippon argues that many key problems of the American economy are due not to the flaws of capitalism or 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. For the sake of ordinary Americans, he concludes, government needs to get back to what it once did best: keeping the playing field level for competition. It’s time to make American markets great—and free—again.
Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.
Written by a highly regarded expert on entrepreneurship, this bestselling textbook provides an engaging and comprehensive overview of corporate entrepreneurship. Now in its fourth edition and fully revised throughout, this accessible text is structured in four key parts that cover everything a student needs to know about the topic. After an initial consideration of what constitutes corporate entrepreneurship and innovation, the author then guides students through the four pillars of entrepreneurial architecture: culture, structure, leadership and strategy. The third section focusses on the entrepreneurial mind-set, including how to encourage creativity, business ideas and developing concepts. Finally, the book draws attention to corporate venturing, examining venture teams, intrapreneurs, market development and the role of shareholder value. It is no longer sufficient for businesses to grow simply by cutting costs and taking over competitors. To achieve true success, organisations must avoid an ageing product or service portfolio to bring new, innovative ideas to market. Corporate entrepreneurship is inherently risky and therefore requires a fresh approach to strategy. The approach Paul Burns offers will successfully overcome barriers to launching new ideas, internal challenges of managing creativity and show how to foster an entrepreneurial culture. This is the go-to textbook for all students studying Corporate Entrepreneurship, Intrapreneurship or Corporate Venturing at undergraduate, postgraduate or MBA level. The book is also essential reading for courses on Strategic Entrepreneurship and Innovation. New to this Edition: - Fully revised and updated content throughout with new four-part structure - Brand new case studies in every chapter, featuring some of the world's highest profile companies from across the globe - A greater focus on innovation, including a new chapter on this topic at the start of the book - New chapters on 'Developing a Business Model', 'Managing Change' and 'Managing Risk' - New on-page glossary with key terms highlighted in the text and defined in the margins - New Activities and Group Discussion topics at the end of each chapter