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The Myth of Capitalism

Monopolies and the Death of Competition
Narrated by: Pamela Almand
Length: 9 hrs and 53 mins
4.5 out of 5 stars (3 ratings)

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Publisher's Summary

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 paycheck 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 the US is becoming a more unequal society, why economic growth is anemic despite trillions of dollars of federal debt and money printing, why the number of start-ups has declined, and why workers are losing out. 

PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. 

©2019 Jonathan Tepper and Denise Hearn (P)2019 Gildan Media

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    4 out of 5 stars

Well researched but solutions could've been better

The author defines the problem very well but there are a few things that could've been better.
1. More examples from the rest of the world and not just the US
2. There's a bit of a false equivalency between the far right and the left movements in the US
3. I was expecting the author to spend more time and provide more examples to how the problem of monopoly can be fixed. It was wound up in about 30 mins.

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  • Eric Baird
  • 29-05-19

Read and then take action

Considering I bought this book through a company aquired by Amazon, I am guilty as charged. I've been a huge advocate for each and everyone of the companies now dominating todays market. For example I bought an Amazon shredder which was essentially knock off of a popular shredder made by an independent company advertising on Amazon. More concerning is the huge drop of internet start ups we are seeing in San Francisco. Its like the money has dried up. Bottom line is these companies are not bad. but any concentration of power is. This is a good sjort read with lots of information. Pass it along

5 people found this helpful

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  • C. Armstrong
  • 21-06-19

Fills in the gaps where Milton Friedman leaves off

This book could easily be titled "The legal tactics big businesses use to make themselves harder to compete with in a free enterprise market." That said, this is an eye-opening and thought provoking book, featuring large amounts of research findings that are shared in a way that is not overly pretentious. This book fills in the gaps where Milton Friedman & the Chicago School's economic theories leave off. Many folks can feel there is a problem with the system today, with prices, inflation, and cost of living on the up and up, all the while inequality continues to rise. Friedman's teachings about entrepreneurial freedom and the power of the free market to regulate itself through competition are powerful, but Tepper argues this is only possible to the extent where there is a fair playing field. He makes the case for what he terms is a "distorted version of capitalism" which serves to perpetuate monopolies, duopolies, and oligopolies.

Half of the book seems focused on Big Tech, which is great because it's a field I knew little about going into this read. The narrator was also very easy to listen to, making a very dense subject matter much more interesting.

2 people found this helpful

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  • Torrance Abell
  • 08-09-19

Flawed, but still worth a read.

A lot of good insight. Author has no understanding of several industries like banking and some aspects of tech as it relates to consumers. It is almost as clueless as Warren. Rather political toward the end of the book, but on the whole, a worthwhile read.

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  • jerome m.
  • 25-06-19

So, It Has Come To This?

So many people will not vote. Corporations will not change willingly. Politicians are owned by the corporations. Time for people to get out the pitchforks?

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  • JLP
  • 21-08-19

Interesting but too repetitive

This is an interesting and scary book, but the author’s repetitiveness is annoying. His editor should have caught this and made changes.

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  • O. Buraimoh
  • 21-07-19

Well researched

Amazingly well researched, highly engaging and interesting listen. The way they tore apart the Thomas Piketty book made me laugh out loud.

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  • T S
  • 06-10-19

Interesting points

Overall a thought-provoking look at the current socioeconomic issues of our time, although very USA-centric. Clearly has disdained for left-wing issues, could perhaps benefit from considering them in more depth- their points betray an ignorance of what was actually theorised given their reliance on typical generalisations in US politics.

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  • Anonymous User
  • 06-01-20

Fascinating, but extremely US focused

Got through this really quickly surprisingly. Normally I would buy this via Kindle to read but the format was still enjoyable. It's a great window into how debaucherous the US system is right now and explaining why people are angry. That being said, if you live outside of USA you may find it too American unless you follow economics there closely. Very well researched and great examples. Sometimes quite preachy and ranting but deserves to be talked about.