Foreword xiii Matt Stoller Introduction xix Chapter One: Where Buffett and Silicon Valley Billionaires Agree 1 Chapter Two: Dividing Up the Turf 21 Chapter Three: What Monopolies and King Kong Have in Common 35 Chapter Four: Squeezing the Worker 63 Chapter Five: Silicon Valley Throws Some Shade 87 Chapter Six: Toll Roads and Robber Barons 111 Chapter Seven: What Trusts and Nazis Had in Common 139 Chapter Eight: Regulation and Chemotherapy 169 Chapter Nine: Morganizing America 197 Chapter Ten: The Missing Piece of the Puzzle 213 Conclusion: Economic and Political Freedom 235 Notes 251 Acknowledgments 287 About the Authors 289 Index 291

Praise for The Myth of Capitalism “‘Capitalism without competition is not capitalism,’ writes Jonathan Tepper in The Myth of Capitalism. He is right. After decades when most economists dismissed antitrust actions as superfluous so long as consumers were not the victims of price-gouging, we are slowly waking up to the reality that monopoly capitalism is back — and it can be harmful even if its core products (as in the case of Google and Facebook) are free. But it’s not just Big Tech that’s killing competition. As Tepper shows in this engagingly written polemic, there’s also excessive concentration in air travel, banking, beef, beer, health insurance, Internet access, and even the funeral industry. If you want to understand the real cause of rising inequality, discard Piketty and read Tepper instead. This is a tract for the times with a rare bipartisan appeal.” —Niall Ferguson, Milbank Family Senior Fellow, the Hoover Institution, Stanford, and author of The Ascent of Money “Tepper and Hearn have written an impressive and important book, documenting via their own research and that of many scholars, the very substantial increase in concentration on the supply side of US industry, leading to a decline in competition and a substantial shift in market and political power away from consumers and labor and toward the owners of capital. The consequences extend to rising inequality, slowing productivity growth, and shifts in the pattern of regulation in favor of corporations. Pieces of these growth patterns have been described before. But this book uniquely pulls it all together. One hopes that it will have the impact that it clearly deserves.” —Michael Spence, Economics professor at Stern School of Business NYU, Nobel Prize in Economics (2001) “What’s wrong with American capitalism today? Why is it so good for the elite, and so bad for everyone else? Is inequality the problem? Tepper and Hearn make the case that inequality is the symptom, not the disease. The problem is too little competition, not too much. They provide an immensely readable and persuasive account, superbly well-informed by a mass of recent data and research.” —Sir Angus Deaton, Princeton University, Nobel Prize in Economics (2015) “A broad-ranging and deeply-researched analysis of the inexorable growth of monopolies and oligopolies over the past four decades. Tepper makes a compelling case that the government’s failure to rein in tech titans and other corporate behemoths is at the root of perhaps the most troubling macroeconomic trends of our time, including rising inequality and slowing productivity. Clear and highly accessible, the book takes no prisoners, arguing that monopolists’ funding and sloppy thinking has corrupted every aspect of the system, from politicians to regulators to academics.” —Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University, author of the bestselling book, This Time is Different