BookThe Great Reversal

Americans spend twice as much as Europeans on broadband and pay through the nose for many other services, from banking to healthcare to air travel. The reason, Thomas Philippon shows in his latest book, is that the US has become an economy where market competition is hindered by big monopolies or oligopolies. They are using their market power, he writes, to rob US households to the tune of an average $300 a month each. Europe, where strong watchdogs have long ruthlessly implemented competition laws, has in turn become the land of free markets.