A talk by Thomas Philippon, chaired by Hélène Rey and in conversation with Martin Wolf, brought to you by the Wheeler Institute for Business and Development. Find out more about our Rethinking Capitalism series: Professor Thomas Philippon, Stern School of Business NYU, discusses his latest publication The Great Reversal: How America Gave Up on Free Markets, where he argues that many key problems of the American economy are due not to the flaws of capitalism or the inevitabilities of globalisation but to the concentration of corporate power. 00:00 Introduction 04:00 What has changed? 11:04 Good Concentration 13:50 Bad Concentration 14:38 What about Europe? 21:50 How and why has the political economy of competition policy evolved? 27:00 China vs Europe 32:52 The US side of the story 42:40 Airlines, tech, and the telecom industry 45:00 What can Europe learn from the US? 49:00 How to deal with detailed behavioural regulation? 55:40 The banking sector 1:01:36 Audience questions 1:25:20 Clos
