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The Myth of Capitalism

If you were pinned down and had to summarize the economic and political discourse since the financial crisis in one line, I reckon many would settle one a version that includes income inequality and political polarisation. But this is probably where the agreement ends. Ask ten so-called thought-leaders about the drivers and impact of these two trends, and you’re likely to get ten wildly different answers. In his new book, The Myth of Capitalism, my former colleague Jonathan Tepper, and his co-author Denise Hearn, provide a razor-sharp synthesis of an economy and markets which are increasingly devoid of the virtues that we tend to ascribe to them.

The book’s central message is microeconomic in nature—the market power of one or few firms is going parabolic in one industry after the other—but its implications are profoundly macroeconomic. The plummeting share of labour and wages in firms’ profit and capital creation, the soaring inequality between owners of capital and workers, and the increasing sense that the system is rigged against the median household and individual. Jonathan’s and Denise’ book offers important insight to illuminate all of these issues.

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I am back in the saddle after a hiking break in Scotland's Speyside valley and a city break to Berlin. But I won't have time to say anything substantial about markets and the economy until I have cleared my desk at work. That could take some time, but I should be ready to join the peanut gallery next week. I have had time, however, to respond to a number of requests for an email subscription service at this space. I thought everyone used RSS feeds these days, but I sympathise with the comforting feeling of adding your email address to yet another list. 

The good news is that I will never charge you for anything that is published here on Alpha Sources.CV, and I also plan to keep this a fairly low frequency blog. I am averaging one missive a week at the moment, which is just about all I can manage. A free and low-frequency financial commentary emailing list; it doesn't get much better than that. So head on over to the blog's main page an sign up via the link at the top. 

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