Capitalism today is in trouble, and even the most ardent defenders of free enterprise are saying so. Consider Jonathan Tepper, founder of Variant Perception, “a research group for asset managers.” It would seem hard to find anyone more devoted to unregulated markets.
Yet, even so, in a new book, The Myth of Capitalism: Monopolies and the Death of Competition, with Denise Hearn, he argues that capitalism is dying. The reason? Great corporations are crushing competition and preventing innovation.
You can read two excerpts from Mr. Tepper’s work on the Bloomberg web site, Competition Is Dying, and Taking Capitalism With It and American Corporations Are Winning Their War on Capitalism. He argues that unless we are willing to break up and regulate the huge corporations that are dominating our society, we will see free enterprise wither on the vine. If it is to survive, then we will need a “revolution” to break up the monopolies and “restore entrepreneurial freedom.”
Ah, the irony. It may be up to us fuzzy-headed liberals and social democrats to restore capitalism and save it from its worst enemies.