The Myth of Capitalism: Monopolies and the Death of Competition

Available from

Praise for The Myth of Capitalism: Monopolies and the Death of Competition

“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 altogether.  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 reign 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 bestseller This Time is Different

“In a compelling and deeply researched polemic, Tepper and Hearn describe a market that is broken.  Increasingly, instead of delivering the benefits of competition to all, it is driving monopoly profits to the few.  Regulatory and policy capitulation in the face of market concentration has put a dead weight on productivity and fostered inequality not just in the United States but globally.  Their call to free markets from private monopolists and oligopolists should unite both left and right the world over.”
Charles Kenny, Senior Fellow, The Center for Global Development
Author of Getting Better

Code Red

Code Red by John Mauldin and Jonathan Tepper

Available from

In Code Red, John Mauldin and Jonathan Tepper perform an amazing feat: not only do they bring monetary policy down to earth for the average saver and investor, they make subjects such as quantitative easing, financial repression, currency wars, bubble economies and inflation, and their impact on our everyday lives and financial futures, compelling reading. Just as importantly, they arm you with time-tested strategies for surviving and thriving in these tumultuous times. You’ll discover how to spot and capitalize on market bubbles. And you’ll learn proven money management techniques for insulating yourself against inflation, reducing risk through diversification, profiting from precious metals, commodities, and much more.

Praise for Code Red

“Code Red brilliantly exposes the myth that the unconventional policies that global central banks have pursued since the financial crisis ended will ultimately be successful in generating the holy grail of escape velocity they so desperately seek. With history on their side, Mauldin and Tepper provide layers of evidence proving that the Code Red monetary policies will more than likely end up creating a cycle of inflation that few are braced for. The economic and financial sands are shifting under our feet as a result of the unprecedented global monetary experiment aimed at bailing out debtors at the expense of savers. The good news is that Mauldin and Tepper don’t merely identify the symptom; they also have come up with solutions for retail investors, portfolio managers, and professional traders as to how to prepare for this transition, from the prior years of deflation to the current reflation to what comes next, which is inflation.”

—David Rosenberg, Chief Economist and Strategist, Gluskin Sheff + Associates Inc.

Literary Agent contact: Sam Hyate, The Rights Factory


A Primer on the Euro Breakup: Depart, Default, and Devalue as the Optimal Solution

Download the full report

Jonathan’s submission for the Wolfson Economics Prize was selected as one of the five finalist essays from a total of 425 entries, including submissions from some of the world’s top economists.  The paper contends that the process of euro break-up is not especially challenging. Large numbers of countries have exited currency unions in the past, typically without significant macroeconomic volatility associated with the exit, and we can learn from what they did — exit by surprise, probably over a weekend, with perhaps a couple of extra bank holidays; stamp notes and coins pending the printing of new currency. It argues that the real issues are not created by the exit process per se, but, rather, by the needs that motivate the exit — the need for Eurozone periphery countries to default and devalue.

The paper argues from historical cases and to see that the Eurozone crisis should be regarded as akin to an emerging markets crisis. Next there are some specific issues relating to the Eurozone, such as the status of the ECB. Then there is the position of states after exit — the essay contends that currency exits and devaluations are often predicted to lead to “Armageddon” but rarely do.



Available from

Jonathan co-wrote the book Endgame with John Mauldin, which made it to the NY Times and WSJ best seller lists.  Endgame details the Debt Supercycle and the sovereign debt crisis, and shows that, while there are no good choices, the worst choice would be to ignore the deleveraging resulting from the credit crisis. The book reveals why the world economy is in for an extended period of sluggish growth, high unemployment, and volatile markets punctuated by persistent recessions.  It also reviews global markets, trends in population, government policies, and currencies.   Around the world, countries are faced with difficult choices. Endgame provides a framework for making those choices.

Literary Agent contact: Sam Hyate, The Rights Factory