Tim Wu

Axiom Award Gold Medalist for Business Theory Finance expert, law professor, and fellow overwhelmed consumer Kathryn Judge investigates the surprising ways that middlemen have taken control of the economy at the expense of the rest of us, and provides practical guidance about how to regain control, find more meaning, and contribute to a more sustainable economy. Over the past thirty years, middlemen have built intricate financial and retail empires capable of moving goods across the country and around the world—transforming the economy and our lives. Because of middlemen, we enjoy an unprecedented degree of choice and convenience. But the rise of the middleman economy comes at a steep price. In Direct, Columbia law professor Kathryn Judge shows how overgrown middlemen became the backbone of modern capitalism and the cause of many of its ailments. Middlemen today shape what people do, how they invest, and what they consume. They use their troves of data to push people to buy more, and more expensive, products. They use their massive profits and expertise to lobby lawmakers, tilting the playing field in their favor. Drawing on a decade of research, Judge shows how to fight back: Go to the source. The process of direct exchange—and the resulting ecosystem of makers and consumers, investors and entrepreneurs—fosters connection and community and helps promote a more just, resilient, and accountable economic system. Direct exchange reminds us that our actions always and inevitably impact others, as it rekindles an appreciation of our inherent interconnectedness. As Judge reveals in this much-needed book, direct exchange is both the cornerstone of the solution and a tool for revealing just how much is at stake in decisions about “through whom” to buy, invest and give.

Using dozens of vivid examples to show how society overprescribed competition as a solution and when unbridled rivalry hurts consumers, kills entrepreneurship, and increases economic inequality, two free-market thinkers diagnose the sickness caused by competition overdose and provide remedies that will promote sustainable growth and progress for everyone, not just wealthy shareholders and those at the top. Whatever illness our society suffers, competition is the remedy. Do we want better schools for our children? Cheaper prices for everything? More choices in the marketplace? The answer is always: Increase competition. Yet, many of us are unhappy with the results. We think we’re paying less, but we’re getting much less. Our food has undeclared additives (or worse), our drinking water contains toxic chemicals, our hotel bills reveal surprise additions, our kids’ schools are failing, our activities are tracked so that advertisers can target us with relentless promotions. All will be cured, we are told, by increasing the competitive pressure and defanging the bloated regulatory state. In a captivating exposé, Maurice E. Stucke and Ariel Ezrachi show how we are falling prey to greed, chicanery, and cronyism. Refuting the almost religious belief in rivalry as the vehicle for prosperity, the authors identify the powerful corporations, lobbyists, and lawmakers responsible for pushing this toxic competition—and argue instead for a healthier, even nobler, form of competition. Competition Overdose diagnoses the disease—and provides a cure for it.