Review: The Curse of Bigness by Tim Wu

The Curse of Bigness Review

Tim Wu, a law professor at Columbia University, spent the last decade establishing himself as one of the pre-eminent antitrust thinkers. In the Master Switch and The Attention Merchants, Wu used a wide-angle lens to examine the implications of the rising information cartels on American business and society. In The Curse of Bigness, Wu takes a magnifying glass to industrial concentration and the economic and political dangers it creates. The book succinctly distills a generation of research into one easily digestible volume. In this The Curse of Bigness Review, I summarize the main argument that Tim Wu’s central arguments

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Ranking the 28 Books I Read In 2018

2018 was a year of contrasts.

From a personal level, things have never been better. I got promoted, bought a house, and got married. As I said, for me, things have never been better.

However, America seems to be edging itself closer and closer to outright fascism. Migrant children are dying because Government agents are kidnapping them. The Federal government is shut down — although the Republicans control all levers of the federal government. Our institutions are dying; seemingly at the same time.

So much is happening, and yet except for the mid-term elections, there doesn’t seem to be much hope against the constant attacks. In a 2016 interview with the New York Times, President Obama remarked that reading allowed him to better digest the constant bombardment of information pointed at the office. It slowed the assault, helped separate the signal from the noise, and gave him perspective.

Here are the books I read in 2018 along with a quick recap. Some are hopeful, others aren’t. They all provide some context to today’s ever-changing landscape. If reading recommendations are your thing, here are my recommendations for 2014, 2015, and 2016.

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Review: Hit Makers by Derek Thompson

Hit Makers by Derek Thompson Review

In Hit Makers, Derek Thompson tries to explain why some ideas become popular and others fade away. It’s an important question and one facing every content creator in today’s hyper-competitive media landscape. Technology platforms like Spotify, Facebook, and Twitter have transformed media into a winner take’s all market. How does a new band break through on Spotify—when the top one percent of acts capture 80 percent of recorded music revenue? How can a television show break through hundreds of channels and streaming options? How can an unknown writer catch-on? Hit Makers claims to answer these questions. Unfortunately, Thompson fails to offer new insights to this question. Instead, Hit Makers is a book on how cultural hits are created, published in 2017, with arguments from 2010.

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Nixonland: How a book about Richard Nixon helps explains Donald Trump

Nixonland

The central thesis of Nixonland, a sprawling look at the origin, rise, and decline of the Nixon administration, is that there was simmering white resentment underneath the optimism and change of the Kennedy Administration. Hidden behind the civil rights movement was a mass of unhappy middle-class white people. Nixon wasn’t the first politician to exploit white rage, that honor would go to Ronald Reagan. Nixon merely copied it, perfected it, and fractured the nation into Nixonland. Richard Nixon, Ron Perlstein writes, “so brilliantly co-opted the liberals’ populism.” Re-directing well-meaning reforms, “into a white middle-class rage at the sophisticated, the wellborn, the “best circles” — all those who looked down their noses at “you and me”…that sneered imperiously at the simple faiths of ordinary folk, their simple patriotism, their simple pleasures.”

In 1964, Lyndon B. Johnson won 61.05 percent of the popular vote on a platform of expanding FDR’s New Deal to non-white Americans. Its sole goal was to eradicate poverty and racial injustice. He coined it the “Great Society.” When lighting the national Christmas Tree, President Lyndon Johnson described it as “the most hopeful times since Christ was born in Bethlehem.” Eight years later Richard Nixon won 60.67 percent of the vote on a platform of “Law and Order”; an ideological repudiation of the Great Society. Nixonland is fundamentally about this uniquely American transformation. How America went from believing civil rights law leveled the playing field to one that held it caused race riots. How it went from viewing welfare as help for the weakest to help for the laziest. How political dissent became tantamount to treason. Nixon was at the center of it all, weaponizing a white populace’s fears into an “us versus them” political revolution. “Far from becoming a great society,” Nixon wrote in Reader’s Digest leading up to his Presidential election, “ours is becoming a lawless society.” The underlying context was that only Richard Nixon, and people like him, could protect society from the hordes of others.

Sound familiar?

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Retailers should look to the past to compete against Amazon

compete against Amazon

Amazon has engulfed nearly every aspect of retail and is positioned for more. Its North American sales have quintupled since 2010. Between 2015 and 2016, Amazon captured well over a third of all American online retail sales—including 43 percent in 2016. Moves to vertically integrate its supply chain by solidifying an ocean freight license, marketing in-home deliver, and creating a $1.5 billion cargo airline would make the 1920s robber barons blush. Traditional retailers looking to compete against Amazon face even bigger obstacles: Amazon’s market capitalization. In the last 10 years, retailer mainstays Sears, JC Penny and Kohls lost an average of 82 percent of their valueAmazon gained 1,934 percent, allowing it access to the cheap capital the finances its growth.

It isn’t just the company’s world-class logistics traditional retailers are facing—it’s the threat Amazon poses to different retail segments combined with its reputation among consumers. The recent Whole Foods acquisition instantly erased $12 billion in shareholder value from six major food retailers. Meanwhile, consumers love Amazon. It is one of the most trusted brands in America. It controls one of the world’s least exclusive clubs: in 2017, 80 million Americans were members of its Prime 2-day shipping and entertainment program (by contrast, France has a population of about 69 million people).

How can retailers compete with Amazon? It’s an 800-pound gorilla that is beloved by consumers, with exceptional operations and a limitless pocketbook.

This is an attempt to scratch the surface of the tactics and strategies that powered history’s Fortune 100 retailers. The analysis is based off a data set created from Fortune Magazine, industry publications, Capital IQ, and public financial documents. It was then organized across 10 industries, 22 supersectors, and 30 sectors through Russell’s Industry Classification Benchmark (ICB). Drawing on this data, six major insights emerged—each powering the eras’ greatest retailers. Some are obvious, some aren’t. All are required if modern retail executives want to compete against Amazon.

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Review: Devil’s Bargain by Joshua Greene

Joshua Greene's Devil's Bargain

Joshua Greene’s Devil’s Bargain is ostensibly about Steve Bannon, arguably mainstream Democrats biggest boogeyman not named Vladimir Putin.

The book, of course, covers his evolution from the Navy to Goldman Sachs, to World of Warcraft, to Hollywood, and to (supposedly) anti-Goldman right-wing crusader. However, the book is really about how three well-financed forces coalesced and resulted in the election of Donald Trump to President of the United States.

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