{"product_id":"the-problem-of-twelve-by-john-coates-9798987053546","title":"The Problem of Twelve","description":"\u003cdiv class=\"book-description\"\u003e\n\u003cp\u003e\u003cstrong\u003eThe forces behind an economic and political crisis in the making.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003cp\u003eA \u003cem\u003eproblem of twelve\u003c\/em\u003e arises when a small number of institutions acquire the means to exert outsized influence over the politics and economy of a nation.\u003c\/p\u003e\n\n\u003cp\u003eThe Big Four index funds of Vanguard, State Street, Fidelity, and BlackRock control more than twenty percent of the votes of S\u0026amp;P 500 companies—a concentration of power that's unprecedented in America. Then there's the rise of private equity funds such as the Big Four of Apollo, Blackstone, Carlyle, and KKR, which have amassed $2.7 trillion of assets. These funds are eroding the legitimacy and accountability of American capitalism, not by controlling public companies, but by taking them over entirely, removing them from public discourse and public scrutiny.\u003c\/p\u003e\n\n\u003cp\u003eThis quiet accumulation over the last few decades represents a dramatic transformation in how the American economy operates—a sea change that few of us have noticed and all of us need to consider. Harvard law professor John Coates forcefully calls our attention to what is sure to be one of the major political and economic issues of our time.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eA fascinating insight into a paradox at the heart of liberal democracies. - \u003c\/strong\u003e\u003cem\u003eFinancial Times\u003c\/em\u003e\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eA powerful argument for thoroughly revising how the chief players in the financial world are regulated. - \u003c\/strong\u003e\u003cem\u003eKirkus Reviews\u003c\/em\u003e\u003c\/p\u003e\n\u003c\/div\u003e","brand":"Unknown","offers":[{"title":"Default Title","offer_id":47487636078828,"sku":"9798987053546","price":32.99,"currency_code":"NZD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0705\/7784\/8556\/files\/dda718ba9b494aaf000e1760e2b63298.jpg?v=1775771613","url":"https:\/\/bookhero.co.nz\/products\/the-problem-of-twelve-by-john-coates-9798987053546","provider":"Book Hero","version":"1.0","type":"link"}