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Best books of 2023 — Economics

Martin Wolf selects his best reads of the second half of 2023

Plunder: Private Equity’s Plan to Pillage America by Brendan Ballou (PublicAffairs)

There have always been two ways to make money: value creation and plunder. A good society is one in which the first outweighs the latter. In this powerfully argued book, Ballou, currently at the antitrust division of the US Department of Justice, insists that private equity’s returns derive in substantial part from plunder. That is particularly likely where those profits are made at the expense of the powerless — prisoners, patients or the elderly. Given the incentives, the outcomes he describes seem inevitable.

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