The changing face of the billionaire classes

Innovators vs inheritors: Europe and American are trading spots in their wealth creation. "In his book The Great Reversal, Thomas Philippon argues that the US has given up on free markets while Europe has finally embraced them. Twenty years ago, air travel, telephone services and internet access were all significantly cheaper in the US than in Europe. Nowadays, thanks to the concentration of corporate power in the US and the increasing competitiveness of the European single market, the reverse is true." Innovation Editor of the Financial Times, John Thornhill, explores.