Capitalism has suffered a series of mighty blows to its reputation over the past decade. The sense of a system rigged to benefit the owners of capital ­­­ 1 the expense of workers is profound. In 2016 a survey found that more than half of young Americans no longer 2 capitalism. This loss of faith is dangerous, but is also 3 . Today’s capitalism does have a real problem, just not ­­­ 4 that protectionists and populists like to talk about. Life has become far too comfortable for some firms in the ­­­ 5 economy, while, in the new economy, tech firms have rapidly built market power. A revolution is indeed needed—one that ­­­ 6 competition, forcing down abnormally high profits today and ­­­ 7 that innovation can thrive tomorrow.Countries have acted to ­­­ 8 competition before. At the start of the 20th century America broke up ­­­ 9 in railways and energy. After the second world war West Germany put the creation of ­­­ 10 markets at the centre of its nation-building project. The establishment of the European single market, a(n) ­­­ 11 championed by Margaret Thatcher, prised open stale ­­­ 12 markets to ­­­ 13 foreign firms. Ronald Reagan fostered competition across ­­­ 14 of the American economy.A similar ­­­ 15 is needed today. Since 1997 market concentration has ­­­ 16 in two-thirds of American industries. ­­­ 17 of the economy is made up of industries in which four firms control more than two-thirds of the market. In a healthy economy you would expect profits to be competed down, but the free cash-flow of companies is 76% above its 50-year average, relative ­­­ 18 GDP. In Europe the trend is similar, ­­­ 19 less extreme. The average market share of the biggest four firms in each industry has risen by three percent since 2000. On both continents, ­­­ 20 firms have become harder to dislodge.1.