How Private Equity Erodes Our Societies
AAD HOOGENDOORN ︎
In the last 15 years, private equity has increasingly played a bigger role in the workings of the economy. Buying up everything from household olive oil brands, dentists and music festivals. But this expansion has also reached essential public utilities and captured swathes of the rental housing market. Yet, despite their ubiquity in the economy, we know surprisingly little about these firms. Their structures serve as cloaks that tell us nothing about how they work and the deals they make.
To help us make sense of all this, we invited Hettie O’Brien to talk about her book The Asset Class: How Private Equity Turned Capitalism Against Itself
DeDependance invited journalists Hettie O’Brien and Thomas Bollen to discuss the the implications of the growth of the private equity in the global economy.
PRAISE FOR THE ASSET CLASS
PRAISE FOR THE ASSET CLASS
‘A scary book. Through a dazzling investigation, it shows how the secretive industry of private equity has extended its dominion over everyday life and is now tearing apart the very fabric of our society. However, it is ultimately empowering. It clearly tells us how this industry works and what its pressure points are, knowing which is the first step towards fighting back. The struggle to rebuild a decent society should start with this book’ – Ha-Joon Chang
‘A brilliant analysis of how private equity has come to dominate key parts of our economies, capturing value from the public while evading responsibility for the risks and costs it creates. O'Brien critically shows how this model of financialised capitalism has undermined the real economy, eroded accountability, weakened the public sector and diminished democratic oversight. A powerful and necessary book’
– Mariana Mazzucato
‘A brilliant analysis of how private equity has come to dominate key parts of our economies, capturing value from the public while evading responsibility for the risks and costs it creates. O'Brien critically shows how this model of financialised capitalism has undermined the real economy, eroded accountability, weakened the public sector and diminished democratic oversight. A powerful and necessary book’
– Mariana Mazzucato