Big firms are playing a larger role in the US economy–but also in the economies of high-income countries around the world. Yueran Ma, Mengdi Zhang, and Kaspar Zimmermann compile the evidence in “Business Concentration Around the World: 1900-2020” (University of Chicago Becker-Friedman Institute for Economics, February 27, 2026, the link offers a readable overview and a followup link to the full wo...
The strongest version of this narrative highlights a structural shift in global economies: large firms are capturing a growing share of sales without proportionally increasing employment, suggesting a capital-intensive scaling model. The study’s cross-country consistency undermines claims that this is uniquely a U.S. or recent phenomenon, and the historical turnover in top firms (e.g., only two survivors from 1990 to 2025) counters fears of static monopolies. The authors wisely avoid overclaimin...