The Big Fix: How Companies Capture Markets and Harm Canadians (Volume 2)

by Denise Hearn, Vass Bednar

Genres: Nonfiction, Business, Canada, Politics, Economics

120 pages, Paperback

Published October 15, 2024

Reviews

[Isabelle Duchaine · Rating 5 out of 5]

Quick, speedy read about Canadian public policy - and industrial strategy?? Sign me up. The only downside: Bednar didn't quite get the chance to work in 'enshittification', which was a topic on one of her podcast episodes in 2024.

[Jacob Danto-Clancy · Rating 5 out of 5]

A terrific and accessible read that a) diagnoses the myriad challenges posed by power consolidation and abuse of dominance in the contemporary economy and b) suggests some real and aspirational solutions. The project is clear from the jump, and the structure of the book is acknowledged, so it’s easy to follow.

Hearn and Bednar do a good job of approaching the complexities of Competition (in Canada and I think overall) through first principle questions about some prevailing assumptions regarding competition, dominance, what constitutes an “industry”, etc. I find the way the write and pose big questions elicits my own thinking about the relevant definitions or issues or my own engagement with the ideas at hand. The book also has a cool subtending logic or posture around “democratic liberalism” (pg 74), who determines markets, and contemporary freedom under late capitalism that likely are outside the scope of a 100 page book.

They also keep the narrative always closely tied to real examples, contemporary and historical anecdotes, laws and data. I like that they don’t editorialize too much, and back up their discussions with visuals and helpful stats. They both show, and tell.

I especially like Part 2: it slaps. They turn from problem diagnosis to solution, and it provides lots of food for thought and jurisdictional comparison between Canada and other governmental approaches to competition policy.

I think this book could serve the amateur and the expert alike. The authors aren’t shy about the need for more research, thinking, and participation, and everyone is invited.

[Christine Gemson · Rating 5 out of 5]

An eye-opening and compelling read about the forces at play that keep individuals/customers from being able to buy products and services in a competitive market where they aren’t over-paying, being duped or having their choices significantly influenced, unbeknownst to them. And who doesn’t like a snappy 100 page policy book with solutions?

[ella · Rating 4 out of 5]

This was really good! Love the wonky, Canadian centered approach.

[valiantdust · Rating 4 out of 5]

Short but full of facts. Lacks structure. But a great introduction.

[Andrew · Rating 4 out of 5]

A great book and excellent introduction to issues of corporate concentration in a specifically Canadian context. The authors are correct that competition issues are very salient at the moment, usually expressed through calls for more competition in teleco, banking, etc. The book is a great reminder that the state sets the guardrails for competition in the marketplace and that we don’t simply need to accept every slimy trick or anti-competitive merger that companies try to get away with. The concrete policy proposals presented in this book are excellent for a topic where I think many of us can intuit that something is wrong with the economy, but don’t know how policy can play a role in addressing these problems.

[Nabil · Rating 5 out of 5]

Was lucky to get this book after attending the McGill lecture, part of their tour. Loved it. I listen to the Lately podcast from one of the authors, and this was the same vibe but in book format. Also, it’s funny how consistent the messaging is between the lecture and book. Hope some of these issues get “less bad” soon!

[Jeremy Murray · Rating 4 out of 5]

Vass Bednar has shown up a few times on "The Agenda with Steve Paikan", the beloved, recently departed Canadian current affairs program, and despite my having seen hundreds of episodes and guests, she was a standout analyst on subjects of policy and innovation.

When I heard Paikan mention her recent book, I jumped at the chance to read her. Alongside co-author Denise Hearn, the pair has crafted a vital book on corporate strategies that maximize profit and minimize accountability, pursuing short-term goals of profit-maximizing at the expense of productivity, not to mention customers and employees.

At just over 100 pages, this is a slight book, but dense with data. Bednar and Hearn clearly have done their research, averaging over 3 footnotes per page. The reality they describe - a growing neoliberal movement towards monopoly and corporate consolidation - is a global one, but this is a Canadian book, and our authors ground their writing in Canadian law, with Canadian examples.

Each of the short chapters starts with a story, which provides a 'wonkish' book with some narrative appeal.

How wonkish, do you ask? Wonkish (as in, policy-wonk, or political junkie) enough that they pause at one point to "welcome lawmakers, policymakers and engaged civil society groups to contact us for more detailed recommendations" (p. 84).

I have never seen such an offer before. Alongside the numerous policy wonk types offering supportive endorsements on the back of the book and early in the text, we clearly have a book targeting change-makers.

Fortunately, Bednar and Hearn have written this accessibly. Straight-forward language means the density of data does not overwhelm, and our authors limit their analysis to clear, compelling ideas.

I wasn't clear on economic terms like 'financialization' or 'vertical integration' prior to this, but that has improved. Chapter 1, "Corporate Kayfabe" borrows from the world of professional wrestling, and it is a fair analogy - just like the wrestlers' actions are scripted in the name of an imaginary competition, the competition faced by the most dominant mega-corporations is largely illusory,

We get details on price-fixing, with references to an infamous bread price-fixing scandal here in Canada a few years ago. We see that "entrepreneurs of all kinds increasingly rely on the market infrastructure of dominant firms" (p. 21) and that this gatekeeping provides undue advantages to dominant firms. When it comes to the film industry, "this is how culture flattens and dulls" (p. 27).

Chapter 4 "Everything Companies" provided the most insight to this reviewer. The premise that "these companies no longer invest in production; they are investment companies" is central to the book, and clearly casts new light on the likes of Amazon (p. 31).

All of the trends outlined thus far pale in comparison to the dangers posed by AI outlined in chapter 5, although Hearn and Bednar are not luddites.

We get a chapter on the dangers of private equity "Kings of Capital", which reveals that an estimated 20,000 premature deaths over a twelve-year period can be attributed to private equity takeovers of nursing homes, an appalling stat (p. 56).

Part 2 of the book looks at why competition policy has failed - Canada's policies came into being in the 80s, during the height of neoliberal economic consensus, and thus missed out on major issues. We also lack the legal precedent of the US and have almost no historical examples of blocked corporate mergers in our history.

But options remain. Hearn and Bednar call for renewed "democratic liberalism, or the fair structuring of markets in a way that undergirds wide prosperity and opportunity for all" (p. 74).

Alas, this is a truly daunting challenge, and our authors do not have the space, nor perhaps the concrete ideas themselves, to provide comprehensive solutions. They call for a 'whole government' approach to restoring balance and encourage citizens to participate in this project as well, perhaps empowered via 'citizens councils'.

They encourage blocking mergers, empowering the competition bureau, creating a "Competition Commissioner" and passing pragmatic legislation based on global best practices, before concluding with a plea to 'strengthen our moral imagination' (p. 100).

I agree, but the vagueness and impracticality of this leaves me concerned about the possibility of action being taken. "The Big Fix" is better at raising questions than answers.

This is clearly an easy book to recommend to 'wonks', although I don't know any personally, (and don't really have a readership to read these reviews in the first place). But "The Big Fix" will also appeal to Canadians wondering why groceries, banking or cellular services are so absurdly overpriced.

And anyone concerned about the creeping inevitability and 'enshitification' of neoliberal policies and outcomes will find much to admire here.

[Carson · Rating 3 out of 5]

I wanted to like this book, I have previously read Mrs. Hearn’s books and Tim Wu’s who she cites. My main issue is with the heavy handed government idealism bordering on communist leanings throughout this book, “whole of government” which is extremely close to parroting the WEF talking point “whole of society”, for these reasons this is a poor book for policy action. If anything the hypocrisy of this book is real and glaring, as the Laurentian Elite of Canada could use this book and The Myth of Capitalism as guidebooks, which if you finish the book you will realize has already occurred. This is all being enabled and implemented by the Liberal Party of Canada, the Laurentian elites of Canada favourite party for controlling the populace and enacting socio-economic changes that benefit them. If Mrs. Hearn wants this book to be taken seriously maybe this inconvenient truth should show up as early as the communist war cries appear in the book.

I will say this book does make me as angry as when I read The Myth of Capitalism, even if it takes on a country much more captured by the elite (Laurentians). We need to allow the resistance to arm itself with less regulation not more, this idea of larger government hasn’t worked in Canada since atleast 2009, you would think this would provide ample evidence of a policy dead end.

[Luc · Rating 4 out of 5]

This informative book is co-authored by Denise Hearn and Vass Bednar. The authors demonstrate how dysfunctional the Canadian marketplace had become and how it affects the prices of goods and services we buy on a daily basis. In other words, the state of the Canadian economy is characterized by diminishing competition, high marketplace concentration, price fixing, and poor enforcement of our competition laws.

Note: I received a complimentary copy while attending the McGill Max Bell lectures event in Montreal last October.

The following concluding remarks best laid out the spirit and purpose of the book:

"To govern public life, trade, and commerce in ways which advance human flourishing, instead of undermining it, we need to strengthen our moral imagination. This will involve envisioning how we can craft markets to work for more people and creating a shared vision of a more democratic, vibrant, and fair economy (page 100)."

[Golden Business Boy · Rating 4 out of 5]

At a brief ~100 pages this book got me over the finish line of my annual reading goal when I one-shotted it on a flight home from visiting relatives for Christmas. I will treasure this book for that experience alone.

Even if it wasn't the buzzer beater for my 2025 reading I would have enjoyed it all the same. The first section woke me up to monopolistic horrors I didn't even know surrounded me, and let me in on new ways I've been ripped off for my entire life. The actionable calls in the later section of the book seem like relying on the power of Christmas to save consumers now that the choice of government are two different colours of doormat for corporate interests to walk over, but it still felt pleasant reading about how a parallel Canadian universe might be out there solving market based problems for consumers.

I recommend this book and would consider it a great use of your Loblaw's bread fixing payout if you're lucky enough to get one.

[Laura · Rating 5 out of 5]

I wish a book like this existed about all the major policies impacting the public. It was informative and well-researched but written in a way that anyone, whether they are familiar with competition policy or not, can pick it up and learn and understand it. Denise and Vass did an amazing job adding humour and humanity to a topic that usually has neither.

[Scott Beaudin · Rating 4 out of 5]

The Big Fix is a fantastic primer on the uniquely Canadian monopoly problem, a fast read that transcends being a mere economics primer or history lesson. It's a book that will fire you up, make you angry, make you determined, and explain what comes next.

[H Wesselius · Rating 3 out of 5]

A short but solid outline of the corporate oligopoly we live in today. The second half of the text is too "wonkish" for me and doesn't mention any guillotines which quite frankly is probably the only way to scare the oligopoly into behaving itself.

[Tim · Rating 5 out of 5]

Perfect primer on the topic

[K.R. Wilson · Rating 5 out of 5]

A nice primer on how corporate concentration picks our pockets, with suggestions for what to do about it. Useful reading for any Canadian who buys stuff.

[Angela Champ · Rating 4 out of 5]

Eye opening.

[Musam · Rating 5 out of 5]

easy to read, very relevant and well written book.

[Annina DeLuca · Rating 3 out of 5]

interesting to read a different perspective and I liked that it was relatively short & to the point