John Coates Publishes The Problem of Twelve

John Coates, John F. Cogan, Jr. Professor of Law and Economics at Harvard Law School, has published The Problem of Twelve: When a Few Financial Institutions Control Everything with Columbia Global Reports (August 2023). The book analyzes the Big Four index funds of Vanguard, State Street, Fidelity, and BlackRock as well as the rise of private equity, which Coates calls “a quiet accumulation” in how power and capital is concentrated which “represents a dramatic transformation in how the American economy operates.”