The release of the Trans-Pacific Partnership Agreement (TPP) last fall has unleashed a heated debate over its costs and benefits—or, to put it more crudely, its winners and losers. But that debate tends to focus narrowly on particular sectors of the economy—the auto industry and farmers, for instance, in Canada. As such it misses an appreciation of the broader impact of the 12-nation agreement, which boils down this: the TPP overwhelmingly favours one set of economic actors—current capital owners, investors and large business—over everyone else.