One of Hari's earliest memories is of trying to wake up one of his relatives and not being able to. He didn't understand why then, but as he got older, he realised he had addiction in his family. He wanted to understand what really causes addiction – and how to find our way back from it. So he set off on an epic three-year, thirty-thousand mile journey into the war on drugs and addiction. He discovered that nothing on this subject is what we have been told it is – and the solutions are there, waiting for us, if only we are ready to see them.
Perhaps no one is better acquainted with the intersection of economics and politics than Robert B. Reich, and now he reveals how power and influence have created a new American oligarchy, a shrinking middle class, and the greatest income inequality and wealth disparity in eighty years. He makes clear how centrally problematic our veneration of the “free market” is, and how it has masked the power of moneyed interests to tilt the market to their benefit.
Reich exposes the falsehoods that have been bolstered by the corruption of our democracy by huge corporations and the revolving door between Washington and Wall Street: that all workers are paid what they’re “worth,” that a higher minimum wage equals fewer jobs, and that corporations must serve shareholders before employees. He shows that the critical choices ahead are not about the size of government but about who government is for: that we must choose not between a free market and “big” government but between a market organized for broadly based prosperity and one designed to deliver the most gains to the top. Ever the pragmatist, ever the optimist, Reich sees hope for reversing our slide toward inequality and diminished opportunity when we shore up the countervailing power of everyone else.
Passionate yet practical, sweeping yet exactingly argued, Saving Capitalism is a revelatory indictment of our economic status quo and an empowering call to civic action.
From the Hardcover edition.
First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader’s Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century.
With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek. The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought. Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes. Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork.
Stimulus plans: good or bad? Free markets: How free are they? Jobs: Can we afford them? Occupy Wall Street . . . worldwide!
Everybody’s talking about the economy, but how can we, the people, understand what Wall Street or Washington knows—or say they know? Read Economix.
With clear, witty writing and quirky, accessible art, this important and timely graphic novel transforms “the dismal science” of economics into a fun, fact-filled story about human nature and our attempts to make the most of what we’ve got . . . and sometimes what our neighbors have got. Economix explains it all, from the beginning of Western economic thought, to markets free and otherwise, to economic failures, successes, limitations, and future possibilities. It’s the essential, accessible guide to understanding the economy and economic practices. A must-read for every citizen and every voter.
Find teaching guides for Economix and other titles at abramsbooks.com/resources.
PRAISE FOR ECONOMIX
“Goodwin brilliantly contextualizes economic theories with historical narrative, while Burr’s simple but elegant illustration employs classical techniques like caricaturing politicians and symbolizing big businesses (as a gleeful factory) to help the reader visualize difficult concepts.” —Publishers Weekly, starred review
“[Economix] brings a lively visual sensibility to this intensely abstruse subject matter without condescending to the reader or dumbing the ideas down.” —MotherJones.com
“Flat-out awesome!” —Wired.com
“This witty and elegant volume takes on a number of complex issues—in this case, economics, history and finance—and makes them comprehensible for mere mortals.” —Miami Herald
“After reading Economix I felt like I understood many fundamental aspects about the way the world works that I had been too lazy to learn about before . . . Economix is a book I’m going to buy and give to people.” —Boing Boing
“Having never taken economics in college, I find the world of high finance needlessly complicated and confusing. Thankfully Michael Goodwin saw the need for a basic primary on how the economy currently works and how we got here. A text like this would certainly help high school and college students gain their first taste of financial literacy and it comes recommended for the rest of us.” —ComicMix.com
“Just when the world seems to have fallen apart thanks to the economy, Goodwin and Burr’s Economix comes along to give us some understanding of the immense, yet still ‘delicate machine’ that controls our world so that we can be the rulers with our votes and not the uninformed (or disinformed) ruled.” —BigThink.com
“Michael Goodwin hasn’t just written a great graphic novel—he’s written one that should be required for every school, newsroom and library in the United States.” —Minneapolis Star Tribune
“It’s simply phenomenal. You could read ten books on the subject and not glean as much information.”
— David Bach founder of FinishRich Media; author of nine New York Times bestsellers, including Debt Free for Life and The Automatic Millionaire
“Goodwin has done the seemingly impossible—he has made economics comprehensible and funny.”
— Joel Bakan, author of The Corporation: The Pathological Pursuit of Profit and Power
“An amazing lesson in true-world economics! Delightfully presented, powerful, insightful, and important information! What a fun way to fathom a deep and often dark subject!”
— John Perkins, author of Hoodwinked and the New York Times bestseller Confessions of an Economic Hit Man
“Smart, insightful, clear, and as close to the truth as economics can get. The bonus: Who would have guessed that economics could be fun, and—here's the joy—really accessible? Goodwin roots us in history and fills us with common sense understanding. As he puts it early on, economics seems horribly complicated mostly because we're looking at it all at once. Broken down into its component pieces, it's relatively easy to understand. And a good understanding of economics is critical to maneuvering in the world today. If I were compiling a list of the 100 most important books you can read in a lifetime, this would be on it.”
—Stephen Petranek, editor-in-chief, Weider History magazines, former editor-in-chief of Discover magazine
“Through a potent mix of comics and punchy, concise, accessible prose, Goodwin takes us on a provocative, exhaustively researched, and exceedingly engaging trip through our history and present day, creating an alternately hilarious and scary picture of where we are today as an economy— and what it all means. More than that, Goodwin makes the arcane, understandable. If your mind either spins or slumbers at the thought of economics, read Goodwin's Economix and all will become clear.
—Nomi Prins, author of It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions
“Economix is a lively, cheerfully opinionated romp through the historical and intellectual foundations of our current economy and our current economic problems. Goodwin has a knack for distilling complex ideas and events in ways that invite the reader to follow the big picture without losing track of what actually happened. Any reader wondering how our economy got to where it is today will find this a refreshing overview.”
—Timothy W. Guinnane, Philip Golden Bartlett Professor of Economic History, Yale University
In Deadly Spin, Potter takes readers behind the scenes of the insurance industry to show how a huge chunk of our absurd healthcare expenditures actually bankrolls a propaganda campaign and lobbying effort focused on protecting one thing: profits. With the unique vantage of both a whistleblower and a high-powered former insider, Potter moves beyond the healthcare crisis to show how public relations works, and how it has come to play a massive, often insidious role in our political process-and our lives.
This important and timely book tells Potter's remarkable personal story, but its larger goal is to explain how people like Potter, before his change of heart, can get the public to think and act in ways that benefit big corporations-and the Wall Street money managers who own them.
Through an objective examination of marijuana and alcohol, and the laws and social practices that steer people toward the latter, the authors pose a simple yet rarely considered question: Why do we punish adults who make the rational, safer choice to use marijuana instead of alcohol? For those unfamiliar with marijuana, Marijuana Is Safer provides an introduction to the cannabis plant and its effects on the user, and debunks some of the government's most frequently cited marijuana myths.
More importantly, for the millions of Americans who want to advance the cause of marijuana policy reform--or simply want to defend their own personal, safer choice--this book provides the talking points and detailed information needed to make persuasive arguments to friends, family, coworkers, elected officials and, of course, future voters.
Basic Economics, which has now been translated into six languages and has additional material online, remains true to its core principle: that the fundamental facts and principles of economics do not require jargon, graphs, or equations, and can be learned in a relaxed and even enjoyable way.
This revised and updated edition adds commentary on hot topics, including the current economic crisis, globalization, the economics of information, the intersection of economics and politics, and the history—and future—of the Federal Reserve.
What do the $350 million Ford Motor Company disaster known as the Edsel, the fast and incredible rise of Xerox, and the unbelievable scandals at General Electric and Texas Gulf Sulphur have in common? Each is an example of how an iconic company was defined by a particular moment of fame or notoriety; these notable and fascinating accounts are as relevant today to understanding the intricacies of corporate life as they were when the events happened.
Stories about Wall Street are infused with drama and adventure and reveal the machinations and volatile nature of the world of finance. Longtime New Yorker contributor John Brooks’s insightful reportage is so full of personality and critical detail that whether he is looking at the astounding market crash of 1962, the collapse of a well-known brokerage firm, or the bold attempt by American bankers to save the British pound, one gets the sense that history repeats itself.
Five additional stories on equally fascinating subjects round out this wonderful collection that will both entertain and inform readers . . . Business Adventures is truly financial journalism at its liveliest and best.
One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons.
Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage.
With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them.
The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.
If you want to build a better future, you must believe in secrets.
The great secret of our time is that there are still uncharted frontiers to explore and new inventions to create. In Zero to One, legendary entrepreneur and investor Peter Thiel shows how we can find singular ways to create those new things.
Thiel begins with the contrarian premise that we live in an age of technological stagnation, even if we’re too distracted by shiny mobile devices to notice. Information technology has improved rapidly, but there is no reason why progress should be limited to computers or Silicon Valley. Progress can be achieved in any industry or area of business. It comes from the most important skill that every leader must master: learning to think for yourself.
Doing what someone else already knows how to do takes the world from 1 to n, adding more of something familiar. But when you do something new, you go from 0 to 1. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. Tomorrow’s champions will not win by competing ruthlessly in today’s marketplace. They will escape competition altogether, because their businesses will be unique.
Zero to One presents at once an optimistic view of the future of progress in America and a new way of thinking about innovation: it starts by learning to ask the questions that lead you to find value in unexpected places.
Freedom, Sen argues, is both the end and most efficient means of sustaining economic life and the key to securing the general welfare of the world's entire population. Releasing the idea of individual freedom from association with any particular historical, intellectual, political, or religious tradition, Sen clearly demonstrates its current applicability and possibilities. In the new global economy, where, despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers--perhaps even the majority of people--he concludes, it is still possible to practically and optimistically restain a sense of social accountability. Development as Freedom is essential reading.
The latest entry in the University of Chicago Press’s series of newly edited editions of Hayek’s works, The Constitution of Liberty is, like Serfdom, just as relevant to our present moment. The book is considered Hayek’s classic statement on the ideals of freedom and liberty, ideals that he believes have guided—and must continue to guide—the growth of Western civilization. Here Hayek defends the principles of a free society, casting a skeptical eye on the growth of the welfare state and examining the challenges to freedom posed by an ever expanding government—as well as its corrosive effect on the creation, preservation, and utilization of knowledge. In opposition to those who call for the state to play a greater role in society, Hayek puts forward a nuanced argument for prudence. Guided by this quality, he elegantly demonstrates that a free market system in a democratic polity—under the rule of law and with strong constitutional protections of individual rights—represents the best chance for the continuing existence of liberty.
Striking a balance between skepticism and hope, Hayek’s profound insights are timelier and more welcome than ever before. This definitive edition of The Constitution of Liberty will give a new generation the opportunity to learn from his enduring wisdom.
In his eighteen years as an opinion columnist for The New York Times, Herbert championed the working poor and the middle class. After filing his last column in 2011, he set off on a journey across the country to report on Americans who were being left behind in an economy that has never fully recovered from the Great Recession. The portraits of those he encountered fuel his new book, Losing Our Way. Herbert’s combination of heartrending reporting and keen political analysis is the purest expression since the Occupy movement of the plight of the 99 percent.
The individuals and families who are paying the price of America’s bad choices in recent decades form the book’s emotional center: an exhausted high school student in Brooklyn who works the overnight shift in a factory at minimum wage to help pay her family’s rent; a twenty-four-year-old soldier from Peachtree City, Georgia, who loses both legs in a misguided, mismanaged, seemingly endless war; a young woman, only recently engaged, who suffers devastating injuries in a tragic bridge collapse in Minneapolis; and a group of parents in Pittsburgh who courageously fight back against the politicians who decimated funding for their children’s schools.
Herbert reminds us of a time in America when unemployment was low, wages and profits were high, and the nation’s wealth, by current standards, was distributed much more equitably. Today, the gap between the wealthy and everyone else has widened dramatically, the nation’s physical plant is crumbling, and the inability to find decent work is a plague on a generation. Herbert traces where we went wrong and spotlights the drastic and dangerous shift of political power from ordinary Americans to the corporate and financial elite. Hope for America, he argues, lies in a concerted push to redress that political imbalance. Searing and unforgettable, Losing Our Way ultimately inspires with its faith in ordinary citizens to take back their true political power and reclaim the American dream.
From the Hardcover edition.
Central to the very idea of America is the principle that we are a nation of opportunity. But over the last quarter century we have seen a disturbing “opportunity gap” emerge. We Americans have always believed that those who have talent and try hard will succeed, but this central tenet of the American Dream seems no longer true or at the least, much less true than it was.
In Our Kids, Robert Putnam offers a personal and authoritative look at this new American crisis, beginning with the example of his high school class of 1959 in Port Clinton, Ohio. The vast majority of those students went on to lives better than those of their parents. But their children and grandchildren have faced diminishing prospects. Putnam tells the tale of lessening opportunity through poignant life stories of rich, middle class, and poor kids from cities and suburbs across the country, brilliantly blended with the latest social-science research.
“A truly masterful volume” (Financial Times), Our Kids provides a disturbing account of the American dream that is “thoughtful and persuasive” (The Economist). Our Kids offers a rare combination of individual testimony and rigorous evidence: “No one can finish this book and feel complacent about equal opportunity” (The New York Times Book Review).
Get ready to change the way you think about economics.
Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world.
Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments.
Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.
Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.
Shortlisted for the Financial Times & McKinsey Business Book of the Year Award
Remarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. But that was before Fortune published an article by McLean that asked a seemingly innocent question: How exactly does Enron make money? From that point on, Enron's house of cards began to crumble. Now, McLean and Elkind have investigated much deeper, to offer the definitive book about the Enron scandal and the fascinating people behind it.
Meticulously researched and character driven, Smartest Guys in the Room takes the reader deep into Enron's past—and behind the closed doors of private meetings. Drawing on a wide range of unique sources, the book follows Enron's rise from obscurity to the top of the business world to its disastrous demise. It reveals as never before major characters such as Ken Lay, Jeff Skilling, and Andy Fastow, as well as lesser known players like Cliff Baxter and Rebecca Mark. Smartest Guys in the Room is a story of greed, arrogance, and deceit—a microcosm of all that is wrong with American business today. Above all, it's a fascinating human drama that will prove to be the authoritative account of the Enron scandal.
One of The Economist's 2011 Books of the Year
The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.
Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.
A look at how our current crises are caused by too much government, and how Ayn Rand's bold defense of free markets can help us change course.
The rise of the Tea Party and the 2010 election results revealed that tens of millions of Americans are alarmed by Big Government, but skeptical that anything can or will be done to stop the growth of the state. In Free Market Revolution, the keepers of Ayn Rand's legacy argue that the answer lies in her pioneering philosophy of capitalism and self-interest –a philosophy that more and more people are turning to for answers. In the past few years, Rand's works have surged to new peaks of popularity, as politicians like Paul Ryan, media figures like John Stossel, and businessmen like John Mackey routinely name her as one of their chief influences. Here, Brook and Watkins explain how her ideas can solve a host of political and economic ills, including the debt crisis, inflation, overregulation, and the swelling welfare state. And most important, they show how Rand's philosophy can enable defenders of the free market to sieze the moral high ground in the fight to limit government. This is a fresh and urgent look at the ideas of one of the most controversial figures in modern history – ideas that may prove the only hope for the future.
In his bestselling The Russians, Smith took millions of readers inside the Soviet Union. In The Power Game, he took us inside Washington’s corridors of power. Now Smith takes us across America to show how seismic changes, sparked by a sequence of landmark political and economic decisions, have transformed America. As only a veteran reporter can, Smith fits the puzzle together, starting with Lewis Powell’s provocative memo that triggered a political rebellion that dramatically altered the landscape of power from then until today.
This is a book full of surprises and revelations—the accidental beginnings of the 401(k) plan, with disastrous economic consequences for many; the major policy changes that began under Jimmy Carter; how the New Economy disrupted America’s engine of shared prosperity, the “virtuous circle” of growth, and how America lost the title of “Land of Opportunity.” Smith documents the transfer of $6 trillion in middle-class wealth from homeowners to banks even before the housing boom went bust, and how the U.S. policy tilt favoring the rich is stunting America’s economic growth.
This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat. Smith reveals how pivotal laws and policies were altered while the public wasn’t looking, how Congress often ignores public opinion, why moderate politicians got shoved to the sidelines, and how Wall Street often wins politically by hiring over 1,400 former government officials as lobbyists.
Smith talks to a wide range of people, telling the stories of Americans high and low. From political leaders such as Bill Clinton, Newt Gingrich, and Martin Luther King, Jr., to CEOs such as Al Dunlap, Bob Galvin, and Andy Grove, to heartland Middle Americans such as airline mechanic Pat O’Neill, software systems manager Kristine Serrano, small businessman John Terboss, and subcontractor Eliseo Guardado, Smith puts a human face on how middle-class America and the American Dream have been undermined.
This magnificent work of history and reportage is filled with the penetrating insights, provocative discoveries, and the great empathy of a master journalist. Finally, Smith offers ideas for restoring America’s great promise and reclaiming the American Dream.
Praise for Who Stole the American Dream?
“[A] sweeping, authoritative examination of the last four decades of the American economic experience.”—The Huffington Post
“Some fine work has been done in explaining the mess we’re in. . . . But no book goes to the headwaters with the precision, detail and accessibility of Smith.”—The Seattle Times
“Sweeping in scope . . . [Smith] posits some steps that could alleviate the problems of the United States.”—USA Today
“Brilliant . . . [a] remarkably comprehensive and coherent analysis of and prescriptions for America’s contemporary economic malaise.”—Kirkus Reviews (starred review)
“Smith enlivens his narrative with portraits of the people caught up in events, humanizing complex subjects often rendered sterile in economic analysis. . . . The human face of the story is inseparable from the history.”—Reuters
Yet Matt Ridley does more than describe how things are getting better. He explains why. Prosperity comes from everybody working for everybody else. The habit of exchange and specialization—which started more than 100,000 years ago—has created a collective brain that sets human living standards on a rising trend. The mutual dependence, trust, and sharing that result are causes for hope, not despair.
This bold book covers the entire sweep of human history, from the Stone Age to the Internet, from the stagnation of the Ming empire to the invention of the steam engine, from the population explosion to the likely consequences of climate change. It ends with a confident assertion that thanks to the ceaseless capacity of the human race for innovative change, and despite inevitable disasters along the way, the twenty-first century will see both human prosperity and natural biodiversity enhanced. Acute, refreshing, and revelatory, The Rational Optimist will change your way of thinking about the world for the better.
Deftly weaving together psychology, evolutionary biology, anthropology, physics, and economics, along with the compelling story of hard-won lessons learned in the field, Harford makes a passionate case for the importance of adaptive trial and error in tackling issues such as climate change, poverty, and financial crises—as well as in fostering innovation and creativity in our business and personal lives.
Taking us from corporate boardrooms to the deserts of Iraq, Adapt clearly explains the necessary ingredients for turning failure into success. It is a breakthrough handbook for surviving—and prospering— in our complex and ever-shifting world.
In this "clear, provocative" (Boston Globe) New York Times bestseller, Paul Krugman, today's most widely read economist, examines the past eighty years of American history, from the reforms that tamed the harsh inequality of the Gilded Age and the 1920s to the unraveling of that achievement and the reemergence of immense economic and political inequality since the 1970s. Seeking to understand both what happened to middle-class America and what it will take to achieve a "new New Deal," Krugman has created his finest book to date, a "stimulating manifesto" offering "a compelling historical defense of liberalism and a clarion call for Americans to retake control of their economic destiny" (Publishers Weekly).
"As Democrats seek a rationale not merely for returning to power, but for fundamentally changing—or changing back—the relationship between America's government and its citizens, Mr. Krugman's arguments will prove vital in the months and years ahead." —Peter Beinart, New York Times
all the devils are here."
-Shakespeare, The Tempest
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Among the devils you'll meet in vivid detail:
• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.
• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.
• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.
• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.
• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.
• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.
• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.
• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.
Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.
Remarkable as it may seem today, there once was a time when the president of the United States could pick up the phone and ask the president of General Motors to resign his position and take the reins of a great national enterprise. And the CEO would oblige, no questions asked, because it was his patriotic duty.
In Freedom’s Forge, bestselling author Arthur Herman takes us back to that time, revealing how two extraordinary American businessmen—automobile magnate William Knudsen and shipbuilder Henry J. Kaiser—helped corral, cajole, and inspire business leaders across the country to mobilize the “arsenal of democracy” that propelled the Allies to victory in World War II.
“Knudsen? I want to see you in Washington. I want you to work on some production matters.” With those words, President Franklin D. Roosevelt enlisted “Big Bill” Knudsen, a Danish immigrant who had risen through the ranks of the auto industry to become president of General Motors, to drop his plans for market domination and join the U.S. Army. Commissioned a lieutenant general, Knudsen assembled a crack team of industrial innovators, persuading them one by one to leave their lucrative private sector positions and join him in Washington, D.C. Dubbed the “dollar-a-year men,” these dedicated patriots quickly took charge of America’s moribund war production effort.
Henry J. Kaiser was a maverick California industrialist famed for his innovative business techniques and his can-do management style. He, too, joined the cause. His Liberty ships became World War II icons—and the Kaiser name became so admired that FDR briefly considered making him his vice president in 1944. Together, Knudsen and Kaiser created a wartime production behemoth. Drafting top talent from companies like Chrysler, Republic Steel, Boeing, Lockheed, GE, and Frigidaire, they turned auto plants into aircraft factories and civilian assembly lines into fountains of munitions, giving Americans fighting in Europe and Asia the tools they needed to defeat the Axis. In four short years they transformed America’s army from a hollow shell into a truly global force, laying the foundations for a new industrial America—and for the country’s rise as an economic as well as military superpower.
Featuring behind-the-scenes portraits of FDR, George Marshall, Henry Stimson, Harry Hopkins, Jimmy Doolittle, and Curtis LeMay, as well as scores of largely forgotten heroes and heroines of the wartime industrial effort, Freedom’s Forge is the American story writ large. It vividly re-creates American industry’s finest hour, when the nation’s business elites put aside their pursuit of profits and set about saving the world.
Praise for Freedom’s Forge
“A rambunctious book that is itself alive with the animal spirits of the marketplace.”—The Wall Street Journal
“A rarely told industrial saga, rich with particulars of the growing pains and eventual triumphs of American industry . . . Arthur Herman has set out to right an injustice: the loss, down history’s memory hole, of the epic achievements of American business in helping the United States and its allies win World War II.”—The New York Times Book Review
“Magnificent . . . It’s not often that a historian comes up with a fresh approach to an absolutely critical element of the Allied victory in World War II, but Pulitzer finalist Herman . . . has done just that.”—Kirkus Reviews (starred review)
From the Hardcover edition.
Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?
Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence?
Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities.
The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.
Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:
- China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?
- Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?
- What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?
Why Nations Fail will change the way you look at—and understand—the world.
Trillions of dollars in assets and fundamental political power are changing hands as free markets wrest control from government of the "commanding heights" -- the dominant businesses and industries of the world economy. Daniel Yergin and Joseph Stanislaw demonstrate that words like "privatization" and "deregulation" are inadequate to describe the enormous upheaval that is unfolding before our eyes. Along with the creation of vast new wealth, the map of the global economy is being redrawn. Indeed, the very structure of society is changing. New markets and new opportunities have brought great new risks as well. How has all this come about? Who are the major figures behind it? How does it affect our lives?
The collapse of the Soviet Union, the awesome rise of China, the awakening of India, economic revival in Latin America, the march toward the European Union -- all are a part of this political and economic revolution. Fiscal realities and financial markets are relentlessly propelling deregulation; achieving a new balance between government and marketplace will be the major political challenge in the coming years. Looking back, the authors describe how the old balance was overturned, and by whom. Looking forward, they explore these questions: Will the new balance prevail? Or does the free market contain the seeds of its own destruction? Will there be a backlash against any excesses of the free market? And finally, The Commanding Heights illuminates the five tests by which the success or failure of all these changes can be measured, and defines the key issues as we enter the twenty-first century.
The Commanding Heights captures this revolution in ideas in riveting accounts of the history and the politics of the postwar years and compelling tales of the astute politicians, brilliant thinkers, and tenacious businessmen who brought these changes about. Margaret Thatcher, Donald Reagan, Deng Xiaoping, and Bill Clinton share the stage with the "Minister of Thought" Keith Joseph, the broommaker's son Domingo Cavallo, and Friedrich von Hayek, the Austrian economist who was determined to win the twenty-year "battle of ideas." It is a complex and wide-ranging story, and the authors tell it brilliantly, with a deep understanding of human character, making critically important ideas lucid and accessible. Written with unique access to many of the key players, The Commanding Heights, like no other book, brings us an understanding of the last half of the twentieth century -- and sheds a powerful light on what lies ahead in the twenty-first century.
How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of his immensely influential economic philosophy—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The result is an accessible text that has sold well over half a million copies in English, has been translated into eighteen languages, and shows every sign of becoming more and more influential as time goes on.
In this updated edition of the abridged Reconstruction, Eric Foner redefines how the post-Civil War period was viewed.
Reconstruction chronicles the way in which Americans—black and white—responded to the unprecedented changes unleashed by the war and the end of slavery. It addresses the quest of emancipated slaves searching for economic autonomy and equal citizenship, and describes the remodeling of Southern society, the evolution of racial attitudes and patterns of race relations, and the emergence of a national state possessing vastly expanded authority and committed, for a time, to the principle of equal rights for all Americans.
This "masterful treatment of one of the most complex periods of American history" (New Republic) remains the standard work on the wrenching post-Civil War period—an era whose legacy still reverberates in the United States today.
In 2007, David Goldhill’s father died from infections acquired in a hospital, one of more than two hundred thousand avoidable deaths per year caused by medical error. The bill was enormous—and Medicare paid it. These circumstances left Goldhill angry and determined to understand how world-class technology and personnel could coexist with such carelessness—and how a business that failed so miserably could be paid in full. Catastrophic Care is the eye-opening result.
Blending personal anecdotes and extensive research, Goldhill presents us with cogent, biting analysis that challenges the basic preconceptions that have shaped our thinking for decades. Contrasting the Island of health care with the Mainland of our economy, he demonstrates that high costs, excess medicine, terrible service, and medical error are the inevitable consequences of our insurance-based system. He explains why policy efforts to fix these problems have invariably produced perverse results, and how the new Affordable Care Act is more likely to deepen than to solve these issues.
Goldhill steps outside the incremental and wonkish debates to question the conventional wisdom blinding us to more fundamental issues. He proposes a comprehensive new way, where the customer (the patient) is first—a system focused on health and maintaining it, a system strong and vibrant enough for our future.
If you think health care is interesting only to institutes and politicians, think again: Catastrophic Care is surprising, engaging, and brimming with insights born of questions nobody has thought to ask. Above all it is a book of new ideas that can transform the way we understand a subject we often take for granted.
Considering the effects of segregation and integration across multiple social arenas, Anderson exposes the deficiencies of racial views on both the right and the left. She reveals the limitations of conservative explanations for black disadvantage in terms of cultural pathology within the black community and explains why color blindness is morally misguided. Multicultural celebrations of group differences are also not enough to solve our racial problems. Anderson provides a distinctive rationale for affirmative action as a tool for promoting integration, and explores how integration can be practiced beyond affirmative action.
Offering an expansive model for practicing political philosophy in close collaboration with the social sciences, this book is a trenchant examination of how racial integration can lead to a more robust and responsive democracy.
This reprint of Edwin Cannan's definitive 1904 edition of The Wealth of Nations includes Cannan's famous introduction, notes, and a full index, as well as a new preface written especially for this edition by the distinguished economist George J. Stigler. Mr. Stigler's preface will be of value for anyone wishing to see the contemporary relevance of Adam Smith's thought.
In a series of enlightening and wide-ranging discussions, all published here for the first time, Chomsky radically reinterprets the events of the past three decades, covering topics from foreign policy during Vietnam to the decline of welfare under the Clinton administration. And as he elucidates the connection between America’s imperialistic foreign policy and the decline of domestic social services, Chomsky also discerns the necessary steps to take toward social change. With an eye to political activism and the media’s role in popular struggle, as well as U.S. foreign and domestic policy, Understanding Power offers a sweeping critique of the world around us and is definitive Chomsky.
Characterized by Chomsky’s accessible and informative style, this is the ideal book for those new to his work as well as for those who have been listening for years.
The classic introduction to economic thought, now updated in time for the publication of New Ideas from Dead CEOs
This entertaining and accessible introduction to the great economic thinkers throughout history—Adam Smith, John Stuart Mill, Karl Marx, John Maynard Keynes, and more—shows how their ideas still apply to our modern world. In this revised edition, renowned economist Todd Buchholz offers an insightful and informed perspective on key economic issues in the new millennium: increasing demand for energy, the rise of China, international trade, aging populations, health care, and the effects of global warming. New Ideas from Dead Economists is a fascinating guide to understanding both the evolution of economic theory and our complex contemporary economy.
From the Trade Paperback edition.
Edited by bestselling author Lisa Delpit and education professor Joanne Kilgour Dowdy, the book includes an extended new piece by Delpit herself, as well as groundbreaking work by Herbert Kohl, Gloria Ladson-Billings, and Victoria Purcell-Gates, as well as classic texts by Geneva Smitherman and Asa Hilliard.
At a time when children are written off in our schools because they do not speak formal English, and when the class- and race-biased language used to describe those children determines their fate, The Skin That We Speak offers a cutting-edge look at crucial educational issues.
Heat waves in the United States kill more people during a typical year than all other natural disasters combined. Until now, no one could explain either the overwhelming number or the heartbreaking manner of the deaths resulting from the 1995 Chicago heat wave. Meteorologists and medical scientists have been unable to account for the scale of the trauma, and political officials have puzzled over the sources of the city's vulnerability. In Heat Wave, Eric Klinenberg takes us inside the anatomy of the metropolis to conduct what he calls a "social autopsy," examining the social, political, and institutional organs of the city that made this urban disaster so much worse than it ought to have been.
Starting with the question of why so many people died at home alone, Klinenberg investigates why some neighborhoods experienced greater mortality than others, how the city government responded to the crisis, and how journalists, scientists, and public officials reported on and explained these events. Through a combination of years of fieldwork, extensive interviews, and archival research, Klinenberg uncovers how a number of surprising and unsettling forms of social breakdown—including the literal and social isolation of seniors, the institutional abandonment of poor neighborhoods, and the retrenchment of public assistance programs—contributed to the high fatality rates. The human catastrophe, he argues, cannot simply be blamed on the failures of any particular individuals or organizations. For when hundreds of people die behind locked doors and sealed windows, out of contact with friends, family, community groups, and public agencies, everyone is implicated in their demise.
As Klinenberg demonstrates in this incisive and gripping account of the contemporary urban condition, the widening cracks in the social foundations of American cities that the 1995 Chicago heat wave made visible have by no means subsided as the temperatures returned to normal. The forces that affected Chicago so disastrously remain in play in America's cities, and we ignore them at our peril.
For the Second Edition Klinenberg has added a new Preface showing how climate change has made extreme weather events in urban centers a major challenge for cities and nations across our planet, one that will require commitment to climate-proofing changes to infrastructure rather than just relief responses.
For the paperback edition, Landes has written a new epilogue, in which he takes account of Asian financial crisises and the international tension between overconfidence and reality.
This new edition features an introduction by John Bellamy Foster that sets the work in historical and theoretical context, as well as two rare articles by Braverman, "The Degradation of Work in the Twentieth Century" (1975) and "Two Comments" (1976), that add much to our understanding of the book.
More than a million managers in both large and small companies, investment analysts, consultants, students, and scholars throughout the world have internalized Porter's ideas and applied them to assess industries, understand competitors, and choose competitive positions. The ideas in the book address the underlying fundamentals of competition in a way that is independent of the specifics of the ways companies go about competing.
Competitive Strategy has filled a void in management thinking. It provides an enduring foundation and grounding point on which all subsequent work can be built. By bringing a disciplined structure to the question of how firms achieve superior profitability, Porter’s rich frameworks and deep insights comprise a sophisticated view of competition unsurpassed in the last quarter-century.
In short, either we embrace radical change ourselves or radical changes will be visited upon our physical world. The status quo is no longer an option.
In This Changes Everything Naomi Klein argues that climate change isn’t just another issue to be neatly filed between taxes and health care. It’s an alarm that calls us to fix an economic system that is already failing us in many ways. Klein meticulously builds the case for how massively reducing our greenhouse emissions is our best chance to simultaneously reduce gaping inequalities, re-imagine our broken democracies, and rebuild our gutted local economies. She exposes the ideological desperation of the climate-change deniers, the messianic delusions of the would-be geoengineers, and the tragic defeatism of too many mainstream green initiatives. And she demonstrates precisely why the market has not—and cannot—fix the climate crisis but will instead make things worse, with ever more extreme and ecologically damaging extraction methods, accompanied by rampant disaster capitalism.
Klein argues that the changes to our relationship with nature and one another that are required to respond to the climate crisis humanely should not be viewed as grim penance, but rather as a kind of gift—a catalyst to transform broken economic and cultural priorities and to heal long-festering historical wounds. And she documents the inspiring movements that have already begun this process: communities that are not just refusing to be sites of further fossil fuel extraction but are building the next, regeneration-based economies right now.
Can we pull off these changes in time? Nothing is certain. Nothing except that climate change changes everything. And for a very brief time, the nature of that change is still up to us.
The Middle Eastern question lies at the heart of the most pressing issues of our time: the war in Iraq and on terrorism, the growing tension between preservation of our national security and protection of our civil rights, and the debate over immigration, assimilation, and our national identity. Yet paradoxically, little attention is focused on our domestic Middle Eastern population and its place in American society. Unlike many other racial minorities in our country, Middle Eastern Americans have faced rising, rather than diminishing, degrees of discrimination over time; a fact highlighted by recent targeted immigration policies, racial profiling, a war on terrorism with a decided racialist bent, and growing rates of job discrimination and hate crime. Oddly enough, however, Middle Eastern Americans are not even considered a minority in official government data. Instead, they are deemed white by law.
In Whitewashed, John Tehranian combines his own personal experiences as an Iranian American with an expert’s analysis of current events, legal trends, and critical theory to analyze this bizarre Catch-22 of Middle Eastern racial classification. He explains how American constructions of Middle Eastern racial identity have changed over the last two centuries, paying particular attention to the shift in perceptions of the Middle Easterner from friendly foreigner to enemy alien, a trend accelerated by the tragic events of 9/11. Focusing on the contemporary immigration debate, the war on terrorism, media portrayals of Middle Easterners, and the processes of creating racial stereotypes, Tehranian argues that, despite its many successes, the modern civil rights movement has not done enough to protect the liberties of Middle Eastern Americans.
By following how concepts of whiteness have transformed over time, Whitewashed forces readers to rethink and question some of their most deeply held assumptions about race in American society.
How bad is it? According to Pulitzer Prize–winning journalist David Cay Johnston, most Americans, in inflation–adjusted terms, are now back to the average income of 1966. Shockingly, from 2009 to 2011, the top 1 percent got 121 percent of the income gains while the bottom 99 percent saw their income fall. Yet in this most unequal of developed nations, every aspect of inequality remains hotly contested and poorly understood.
Divided collects the writings of leading scholars, activists, and journalists to provide an illuminating, multifaceted look at inequality in America, exploring its devastating implications in areas as diverse as education, justice, health care, social mobility, and political representation. Provocative and eminently readable, here is an essential resource for anyone who cares about the future of America—and compelling evidence that inequality can be ignored only at the nation’s peril.
Constitution 3.0 explores some of the most urgent constitutional questions of the near future. Will privacy become obsolete, for example, in a world where ubiquitous surveillance is becoming the norm? Imagine that Facebook and Google post live feeds from public and private surveillance cameras, allowing 24/7 tracking of any citizen in the world. How can we protect free speech now that Facebook and Google have more power than any king, president, or Supreme Court justice to decide who can speak and who can be heard? How will advanced brain-scan technology affect the constitutional right against self-incrimination? And on a more elemental level, should people have the right to manipulate their genes and design their own babies? Should we be allowed to patent new forms of life that seem virtually human? The constitutional challenges posed by technological progress are wide-ranging, with potential impacts on nearly every aspect of life in America and around the world.
The authors include Jamie Boyle, Duke Law School; Eric Cohen and Robert George, Princeton University; Jack Goldsmith, Harvard Law School; Orin Kerr, George Washington University Law School; Lawrence Lessig, Harvard Law School; Stephen Morse, University of Pennsylvania Law School; John Robertson, University of Texas Law School; Christopher Slobogin, Vanderbilt Law School; O. Carter Snead, Notre Dame Law School; Jeffrey Rosen, George Washington University Law School; Benjamin Wittes, Brookings Institution; Tim Wu, Columbia Law School; and Jonathan Zittrain, Harvard Law School.
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Download the cheat sheet for Roger Lowenstein's The End of Wall Street »The roots of the mortgage bubble and the story of the Wall Street collapse-and the government's unprecedented response-from our most trusted business journalist.
The End of Wall Street is a blow-by-blow account of America's biggest financial collapse since the Great Depression. Drawing on 180 interviews, including sit-downs with top government officials and Wall Street CEOs, Lowenstein tells, with grace, wit, and razor-sharp understanding, the full story of the end of Wall Street as we knew it. Displaying the qualities that made When Genius Failed a timeless classic of Wall Street-his sixth sense for narrative drama and his unmatched ability to tell complicated financial stories in ways that resonate with the ordinary reader-Roger Lowenstein weaves a financial, economic, and sociological thriller that indicts America for succumbing to the siren song of easy debt and speculative mortgages.
The End of Wall Street is rife with historical lessons and bursting with fast-paced action. Lowenstein introduces his story with precisely etched, laserlike profiles of Angelo Mozilo, the Johnny Appleseed of subprime mortgages who spreads toxic loans across the landscape like wild crabapples, and moves to a damning explication of how rating agencies helped gift wrap faulty loans in the guise of triple-A paper and a takedown of the academic formulas that-once again- proved the ruin of investors and banks. Lowenstein excels with a series of searing profiles of banking CEOs, such as the ferretlike Dick Fuld of Lehman and the bloodless Jamie Dimon of JP Morgan, and of government officials from the restless, deal-obsessed Hank Paulson and the overmatched Tim Geithner to the cerebral academic Ben Bernanke, who sought to avoid a repeat of the one crisis he spent a lifetime trying to understand-the Great Depression.
Finally, we come to understand the majesty of Lowenstein's theme of liquidity and capital, which explains the origins of the crisis and that positions the collapse of 2008 as the greatest ever of Wall Street's unlearned lessons. The End of Wall Street will be essential reading as we work to identify the lessons of the market failure and start to reb...