Hobson attacked conventional economic wisdom which made a division between the cost of production and the utility derived from consumption. Far from being necesarily arduous, Hobson argued that work had the potential to bring about immense utility and enrichment. The qualitative, humanist work argues in favour of a new form of capitalism to minimise cost and maximise utility.
Seeking a solution to this dilemma, Hobson analyses all aspects of the problem: income, uses of the surplus, underconsumption, markets and distribution, and internationalism. The study also explores theories concerning economies of rationalisation, both in terms of productivity and consumption.
Part I of the book deals with an attempt to provide an intelligible and consistent meaning for human value and welfare. Part II sketches the emergence of an economic science and its formal relations to ethics. Part III discusses the ethical significance of certain basic factors in the modern economic system, especially property and market processes. Part IV is addressed to the notion of industrial peace and progress in the light of modern humanism, with especial regard to the new problems emerging in a world becoming conscious of its widening unity.
Michael Lewis creates a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his #1 bestseller Liar's Poker. Out of a handful of unlikely-really unlikely-heroes, Lewis fashions a story as compelling and unusual as any of his earlier bestsellers, proving yet again that he is the finest and funniest chronicler of our time.
"Guaranteed to make blood boil." —Janet Maslin, New York Times
In Michael Lewis's game-changing bestseller, a small group of Wall Street iconoclasts realize that the U.S. stock market has been rigged for the benefit of insiders. They band together—some of them walking away from seven-figure salaries—to investigate, expose, and reform the insidious new ways that Wall Street generates profits. If you have any contact with the market, even a retirement account, this story is happening to you.
Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
From the author of The Blind Side and Moneyball, The Big Short tells the story of four outsiders in the world of high-finance who predict the credit and housing bubble collapse before anyone else. The film adaptation by Adam McKay (Anchorman I and II, The Other Guys) features Academy Award® winners Christian Bale, Brad Pitt, Melissa Leo and Marisa Tomei; Academy Award® nominees Steve Carell and Ryan Gosling.
When the crash of the U.S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn’t shine and the SEC doesn’t dare, or bother, to tread. Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? In this fitting sequel to Liar’s Poker, Michael Lewis answers that question in a narrative brimming with indignation and dark humor.
Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.
Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.
As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.
Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.
While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.
From the Hardcover edition.
The financial crisis that exploded in 2008 isn’t past but prologue. The grifter class—made up of the largest players in the financial industry and the politicians who do their bidding—has been growing in power, and the crisis was only one terrifying manifestation of how they’ve hijacked America’s political and economic life.
Matt Taibbi has combined deep sources, trailblazing reportage, and provocative analysis to create the most lucid, emotionally galvanizing account yet written of this ongoing American crisis. He offers fresh reporting on the backroom deals of the bailout; tells the story of Goldman Sachs, the “vampire squid wrapped around the face of humanity”; and uncovers the hidden commodities bubble that transferred billions of dollars to Wall Street while creating food shortages around the world.
This is essential reading for anyone who wants to understand the labyrinthine inner workings of this country, and the profound consequences for us all.
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.
Millions of Americans work full time, year round, for poverty-level wages. In 1998, Barbara Ehrenreich decided to join them. She was inspired in part by the rhetoric surrounding welfare reform, which promised that a job -- any job -- can be the ticket to a better life. But how does anyone survive, let alone prosper, on $6 an hour? To find out, Ehrenreich left her home, took the cheapest lodgings she could find, and accepted whatever jobs she was offered. Moving from Florida to Maine to Minnesota, she worked as a waitress, a hotel maid, a cleaning woman, a nursing-home aide, and a Wal-Mart sales clerk. She lived in trailer parks and crumbling residential motels. Very quickly, she discovered that no job is truly "unskilled," that even the lowliest occupations require exhausting mental and muscular effort. She also learned that one job is not enough; you need at least two if you int to live indoors.
Nickel and Dimed reveals low-rent America in all its tenacity, anxiety, and surprising generosity -- a land of Big Boxes, fast food, and a thousand desperate stratagems for survival. Read it for the smoldering clarity of Ehrenreich's perspective and for a rare view of how "prosperity" looks from the bottom. You will never see anything -- from a motel bathroom to a restaurant meal -- in quite the same way again.
With a New Afterword
“Schlosser has a flair for dazzling scene-setting and an arsenal of startling facts . . . Fast Food Nation points the way but, to resurrect an old fast food slogan, the choice is yours.”—Los Angeles Times
In 2001, Fast Food Nation was published to critical acclaim and became an international bestseller. Eric Schlosser’s exposé revealed how the fast food industry has altered the landscape of America, widened the gap between rich and poor, fueled an epidemic of obesity, and transformed food production throughout the world. The book changed the way millions of people think about what they eat and helped to launch today’s food movement.
In a new afterword for this edition, Schlosser discusses the growing interest in local and organic food, the continued exploitation of poor workers by the food industry, and the need to ensure that every American has access to good, healthy, affordable food. Fast Food Nation is as relevant today as it was a decade ago. The book inspires readers to look beneath the surface of our food system, consider its impact on society and, most of all, think for themselves.
“As disturbing as it is irresistible . . . Exhaustively researched, frighteningly convincing . . . channeling the spirits of Upton Sinclair and Rachel Carson.”—San Francisco Chronicle
“Schlosser shows how the fast food industry conquered both appetite and landscape.”—The New Yorker
Eric Schlosser is a contributing editor for the Atlantic and the author of Fast Food Nation, Reefer Madness, and Chew on This (with Charles Wilson).
Now a New York Times bestseller.
In a sweeping narrative about the people and the politics behind the budget, Wessel looks at the 2011 fiscal year (which ended September 30) to see where all the money was actually spent, and why the budget process has grown wildly out of control. Through the eyes of key people--Jacob Lew, White House director of the Office of Management and Budget; Douglas Elmendorf, director of the Congressional Budget Office; Blackstone founder and former Commerce Secretary Pete Peterson; and more--Wessel gives readers an inside look at the making of our unsustainable budget.
From the Hardcover edition.
In True Wealth , economist Juliet B. Schor rejects the sacrifice message, with the insight that social innovations and new technology can simultaneously enhance our lives and protect the planet. Schor shares examples of urban farmers, DIY renovators, and others working outside the conventional market to illuminate the path away from the work-and-spend cycle and toward a new world rich in time, creativity, information, and community.
We Americans have long thought of ourselves as unburdened by class distinctions. We have no hereditary aristocracy or landed gentry, and even the poorest among us feel that they can become rich through education, hard work, or sheer gumption. And yet social class remains a powerful force in American life.
In Class Matters, a team of New York Times reporters explores the ways in which class—defined as a combination of income, education, wealth, and occupation—influences destiny in a society that likes to think of itself as a land of opportunity. We meet individuals in Kentucky and Chicago who have used education to lift themselves out of poverty and others in Virginia and Washington whose lack of education holds them back. We meet an upper-middle-class family in Georgia who moves to a different town every few years, and the newly rich in Nantucket whose mega-mansions have driven out the longstanding residents. And we see how class disparities manifest themselves at the doctor's office and at the marriage altar.
For anyone concerned about the future of the American dream, Class Matters is truly essential reading.
"Class Matters is a beautifully reported, deeply disturbing, portrait of a society bent out of shape by harsh inequalities. Read it and see how you fit into the problem or—better yet—the solution!"—Barbara Ehrenreich, author of Nickel and Dimed and Bait and Switch
Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream.
Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that:
· Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself.
· The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs.
· The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores.
· Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation.
· And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.
Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.
— Financial Times - Best Books of 2016: Economics
— Bloomberg Businessweek- Best Books of the Year
“The intellectual strength of this book lies in his capacity to integrate disparate findings from historical studies, social theory and research on contemporary trends into a complex and original synthesis that challenges widespread assumptions about the cause of black disadvantage and the way to remove it.”—Paul Starr, New York Times Book Review
“This publication is easily one of the most erudite and sober diagnoses of the American black situation. Students of race relations and anybody in a policy-making position cannot afford to bypass this study.”—Ernest Manheim, Sociology
With pragmatic recommendations on what government, business and labor should do to alleviate the economic crunch, The Big Squeeze is a balanced, consistently revealing look at a major American crisis.
Jim Rogers, whose entertaining accounts of his travels around the world -- studying the markets from Russia to Singapore from the ground up-- has enthralled readers, investors and Wall Street aficionados for two decades in such books as Investment Biker, Adventure Capitalist, Hot Commodities and A Bull In China . In his engaging memoir Street Smarts, Rogers offers pithy commentary from a lifetime of adventure, from his early years growing up a naïve kid in Demopolis, Alabama, to his fledgling career on Wall Street, to his cofounding the wildly successful Quantum Fund. Rogers always had a restless curiosity to experience and understand the world around him.
In Street Smarts, he takes us through the highlights of his life in the financial markets, from his school days at Yale and Oxford -- where despite the fact that he didn’t have enough money to afford the appropriate pair of shoes, he coxed the crew and helped to win the Oxford-Cambridge Boat Race as well as the Thames Cup, the first of his three Guiness World Records -- to his first heady taste of Wall Street in the mid - 1960s, and his years helping to run the most successful hedge fund on Wall Street. As a result of his extraordinary success with the Quantum Fund, Rogers was able to retire at the age of thirty-seven. Since then he has taught classes in finance at Columbia University, hosted television programs, and traveled the world seeing firsthand how revolutions in Chile affect coffee prices in Seattle, and how shortages of copper in Africa affect electricity brownouts in Ohio.
In the course of his new book, Rogers offers often surprising observations on how the world works – and what trends he sees in the future. He explains why Asia will be the dominant economic force in the twenty-first century – and how he and his wife and two daughters moved to Singapore to prepare his family for the coming changes.. He discusses why America and the European Union are in decline, and what we need to do to right our economy and society. The age of Wall Street, Rogers claims, when the finance industry drove 25% of America’s growth, is over. Tomorrow’s economy will be driven by those who make things – food, energy, goods and consumables.
Regarded as one of the most astute investors Wall Street has ever known, Jim Rogers once again is at his acerbic and storytelling best.
Starting from the premise that human beings "exist wholly within nature as part of natural order in every respect," Jane Jacobs has focused her singular eye on the natural world in order to discover the fundamental models for a vibrant economy. The lessons she discloses come from fields as diverse as ecology, evolution, and cell biology. Written in the form of a Platonic dialogue among five fictional characters, The Nature of Economies is as astonishingly accessible and clear as it is irrepressibly brilliant and wise–a groundbreaking yet humane study destined to become another world-altering classic.
From the Trade Paperback edition.
William E. Leuchtenburg's lively yet balanced account of this hotly debated era in American history has been a standard text for many years. This substantial revision gives greater weight to the roles of women and minorities in the great changes of the era and adds new insights into literature, the arts, and technology in daily life. He has also updated the lists of important dates and resources for further reading.
“This book gives us a rare opportunity to enjoy the matured interpretation of an American Historian who has returned to the story and seen how recent decades have added meaning and vividness to this epoch of our history.”—Daniel J. Boorstin, from the Preface
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.
Don Peck’s Pinched, a fascinating and harrowing exploration of our dramatic economic climate, keenly observes how the recession has changed the places we live, the work we do, and even who we are—and details the transformations that are yet to come. Every class and every generation will be affected: newly minted college graduates, blue-collar men, affluent professionals, exurban families, elite financiers, inner city youth, middle-class retirees.
This was not an ordinary recession, and ordinary responses will not fully end it. The crash has shifted the course of the economy. In its aftermath, the middle class is shrinking faster, wealth is becoming more concentrated, twenty-somethings are sinking, and working-class families and communities are changing in unsavory ways.
We sit today between two eras, buffeted, anxious, and uncertain of the future. Through vivid reporting and lucid argument, Peck helps us make sense of how our society has changed, and why so many people are still struggling.
The answers to these questions reveal a new way forward for America. The country has endured periods like this one before, and has emerged all the stronger from them; adaptation and reinvention have been perhaps the nation’s best and most enduring traits. The time is ripe for another such reinvention. Pinched lays out the principles and public actions that can help us pull it off.
-- USA Today
“The accounts are wonderfully revealing, with gritty and almost shockingly honest detail. For all their variety, they weave a cohesive, passion-filled story of what people bring to their work. It's an addictive read.”
-- Harvard Business Review's Best Business Books of 2000
“Keen, disturbing, and deeply felt . . . the stories in Gig deliver a more rousing political wallop than those in Working . . . remarkable and strangely moving.”
-- Susan Faludi, The Village Voice
“I love this book! It's surprising and entertaining and makes the world seem like a bigger and more interesting place. Gig manages to document everyday life and give pure narrative pleasure at the same time. One feels proud to live in the same country as the people in this book.”
-- Ira Glass, host of This American Life
“A fascinating compilation of what the American workforce has to say about itself.”
-- George Plimpton
“Eye-opening . . . more revealing than any theories a sociologist could concoct.”
-- The Industry Standard
“Entertaining, sobering, validating . . . Ordinary people discuss their jobs with extraordinary candor.”
-- US Weekly
“In the age of advanced spin, this book accomplishes a very rare thing. It actually lets workers speak for themselves. . . . The result makes for a fascinating read.”
-- Andrew Ross, director, American Studies Program at New York University
“Emotional and eye-opening, each compelling description offers insight about the job itself and, more important, an intimate view of a single human life.”
-- Austin Chronicle
“An engaging, humorous, revealing, and refreshingly human look at the bizarre, life-threatening, and delightfully humdrum exploits of everyone from sports heroes to sex workers.”
-- Douglas Rushkoff, author of Coercion, Ecstasy Club, and Media Virus
From the Trade Paperback edition.
Meadows, Randers, and Meadows are international environmental leaders recognized for their groundbreaking research into early signs of wear on the planet. Citing climate change as the most tangible example of our current overshoot, the scientists now provide us with an updated scenario and a plan to reduce our needs to meet the carrying capacity of the planet.
Over the past three decades, population growth and global warming have forged on with a striking semblance to the scenarios laid out by the World3 computer model in the original Limits to Growth. While Meadows, Randers, and Meadows do not make a practice of predicting future environmental degradation, they offer an analysis of present and future trends in resource use, and assess a variety of possible outcomes.
In many ways, the message contained in Limits to Growth: The 30-Year Update is a warning. Overshoot cannot be sustained without collapse. But, as the authors are careful to point out, there is reason to believe that humanity can still reverse some of its damage to Earth if it takes appropriate measures to reduce inefficiency and waste.
Written in refreshingly accessible prose, Limits to Growth: The 30-Year Update is a long anticipated revival of some of the original voices in the growing chorus of sustainability. Limits to Growth: The 30 Year Update is a work of stunning intelligence that will expose for humanity the hazy but critical line between human growth and human development.
Bestselling author and financial guru Harry Dent shows why we're facing a decade-long “great deflation”—and what to do about it.
Throughout his long career as an economic forecaster, Harry Dent has relied on demographics—the ultimate tool for predicting both big and small trends, decades in advance. Now he explains what’s going to happen to our economy with the accelerating retirements of the Baby Boomers.
Inflation rises when a larger than usual block of younger people enter the workforce, and it wanes when large numbers of older people retire, downsize their homes, and cut their spending. The mass retirement of the Boomers won’t just hold back inflation, it will actually cause deflation—with a downturn and periodic crises from 2014 until about 2023.
Dent explores the implications of his controversial predictions for retirement planning, healthcare, real estate, education, investing, and business strategies. His advice will help readers survive and prosper during the challenging years ahead.
When it comes to global poverty, people are passionate and polarized. At one extreme: We just need to invest more resources. At the other: We've thrown billions down a sinkhole over the last fifty years and accomplished almost nothing.
Dean Karlan and Jacob Appel present an entirely new approach that blazes an optimistic and realistic trail between these two extremes.
In this pioneering book Karlan and Appel combine behavioral economics with worldwide field research. They take readers with them into villages across Africa, India, South America, and the Philippines, where economic theory collides with real life. They show how small changes in banking, insurance, health care, and other development initiatives that take into account human irrationality can drastically improve the well-being of poor people everywhere.
We in the developed world have found ways to make our own lives profoundly better. We use new tools to spend smarter, save more, eat better, and lead lives more like the ones we imagine. These tools can do the same for the impoverished. Karlan and Appel's research, and those of some close colleagues, show exactly how.
In America alone, individual donors contribute over two hundred billion to charity annually, three times as much as corporations, foundations, and bequests combined. This book provides a new way to understand what really works to reduce poverty; in so doing, it reveals how to better invest those billions and begin transforming the well-being of the world.
Combining personal memoir and historical narrative, Striking Steel argues for reassessment of unionism in American life during the second half of the twentieth century and a recasting of "official memory." As he traces the history of union steelworkers after World War II, Metzgar draws on his father's powerful stories about the publishing work in the mills, stories in which time is divided between "before the union" and since. His father, Johnny Metzgar, fought ardently for workplace rules as a means of giving "the men" some control over their working conditions and protection from venal foremen. He pursued grievances until he eroded management's authority, and he badgered foremen until he established shop-floor practices that would become part of the next negotiated contract. As a passionate advocate of solidarity, he urged coworkers to stick together so that the rules were upheld and everyone could earn a decent wage.
Striking Steel's pivotal event is the four-month nationwide steel strike of 1959, a landmark union victory that has been all but erased from public memory. With remarkable tenacity, union members held out for the shop-floor rules that gave them dignity in the workplace and raised their standard of living. Their victory underscored the value of sticking together and reinforced their sense that they were contributing to a general improvement in American working and living conditions.
The Metzgar family's story vividly illustrates the larger narrative of how unionism lifted the fortunes and prospects of working-class families. It also offers an account of how the broad social changes of the period helped to shift the balance of power in a conflict-ridden, patriarchal household. Even if the optimism of his generation faded in the upheavals of the 1960s, Johnny Metzgar's commitment to his union and the strike itself stands as an honorable example of what a collective action can and did achieve. Jack Metzgar's Striking Steel is a stirring call to remember and renew the struggle.
We’re used to thinking of the United States in opposing terms: red versus blue, haves versus have-nots. But today there are three Americas. At one extreme are the brain hubs—cities like San Francisco, Boston, and Durham—with workers who are among the most productive, creative, and best paid on the planet. At the other extreme are former manufacturing capitals, which are rapidly losing jobs and residents. The rest of America could go either way. For the past thirty years, the three Americas have been growing apart at an accelerating rate. This divergence is one the most important developments in the history of the United States and is reshaping the very fabric of our society, affecting all aspects of our lives, from health and education to family stability and political engagement. But the winners and losers aren’t necessarily who you’d expect.
Enrico Moretti’s groundbreaking research shows that you don’t have to be a scientist or an engineer to thrive in one of the brain hubs. Carpenters, taxi-drivers, teachers, nurses, and other local service jobs are created at a ratio of five-to-one in the brain hubs, raising salaries and standard of living for all. Dealing with this split—supporting growth in the hubs while arresting the decline elsewhere—is the challenge of the century, and The New Geography of Jobs lights the way.
"Moretti has written a clear and insightful account of the economic forces that are shaping America and its regions, and he rightly celebrates human capital and innovation as the fundamental sources of economic development."—Jonathan Rothwell, The Brookings Institution
Not only do they control more than a third of the country’s wealth, their increasing vulnerability to the booms and busts of the stock market wreak havoc on our consumer economy, financial markets, communities, employment opportunities, and government finances.
Robert Frank’s insightful analysis provides the disturbing big picture of high-beta wealth. His vivid storytelling brings you inside the mortgaged mansions, blown-up balance sheets, repossessed Bentleys and Gulfstreams, and wrecked lives and relationships:
• How one couple frittered away a fortune trying to build America’s biggest house —90,000 square feet with 23 full bathrooms, a 6,000 square foot master suite with a bed on a rotating platform—only to be forced to put it on the market because “we really need the money”.
• Repo men who are now the scavengers of the wealthy, picking up private jets, helicopters, yachts and racehorses – the shiny remains of a decade of conspicuous consumption financed with debt, asset bubbles, “liquidity events,” and soaring stock prices.
• How “big money ruins everything” for communities such as Aspen, Colorado whose over-reliance on the rich created a stratified social scene of velvet ropes and A-lists and crises in employment opportunities, housing, and tax revenues.
• Why California’s worst budget crisis in history is due in large part to reliance on the volatile incomes of the state’s tech tycoons.
• The bitter divorce of a couple who just a few years ago made the Forbes 400 list of the richest people, the firing of their enormous household staff of 110, and how one former spouse learned the marvels of shopping at Marshalls, filling your own gas tank, and flying commercial.
Robert Frank’s stories and analysis brilliantly show that the emergence of the high-beta rich is not just a high-class problem for the rich. High-beta wealth has national consequences: America’s dependence on the rich + great volatility among the rich = a more volatile America.
Cycles of wealth are now much faster and more extreme. The rich are a new “Potemkin Plutocracy” and the important lessons and consequences are brought to light of day in this engrossing book.
high-beta rich (hi be’ta rich) 1. a newly discovered personality type of the America upper class prone to wild swings in wealth. 2. the winners (and occasional losers) in an economy that creates wealth from financial markets, asset bubbles and deals. 3. derived from the Wall Street term “high-beta,” meaning highly volatile or prone to booms and busts. 4. an elite that’s capable of wreaking havoc on communities, jobs, government finances, and the consumer economy. 5. a new Potemkin plutocracy that hides a mountain of debt behind the image of success, and is one crisis away from losing their mansions, private jets and yachts.
From the Hardcover edition.
In Wealth, Poverty, and Politics, Thomas Sowell, one of the foremost conservative public intellectuals in this country, argues that political and ideological struggles have led to dangerous confusion about income inequality in America. Pundits and politically motivated economists trumpet ambiguous statistics and sensational theories while ignoring the true determinant of income inequality: the production of wealth. We cannot properly understand inequality if we focus exclusively on the distribution of wealth and ignore wealth production factors such as geography, demography, and culture.
Sowell contends that liberals have a particular interest in misreading the data and chastises them for using income inequality as an argument for the welfare state. Refuting Thomas Piketty, Paul Krugman, and others on the left, Sowell draws on accurate empirical data to show that the inequality is not nearly as extreme or sensational as we have been led to believe.
Transcending partisanship through a careful examination of data, Wealth, Poverty, and Politics reveals the truth about the most explosive political issue of our time.
This expanded edition includes four new chapters, covering recent ideas about human capital, fertility and economic growth, the division of labor, economic considerations within the family, and inequality in earnings.
"Critics have charged that Mr. Becker's style of thinking reduces humans to economic entities. Nothing could be further from the truth. Mr. Becker gives people credit for having the power to reason and seek out their own best destiny."—Wall Street Journal
The World Is Curved picks up where Thomas Friedman’s The World Is Flat left off, taking readers on an insider’s tour through the private offices of central bankers, finance ministers, even prime ministers. Smick reveals how today’s risky environment came to be—and why the mortgage mess is a symptom of potentially far more devastating trouble. He wrestles with the two questions on everyone’s mind: How bad could things really get in today’s volatile economy? And what can we do about it?
Drawing on riveting anecdotes in language anyone can understand, Smick explains:
Why the churning cauldron we call China (the next great bubble to burst) represents a powerful threat to everyone’s pocketbookHow Japanese housewives have taken control of their nation’s savings, and why it matters to usHow greed-driven bankers and investment bankers have put everyone’s pensions and 401(k)s at riskWhy today’s “incredible shrinking central banks” may not be able to save us when the next crisis hitsWhy the big-money Russian, Chinese, Saudi, and Dubai sovereign wealth funds represent a tectonic shift in global financial power, away from the United States, Europe, and JapanWhy the world desperately needs a “big think” financial doctrine to guide today’s dangerous ocean of moneyThe World Is Curved is the rare book that speaks simultaneously to the Wall Street, Washington, and London elite, yet its apt storytelling shows Main Street readers how to survive in these turbulent times.
When the nation’s economy foundered in 2008, blame was directed almost universally at Wall Street. But Robert B. Reich suggests a different reason for the meltdown, and for a perilous road ahead. He argues that the real problem is structural: it lies in the increasing concentration of income and wealth at the top, and in a middle class that has had to go deeply into debt to maintain a decent standard of living.
Persuasively and straightforwardly, Reich reveals how precarious our situation still is. The last time in American history when wealth was so highly concentrated at the top—indeed, when the top 1 percent of the population was paid 23 percent of the nation’s income—was in 1928, just before the Great Depression. Such a disparity leads to ever greater booms followed by ever deeper busts.
Reich’s thoughtful and detailed account of where we are headed over the next decades reveals the essential truth about our economy that is driving our politics and shaping our future. With keen insight, he shows us how the middle class lacks enough purchasing power to buy what the economy can produce and has adopted coping mechanisms that have a negative impact on their quality of life; how the rich use their increasing wealth to speculate; and how an angrier politics emerges as more Americans conclude that the game is rigged for the benefit of a few. Unless this trend is reversed, the Great Recession will only be repeated.
Reich’s assessment of what must be done to reverse course and ensure that prosperity is widely shared represents the path to a necessary and long-overdue transformation. Aftershock is a practical, humane, and much-needed blueprint for both restoring America’s economy and rebuilding our society.
From the Hardcover edition.