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.
A scathing portrait of an urgent new American crisis
Over the last two decades, America has been falling deeper and deeper into a statistical mystery:
Poverty goes up. Crime goes down. The prison population doubles.
Fraud by the rich wipes out 40 percent of the world’s wealth. The rich get massively richer. No one goes to jail.
In search of a solution, journalist Matt Taibbi discovered the Divide, the seam in American life where our two most troubling trends—growing wealth inequality and mass incarceration—come together, driven by a dramatic shift in American citizenship: Our basic rights are now determined by our wealth or poverty. The Divide is what allows massively destructive fraud by the hyperwealthy to go unpunished, while turning poverty itself into a crime—but it’s impossible to see until you look at these two alarming trends side by side.
In The Divide, Matt Taibbi takes readers on a galvanizing journey through both sides of our new system of justice—the fun-house-mirror worlds of the untouchably wealthy and the criminalized poor. He uncovers the startling looting that preceded the financial collapse; a wild conspiracy of billionaire hedge fund managers to destroy a company through dirty tricks; and the story of a whistleblower who gets in the way of the largest banks in America, only to find herself in the crosshairs. On the other side of the Divide, Taibbi takes us to the front lines of the immigrant dragnet; into the newly punitive welfare system which treats its beneficiaries as thieves; and deep inside the stop-and-frisk world, where standing in front of your own home has become an arrestable offense. As he narrates these incredible stories, he draws out and analyzes their common source: a perverse new standard of justice, based on a radical, disturbing new vision of civil rights.
Through astonishing—and enraging—accounts of the high-stakes capers of the wealthy and nightmare stories of regular people caught in the Divide’s punishing logic, Taibbi lays bare one of the greatest challenges we face in contemporary American life: surviving a system that devours the lives of the poor, turns a blind eye to the destructive crimes of the wealthy, and implicates us all.
Praise for The Divide
“Ambitious . . . deeply reported, highly compelling . . . impossible to put down.”—The New York Times Book Review
“These are the stories that will keep you up at night. . . . The Divide is not just a report from the new America; it is advocacy journalism at its finest.”—Los Angeles Times
“Taibbi is a relentless investigative reporter. He takes readers inside not only investment banks, hedge funds and the blood sport of short-sellers, but into the lives of the needy, minorities, street drifters and illegal immigrants. . . . The Divide is an important book. Its documentation is powerful and shocking.”—The Washington Post
“Captivating . . . The Divide enshrines its author’s position as one of the most important voices in contemporary American journalism.”—The Independent (UK)
“Taibbi [is] perhaps the greatest reporter on Wall Street’s crimes in the modern era.”—Salon
From the Hardcover edition.
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.
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.
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.
From the beet fields of North Dakota to the National Forest campgrounds of California to Amazon’s CamperForce program in Texas, employers have discovered a new, low-cost labor pool, made up largely of transient older Americans. Finding that social security comes up short, often underwater on mortgages, these invisible casualties of the Great Recession have taken to the road by the tens of thousands in late-model RVs, travel trailers, and vans, forming a growing community of nomads: migrant laborers who call themselves “workampers.”
On frequently traveled routes between seasonal jobs, Jessica Bruder meets people from all walks of life: a former professor, a McDonald’s vice president, a minister, a college administrator, and a motorcycle cop, among many others—including her irrepressible protagonist, a onetime cocktail waitress, Home Depot clerk, and general contractor named Linda May.
In a secondhand vehicle she christens “Van Halen,” Bruder hits the road to get to know her subjects more intimately. Accompanying Linda May and others from campground toilet cleaning to warehouse product scanning to desert reunions, then moving on to the dangerous work of beet harvesting, Bruder tells a compelling, eye-opening tale of the dark underbelly of the American economy—one that foreshadows the precarious future that may await many more of us. At the same time, she celebrates the exceptional resilience and creativity of these quintessential Americans who have given up ordinary rootedness to survive. Like Linda May, who dreams of finding land on which to build her own sustainable “Earthship” home, they have not given up hope.
A drumbeat is sounding among the global elites. The signs of a worldwide financial meltdown are unmistakable. This time, the elites have an audacious plan to protect themselves from the fallout: hoarding cash now and locking down the global financial system when a crisis hits.
Since 2014, international monetary agencies have been issuing warnings to a small group of finance ministers, banks, and private equity funds: the U.S. government’s cowardly choices not to prosecute J.P. Morgan and its ilk, and to bloat the economy with a $4 trillion injection of easy credit, are driving us headlong toward a cliff.
As Rickards shows in this frightening, meticulously researched book, governments around the world have no compunction about conspiring against their citizens. They will have stockpiled hard assets when stock exchanges are closed, ATMs shut down, money market funds frozen, asset managers instructed not to sell securities, negative interest rates imposed, and cash withdrawals denied.
If you want to plan for the risks ahead, you will need Rickards’s cutting-edge synthesis of behavioral economics, history, and complexity theory. It’s a guidebook to thinking smarter, acting faster, and living with the comforting knowledge that your wealth is secure.
The global elites don’t want this book to exist. Their plan to herd us like sheep to the slaughter when a global crisis erupts—and, of course, to maintain their wealth—works only if we remain complacent and unaware. Thanks to The Road to Ruin, we don’t need to be.
"If you are curious about what the financial Götterdämmerung might look like you’ve certainly come to the right place... Rickards believes -- and provides tantalizing snippets of private conversations with those who dwell in the very eye-in-the-pyramid -- that the current world monetary and financial system is on the verge of insolvency and that the world financial elites already have a successor system for which they are laying the groundwork."
--Ralph Benko, Forbes
In looking at the forces that brought our current administration to power one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum.
A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream.
Now updated with new material explaining how our corrupted financial system propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the system, and why it matters urgently to us all.
Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.
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
Around the world, populist movements are gaining traction among the white working class. Meanwhile, members of the professional elite—journalists, managers, and establishment politicians--are on the outside looking in, left to argue over the reasons. In White Working Class, Joan C. Williams, described as having "something approaching rock star status" by the New York Times, explains why so much of the elite's analysis of the white working class is misguided, rooted in class cluelessness.
Williams explains that many people have conflated "working class" with "poor"--but the working class is, in fact, the elusive, purportedly disappearing middle class. They often resent the poor and the professionals alike. But they don't resent the truly rich, nor are they particularly bothered by income inequality. Their dream is not to join the upper middle class, with its different culture, but to stay true to their own values in their own communities--just with more money. While white working-class motivations are often dismissed as racist or xenophobic, Williams shows that they have their own class consciousness.
White Working Class is a blunt, bracing narrative that sketches a nuanced portrait of millions of people who have proven to be a potent political force. For anyone stunned by the rise of populist, nationalist movements, wondering why so many would seemingly vote against their own economic interests, or simply feeling like a stranger in their own country, White Working Class will be a convincing primer on how to connect with a crucial set of workers--and voters.
Mark Victor Hansen, cocreator of the phenomenal Chicken Soup for the Soul series, and Robert G. Allen, one of the world’s foremost financial experts, have helped thousands of people become millionaires. Now it’s your turn.
Is it possible to make a million dollars in only one minute? The answer just might surprise you. The One Minute Millionaire is an entirely new approach, a life-changing “millionaire system” that will teach you how to:
* Create wealth even when you have nothing to start with.
* Overcome fears so you can take reasonable risks.
* Use the power of leverage to build wealth rapidly.
* Use “one minute” habits to build wealth over the long term.
The One Minute Millionaire is a revolutionary approach to building wealth and a powerful program for self-discovery as well. Here are two books in one, fiction and nonfiction, designed to address two kinds of learning so that you can fully integrate these life-changing lessons. On the right-hand pages, you will find the fictional story of a woman who has to make a million dollars in ninety days or lose her two children forever. The left-hand pages give the practical, step-by-step nonfiction strategies and techniques that actually work in the real world. You’ll find more than one hundred nuts-and-bolts “Millionaire Minutes,” each one a concise and invaluable lesson with specific techniques for creating wealth.
However, the lessons here are not just about becoming a millionaire—they are about becoming an enlightened millionaire and how to ethically make, keep, and share your wealth. Whether your goal is less than a million dollars or that amount many times over, there’s never been a better time to achieve abundance. Let The One Minute Millionaire show you the way.
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
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 decades. 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 of the wildly successful Quantum Fund.
In Street Smarts, Rogers 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.
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. 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. He explains why Asia will be the dominant economic force in the twenty-first century, and discusses why America and the European Union are in decline, and what we need to do to right our economy and society.
"Quite simply the best guide to the global economy today." —Fareed Zakaria
Shaped by his twenty-five years traveling the world, and enlivened by encounters with villagers from Rio to Beijing, tycoons, and presidents, Ruchir Sharma’s The Rise and Fall of Nations rethinks the "dismal science" of economics as a practical art. Narrowing the thousands of factors that can shape a country’s fortunes to ten clear rules, Sharma explains how to spot political, economic, and social changes in real time. He shows how to read political headlines, black markets, the price of onions, and billionaire rankings as signals of booms, busts, and protests. Set in a post-crisis age that has turned the world upside down, replacing fast growth with slow growth and political calm with revolt, Sharma’s pioneering book is an entertaining field guide to understanding change in this era or any era.
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.
After working all day at jobs we often dislike, we buy things we don't need. Rutger Bregman, a Dutch historian, reminds us it needn't be this way-and in some places it isn't.
Rutger Bregman's TED Talk about universal basic income seemed impossibly radical when he delivered it in 2014. His April 2017 talk continues to make the provocative case, detailing the idea's 500-year history and even its brief success in a forgotten trial in Manitoba in the 1970s. Nearly a million views later, guaranteed basic income is being seriously considered by leading economists and government leaders the world over. It's just one of the many utopian ideas that Bregman proves is possible today.
Utopia for Realists is one of those rare books that takes you by surprise and challenges what you think can happen. From a Canadian city that once completely eradicated poverty, to Richard Nixon's near implementation of a basic income for millions of Americans, Bregman takes us on a journey through history, and beyond the traditional left-right divides, as he champions ideas whose time have come.
Every progressive milestone of civilization-from the end of slavery to the beginning of democracy-was once considered a utopian fantasy. Bregman's book, both challenging and bracing, demonstrates that new utopian ideas, like the elimination of poverty and the creation of the fifteen-hour workweek, can become a reality in our lifetime. Being unrealistic and unreasonable can in fact make the impossible inevitable, and it is the only way to build the ideal world.
You'd be wrong.
In The Real Crash, New York Times bestselling author Peter D. Schiff argues that America is enjoying a government-inflated bubble, one that reality will explode . . . with disastrous consequences for the economy and for each of us. Schiff demonstrates how the infusion of billions of dollars of stimulus money has only dug a deeper hole: the United States government simply spends too much and does not collect enough money to pay its debts, and in the end, Americans from all walks of life will face a crushing consequence.
We're in hock to China, we can't afford the homes we own, and the entire premise of our currency—backed by the full faith and credit of the United States—is false. Our system is broken, Schiff says, and there are only two paths forward. The one we're on now leads to a currency and sovereign debt crisis that will utterly destroy our economy and impoverish the vast majority of our citizens.
However, if we change course, the road ahead will be a bit rockier at first, but the final destination will be far more appealing. If we want to avoid complete collapse, we must drastically reduce government spending—eliminate entire agencies, end costly foreign military escapades and focus only on national defense—and stop student loan or mortgage interest deductions, as well as drug wars and bank-and-business bailouts. We must also do what no politician or pundit has proposed: America should declare bankruptcy, restructure its debts, and reform our system from the ground up.
Persuasively argued and provocative, The Real Crash explains how we got into this mess, how we might get out of it, and what happens if we don't. And, with wisdom born from having predicted the Crash of 2008, Peter Schiff explains how to protect yourself, your family, your money, and your country against what he predicts.
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.
We're now entering the winter season of the 80-Year Four Season Economic Cycle. It's during this season that we'll clear the decks with a devastating crash and debilitating deflation. The economy and markets will shed the excesses created during the preceding fall bubble boom season and prepare the soil for new blossoming in innovation and a spring boom.
After the blustering bull market of 2009-2015, we are now preparing for a shakeout more painful than anything we've seen before. We have eight years of unprecedented government stimulus and money creation to thank for stretching this bubble beyond imagination and making the burst more painful than anything we've ever experienced.
There's no better guide to financial cycles than Harry S. Dent Jr., the bestselling author of The Demographic Cliff and many other books, and the editor of the Boom & Bust newsletter. For more than 30 years he has earned a reputation for eerily accurate predictions about the world economy and the financial markets.
Now Dent has an urgent new warning about the next crisis. The consequences will be devastating--but there's a bright side that he's calling "the sale of a lifetime." For anyone who heeds the signs and follows Dent's advice, the looming correction is a once-in-a-century opportunity to gather immense wealth.
In this pressing book, you'll learn not only why a collapse is imminent, but how to identify bubbles and tune in to the cycles driving that drive booms and busts.
Practical, accessible, and illuminating, The Sale of a Lifetime will protect you from the tough challenges ahead and help you cash in on the unique opportunities of the next few years. At stake is nothing less than your entire financial future.
“The Truly Disadvantaged should spur critical thinking in many quarters about the causes and possible remedies for inner city poverty. As policymakers grapple with the problems of an enlarged underclass they—as well as community leaders and all concerned Americans of all races—would be advised to examine Mr. Wilson's incisive analysis.”—Robert Greenstein, New York Times Book Review
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.
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.
“Succinct, humane, and politically astute . . . Sachs lays out a detailed path to reform, regulation, and recovery.”—The American Prospect
In this forceful and impassioned book, Jeffrey D. Sachs offers a searing and incisive diagnosis of our country’s economic ills, and an urgent call for Americans to restore the core virtues of fairness, honesty, and foresight as the foundations of national prosperity. Sachs finds that both political parties—and many leading economists—have missed the big picture, profoundly underestimating globalization’s long-term effects and offering shortsighted solutions. He describes a political system that is beholden to big donors and influential lobbyists and a consumption-driven culture that suffers shortfalls of social trust and compassion. He bids readers to reclaim the virtues of good citizenship and mindfulness toward the economy and each one another. Most important, he urges each of us to accept the price of civilization, so that together we restore America to its great promise. The Price of Civilization is a masterly road map for prosperity, founded on America’s deepest values and on a rigorous understanding of the twenty-first-century world economy.
With a new Preface by the author.
“Half a century ago J. K. Galbraith’s The Affluent Society changed the political consciousness of a generation. . . . Jeffrey Sachs’s new book is a landmark in this great and essentially American tradition. . . . Sachs by his life and his writing goes far to restore one’s wavering faith in the informing inspiration of the post-1945 new dawn, faith in economics, faith in America and faith in humanity.”—The Spectator
“Stimulating . . . a must-read for every concerned citizen . . . [a] hard-hitting brief for a humane economy.”—Publishers Weekly (starred review)
“Sachs’s book is loaded with information and anecdotes [and] proposals that would make it harder for the powerful to rig the system for their benefit.”—Scientific American
“An eloquent call for American civic renewal based on moderation, compassion, and cooperation across the lines of class, ethnicity, and ideology.”—CNN Money
“Compelling . . . This is an important book.”—Financial Times
In the twenty-five years since its publication, critics and scholars have praised historian Robert McElvaine’s sweeping and authoritative history of the Great Depression as one of the best and most readable studies of the era. Combining clear-eyed insight into the machinations of politicians and economists who struggled to revive the battered economy, personal stories from the average people who were hardest hit by an economic crisis beyond their control, and an evocative depiction of the popular culture of the decade, McElvaine paints an epic picture of an America brought to its knees—but also brought together by people’s widely shared plight.
In a new introduction, McElvaine draws striking parallels between the roots of the Great Depression and the economic meltdown that followed in the wake of the credit crisis of 2008. He also examines the resurgence of anti-regulation free market ideology, beginning in the Reagan era, and argues that some economists and politicians revised history and ignored the lessons of the Depression era.
From the Trade Paperback edition.
Hailed by Time as one of the world's hundred most influential people, Jeffrey D. Sachs is renowned for his work around the globe advising economies in crisis. Now a classic of its genre, The End of Poverty distills more than thirty years of experience to offer a uniquely informed vision of the steps that can transform impoverished countries into prosperous ones. Marrying vivid storytelling with rigorous analysis, Sachs lays out a clear conceptual map of the world economy. Explaining his own work in Bolivia, Russia, India, China, and Africa, he offers an integrated set of solutions to the interwoven economic, political, environmental, and social problems that challenge the world's poorest countries.
Ten years after its initial publication, The End of Poverty remains an indispensible and influential work. In this 10th anniversary edition, Sachs presents an extensive new foreword assessing the progress of the past decade, the work that remains to be done, and how each of us can help. He also looks ahead across the next fifteen years to 2030, the United Nations' target date for ending extreme poverty, offering new insights and recommendations.
From the Trade Paperback 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.
In a sweeping narrative about the people and the politics behind the budget--a topic that is fiercely debated today in the halls of Congress and the media, and yet is often misunderstood by the American public--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, including 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.
A provocative and lively exploration of the increasingly important world of macroeconomics, by the author of the bestselling The Undercover Economist.
Thanks to the worldwide financial upheaval, economics is no longer a topic we can ignore. From politicians to hedge fund managers to middle-class IRA holders, everyone must pay attention to how and why the global economy works the way it does.
Enter Financial Times columnist and bestselling author Tim Harford. In this new book that demystifies macroeconomics, Harford strips away the spin, the hype, and the jargon to reveal the truth about how the world’s economy actually works. With the wit of a raconteur and the clear grasp of an expert, Harford explains what’s really happening beyond today’s headlines, why all of us should care, and what we can do about it to understand it better.
"Tyler Cowen's blog, Marginal Revolution, is the first thing I read every morning. And his brilliant new book, The Complacent Class, has been on my nightstand after I devoured it in one sitting. I am at round-the-clock Cowen saturation right now."--Malcolm Gladwell
Since Alexis de Tocqueville, restlessness has been accepted as a signature American trait. Our willingness to move, take risks, and adapt to change have produced a dynamic economy and a tradition of innovation from Ben Franklin to Steve Jobs.
The problem, according to legendary blogger, economist and best selling author Tyler Cowen, is that Americans today have broken from this tradition—we’re working harder than ever to avoid change. We're moving residences less, marrying people more like ourselves and choosing our music and our mates based on algorithms that wall us off from anything that might be too new or too different. Match.com matches us in love. Spotify and Pandora match us in music. Facebook matches us to just about everything else.
Of course, this “matching culture” brings tremendous positives: music we like, partners who make us happy, neighbors who want the same things. We’re more comfortable. But, according to Cowen, there are significant collateral downsides attending this comfort, among them heightened inequality and segregation and decreased incentives to innovate and create.
The Complacent Class argues that this cannot go on forever. We are postponing change, due to our near-sightedness and extreme desire for comfort, but ultimately this will make change, when it comes, harder. The forces unleashed by the Great Stagnation will eventually lead to a major fiscal and budgetary crisis: impossibly expensive rentals for our most attractive cities, worsening of residential segregation, and a decline in our work ethic. The only way to avoid this difficult future is for Americans to force themselves out of their comfortable slumber—to embrace their restless tradition again.
A New York Times Notable Book of 2017
For most of Western history, Sitaraman argues, constitutional thinkers assumed economic inequality was inevitable and inescapable—and they designed governments to prevent class divisions from spilling over into class warfare. The American Constitution is different. Compared to Europe and the ancient world, America was a society of almost unprecedented economic equality, and the founding generation saw this equality as essential for the preservation of America’s republic. Over the next two centuries, generations of Americans fought to sustain the economic preconditions for our constitutional system. But today, with economic and political inequality on the rise, Sitaraman says Americans face a choice: Will we accept rising economic inequality and risk oligarchy or will we rebuild the middle class and reclaim our republic?
The Crisis of the Middle-Class Constitution is a tour de force of history, philosophy, law, and politics. It makes a compelling case that inequality is more than just a moral or economic problem; it threatens the very core of our constitutional system.
“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
Suzanne McGee provides a penetrating look at the forces that transformed Wall Street from its traditional role as a capital-generating and economy-boosting engine into a behemoth operating with only its own short-term interests in mind and with reckless disregard for the broader financial system and those who relied on that system for their well being and prosperity.
Primary among these influences was “Goldman Sachs envy”: the self-delusion on the part of Richard Fuld of Lehman Brothers, Stanley O’Neil of Merrill Lynch, and other power brokers (egged on by their shareholders) that taking more risk would enable their companies to make even more money than Goldman Sachs. That hubris—and that narrow-minded focus on maximizing their short-term profits—led them to take extraordinary risks that they couldn’t manage and that later severely damaged, and in some cases destroyed, their businesses, wreaking havoc on the nation’s economy and millions of 401(k)s in the process.
In a world that boasted more hedge funds than Taco Bell outlets, McGee demonstrates how it became ever harder for Wall Street to fulfill its function as the financial system’s version of a power grid, with capital, rather than electricity, flowing through it. But just as a power grid can be strained beyond its capacity, so too can a “financial grid” collapse if its functions are distorted, as happened with Wall Street as it became increasingly self-serving and motivated solely by short-term profits. Through probing analysis, meticulous research, and dozens of interviews with the bankers, traders, research analysts, and investment managers who have been on the front lines of financial booms and busts, McGee provides a practical understanding of our financial “utility,” and how it touches everyone directly as an investor and indirectly through the power—capital—that makes the economy work.
Wall Street is as important to the economy and the overall functioning of our society as our electric and water utilities. But it doesn’t act that way. The financial system has been saved from destruction but as long as the mind-set of “chasing Goldman Sachs” lingers, it will not have been reformed. As banking undergoes its biggest transformation since the 1929 crash and the Great Depression, McGee shows where it stands today and points to where it needs to go next, examining the future of those financial institutions supposedly “too big to fail.”
From the Hardcover edition.
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.
"This is one of the most thought-provoking books I have read on economic inequality in the US."--William Julius Wilson
Since the Great Recession, most Americans' standard of living has stagnated or declined. Economic inequality is at historic highs. But inequality's impact differs by race; African Americans' net wealth is just a tenth that of white Americans, and over recent decades, white families have accumulated wealth at three times the rate of black families. In our increasingly diverse nation, sociologist Thomas M. Shapiro argues, wealth disparities must be understood in tandem with racial inequities--a dangerous combination he terms "toxic inequality."
In Toxic Inequality, Shapiro reveals how these forces combine to trap families in place. Following nearly two hundred families of different races and income levels over a period of twelve years, Shapiro's research vividly documents the recession's toll on parents and children, the ways families use assets to manage crises and create opportunities, and the real reasons some families build wealth while others struggle in poverty. The structure of our neighborhoods, workplaces, and tax code-much more than individual choices-push some forward and hold others back. A lack of assets, far more common in families of color, can often ruin parents' careful plans for themselves and their children.
Toxic inequality may seem inexorable, but it is not inevitable. America's growing wealth gap and its yawning racial divide have been forged by history and preserved by policy, and only bold, race-conscious reforms can move us toward a more just society.
The turn of the 2020s will mark an extremely rare convergence of low points for multiple political, economic, and demographic cycles. The result will be a major financial crash and global upheaval that will dwarf the Great Recession of the 2000s—and maybe even the Great Depression of the 1930s. We’re facing the onset of what Dent calls “Economic Winter.”
In Zero Hour, he and Andrew Pancholi (author of The Market Timing Report newsletter) explain all of these cycles, which influence everything from currency valuations to election returns, from economic growth rates in Asia to birthrates in Europe. You’ll learn, for instance:
• Why the most-hyped technologies of recent years (self-driving cars, artificial intelligence, virtual reality, blockchain) won’t pay off until the 2030s.
• Why China may be the biggest bubble in the global economy (and you’d be a fool to invest there).
• Why you should invest in the healthcare and pharmaceutical industries, and pull out of real estate and automotive.
• Why putting your faith in gold is a bad idea.
Fortunately, Zero Hour includes a range of practical strategies to help you turn the upheaval ahead to your advantage, so your family can be prepared and protected.
Muhammad Yunus, who created microcredit, invented social business, and earned a Nobel Peace Prize for his work in alleviating poverty, is one of today's most trenchant social critics. Now he declares it's time to admit that the capitalist engine is broken--that in its current form it inevitably leads to rampant inequality, massive unemployment, and environmental destruction. We need a new economic system that unleashes altruism as a creative force just as powerful as self-interest.
Is this a pipe dream? Not at all. In the last decade, thousands of people and organizations have already embraced Yunus's vision of a new form of capitalism, launching innovative social businesses designed to serve human needs rather than accumulate wealth. They are bringing solar energy to millions of homes in Bangladesh; turning thousands of unemployed young people into entrepreneurs through equity investments; financing female-owned businesses in cities across the United States; bringing mobility, shelter, and other services to the rural poor in France; and creating a global support network to help young entrepreneurs launch their start-ups.
In A World of Three Zeros, Yunus describes the new civilization emerging from the economic experiments his work has helped to inspire. He explains how global companies like McCain, Renault, Essilor, and Danone got involved with this new economic model through their own social action groups, describes the ingenious new financial tools now funding social businesses, and sketches the legal and regulatory changes needed to jumpstart the next wave of socially driven innovations. And he invites young people, business and political leaders, and ordinary citizens to join the movement and help create the better world we all dream of.
Beijing's cautious reforms have left the country stuck midway between communism and capitalism, Chang writes. With its impending World Trade Organization membership, for the first time China will be forced to open itself to foreign competition, which will shake the country to its foundations. Economic failure will be followed by government collapse. Covering subjects from party politics to the Falun Gong to the government's insupportable position on Taiwan, Chang presents a thorough and very chilling overview of China's present and not-so-distant future.
From the Hardcover edition.
Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. How
did we get here, and how can advanced nations compete and prosper once more?
In this bold call to arms, economic policy expert Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the economies of the first world, and notably the United States, mired in underemployment and anemic growth.
Distracted by a technology boom and a massive debt bubble in the 1990s and early 2000s, advanced nations failed to assess the ultimate impact of the torrent of labor and capital unleashed by formerly socialist economies. After the financial crisis of 2008, the United States and Europe joined an already sclerotic Japan in dire economic straits. Today, as the BRICs (Brazil, Russia, India, and China) and others poach jobs from Western Europe, the United States, and Japan, household incomes in the developed world continue to decline.
Many policymakers believe in outdated supplyside economic remedies. They miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined: We cannot understand the housing bubble and the financial crisis without appreciating how the rise of the emerging nations distorted the economies of rich countries. And we can’t chart a path for growth in the developed world without recognizing that many of these distorting forces are still at work.
The Age of Oversupply offers a bold, fresh approach to fixing the West’s economic woes through large-scale fiscal stimulus measures, investments in infrastructure, and an aggressive private debt reduction plan. It also delivers a vigorous challenge to proponents of austerity economics.
The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion."
Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.
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.
Renowned economist Nouriel Roubini electrified his profession and the larger financial community by predicting the current crisis well in advance of anyone else. Unlike most in his profession who treat economic disasters as freakish once-in-a-lifetime events without clear cause, Roubini, after decades of careful research around the world, realized that they were both probable and predictable. Armed with an unconventional blend of historical analysis and global economics, Roubini has forced politicians, policy makers, investors, and market watchers to face a long-neglected truth: financial systems are inherently fragile and prone to collapse.
Drawing on the parallels from many countries and centuries, Nouriel Roubini and Stephen Mihm, a professor of economic history and a New York Times Magazine writer, show that financial cataclysms are as old and as ubiquitous as capitalism itself. The last two decades alone have witnessed comparable crises in countries as diverse as Mexico, Thailand, Brazil, Pakistan, and Argentina. All of these crises-not to mention the more sweeping cataclysms such as the Great Depression-have much in common with the current downturn. Bringing lessons of earlier episodes to bear on our present predicament, Roubini and Mihm show how we can recognize and grapple with the inherent instability of the global financial system, understand its pressure points, learn from previous episodes of "irrational exuberance," pinpoint the course of global contagion, and plan for our immediate future. Perhaps most important, the authors-considering theories, statistics, and mathematical models with the skepticism that recent history warrants—explain how the world's economy can get out of the mess we're in, and stay out.
In Roubini's shadow, economists and investors are increasingly realizing that they can no longer afford to consider crises the black swans of financial history. A vital and timeless book, Crisis Economics proves calamities to be not only predictable but also preventable and, with the right medicine, curable.
Throughout his long career as an economic forecaster, Harry Dent has relied on a not-so-secret weapon: demographics. Studying the predictable things people do as they age is the ultimate tool for understanding trends. For instance, Dent can tell a client exactly when people will spend the most on potato chips. And he can explain why our economy has risen and fallen with the peak spending of generations, and why we now face a growing demographic cliff with the accelerating retirement of the Baby Boomers around the world.
Dent predicted the impact of the Boomers hitting their highest growth in spending in the 1990s, when most economists saw the United States declining. And he anticipated the decline of Japan in the 1990s, when economists were proclaiming it would overtake the U.S. economy.
But now, Dent argues, the fundamental demographics have turned against the United States and will hit more countries ahead. 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 and massive debt deleveraging will actually cause deflation—weakening the economy the most from 2014 into 2019.
BUSINESSES should get lean and mean now. Identify segments that you can clearly dominate and sell off or shut down others. If you don’t, the economy will do it for you, more painfully and less profitably.INVESTORS should sell stocks by mid-January 2014 and look to buy them back in 2015 or later at a Dow as low as 5,800.FAMILIES should wait to buy real estate in areas where home prices have gone back to where the bubble started in early 2000.GOVERNMENTS need to stop the endless stimulus that creates more bubbles and kills the middle class, and should assist in restructuring the unprecedented debt bubble of 1983–2008.
Dent explores the implications of his controversial predictions. He offers advice on retirement planning, health care, real estate, education, investing, and business strategies. For instance . . .
Dent shows that if you take the time to understand demographic data, using it to your advantage isn’t all that difficult. By following his suggestions, readers will be able to find the upside to the downturn and learn how to survive and prosper during the most challenging years ahead.
Initially published in 2002, The Rise of the Creative Class quickly achieved classic status for its identification of forces then only beginning to reshape our economy, geography, and workplace. Weaving story-telling with original research, Richard Florida identified a fundamental shift linking a host of seemingly unrelated changes in American society: the growing importance of creativity in people's work lives and the emergence of a class of people unified by their engagement in creative work. Millions of us were beginning to work and live much as creative types like artists and scientists always had, Florida observed, and this Creative Class was determining how the workplace was organized, what companies would prosper or go bankrupt, and even which cities would thrive.
In The Rise of the Creative Class Revisited, Florida further refines his occupational, demographic, psychological, and economic profile of the Creative Class, incorporates a decade of research, and adds five new chapters covering the global effects of the Creative Class and exploring the factors that shape "quality of place" in our changing cities and suburbs.
Over the years, Wendell Berry has sought to understand and confront the financial structure of modern society and the impact of developing late capitalism on American culture. There is perhaps no more demanding or important critique available to contemporary citizens than Berry's writings — just as there is no vocabulary more given to obfuscation than that of economics as practiced by professionals and academics. Berry has called upon us to return to the basics. He has traced how the clarity of our economic approach has eroded over time, as the financial asylum was overtaken by the inmates, and citizens were turned from consumers — entertained and distracted — to victims, threatened by a future of despair and disillusion.
For this collection, Berry offers essays from the last twenty-five years, alongside new essays about the recent economic collapse, including “Money Versus Goods” and “Faustian Economics,” treatises of great alarm and courage. He offers advice and perspective as our society attempts to steer from its present chaos and recession to a future of hope and opportunity. With urgency and clarity, Berry asks us to look toward a true sustainable commonwealth, grounded in realistic Jeffersonian principles applied to our present day.
industry and federal housing policy have facilitated the development of racial
Traditional explanations of metropolitan
development and urban racial segregation have emphasized the role of consumer
demand and market dynamics. In the first edition of Race, Real Estate, and
Uneven Development Kevin Fox Gotham reexamined the assumptions behind these
explanations and offered a provocative new thesis. Using the Kansas City
metropolitan area as a case study, Gotham provided both quantitative and
qualitative documentation of the role of the real estate industry and the
Federal Housing Administration, demonstrating how these institutions have
promulgated racial residential segregation and uneven development. Gotham
challenged contemporary explanations while providing fresh insights into the
racialization of metropolitan space, the interlocking dimensions of class and
race in metropolitan development, and the importance of analyzing housing as a
system of social stratification. In this second edition, he includes new
material that explains the racially unequal impact of the subprime real estate
crisis that began in late 2007, and explains why racial disparities in housing
and lending remain despite the passage of fair housing laws and
Praise for the First
“This work challenges the notion that demographic change
and residential patterns are ‘natural’ or products of free market choices … [it]
contributes greatly to our understanding of how real estate interests shaped the
hyper-segregation of American cities, and how government agencies[,] including
school districts, worked in tandem to further demark the separate and unequal
worlds in metropolitan life.” — H-Net Reviews (H-Education)
hallmark of this book is its fine-grained analysis of just how specific
activities of realtors, the FHA program, and members of the local school board
contributed to the residential segregation of blacks in twentieth century urban
America. A process Gotham labels the ‘racialization of urban space’—the social
construction of urban neighborhoods that links race, place, behavior, culture,
and economic factors—has led white residents, realtors, businessmen, bankers,
land developers, and school board members to act in ways that restricted housing
for blacks to specific neighborhoods in Kansas City, as well as in other
cities.” — Philip Olson, University of Missouri–Kansas City
“This is a
book which is greatly needed in the field. Gotham integrates, using historical
data, the involvement of the real estate industry and the collusion of the
federal government in the manufacturing of racially biased housing practices.
His work advances the struggle for civil rights by showing that solving the
problem of racism is not as simple as banning legal discrimination, but rather
needs to address the institutional practices at all levels of the real estate
industry.” — Talmadge Wright, author of Out of Place: Homeless
Mobilizations, Subcities, and Contested Landscapes
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
Kotlikoff and Burns sounded the alarm in their widely acclaimedThe Coming Generational Storm, but politicians didn't listen. Now the need for action is even more urgent. It's up to us to demand radical reform of our tax system, our healthcare system, and our Social Security system, and to insist on better paths to investment return than those provided by Wall Street (mis)managers. Kotlikoff and Burns's "Purple Plans" (so called because they will appeal to both Republicans and Democrats) have been endorsed by a who's who of economists and offer a new way forward; and their revolutionary investment strategy for individuals replaces the idea of financial capital with "life decision capital."
Of course, we won't be doing all this just for ourselves. We need to fix America's fiscal mess before our kids inherit it.