For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

    Brown became a tax lawyer to get away from race. As a young black girl growing up in the South Bronx, she’d seen how racism limited the lives of her family and neighbors. Her law school classes offered a refreshing contrast: Tax law was about numbers, and the only color that mattered was green. But when Brown sat down to prepare tax returns for her parents, she found something strange: James and Dottie Brown, a plumber and a nurse, seemed to be paying an unusually high percentage of their income in taxes. When Brown became a law professor, she set out to understand why.In The Whiteness of Wealth, Brown draws on decades of cross-disciplinary research to show that tax law isn’t as color-blind as she’d once believed. She takes us into her adopted city of Atlanta, introducing us to families across the economic spectrum whose stories demonstrate how American tax law rewards the preferences and practices of white people while pushing black people further behind. From attending college to getting married to buying a home, black Americans find themselves at a financial disadvantage compared to their white peers. The results are an ever-increasing wealth gap and more black families shut out of the American dream.Solving the problem will require a wholesale rethinking of America’s tax code. But it will also require both black and white Americans to make different choices. This urgent, actionable book points the way forward.

    As Pluckrose and Lindsay warn, the unchecked proliferation of these anti-Enlightenment beliefs present a threat not only to liberal democracy but also to modernity itself. While acknowledging the need to challenge the complacency of those who think a just society has been fully achieved, Pluckrose and Lindsay break down how this often-radical activist scholarship does far more harm than good, not least to those marginalized communities it claims to champion. They also detail its alarmingly inconsistent and illiberal ethics. Only through a proper understanding of the evolution of these ideas, they conclude, can those who value science, reason, and consistently liberal ethics successfully challenge this harmful and authoritarian orthodoxy—in the academy, in culture, and beyond.

    David Hogg called out Adult America. The uprising had begun. Cameron Kasky immediately recruited a colorful band of theatre kids and rising activists and brought them together in his living room to map out a movement. Four days after escaping Marjory Stoneman Douglas High School, two dozen extraordinary kids announced the audacious March for Our Lives. A month later, it was the fourth largest protest in American history.Dave Cullen, who has been reporting on the epidemic of school shootings for two decades, takes us along on the students’ nine-month odyssey to the midterms and beyond. With unrivaled access to their friends and families, meetings and homes, he pulls back the curtain to reveal intimate portraits of the quirky, playful organizers that have taken the nation by storm. Cullen brings us onto the bus for the Road to Change tour showing us how these kids seized an opportunity. They hit the highway to organize the young activist groups mushrooming across America in their image. Rattled but undeterred, they pressed on in gun country even as adversaries armed with assault weapons tailed them across Texas and Utah trying to scare them off. The Parkland students are genuinely candid about their experiences. We see them cope with shattered friendships and PTSD, along with the normal day-to-day struggles of school, including AP exams and college acceptances. Yet, with the idealism of youth they are mostly bubbling with fresh ideas. As victims refusing victimhood, they continue to devise clever new tactics to stir their generation to action while building a powerhouse network to match the NRA’s. This spell-binding book is a testament to change and a perceptive examination of a pivotal moment in American culture. After two decades of adult hand-wringing, the MFOL kids are mapping a way out. They see a long road ahead, a generational struggle to save every kid of every color from the ravages of gun violence in America. Parkland is a story of staggering empowerment and hope, told through the wildly creative and wickedly funny voices of a group of remarkable kids.

    The shamed are people like us - people who, say, made a joke on social media that came out badly, or made a mistake at work. Once their transgression is revealed, collective outrage circles with the force of a hurricane and the next thing they know they're being torn apart by an angry mob, jeered at, demonized, sometimes even fired from their job. People are using shame as a form of social control.

    In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.

    Schumacher's riveting, richly researched statement on sustainability has become more relevant and vital with each year since its initial groundbreaking publication during the 1973 energy crisis. A landmark statement against "bigger is better" industrialism, Schumacher's Small Is Beautiful paved the way for twenty-first century books on environmentalism and economics, like Jeffrey Sachs's The End of Poverty, Paul Hawken's Natural Capitalism, Mohammad Yunis's Banker to the Poor, and Bill McKibben's Deep Economy. This timely reissue offers a crucial message for the modern world struggling to balance economic growth with the human costs of globalization.

    With so much attention on the flames," she argued, "everyone had ignored the kindling."Since 1865 and the passage of the Thirteenth Amendment, every time African Americans have made advances towards full participation in our democracy, white reaction has fueled a deliberate and relentless rollback of their gains. The end of the Civil War and Reconstruction was greeted with the Black Codes and Jim Crow; the Supreme Court's landmark 1954 Brown v. Board of Education decision was met with the shutting down of public schools throughout the South while taxpayer dollars financed segregated white private schools; the Civil Rights Act of 1964 and Voting Rights Act of 1965 triggered a coded but powerful response, the so-called Southern Strategy and the War on Drugs that disenfranchised millions of African Americans while propelling presidents Nixon and Reagan into the White House, and then the election of America's first black President, led to the expression of white rage that has been as relentless as it has been brutal.Carefully linking these and other historical flashpoints when social progress for African Americans was countered by deliberate and cleverly crafted opposition, Anderson pulls back the veil that has long covered actions made in the name of protecting democracy, fiscal responsibility, or protection against fraud, rendering visible the long lineage of white rage. Compelling and dramatic in the unimpeachable history it relates, White Rage will add an important new dimension to the national conversation about race in America.

    An unprecedented redistribution of jobs, population, and wealth is under way in America, and it is likely to accelerate in the years to come. America’s new economic map shows growing differences, not just between people but especially between communities. In this important and persuasive book, U.C. Berkeley economist Enrico Moretti provides a fresh perspective on the tectonic shifts that are reshaping America’s labor market—from globalization and income inequality to immigration and technological progress—and how these shifts are affecting our communities. Drawing on a wealth of stimulating new studies, Moretti uncovers what smart policies may be appropriate to address the social challenges that are arising. We’re used to thinking of the United States in dichotomous terms: red versus blue, black versus white, haves versus have-nots. But today there are three Americas. At one extreme are the brain hubs—cities like San Francisco, Boston, Austin, and Durham—with a well-educated labor force and a strong innovation sector. Their workers are among the most productive, creative, and best paid on the planet. At the other extreme are cities once dominated by traditional manufacturing, which are declining rapidly, losing jobs and residents. In the middle are a number of cities that 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 recent developments in the United States and is causing growing geographic disparities is all other aspects of our lives, from health and longevity to family stability and political engagement. But the winners and losers aren’t necessarily who you’d expect. Moretti’s groundbreaking research shows that you don’t have to be a scientist or an engineer to thrive in one of these brain hubs. Among the beneficiaries are the workers who support the "idea-creators"—the carpenters, hair stylists, personal trainers, lawyers, doctors, teachers and the like. In fact, Moretti has shown that for every new innovation job in a city, five additional non-innovation jobs are created, and those workers earn higher salaries than their counterparts in other cities. It wasn’t supposed to be this way. As the global economy shifted from manufacturing to innovation, geography was supposed to matter less. But the pundits were wrong. A new map is being drawn—the inevitable result of deep-seated but rarely discussed economic forces. These trends are reshaping the very fabric of our society. Dealing with this split—supporting growth in the hubs while arresting the decline elsewhere—will be the challenge of the century, and　The New Geography of Jobs　lights the way.

    As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success--and why that hurts everyone, even the wealthy.Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones--and enormous income differences--over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways.But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year--more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, noncontroversial steps.Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies.

    Painting surprising portraits of Lincoln and other presidents, including Ulysses S. Grant, Theodore Roosevelt, Woodrow Wilson, Franklin D. Roosevelt, Harry S. Truman, Dwight Eisenhower, and Lyndon B. Johnson, and illuminating the courage of such influential citizen activists as Martin Luther King Jr., early suffragettes Alice Paul and Carrie Chapman Catt, civil rights pioneers Rosa Parks and John Lewis, First Lady Eleanor Roosevelt, and Army-McCarthy hearings lawyer Joseph N. Welch, Meacham brings vividly to life turning points in American history.He writes about the Civil War, Reconstruction, and the birth of the Lost Cause; the backlash against immigrants in the First World War and the resurgence of the Ku Klux Klan in the 1920s; the fight for women's rights; the demagoguery of Huey Long and Father Coughlin and the isolationist work of America First in the years before World War II; the anti-Communist witch hunts led by Senator Joseph McCarthy; and Lyndon Johnson's crusade against Jim Crow. Each of these dramatic hours in our national life have been shaped by the contest to lead the country to look forward rather than back, to assert hope over fear — a struggle that continues even now.While the American story has not always — or even often — been heroic, we have been sustained by a belief in progress even in the gloomiest of times. In this inspiring book, Meacham reassures us, "The good news is that we have come through such darkness before" — as, time and again, Lincoln's better angels have found a way to prevail.

    Now Ta-Nehisi Coates explores the tragic echoes of that history in our own time: the unprecedented election of a black president followed by a vicious backlash that fueled the election of the man Coates argues is America's "first white president."But the story of these present-day eight years is not just about presidential politics. This book also examines the new voices, ideas, and movements for justice that emerged over this period--and the effects of the persistent, haunting shadow of our nation's old and unreconciled history. Coates powerfully examines the events of the Obama era from his intimate and revealing perspective--the point of view of a young writer who begins the journey in an unemployment office in Harlem and ends it in the Oval Office, interviewing a president.We Were Eight Years in Power features Coates's iconic essays first published in The Atlantic, including Fear of a Black President, The Case for Reparations and The Black Family in the Age of Mass Incarceration, along with eight fresh essays that revisit each year of the Obama administration through Coates's own experiences, observations, and intellectual development, capped by a bracingly original assessment of the election that fully illuminated the tragedy of the Obama era. We Were Eight Years in Power is a vital account of modern America, from one of the definitive voices of this historic moment.

    (Marginal cost is the cost of producing additional units of a good or service, if fixed costs are not counted.) While economists have always welcomed a reduction in marginal cost, they never anticipated the possibility of a technological revolution that might bring marginal costs to near zero, making goods and services priceless, nearly free, and abundant, and no longer subject to market forces.Now, a formidable new technology infrastructure—the Internet of things (IoT)—is emerging with the potential of pushing large segments of economic life to near zero marginal cost in the years ahead. Rifkin describes how the Communication Internet is converging with a nascent Energy Internet and Logistics Internet to create a new technology platform that connects everything and everyone. Billions of sensors are being attached to natural resources, production lines, the electricity grid, logistics networks, recycling flows, and implanted in homes, offices, stores, vehicles, and even human beings, feeding Big Data into an IoT global neural network. Prosumers can connect to the network and use Big Data, analytics, and algorithms to accelerate efficiency, dramatically increase productivity, and lower the marginal cost of producing and sharing a wide range of products and services to near zero, just like they now do with information goods.The plummeting of marginal costs is spawning a hybrid economy—part capitalist market and part Collaborative Commons—with far reaching implications for society, according to Rifkin. Hundreds of millions of people are already transferring parts of their economic lives to the global Collaborative Commons. Prosumers are plugging into the fledgling IoT and making and sharing their own information, entertainment, green energy, and 3D-printed products at near zero marginal cost. They are also sharing cars, homes, clothes and other items via social media sites, rentals, redistribution clubs, and cooperatives at low or near zero marginal cost. Students are enrolling in free massive open online courses (MOOCs) that operate at near zero marginal cost. Social entrepreneurs are even bypassing the banking establishment and using crowdfunding to finance startup businesses as well as creating alternative currencies in the fledgling sharing economy. In this new world, social capital is as important as financial capital, access trumps ownership, sustainability supersedes consumerism, cooperation ousts competition, and "exchange value" in the capitalist marketplace is increasingly replaced by "sharable value" on the Collaborative Commons.Rifkin concludes that capitalism will remain with us, albeit in an increasingly streamlined role, primarily as an aggregator of network services and solutions, allowing it to flourish as a powerful niche player in the coming era. We are, however, says Rifkin, entering a world beyond markets where we are learning how to live together in an increasingly interdependent global Collaborative Commons.

    Applying the same objective criteria to legal and illegal substances, an argument is made that legality is not a clear measure for harm. Tackling a variety of questions, such as Which is more harmful—Ecstasy or alcohol? Can addiction be cured? and Does the "War on Drugs" have serious unintended effects that can hurt children?, this analysis equips readers with the ability to make educated decisions regarding drugs both personally and in their communities. Broadening the scope of the discussion, a framework is explored for formulating national drug policies that will minimize a myriad of harms—social, medical, criminal, financial, and environmental.

    We want to speak up but fear we'll be seen as unwoke, or worse, labeled a racist. According to John McWhorter, the problem is that a well-meaning but pernicious form of antiracism has become, not a progressive ideology, but a religion--and one that's illogical, unreachable, and unintentionally neoracist.In Woke Racism, McWhorter reveals the workings of this new religion, from the original sin of "white privilege" and the weaponization of cancel culture to ban heretics, to the evangelical fervor of the "woke mob." He shows how this religion that claims to "dismantle racist structures" is actually harming his fellow Black Americans by infantilizing Black people, setting Black students up for failure, and passing policies that disproportionately damage Black communities. The new religion might be called "antiracism," but it features a racial essentialism that's barely distinguishable from racist arguments of the past.Fortunately for Black America, and for all of us, it's not too late to push back against woke racism. McWhorter shares scripts and encouragement with those trying to deprogram friends and family. And most importantly, he offers a roadmap to justice that actually will help, not hurt, Black America.