Book picks similar to
The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy by Stephanie Kelton
economics
non-fiction
politics
nonfiction
Global Inequality: A New Approach for the Age of Globalization
Branko Milanović - 2010
Drawing on vast data sets and cutting-edge research, he explains the benign and malign forces that make inequality rise and fall within and among nations. He also reveals who has been helped the most by globalization, who has been held back, and what policies might tilt the balance toward economic justice.Global Inequality takes us back hundreds of years, and as far around the world as data allow, to show that inequality moves in cycles, fueled by war and disease, technological disruption, access to education, and redistribution. The recent surge of inequality in the West has been driven by the revolution in technology, just as the Industrial Revolution drove inequality 150 years ago. But even as inequality has soared within nations, it has fallen dramatically among nations, as middle-class incomes in China and India have drawn closer to the stagnating incomes of the middle classes in the developed world. A more open migration policy would reduce global inequality even further.Both American and Chinese inequality seems well entrenched and self-reproducing, though it is difficult to predict if current trends will be derailed by emerging plutocracy, populism, or war. For those who want to understand how we got where we are, where we may be heading, and what policies might help reverse that course, Milanovic s compelling explanation is the ideal place to start."
We the Corporations: How American Businesses Won Their Civil Rights
Adam Winkler - 2018
Hardly oppressed like women and minorities, business corporations, too, have fought since the nation’s earliest days to gain equal rights under the Constitution—and today have nearly all the same rights as ordinary people.Exposing the historical origins of Citizens United and Hobby Lobby, Adam Winkler explains how those controversial Supreme Court decisions extending free speech and religious liberty to corporations were the capstone of a centuries-long struggle over corporate personhood and constitutional protections for business. Beginning his account in the colonial era, Winkler reveals the profound influence corporations had on the birth of democracy and on the shape of the Constitution itself. Once the Constitution was ratified, corporations quickly sought to gain the rights it guaranteed. The first Supreme Court case on the rights of corporations was decided in 1809, a half-century before the first comparable cases on the rights of African Americans or women. Ever since corporations have waged a persistent and remarkably fruitful campaign to win an ever-greater share of individual rights.Although corporations never marched on Washington, they employed many of the same strategies of more familiar civil rights struggles: civil disobedience, test cases, and novel legal claims made in a purposeful effort to reshape the law. Indeed, corporations have often been unheralded innovators in constitutional law, and several of the individual rights Americans hold most dear were first secured in lawsuits brought by businesses.Winkler enlivens his narrative with a flair for storytelling and a colorful cast of characters: among others, Daniel Webster, America’s greatest advocate, who argued some of the earliest corporate rights cases on behalf of his business clients; Roger Taney, the reviled Chief Justice, who surprisingly fought to limit protections for corporations—in part to protect slavery; and Roscoe Conkling, a renowned politician who deceived the Supreme Court in a brazen effort to win for corporations the rights added to the Constitution for the freed slaves. Alexander Hamilton, Teddy Roosevelt, Huey Long, Ralph Nader, Louis Brandeis, and even Thurgood Marshall all played starring roles in the story of the corporate rights movement.In this heated political age, nothing can be timelier than Winkler’s tour de force, which shows how America’s most powerful corporations won our most fundamental rights and turned the Constitution into a weapon to impede the regulation of big business.
Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street
Sheelah Kolhatkar - 2017
Cohen changed Wall Street. He and his fellow pioneers of the hedge fund industry didn't lay railroads, build factories, or invent new technologies. Rather, they made their billions through speculation, by placing bets in the market that turned out to be right more often than wrong and for this, they gained not only extreme personal wealth but formidable influence throughout society. Hedge funds now oversee more than $3 trillion in assets, and the competition between them is so fierce that traders will do whatever they can to get an edge.Cohen was one of the industry's biggest success stories, the person everyone else in the business wanted to be. Born into a middle-class family on Long Island, he longed from an early age to be a star on Wall Street. He mastered poker in high school, went off to Wharton, and in 1992 launched the hedge fund SAC Capital, which he built into a $15 billion empire, almost entirely on the basis of his wizard like stock trading. He cultivated an air of mystery, reclusiveness, and excess, building a 35,000-square-foot mansion in Greenwich, Connecticut, flying to work by helicopter, and amassing one of the largest private art collections in the world. On Wall Street, Cohen was revered as a genius: one of the greatest traders who ever lived.That image was shattered when SAC Capital became the target of a sprawling, seven-year investigation, led by a determined group of FBI agents, prosecutors, and SEC enforcement attorneys. Labeled by prosecutors as a magnet for market cheaters whose culture encouraged the relentless pursuit of edge and even black edge, which is inside information SAC Capital was ultimately indicted and pleaded guilty to charges of securities and wire fraud in connection with a vast insider trading scheme, even as Cohen himself was never charged.Black Edge offers a revelatory look at the gray zone in which so much of Wall Street functions. It's a riveting, true-life legal thriller that takes readers inside the government's pursuit of Cohen and his employees, and raises urgent and troubling questions about the power and wealth of those who sit at the pinnacle of modern Wall Street.
Moneyland: Why Thieves and Crooks Now Rule the World and How To Take It Back
Oliver Bullough - 2018
He could buy himself a new car or build himself a nice house or give it to his friends and family, but that was about it. If he kept stealing, the money would just pile up in his house until he had no rooms left to put it in, or it was eaten by mice.And then some bankers in London had a bright idea.Join the investigative journalist Oliver Bullough on a journey into Moneyland - the secret country of the lawless, stateless superrich.Learn how the institutions of Europe and the United States have become money-laundering operations, undermining the foundations of Western stability. Discover the true cost of being open for business no matter how corrupt and dangerous the customer. Meet the kleptocrats. Meet their awful children. And find out how heroic activists around the world are fighting back.This is the story of wealth and power in the 21st century. It isn't too late to change it.
Evil Geniuses: The Unmaking of America
Kurt Andersen - 2020
A huge, secure, and contented middle class emerged. All boats rose together. But then the New Deal gave way to the Raw Deal. Beginning in the early 1970s, by means of a long war conceived of and executed by a confederacy of big business CEOs, the superrich, and right-wing zealots, the rules and norms that made the American middle class possible were undermined and dismantled. The clock was turned back on a century of economic progress, making greed good, workers powerless, and the market all-powerful while weaponizing nostalgia, lifting up an oligarchy that served only its own interests, and leaving the huge majority of Americans with dwindling economic prospects and hope.Why and how did America take such a wrong turn? In this deeply researched and brilliantly woven cultural, economic, and political chronicle, Kurt Andersen offers a fresh, provocative, and eye-opening history of America’s undoing, naming names, showing receipts, and unsparingly assigning blame—to the radical right in economics and the law, the high priests of high finance, a complacent and complicit Establishment, and liberal “useful idiots,” among whom he includes himself.
The Two-Income Trap: Why Middle-Class Mothers and Fathers Are Going Broke
Elizabeth Warren - 2003
Although this social revolution created a firestorm of controversy, no one questioned the idea that women's involvement in the workforce was certain to improve families' financial lot. Until now.In this brilliantly argued book, Harvard Law School bankruptcy expert Elizabeth Warren and business consultant Amelia Tyagi show that today's middle-class parents are suffering from an unprecedented and totally unexpected economic meltdown. Astonishingly, sending mothers to work has made families more vulnerable than ever before. Today's two-income family earns 75% more money than its single-income counterpart of a generation ago, but actually has less discretionary income once their fixed monthly bills are paid.How did this happen? Warren and Tyagi provide convincing evidence that the culprit is not "overconsumption," as many critics have charged. Instead, they point to the ferocious bidding war for housing and education that has quietly engulfed America's suburbs. Stay-at-home mothers once provided a financial safety net if disaster struck; their move into the workforce has left today's families chillingly at risk. The authors show why the usual remedies--child-support enforcement, subsidized daycare, and higher salaries for women--won't solve the problem, and propose a set of innovative solutions, from rate caps on credit cards to open-access public schools, to restore security to the middle class.
Seeing Like a State: How Certain Schemes to Improve the Human Condition Have Failed
James C. Scott - 1998
Why do well-intentioned plans for improving the human condition go tragically awry?In this wide-ranging and original book, James C. Scott analyzes failed cases of large-scale authoritarian plans in a variety of fields. Centrally managed social plans misfire, Scott argues, when they impose schematic visions that do violence to complex interdependencies that are not—and cannot—be fully understood. Further, the success of designs for social organization depends upon the recognition that local, practical knowledge is as important as formal, epistemic knowledge. The author builds a persuasive case against "development theory" and imperialistic state planning that disregards the values, desires, and objections of its subjects. He identifies and discusses four conditions common to all planning disasters: administrative ordering of nature and society by the state; a "high-modernist ideology" that places confidence in the ability of science to improve every aspect of human life; a willingness to use authoritarian state power to effect large- scale interventions; and a prostrate civil society that cannot effectively resist such plans.
A Generation of Sociopaths: How the Baby Boomers Betrayed America
Bruce Cannon Gibney - 2017
In A Generation of Sociopaths, Gibney examines the disastrous policies of the most powerful generation in modern history, showing how the Boomers ruthlessly enriched themselves at the expense of future generations.Acting without empathy, prudence, or respect for facts--acting, in other words, as sociopaths--the Boomers turned American dynamism into stagnation, inequality, and bipartisan fiasco. The Boomers have set a time bomb for the 2030s, when damage to Social Security, public finances, and the environment will become catastrophic and possibly irreversible--and when, not coincidentally, Boomers will be dying off. Gibney argues that younger generations have a fleeting window to hold the Boomers accountable and begin restoring America.
The People’s Republic of Walmart: How the World’s Biggest Corporations are Laying the Foundation for Socialism
Leigh Phillips - 2019
Their remarkable success appears to vindicate the old idea that modern society is too complex to be subjected to a plan. And yet, as Leigh Phillips and Michal Rozworski argue, much of the economy of the West is centrally planned at present. Not only is planning on vast scales possible, we already have it and it works. The real question is whether planning can be democratic. Can it be transformed to work for us?An engaging, polemical romp through economic theory, computational complexity, and the history of planning, The People’s Republic of Walmart revives the conversation about how society can extend democratic decision-making to all economic matters. With the advances in information technology in recent decades and the emergence of globe-straddling collective enterprises, democratic planning in the interest of all humanity is more important and closer to attainment than ever before.
The World Is Flat: A Brief History of the Twenty-first Century
Thomas L. Friedman - 2005
With his inimitable ability to translate complex foreign policy and economic issues, Friedman explains how the flattening of the world happened at the dawn of the 21st century; what it means to countries, companies, communities and individuals; and how governments and societies can, and must, adapt.
Fascism: A Warning
Madeleine K. Albright - 2018
secretary of stateA Fascist, observes Madeleine Albright, “is someone who claims to speak for a whole nation or group, is utterly unconcerned with the rights of others, and is willing to use violence and whatever other means are necessary to achieve the goals he or she might have.” The twentieth century was defined by the clash between democracy and Fascism, a struggle that created uncertainty about the survival of human freedom and left millions dead. Given the horrors of that experience, one might expect the world to reject the spiritual successors to Hitler and Mussolini should they arise in our era. In Fascism: A Warning, Madeleine Albright draws on her experiences as a child in war-torn Europe and her distinguished career as a diplomat to question that assumption.Fascism, as she shows, not only endured through the twentieth century but now presents a more virulent threat to peace and justice than at any time since the end of World War II. The momentum toward democracy that swept the world when the Berlin Wall fell has gone into reverse. The United States, which historically championed the free world, is led by a president who exacerbates division and heaps scorn on democratic institutions. In many countries, economic, technological, and cultural factors are weakening the political center and empowering the extremes of right and left. Contemporary leaders such as Vladimir Putin and Kim Jong-un are employing many of the tactics used by Fascists in the 1920s and 30s.Fascism: A Warning is a book for our times that is relevant to all times. Written by someone who has not only studied history but helped to shape it, this call to arms teaches us the lessons we must understand and the questions we must answer if we are to save ourselves from repeating the tragic errors of the past.
America's Bitter Pill: Money, Politics, Backroom Deals, and the Fight to Fix Our Broken Healthcare System
Steven Brill - 2015
It’s a fly-on-the-wall account of the titanic fight to pass a 961-page law aimed at fixing America’s largest, most dysfunctional industry. It’s a penetrating chronicle of how the profiteering that Brill first identified in his trailblazing Time magazine cover story continues, despite Obamacare. And it is the first complete, inside account of how President Obama persevered to push through the law, but then failed to deal with the staff incompetence and turf wars that crippled its implementation. But by chance America’s Bitter Pill ends up being much more—because as Brill was completing this book, he had to undergo urgent open-heart surgery. Thus, this also becomes the story of how one patient who thinks he knows everything about healthcare “policy” rethinks it from a hospital gurney—and combines that insight with his brilliant reporting. The result: a surprising new vision of how we can fix American healthcare so that it stops draining the bank accounts of our families and our businesses, and the federal treasury. Praise for America’s Bitter Pill
“A tour de force . . . a comprehensive and suitably furious guide to the political landscape of American healthcare . . . persuasive, shocking.”—The New York Times “An energetic, picaresque, narrative explanation of much of what has happened in the last seven years of health policy . . . [Brill] has pulled off something extraordinary.”
—The New York Times Book Review
“A thunderous indictment of what Brill refers to as the ‘toxicity of our profiteer-dominated healthcare system.’ ”—Los Angeles Times “A sweeping and spirited new book [that] chronicles the surprisingly juicy tale of reform.”—The Daily Beast “One of the most important books of our time.”—Walter Isaacson “Superb . . . Brill has achieved the seemingly impossible—written an exciting book about the American health system.”—The New York Review of Books
How an Economy Grows and Why It Crashes
Peter D. Schiff - 2010
In it, economic expert and bestselling author of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature "take no prisoners" logic to expose the glaring fallacies that have become so ingrained in our country’s economic conversation.Inspired by How an Economy Grows and Why It Doesn’t—a previously published book by the Schiffs’ father Irwin, a widely published economist and activist—How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics.The tales told here may appear simple of the surface, but they will leave you with a powerful understanding of How an Economy Grows and Why it Crashes.
Democracy at Work: A Cure for Capitalism
Richard D. Wolff - 2012
This book is required reading for anyone concerned about a fundamental transformation of the ailing capitalist economy."—Cornel West“Richard Wolff’s constructive and innovative ideas suggest new and promising foundations for a much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.”—Noam Chomsky"Probably America's most prominent Marxist economist."—The New York TimesCapitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve.One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers directing their own workplaces, as the basis for a genuine political democracy.Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action.Richard D. Wolff is professor of economics emeritus at the University of Massachusetts, Amherst. He is currently a visiting professor at the New School for Social Research in New York. Wolff is the author of many books, including Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It. He hosts the weekly hour-long radio program Economic Update on WBAI (Pacifica Radio) and writes regularly for The Guardian, Truthout.org, and MRZine.
Other People's Money: The Real Business of Finance
John Kay - 2015
Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.