Book picks similar to
...And Forgive Them Their Debts by Michael Hudson
economics
history
non-fiction
finance
All the Presidents' Bankers: The Hidden Alliances that Drive American Power
Nomi Prins - 2014
She unravels the multi-generational blood, intermarriage, and protégé relationships that have confined national influence to a privileged cluster of people. These families and individuals recycle their power through elected office and private channels in Washington, DC.All the Presidents' Bankers sheds new light on pivotal historic events—such as why, after the Panic of 1907, America's dominant bankers convened to fashion the Federal Reserve System; how J. P. Morgan's ambitions motivated President Wilson during World War I; how Chase and National City Bank chairmen worked secretly with President Roosevelt to rescue capitalism during the Great Depression while J.P. Morgan Jr. invited Roosevelt's son yachting; and how American financiers collaborated with President Truman to construct the World Bank and IMF after World War II.Prins divulges how, through the Cold War and Vietnam era, presidents and bankers pushed America's superpower status and expansion abroad, while promoting broadly democratic values and social welfare at home. But from the 1970s, Wall Street's rush to secure Middle East oil profits altered the nature of political-financial alliances. Bankers' profit motive trumped heritage and allegiance to public service, while presidents lost control over the economy—as was dramatically evident in the financial crisis of 2008.This unprecedented history of American power illuminates how the same financiers retained their authoritative position through history, swaying presidents regardless of party affiliation. All the Presidents' Bankers explores the alarming global repercussions of a system lacking barriers between public office and private power. Prins leaves us with an ominous choice: either we break the alliances of the power elite, or they will break us.
Why Nations Fail: The Origins of Power, Prosperity, and Poverty
Daron Acemoğlu - 2012
None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world.
The Production of Money: How to Break the Power of Bankers
Ann Pettifor - 2017
Pettifor argues that democracies can, and indeed must, reclaim control over money production and restrain the out-of-control finance sector so that it serves the interests of society, as well as the needs of the ecosystem.The Production of Money examines and assesses popular alternative debates on, and innovations in, money, such as “green QE” and “helicopter money.” She sets out the possibility of linking the money in our pockets (or on our smartphones) to the improvements we want to see in the world around us.
Saving Capitalism: For the Many, Not the Few
Robert B. Reich - 2004
Reich, and now he reveals the cycles of power and influence that have perpetuated a new American oligarchy, a shrinking middle class, and the greatest income inequality and wealth disparity in eighty years. He makes clear how centrally problematic our veneration of the "free market" is, and how it has masked the power of the moneyed interests to tilt the market to their benefit. He exposes the falsehoods that have been bolstered by the corruption of our democracy by big corporations and the revolving door between Washington and Wall Street-- that all workers are paid what they're "worth," a higher minimum wage equals fewer jobs, corporations must serve shareholders before employees. Ever the pragmatist, Reich sees hope for reversing our slide toward inequality and diminished opportunity by shoring up the countervailing power of everyone else. Here is a revelatory indictment of our economic status quo and an empowering call to civic action.
The Making of the English Working Class
E.P. Thompson - 1963
E.P. Thompson shows how the working class took part in its own making & recreates the whole life experience of people who suffered loss of status & freedom, who underwent degradation & who yet created a culture & political consciousness of great vitality. "Thompson's book has been called controversial, but perhaps only because so many have forgotten how explosive England was during the Regency & the early reign of Victoria. Without any reservation, The Making of the English Working Class is the most important study of those days since the classic work of the Hammonds."--Commentary "Mr Thompson's deeply human imagination & controlled passion help us to recapture the agonies, heroisms & illusions of the working class as it made itself. No one interested in the history of the English people should fail to read his book."--Times Literary Supplement
How Rich Countries Got Rich And Why Poor Countries Stay Poor
Erik S. Reinert - 2005
Reinert suggests that this set of policies in various combinations has driven successful development from Renaissance Italy to the modern Far East. Yet despite its demonstrable sucess, orthodox developemt economists have largely ignored this approach and insisted instead on the importance of free trade. Reinart shows how the history of economics has long been torn between the continental Renaissance tradition on one hand and the free market theories of English and later American economies on the other. Our economies were founded on protectionism and state activism—look at China today—and could only later afford the luxury of free trade. When our leaders come to lecture poor countries on the right road to riches they do so in almost perfect ignorance of the real history of national affluence.
Labor and Monopoly Capital: The Degradation of Work in the Twentieth Century
Harry Braverman - 1974
Written in a direct, inviting way by Harry Braverman, whose years as an industrial worker gave him rich personal insight into work, Labor and Monopoly Capital overturned the reigning ideologies of academic sociology.This new edition features an introduction by John Bellamy Foster that sets the work in historical and theoretical context, as well as two rare articles by Braverman, The Degradation of Work in the Twentieth Century (1975) and Two Comments (1976), that add much to our understanding of the book.
13 Bankers: The Wall Street Takeover and the Next Financial Meltdown
Simon Johnson - 2010
Anchored by six megabanks—Bank of America, JPMorgan Chase, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley—which together control assets amounting, astonishingly, to more than 60 percent of the country’s gross domestic product, these financial institutions (now more emphatically “too big to fail”) continue to hold the global economy hostage, threatening yet another financial meltdown with their excessive risk-taking and toxic “business as usual” practices. How did this come to be—and what is to be done? These are the central concerns of 13 Bankers, a brilliant, historically informed account of our troubled political economy. In 13 Bankers, Simon Johnson—one of the most prominent and frequently cited economists in America (former chief economist of the International Monetary Fund, Professor of Entrepreneurship at MIT, and author of the controversial “The Quiet Coup” in The Atlantic)—and James Kwak give a wide-ranging, meticulous, and bracing account of recent U.S. financial history within the context of previous showdowns between American democracy and Big Finance: from Thomas Jefferson to Andrew Jackson, from Theodore Roosevelt to Franklin Delano Roosevelt. They convincingly show why our future is imperiled by the ideology of finance (finance is good, unregulated finance is better, unfettered finance run amok is best) and by Wall Street’s political control of government policy pertaining to it. As the authors insist, the choice that America faces is stark: whether Washington will accede to the vested interests of an unbridled financial sector that runs up profits in good years and dumps its losses on taxpayers in lean years, or reform through stringent regulation the banking system as first and foremost an engine of economic growth. To restore health and balance to our economy, Johnson and Kwak make a radical yet feasible and focused proposal: reconfigure the megabanks to be “small enough to fail.” Lucid, authoritative, crucial for its timeliness, 13 Bankers is certain to be one of the most discussed and debated books of 2010.
Economics of Good and Evil: The Quest for Economic Meaning from Gilgamesh to Wall Street
Tomáš Sedláček - 2009
Named one of the "Young Guns" and one of the "five hot minds in economics" by the Yale Economic Review, he serves on the National Economic Council in Prague, where his provocative writing has achieved bestseller status. How has he done it? By arguing a simple, almost heretical proposition: economics is ultimately about good and evil. In The Economics of Good and Evil, Sedlacek radically rethinks his field, challenging our assumptions about the world. Economics is touted as a science, a value-free mathematical inquiry, he writes, but it's actually a cultural phenomenon, a product of our civilization. It began within philosophy--Adam Smith himself not only wrote The Wealth of Nations, but also The Theory of Moral Sentiments--and economics, as Sedlacek shows, is woven out of history, myth, religion, and ethics. "Even the most sophisticated mathematical model," Sedlacek writes, "is, de facto, a story, a parable, our effort to (rationally) grasp the world around us." Economics not only describes the world, but establishes normative standards, identifying ideal conditions. Science, he claims, is a system of beliefs to which we are committed. To grasp the beliefs underlying economics, he breaks out of the field's confines with a tour de force exploration of economic thinking, broadly defined, over the millennia. He ranges from the epic of Gilgamesh and the Old Testament to the emergence of Christianity, from Descartes and Adam Smith to the consumerism in Fight Club. Throughout, he asks searching meta-economic questions: What is the meaning and the point of economics? Can we do ethically all that we can do technically? Does it pay to be good? Placing the wisdom of philosophers and poets over strict mathematical models of human behavior, Sedlacek's groundbreaking work promises to change the way we calculate economic value.
Civilization and Capitalism 15th-18th Century, Vol. 1: The Structures of Everyday Life
Fernand Braudel - 1979
Like everything he writes, it is new, stimulating and sparkles like champagne.Braudel's technique, it has been said, is that of a pointilliste. Myriads of separate details, sharp glimpses of reality experienced by real people, are seen miraculously to orchestrate themselves into broad rhythms that underlie and transcend the excitements and struggles of particular periods. Braudel sees the past as we see the present — only in a longer perspective and over a wider field.The perspective is that of the possible, of the actual material limitations to human life in any given time or place. It is the every¬day, the habitual — the obvious that is so obvious it has hitherto been neglected by historians — that Braudel claims for a new and vast and enriching province of history. Food and drink, dress and housing, demography and family structure, energy and technology, money and credit, and, above all, the growth of towns, that powerful agent of social and economic development, are described in all the richness and complexity of real life.The intensely visual quality of Braudel's understanding of history is brought into sharper focus by the remarkable series of illustrations that of themselves would make this book incomparableFERNAND BRAUDEL was born in 1902, received a degree in history in 1923, and subsequently taught in Algeria, Paris and Sao Paulo. He spent five years as a prisoner of war in Germany, during which time he wrote his grand thesis, The Mediterranean and the Mediterranean World in the Age of Philip II, which was published in 1949. In 1946 he became a member of the editorial board of Annates, the famous journal founded by Marc Bloch and Lucian Febvre, whom he succeeded at the College de France in 1949. He has been a member of the Ecole Pratique des Hautes Etudes and since 1962 has been chief administrator of the Maison des Sciences de l'Homme. Professor Braudel holds honorary doctor¬ates from universities all over the world.Jacket painting: Detail from Breughel the Elder's The Fall of Icarus, from the Musees Royaux des Beaux-Arts, Brussels. (Giraudon)"Braudel deserves a Nobel Prize. . . . [This is] the most remarkable picture of human life in the centuries before the human condition was radically changed by the growth of industry that has yet been presented. A book of great originality, a masterpiece."—J. H. Plumb, The Washington Post"Braudel's books enthrall. ... He is brilliant in demonstrating how most history is written on the backs of most people."—John Leonard, The New York Times"Even a preliminary glance at The Structures of Everyday Life shows a book that has no obvious compeer either in scope of reference or level of accessibility to the general reader. ... Its broad authority remains deeply impressive."—Richard Holmes, Harper's"Here is vast erudition, beautifully arranged, presented with grace of style, with humility before life's complexity and warm humanist feeling. Braudel's subject is nothing less than every¬day life all over the world before the industrial revolution.... He succeeds triumphantly in his first purpose: 'if not to see everything, at least to locate everything, and on the requisite world scale.'"—Angus Calder, The Standard"On neither side of the Atlantic does there live a man or woman with so much knowledge of the past as Braudel, or with a greater sense of its aptness to the intellectual occasion in hand....You can't pick up this big fat book without having your attention transfixed by something or other, if only the great gallery of pictures. They are a masterpiece in themselves."—Peter Laslett, The Guardian"This new book is unarguably a brilliant survey of demog¬raphy, urbanisation, transport, technology, food, clothing, housing, money and business, social classes, state power and international trade in the fifteenth to the eighteenth centuries."—Theodore Zeldin, The Listener-----By examining in detail the material life of preindustrial peoples around the world, Fernand Braudel significantly changed the way historians view their subject. Volume I describes food and drink, dress and housing, demography and family structure, energy and technology, money and credit, and the growth of towns.
Sacred Economics: Money, Gift, and Society in the Age of Transition
Charles Eisenstein - 2011
Today, these trends have reached their extreme—but in the wake of their collapse, we may find great opportunity to transition to a more connected, ecological, and sustainable way of being. This book is about how the money system will have to change—and is already changing—to embody this transition. A broadly integrated synthesis of theory, policy, and practice, Sacred Economics explores avant-garde concepts of the New Economics, including negative-interest currencies, local currencies, resource-based economics, gift economies, and the restoration of the commons. Author Charles Eisenstein also considers the personal dimensions of this transition, speaking to those concerned with "right livelihood" and how to live according to their ideals in a world seemingly ruled by money. Tapping into a rich lineage of conventional and unconventional economic thought, Sacred Economics presents a vision that is original yet commonsense, radical yet gentle, and increasingly relevant as the crises of our civilization deepen.Sacred Economics official website: http://sacred-economics.com/About the Imprint: EVOLVER EDITIONS promotes a new counterculture that recognizes humanity's visionary potential and takes tangible, pragmatic steps to realize it. EVOLVER EDITIONS explores the dynamics of personal, collective, and global change from a wide range of perspectives. EVOLVER EDITIONS is an imprint of North Atlantic Books and is produced in collaboration with Evolver, LLC.
The Value of Nothing: How to Reshape Market Society and Redefine Democracy
Raj Patel - 2009
He reveals the hidden ecological and social costs of a hamburger (as much as $200), and asks how we came to have markets in the first place. Both the corporate capture of government and our current financial crisis, Patel argues, are a result of our democratically bankrupt political system.If part one asks how we can rebalance society and limit markets, part two answers by showing how social organizations, in America and around the globe, are finding new ways to describe the world's worth. If we don't want the market to price every aspect of our lives, we need to learn how such organizations have discovered democratic ways in which people, and not simply governments, can play a crucial role in deciding how we might share our world and its resources in common.This short, timely and inspiring book reveals that our current crisis is not simply the result of too much of the wrong kind of economics. While we need to rethink our economic model, Patel argues that the larger failure beneath the food, climate and economic crises is a political one. If economics is about choices, Patel writes, it isn't often said who gets to make them. The Value of Nothing offers a fresh and accessible way to think about economics and the choices we will all need to make in order to create a sustainable economy and society.
The War on Normal People: The Truth About America's Disappearing Jobs and Why Universal Basic Income Is Our Future
Andrew Yang - 2018
The shift toward automation is about to create a tsunami of unemployment. Not in the distant future—now. One recent estimate predicts 45 million American workers will lose their jobs within the next twelve years—jobs that won't be replaced. In a future marked by restlessness and chronic unemployment, what will happen to American society? In The War on Normal People, Andrew Yang paints a dire portrait of the American economy. Rapidly advancing technologies like artificial intelligence, robotics and automation software are making millions of Americans' livelihoods irrelevant. The consequences of these trends are already being felt across our communities in the form of political unrest, drug use, and other social ills. The future looks dire-but is it unavoidable? In The War on Normal People, Yang imagines a different future—one in which having a job is distinct from the capacity to prosper and seek fulfillment. At this vision's core is Universal Basic Income, the concept of providing all citizens with a guaranteed income-and one that is rapidly gaining popularity among forward-thinking politicians and economists. Yang proposes that UBI is an essential step toward a new, more durable kind of economy, one he calls "human capitalism."
Payback: Debt and the Shadow Side of Wealth
Margaret Atwood - 2007
She doesn’t talk about high finance or managing money; instead, she goes far deeper to explore debt as an ancient and central motif in religion, literature, and the structure of human societies. By looking at how debt has informed our thinking from preliterate times to the present day, from the stories we tell of revenge and sin to the way we order social relationships, Atwood argues that the idea of what we owe may well be built into the human imagination as one of its most dynamic metaphors. Her final lecture addresses the notion of a debt to nature and the need to find new ways of interacting with the natural world before it is too late.
Makers and Takers: The Rise of Finance and the Fall of American Business
Rana Foroohar - 2016
Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that: · Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself. · The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. · The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. · Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. · And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers. Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.