We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance.The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.

    In Reefer Madness the best-selling author of Fast Food Nation turns his exacting eye on the underbelly of the American marketplace and its far-reaching influence on our society. Exposing three American mainstays — pot, porn, and illegal immigrants — Eric Schlosser shows how the black market has burgeoned over the past several decades. He also draws compelling parallels between underground and overground: how tycoons and gangsters rise and fall, how new technology shapes a market, how government intervention can reinvigorate black markets as well as mainstream ones, and how big business learns — and profits — from the underground. Reefer Madness is a powerful investigation that illuminates the shadow economy and the culture that casts that shadow.(back cover)

    Even the reforms that Americans love best have come with costs that are staggeringly high—in wealth, freedom, and social stability—and that have been spread unevenly among classes and generations. Caldwell reveals the real political turning points of the past half century, taking readers on a roller-coaster ride through Playboy magazine, affirmative action, CB radio, leveraged buyouts, iPhones, Oxycontin, Black Lives Matter, and internet cookies. In doing so, he shows that attempts to redress the injustices of the past have left Americans living under two different ideas of what it means to play by the rules. Essential, timely, hard to put down, The Age of Entitlement is a brilliant and ambitious argument about how the reforms of the past fifty years gave the country two incompatible political systems—and drove it toward conflict.

    Yet little is known about why for-profits have expanded so quickly and even less about how the power and influence of this big-money industry impact individual lives. Lower Ed, the first book to link the rapid expansion of for-profit degrees to America’s increasing inequality, reveals the story of an industry that exploits the pain, desperation, and aspirations of the most vulnerable and exposes the conditions that allow for-profit education to thrive.Tressie McMillan Cottom draws on her personal experience as a former counselor at two for-profit colleges and dozens of interviews with students, senior executives, and activists to detail how these schools have become so successful and to decipher the benefits, credentials, pitfalls, and real costs of a for-profit education. By humanizing the hard choices about school and survival that millions of Americans face, Lower Ed nimbly parses the larger forces that deliver some of us to Yale and others to For-Profit U in an office park off Interstate 10.

    Their hybrid lifestyle is the atmosphere we breathe, and in this witty and serious look at the cultural consequences of the information age, Brooks has defined a new generation.Do you believe that spending $15,000 on a media center is vulgar, but that spending $15,000 on a slate shower stall is a sign that you are at one with the Zenlike rhythms of nature? Do you work for one of those visionary software companies where people come to work wearing hiking boots and glacier glasses, as if a wall of ice were about to come sliding through the parking lot? If so, you might be a Bobo.

    An award-winning investigative journalist, he used his real name; In American Prison, Bauer weaves a much deeper reckoning with his experiences together with a thoroughly researched history of for-profit prisons in America from their origins in the decades before the Civil War. For, as he soon realized, we can't understand the cruelty of our current system and its place in the larger story of mass incarceration without understanding where it came from. Private prisons became entrenched in the South as part of a systemic effort to keep the African-American labor force in place in the aftermath of slavery, and the echoes of these shameful origins are with us still.

    This special bond was forged during the American Revolution and sanctified by the Second Amendment. It is because of this exceptional relationship that American civilians are more heavily armed than the citizens of any other nation. Or so we're told. In The Gunning of America, historian Pamela Haag overturns this conventional wisdom. American gun culture, she argues, developed not because the gun was exceptional, but precisely because it was not: guns proliferated in America because throughout most of the nation's history, they were perceived as an unexceptional commodity, no different than buttons or typewriters. Focusing on the history of the Winchester Repeating Arms Company, one of the most iconic arms manufacturers in America, Haag challenges many basic assumptions of how and when America became a gun culture. Under the leadership of Oliver Winchester and his heirs, the company used aggressive, sometimes ingenious sales and marketing techniques to create new markets for their product. Guns have never "sold themselves"; rather, through advertising and innovative distribution campaigns, the gun industry did. Through the meticulous examination of gun industry archives, Haag challenges the myth of a primal bond between Americans and their firearms. Over the course of its 150 year history, the Winchester Repeating Arms Company sold over 8 million guns. But Oliver Winchester-a shirtmaker in his previous career-had no apparent qualms about a life spent arming America. His daughter-in-law Sarah Winchester was a different story. Legend holds that Sarah was haunted by what she considered a vast blood fortune, and became convinced that the ghosts of rifle victims were haunting her. She channeled much of her inheritance, and her conflicted conscience, into a monstrous estate now known as the Winchester Mystery House, where she sought refuge from this ever-expanding army of phantoms. In this provocative and deeply-researched work of narrative history, Haag fundamentally revises the history of arms in America, and in so doing explodes the clichéthat have created and sustained our lethal gun culture.

    Engrossing, character-driven, panoramic." --Zephyr Teachout, The New York Times Book ReviewWe live in an era of soaring corporate profits and anemic wage gains, one in which low-paid jobs and blighted blue-collar communities have become a common feature of our nation's landscape. Behind these trends lies a little-discussed problem: the decades-long decline in worker power.Award-winning journalist and author Steven Greenhouse guides us through the key episodes and trends in history that are essential to understanding some of our nation's most pressing problems, including increased income inequality, declining social mobility, and the concentration of political power in the hands of the wealthy few. He exposes the modern labor landscape with the stories of dozens of American workers, from GM employees to Uber drivers to underpaid schoolteachers. Their fight to take power back is crucial for America's future, and Greenhouse proposes concrete, feasible ways in which workers' collective power can be--and is being--rekindled and reimagined in the twenty-first century.Beaten Down, Worked Up is a stirring and essential look at labor in America, poised as it is between the tumultuous struggles of the past and the vital, hopeful struggles ahead.A PBS NewsHour Now Read This Book Club Pick

    Even as the country divides itself at every turn, the meritocratic ideal - that social and economic rewards should follow achievement rather than breeding - reigns supreme. Both Democrats and Republicans insistently repeat meritocratic notions. Meritocracy cuts to the heart of who we are. It sustains the American dream.But what if, both up and down the social ladder, meritocracy is a sham? Today, meritocracy has become exactly what it was conceived to resist: a mechanism for the concentration and dynastic transmission of wealth and privilege across generations. Upward mobility has become a fantasy, and the embattled middle classes are now more likely to sink into the working poor than to rise into the professional elite. At the same time, meritocracy now ensnares even those who manage to claw their way to the top, requiring rich adults to work with crushing intensity, exploiting their expensive educations in order to extract a return. All this is not the result of deviations or retreats from meritocracy but rather stems directly from meritocracy's successes.This is the radical argument that Daniel Markovits prosecutes with rare force. Markovits is well placed to expose the sham of meritocracy. Having spent his life at elite universities, he knows from the inside the corrosive system we are trapped within. Markovits also knows that, if we understand that meritocratic inequality produces near-universal harm, we can cure it. When The Meritocracy Trap reveals the inner workings of the meritocratic machine, it also illuminates the first steps outward, towards a new world that might once again afford dignity and prosperity to the American people.

    But what do we really know about those who live on "easy street"? In this penetrating book, Rachel Sherman draws on rare in-depth interviews that she conducted with fifty affluent New Yorkers--including hedge fund financiers and corporate lawyers, professors and artists, and stay-at-home mothers--to examine their lifestyle choices and their understanding of privilege. Sherman upends images of wealthy people as invested only in accruing and displaying social advantages for themselves and their children. Instead, these liberal elites, who believe in diversity and meritocracy, feel conflicted about their position in a highly unequal society. They wish to be "normal," describing their consumption as reasonable and basic and comparing themselves to those who have more than they do rather than those with less. These New Yorkers also want to see themselves as hard workers who give back and raise children with good values, and they avoid talking about money.Although their experiences differ depending on a range of factors, including whether their wealth was earned or inherited, these elites generally depict themselves as productive and prudent, and therefore morally worthy, while the undeserving rich are lazy, ostentatious, and snobbish. Sherman argues that this ethical distinction between "good" and "bad" wealthy people characterizes American culture more broadly, and that it perpetuates rather than challenges economic inequality.As the distance between rich and poor widens, Uneasy Street not only explores the real lives of those at the top but also sheds light on how extreme inequality comes to seem ordinary and acceptable to the rest of us.

    In a time of rising inequality, Walker not only survived a bitterly contested recall that brought thousands of protesters to Capitol Square, he was subsequently reelected. How could this happen? How is it that the very people who stand to benefit from strong government services not only vote against the candidates who support those services but are vehemently against the very idea of big government?             With The Politics of Resentment, Katherine J. Cramer uncovers an oft-overlooked piece of the puzzle: rural political consciousness and the resentment of the “liberal elite.” Rural voters are distrustful that politicians will respect the distinct values of their communities and allocate a fair share of resources. What can look like disagreements about basic political principles are therefore actually rooted in something even more fundamental: who we are as people and how closely a candidate’s social identity matches our own. Using Scott Walker and Wisconsin’s prominent and protracted debate about the appropriate role of government, Cramer illuminates the contours of rural consciousness, showing how place-based identities profoundly influence how people understand politics, regardless of whether urban politicians and their supporters really do shortchange or look down on those living in the country.The Politics of Resentment shows that rural resentment—no less than partisanship, race, or class—plays a major role in dividing America against itself.

    But over the four years that followed, the Atlantic staff writer became one of our most astute analysts of the Trump presidency and the volatile powers it harnessed. The shock that greeted Trump's victory, and the subsequent cruelty of his presidency, represented a failure to confront elements of the American past long thought vanquished.In this searing collection, Serwer chronicles the Trump administration not as an aberration but as an outgrowth of the inequalities the United States was founded on. Serwer is less interested in the presidential spectacle than in the ideological and structural currents behind Trump's rise--including a media that was often blindsided by the ugly realities of what the administration represented and how it came to be.While deeply engaged with the moment, Serwer's writing is also haunted by ghosts of an unresolved American past, a past that torments the present. In bracing new essays and previously published works, he explores white nationalism, myths about migration, the political power of police unions, and the many faces of anti-Semitism. For all the dynamics he examines, cruelty is the glue, the binding agent of a movement fueled by fear and exclusion. Serwer argues that rather than pretending these four years didn't happen or dismissing them as a brief moment of madness, we must face what made them possible. Without acknowledging and confronting these toxic legacies, the fragile dream of American multiracial democracy will remain vulnerable to another ambitious demagogue.

    The stakes could not be higher: a global architecture of behavior modification threatens human nature in the twenty-first century just as industrial capitalism disfigured the natural world in the twentieth.Zuboff vividly brings to life the consequences as surveillance capitalism advances from Silicon Valley into every economic sector. Vast wealth and power are accumulated in ominous new "behavioral futures markets," where predictions about our behavior are bought and sold, and the production of goods and services is subordinated to a new "means of behavioral modification."The threat has shifted from a totalitarian Big Brother state to a ubiquitous digital architecture: a "Big Other" operating in the interests of surveillance capital. Here is the crucible of an unprecedented form of power marked by extreme concentrations of knowledge and free from democratic oversight. Zuboff's comprehensive and moving analysis lays bare the threats to twenty-first century society: a controlled "hive" of total connection that seduces with promises of total certainty for maximum profit--at the expense of democracy, freedom, and our human future.With little resistance from law or society, surveillance capitalism is on the verge of dominating the social order and shaping the digital future--if we let it.Table of contentsINTRODUCTION1. Home or exile in the digital futureI. THE FOUNDATIONS OF SURVEILLANCE CAPITALISM2. August 9, 2011: Setting the stage for Surveillance Capitalism3. The discovery of behavioral surplus4. The moat around the castle5. The elaboration of Surveillance Capitalism: Kidnap, corner, compete6. Hijacked: The division of learning in societyII. THE ADVANCE OF SURVEILLANCE CAPITALISM7. The reality business8. Rendition: From experience to data9. Rendition from the depths10. Make them dance11. The right to the future tenseIII. INSTRUMENTARIAN POWER FOR A THIRD MODERNITY12. Two species of power13. Big Other and the rise of instrumentarian power14. A utopia of certainty15, The instrumentarian collective16. Of life in the hive17. The right to sanctuaryCONCLUSION18. A coup from aboveAcknowledgementsAbout the authorDetailed table of contentsNotesIndex

    Anthony Lukas, High-Risers braids personal narratives, city politics, and national history to tell the timely and epic story of Chicago’s Cabrini-Green, America’s most iconic public housing project.Built in the 1940s atop an infamous Italian slum, Cabrini-Green grew to twenty-three towers and a population of 20,000—all of it packed onto just seventy acres a few blocks from Chicago’s ritzy Gold Coast. Cabrini-Green became synonymous with crime, squalor, and the failure of government. For the many who lived there, it was also a much-needed resource—it was home. By 2011, every high-rise had been razed, the island of black poverty engulfed by the white affluence around it, the families dispersed.In this novelistic and eye-opening narrative, Ben Austen tells the story of America’s public housing experiment and the changing fortunes of American cities. It is an account told movingly though the lives of residents who struggled to make a home for their families as powerful forces converged to accelerate the housing complex’s demise. Beautifully written, rich in detail, and full of moving portraits, High-Risers is a sweeping exploration of race, class, popular culture, and politics in modern America that brilliantly considers what went wrong in our nation’s effort to provide affordable housing to the poor—and what we can learn from those mistakes.

    A concentration of power, whether in the hands of a military dictator or a JP Morgan, was understood as autocratic and dangerous to individual liberty and democracy. This idea stretched back to the country’s founding. In the 1930s, people observed that the Great Depression was caused by financial concentration in the hands of a few whose misuse of their power induced a financial collapse. They drew on this tradition to craft the New Deal. In Goliath, Matt Stoller explains how authoritarianism and populism have returned to American politics for the first time in eighty years, as the outcome of the 2016 election shook our faith in democratic institutions. It has brought to the fore dangerous forces that many modern Americans never even knew existed. Today’s bitter recriminations and panic represent more than just fear of the future, they reflect a basic confusion about what is happening and the historical backstory that brought us to this moment. The true effects of populism, a shrinking middle class, and concentrated financial wealth are only just beginning to manifest themselves under the current administrations. The lessons of Stoller’s study will only grow more relevant as time passes. Building upon his viral article in The Atlantic, “How the Democrats Killed Their Populist Soul,” Stoller illustrates in rich detail how we arrived at this tenuous moment, and the steps we must take to create a new democracy.