We face four major challenges on which our future depends, and we are failing to meet them—and if we delay any longer, soon it will be too late for us to pass along the American dream to future generations. In That Used to Be Us, Thomas L. Friedman, one of our most influential columnists, and Michael Mandelbaum, one of our leading foreign policy thinkers, offer both a wake-up call and a call to collective action. They analyze the four challenges we face—globalization, the revolution in information technology, the nation's chronic deficits, and our pattern of excessive energy consumption—and spell out what we need to do now to sustain the American dream and preserve American power in the world. They explain how the end of the Cold War blinded the nation to the need to address these issues seriously, and how China's educational successes, industrial might, and technological prowess remind us of the ways in which "that used to be us." They explain how the paralysis of our political system and the erosion of key American values have made it impossible for us to carry out the policies the country urgently needs. And yet Friedman and Mandelbaum believe that the recovery of American greatness is within reach. They show how America's history, when properly understood, offers a five-part formula for prosperity that will enable us to cope successfully with the challenges we face. They offer vivid profiles of individuals who have not lost sight of the American habits of bold thought and dramatic action. They propose a clear way out of the trap into which the country has fallen, a way that includes the rediscovery of some of our most vital traditions and the creation of a new thirdparty movement to galvanize the country. That Used to Be Us is both a searching exploration of the American condition today and a rousing manifesto for American renewal.

    Arcane credit derivative bets are now well into the tens of trillions. According to Charles R. Morris, the astronomical leverage at investment banks and their hedge fund and private equity clients virtually guarantees massive disruption in global markets. The crash, when it comes, will have no firebreaks. A quarter century of free-market zealotry that extolled asset stripping, abusive lending, and hedge fund secrecy will come crashing down with it.The Trillion Dollar Meltdown explains how we got here, and what is about to happen. After the crash our priorities will be quite different. But things are likely to get worse before they better. Whether you are an active investor, a homeowner, or a contributor to your 401(k) plan, The Trillion Dollar Meltdown will be indispensable to understanding the gross excess that has put the world economy on the brink--and what the new landscape will look like.

    Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich's Introduction both clarifies Smith's analyses and illuminates his overall relevance to the world in which we live. As Reich writes, "Smith's mind ranged over issues as fresh and topical today as they were in the late eighteenth century--jobs, wages, politics, government, trade, education, business, and ethics."Introduction by Robert Reich - Commentary by R. H. Campbell and A. S. Skinner - Includes a Modern Library Reading Group Guide

    In The Soul of Capitalism, Greider examines how the greatest wealth-creation engine in the history of the world is failing most of us, why it must be changed, and how specifically it can be transformed. Brilliantly perceptive and sweeping in its ambition, The Soul of Capitalism is also hard-headed and practical, as Greider, one of our most eloquent populist spokesmen, assures us we are not powerless. He illustrates how American capitalism can be aligned more faithfully and obediently with what people want and need in their lives, with what American society needs for a healthy, balanced, and humane future. He proves that it is within our power to reinvent capitalism to make it work for us. The Soul of Capitalism -- solid, pragmatic, visionary, optimistic -- addresses the nation's most urgent needs.

    When it comes to markets, the first deadly sin is greed. In this New York Times bestseller, Michael Lewis is our jungle guide through five of the most violent and costly upheavals in recent financial history. With his trademark humor and brilliant anecdotes, Lewis paints the mood and market factors leading up to each event, weaves contemporary accounts to show what people thought was happening at the time, and, with the luxury of hindsight, analyzes what actually happened and what we should have learned from experience. .

    We see how they rebrand themselves as saviors of the poor; how they lavishly reward "thought leaders" who redefine "change" in winner-friendly ways; and how they constantly seek to do more good, but never less harm. We hear the limousine confessions of a celebrated foundation boss; witness an American president hem and haw about his plutocratic benefactors; and attend a cruise-ship conference where entrepreneurs celebrate their own self-interested magnanimity.Giridharadas asks hard questions: Why, for example, should our gravest problems be solved by the unelected upper crust instead of the public institutions it erodes by lobbying and dodging taxes? He also points toward an answer: Rather than rely on scraps from the winners, we must take on the grueling democratic work of building more robust, egalitarian institutions and truly changing the world. A call to action for elites and everyday citizens alike.

    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.

    One much-discussed solution to this imbalance is to significantly increase the rate at which we tax the wealthy. But with an enormous amount of the world’s wealth hidden in tax havens—in countries like Switzerland, Luxembourg, and the Cayman Islands—this wealth cannot be fully accounted for and taxed fairly. No one, from economists to bankers to politicians, has been able to quantify exactly how much of the world’s assets are currently hidden—until now. Gabriel Zucman is the first economist to offer reliable insight into the actual extent of the world’s money held in tax havens. And it’s staggering. In The Hidden Wealth of Nations, Zucman offers an inventive and sophisticated approach to quantifying how big the problem is, how tax havens work and are organized, and how we can begin to approach a solution. His research reveals that tax havens are a quickly growing danger to the world economy. In the past five years, the amount of wealth in tax havens has increased over 25%—there has never been as much money held offshore as there is today. This hidden wealth accounts for at least $7.6 trillion, equivalent to 8% of the global financial assets of households. Fighting the notion that any attempts to vanquish tax havens are futile, since some countries will always offer more advantageous tax rates than others, as well the counter-argument that since the financial crisis tax havens have disappeared, Zucman shows how both sides are actually very wrong. In The Hidden Wealth of Nations he offers an ambitious agenda for reform, focused on ways in which countries can change the incentives of tax havens. Only by first understanding the enormity of the secret wealth can we begin to estimate the kind of actions that would force tax havens to give up their practices. Zucman’s work has quickly become the gold standard for quantifying the amount of the world’s assets held in havens. In this concise book, he lays out in approachable language how the international banking system works and the dangerous extent to which the large-scale evasion of taxes is undermining the global market as a whole. If we are to find a way to solve the problem of increasing inequality, The Hidden Wealth of Nations is essential reading.

    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.

    More specifically, the problem of law that itself violates law is an insurmountable conundrum of all statist philosophies. The problem has never been discussed so profoundly and passionately as in this essay by Frederic Bastiat from 1850. The essay might have been written today. It applies in ever way to our own time, which is precisely why so many people credit this one essay for showing them the light of liberty. Bastiat's essay here is timeless because applies whenever and wherever the state assumes unto itself different rules and different laws from that by which it expects other people to live. And so we have this legendary essay, written in a white heat against the leaders of 19th century France, the reading of which has shocked millions out of their toleration of despotism. This new edition from the Mises Institute revives a glorious translation that has been out of print for a hundred years, one that circulated in Britain in the generation that followed Bastiat's death. This newly available translation provides new insight into Bastiat's argument. It is a more sophisticated, more substantial, and more precise rendering than any in print. The question that Bastiat deals with: how to tell when a law is unjust or when the law maker has become a source of law breaking? When the law becomes a means of plunder it has lost its character of genuine law. When the law enforcer is permitted to do with others' lives and property what would be illegal if the citizens did them, the law becomes perverted. Bastiat doesn't avoid the difficult issues, such as why should we think that a democratic mandate can convert injustice to justice. He deals directly with the issue of the expanse of legislation: It is not true that the mission of the law is to regulate our consciences, our ideas, our will, our education, our sentiments, our sentiments, our exchanges, our gifts, our enjoyments. Its mission is to prevent the rights of one from interfering with those of another, in any one of these things. Law, because it has force for its necessary sanction, can only have the domain of force, which is justice. More from Bastiat's The Law: Socialism, like the old policy from which it emanates, confounds Government and society. And so, every time we object to a thing being done by Government, it concludes that we object to its being done at all. We disapprove of education by the State - then we are against education altogether. We object to a State religion - then we would have no religion at all. We object to an equality which is brought about by the State then we are against equality, etc., etc. They might as well accuse us of wishing men not to eat, because we object to the cultivation of corn by the State. How is it that the strange idea of making the law produce what it does not contain - prosperity, in a positive sense, wealth, science, religion - should ever have gained ground in the political world? The modern politicians, particularly those of the Socialist school, found their different theories upon one common hypothesis; and surely a more strange, a more presumptuous notion, could never have entered a human brain. They divide mankind into two parts. Men in general, except one, form the first; the politician himself forms the second, which is by far the most important. Whether you buy one or one hundred, you can look forward to one of the most penetrating and powerful essays written in the history of political economy.

    He begins by uncovering an original eyewitness account of the Boston Tea Party and demonstrates that it was provoked not by "taxation without representation" as is commonly suggested but by the specific actions of the East India Company, which represented the commericial interests of the British elite.Hartmann then describes the history of the Fourteenth Amendment--created at the end of the Civil War to grant basic rights to freed slaves--and how it has been used by lawyers representing corporate interests to extend additional rights to businesses far more frequently than to freed slaves. Prior to 1886, corporations were referred to in U.S. law as "artificial persons." but in 1886, after a series of cases brought by lawyers representing the expanding railroad interests, the Supreme Court ruled that corporations were "persons" and entitled to the same rights granted to people under the Bill of Rights. Since this ruling, America has lost the legal structures that allowed for people to control corporate behavior.As a result, the largest transnational corporations fill a role today that has historically been filled by kings. They control most of the world's wealth and exert power over the lives of most of the world's citizens. Their CEOs are unapproachable and live lives of nearly unimaginable wealth and luxury. They've become the rudder that steers the ship of much human experience, and they're steering it by their prime value--growth and profit and any expense--a value that has become destructive for life on Earth. This new feudalism was not what our Founders--Federalists and Democratic Republicans alike--envisioned for America.It's time for "we, the people" to take back our lives. Hartmann proposes specific legal remedies that could truly save the world from political, economic, and ecological disaster.

    He shows us how, over the last half-century, America's core values--meritocracy, innovation, due process, free speech, and even democracy itself--have somehow managed to power its decline into dysfunction. They have isolated our best and brightest, whose positions at the top have never been more secure or more remote. The result has been an erosion of responsibility and accountability, an epidemic of shortsightedness, an increasingly hollow economic and political center, and millions of Americans gripped by apathy and hopelessness. By examining the people and forces behind the rise of big-money lobbying, legal and financial engineering, the demise of private-sector unions, and a hamstrung bureaucracy, Brill answers the question on everyone's mind: How did we end up this way? Finally, he introduces us to those working quietly and effectively to repair the damages. At once a diagnosis of our national ills, a history of their development, and a prescription for a brighter future, Tailspin is a work of riveting journalism--and a welcome antidote to political despair.

    With the stunning popularity of Bernie Sanders and Alexandria Ocasio-Cortez, Americans are embracing the class politics of socialism. But what, exactly, is socialism? And what would a socialist system in America look like? The editor of Jacobin magazine, Sunkara shows that socialism, though often seen primarily as an economic system, in fact offers the means to fight all forms of oppression, including racism and sexism. The ultimate goal is not Soviet-style planning, but to win rights to healthcare, education, and housing, and to create new democratic institutions in workplaces and communities. A primer on socialism for the 21st century, this is a book for anyone seeking an end to the vast inequities of our age.

    In fact, you won’t be able to put this bestseller down. In our challenging economic climate, this perennial favorite of students and general readers is more than a good read, it’s a necessary investment—with a blessedly sure rate of return. This revised and updated edition includes commentary on hot topics such as automation, trade, income inequality, and America’s rising debt. Ten years after the financial crisis, Naked Economics examines how policymakers managed the worst economic crisis since the Great Depression.Demystifying buzzwords, laying bare the truths behind oft-quoted numbers, and answering the questions you were always too embarrassed to ask, the breezy Naked Economics gives you the tools to engage with pleasure and confidence in the deeply relevant, not so dismal science.

    The original and bestselling 2000 edition of Irrational Exuberance evoked Alan Greenspan’s infamous 1996 use of that phrase to explain the alternately soaring and declining stock market. It predicted the collapse of the tech stock bubble through an analysis of the structural, cultural, and psychological factors behind levels of price growth not reflected in any other sector of the economy. In the second edition (2005), Shiller folded real estate into his analysis of market volatility, marshalling evidence that housing prices were dangerously inflated as well, a bubble that could soon burst, leading to a “string of bankruptcies” and a “worldwide recession.” That indeed came to pass, with consequences that the 2009 preface to this edition deals with. Irrational Exuberance is more than ever a cogent, chilling, and astonishingly far-seeing analytical work that no one with any money in any market anywhere can afford not to read–and heed.