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Circus Maximus: The Economic Gamble Behind Hosting the Olympics and the World Cup by Andrew Zimbalist
non-fiction
sports
economics
nonfiction
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."
The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It
Scott Patterson - 2010
They were preparing to compete in a poker tournament with million-dollar stakes, but those numbers meant nothing to them. They were accustomed to risking billions. At the card table that night was Peter Muller, an eccentric, whip-smart whiz kid who’d studied theoretical mathematics at Princeton and now managed a fabulously successful hedge fund called PDT…when he wasn’t playing his keyboard for morning commuters on the New York subway. With him was Ken Griffin, who as an undergraduate trading convertible bonds out of his Harvard dorm room had outsmarted the Wall Street pros and made money in one of the worst bear markets of all time. Now he was the tough-as-nails head of Citadel Investment Group, one of the most powerful money machines on earth. There too were Cliff Asness, the sharp-tongued, mercurial founder of the hedge fund AQR, a man as famous for his computer-smashing rages as for his brilliance, and Boaz Weinstein, chess life-master and king of the credit default swap, who while juggling $30 billion worth of positions for Deutsche Bank found time for frequent visits to Las Vegas with the famed MIT card-counting team. On that night in 2006, these four men and their cohorts were the new kings of Wall Street. Muller, Griffin, Asness, and Weinstein were among the best and brightest of a new breed, the quants. Over the prior twenty years, this species of math whiz --technocrats who make billions not with gut calls or fundamental analysis but with formulas and high-speed computers-- had usurped the testosterone-fueled, kill-or-be-killed risk-takers who’d long been the alpha males the world’s largest casino. The quants believed that a dizzying, indecipherable-to-mere-mortals cocktail of differential calculus, quantum physics, and advanced geometry held the key to reaping riches from the financial markets. And they helped create a digitized money-trading machine that could shift billions around the globe with the click of a mouse. Few realized that night, though, that in creating this unprecedented machine, men like Muller, Griffin, Asness and Weinstein had sowed the seeds for history’s greatest financial disaster. Drawing on unprecedented access to these four number-crunching titans, The Quants tells the inside story of what they thought and felt in the days and weeks when they helplessly watched much of their net worth vaporize – and wondered just how their mind-bending formulas and genius-level IQ’s had led them so wrong, so fast. Had their years of success been dumb luck, fool’s gold, a good run that could come to an end on any given day? What if The Truth they sought -- the secret of the markets -- wasn’t knowable? Worse, what if there wasn’t any Truth? In The Quants, Scott Patterson tells the story not just of these men, but of Jim Simons, the reclusive founder of the most successful hedge fund in history; Aaron Brown, the quant who used his math skills to humiliate Wall Street’s old guard at their trademark game of Liar’s Poker, and years later found himself with a front-row seat to the rapid emergence of mortgage-backed securities; and gadflies and dissenters such as Paul Wilmott, Nassim Taleb, and Benoit Mandelbrot. With the immediacy of today’s NASDAQ close and the timeless power of a Greek tragedy, The Quants is at once a masterpiece of explanatory journalism, a gripping tale of ambition and hubris…and an ominous warning about Wall Street’s future.
The Nineties
Chuck Klosterman - 2022
It was long ago, but not as long as it seems: The Berlin Wall fell and the Twin Towers collapsed. In between, one presidential election was allegedly decided by Ross Perot while another was plausibly decided by Ralph Nader. In the beginning, almost every name and address was listed in a phone book, and everyone answered their landlines because you didn't know who it was. By the end, exposing someone's address was an act of emotional violence, and nobody picked up their new cell phone if they didn't know who it was. The '90s brought about a revolution in the human condition we're still groping to understand. Happily, Chuck Klosterman is more than up to the job. Beyond epiphenomena like Cop Killer and Titanic and Zima, there were wholesale shifts in how society was perceived: the rise of the internet, pre-9/11 politics, and the paradoxical belief that nothing was more humiliating than trying too hard. Pop culture accelerated without the aid of a machine that remembered everything, generating an odd comfort in never being certain about anything. On a '90s Thursday night, more people watched any random episode of Seinfeld than the finale of Game of Thrones. But nobody thought that was important; if you missed it, you simply missed it. It was the last era that held to the idea of a true, hegemonic mainstream before it all began to fracture, whether you found a home in it or defined yourself against it. In The Nineties, Chuck Klosterman makes a home in all of it: the film, the music, the sports, the TV, the politics, the changes regarding race and class and sexuality, the yin/yang of Oprah and Alan Greenspan. In perhaps no other book ever written would a sentence like, "The video for 'Smells Like Teen Spirit' was not more consequential than the reunification of Germany" make complete sense. Chuck Klosterman has written a multi-dimensional masterpiece, a work of synthesis so smart and delightful that future historians might well refer to this entire period as Klostermanian.
Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money
Nathaniel Popper - 2015
Believers from Beijing to Buenos Aires see the potential for a financial system free from banks and governments. More than just a tech industry fad, Bitcoin has threatened to decentralize some of society’s most basic institutions.An unusual tale of group invention, Digital Gold charts the rise of the Bitcoin technology through the eyes of the movement’s colorful central characters, including an Argentinian millionaire, a Chinese entrepreneur, Tyler and Cameron Winklevoss, and Bitcoin’s elusive creator, Satoshi Nakamoto. Already, Bitcoin has led to untold riches for some, and prison terms for others.
Monoculture: How One Story is Changing Everything
F.S. Michaels - 2011
One of The Atlantic's best books of the year. As human beings, we've always told stories: stories about who we are, where we come from, and where we're going. Now imagine that one of those stories is taking over the others, narrowing our diversity and creating a monoculture. Because of the rise of the economic story, six areas of your world - your work, your relationships with others and the environment, your community, your physical and spiritual health, your education, and your creativity - are changing, or have already changed, in subtle and not-so-subtle ways. And because how you think shapes how you act, the monoculture isn't just changing your mind - it's changing your life.“A single lucid narrative that’s bound to first make you somewhat uncomfortable and insecure, then give you the kind of pause from which you can step back and move forward with more autonomy, authenticity and mindfulness than ever.” - Maria Popova, BrainPickings“A thin, enrapturing gem. It’s accessible, sensible—exactly the sort of book that should have (and still could + should!) take off and create a tiny little dent in books.” - The Kenyon Review“Michaels offers a smart and realistic guide to first recognizing the monoculture and the challenges of transcending its limitations, then considering ways in which we, as sentient and autonomous individuals, can move past its confines to live a more authentic life within a broader spectrum of human values.” - The Atlantic“5 stars: The cause and effect of our world is more surprising than you’d think. With intriguing notions about the driving ideas of stories in every shape of our life, “Monoculture” is an incredibly fascinating look at how the mind works and today’s consumer culture.” - Midwest Book Review“If you just read one book this year, read this one…You won’t just be considering the narrative of the culture in which you live, you’ll be considering the everyday choices you make in your life. But the best part of the story is that the author affords you the opportunity to pick up your pen and demand a rewrite…A mind-altering work.” - BuriedInPrint.com
The Corporation: The Pathological Pursuit of Profit and Power
Joel Bakan - 2003
Eminent Canadian law professor and legal theorist Joel Bakan contends that today's corporation is a pathological institution, a dangerous possessor of the great power it wields over people and societies.In this revolutionary assessment of the history, character, and globalization of the modern business corporation, Bakan backs his premise with the following observations:-The corporation’s legally defined mandate is to pursue relentlessly and without exception its own economic self-interest, regardless of the harmful consequences it might cause to others. -The corporation’s unbridled self-interest victimizes individuals, society, and, when it goes awry, even shareholders and can cause corporations to self-destruct, as recent Wall Street scandals reveal. -Governments have freed the corporation, despite its flawed character, from legal constraints through deregulation and granted it ever greater authority over society through privatization.But Bakan believes change is possible and he outlines a far-reaching program of achievable reforms through legal regulation and democratic control.Featuring in-depth interviews with such wide-ranging figures as Nobel Prize winner Milton Friedman, business guru Peter Drucker, and cultural critic Noam Chomsky, The Corporation is an extraordinary work that will educate and enlighten students, CEOs, whistle-blowers, power brokers, pawns, pundits, and politicians alike.
Water: The Epic Struggle for Wealth, Power, and Civilization
Steven Solomon - 2009
Four hundred million people depend on it, and there's no backup plan. As Steven Solomon makes clear, the same is true the world over; this volume will give you the background to understand the forces that will drive much of 21st century history.” —Bill McKibbenIn Water, esteemed journalist Steven Solomon describes a terrifying—and all too real—world in which access to fresh water has replaced oil as the primary cause of global conflicts that increasingly emanate from drought-ridden, overpopulated areas of the world. Meticulously researched and undeniably prescient, Water is a stunningly clear-eyed action statement on what Robert F Kennedy, Jr. calls “the biggest environmental and political challenge of our time.”
The Third Pillar: How Markets and the State Leave the Community Behind
Raghuram G. Rajan - 2019
In The Third Pillar he offers up a magnificent big-picture framework for understanding how these three forces--the state, markets, and our communities--interact, why things begin to break down, and how we can find our way back to a more secure and stable plane.The "third pillar" of the title is the community we live in. Economists all too often understand their field as the relationship between markets and the state, and they leave squishy social issues for other people. That's not just myopic, Rajan argues; it's dangerous. All economics is actually socioeconomics - all markets are embedded in a web of human relations, values and norms. As he shows, throughout history, technological phase shifts have ripped the market out of those old webs and led to violent backlashes, and to what we now call populism. Eventually, a new equilibrium is reached, but it can be ugly and messy, especially if done wrong.Right now, we're doing it wrong. As markets scale up, the state scales up with it, concentrating economic and political power in flourishing central hubs and leaving the periphery to decompose, figuratively and even literally. Instead, Rajan offers a way to rethink the relationship between the market and civil society and argues for a return to strengthening and empowering local communities as an antidote to growing despair and unrest. Rajan is not a doctrinaire conservative, so his ultimate argument that decision-making has to be devolved to the grass roots or our democracy will continue to wither, is sure to be provocative. But even setting aside its solutions, The Third Pillar is a masterpiece of explication, a book that will be a classic of its kind for its offering of a wise, authoritative and humane explanation of the forces that have wrought such a sea change in our lives.
The Price of Civilization
Jeffrey D. Sachs - 2010
Sachs has been at the forefront of international problem solving. But Sachs turns his attention back home in 'The Price of Civilization,' a book that is essential reading for every American. In a forceful, impassioned, and personal voice, he offers not only a searing and incisive diagnosis of our country's economic ills but also an urgent call for Americans to restore the virtue of fairness, honesty, and foresight as the foundations of national prosperity." Inside book cover comments.
How We'll Live on Mars
Stephen L. Petranek - 2014
Now he makes the case that living on Mars is not just plausible, but inevitable.It sounds like science fiction, but Stephen Petranek considers it fact: Within twenty years, humans will live on Mars. We'll need to. In this sweeping, provocative book that mixes business, science, and human reporting, Petranek makes the case that living on Mars is an essential back-up plan for humanity and explains in fascinating detail just how it will happen.The race is on. Private companies, driven by iconoclastic entrepreneurs, such as Elon Musk, Jeff Bezos, Paul Allen, and Sir Richard Branson; Dutch reality show and space mission Mars One; NASA; and the Chinese government are among the many groups competing to plant the first stake on Mars and open the door for human habitation. Why go to Mars? Life on Mars has potential life-saving possibilities for everyone on earth. Depleting water supplies, overwhelming climate change, and a host of other disasters — from terrorist attacks to meteor strikes — all loom large. We must become a space-faring species to survive. We have the technology not only to get humans to Mars, but to convert Mars into another habitable planet. It will likely take 300 years to "terraform" Mars, as the jargon goes, but we can turn it into a veritable second Garden of Eden. And we can live there, in specially designed habitations, within the next twenty years.In this exciting chronicle, Petranek introduces the circus of lively characters all engaged in a dramatic effort to be the first to settle the Red Planet. How We'll Live on Mars brings firsthand reporting, interviews with key participants, and extensive research to bear on the question of how we can expect to see life on Mars within the next twenty years.
The Revolt of the Public and the Crisis of Authority
Martin Gurri - 2014
In the words of economist and scholar Arnold Kling, Martin Gurri saw it coming.Technology has categorically reversed the information balance of power between the public and the elites who manage the great hierarchical institutions of the industrial age government, political parties, the media.The Revolt of the Public tells the story of how insurgencies, enabled by digital devices and a vast information sphere, have mobilized millions of ordinary people around the world.Originally published in 2014, this updated edition of The Revolt of the Public includes an extensive analysis of Donald Trump's improbable rise to the presidency and the electoral triumphs of Brexit and concludes with a speculative look forward, pondering whether the current elite class can bring about a reformation of the democratic process and whether new organizing principles, adapted to a digital world, can arise out of the present political turbulence.
Flash Crash: A Trading Savant, a Global Manhunt, and the Most Mysterious Market Crash in History
Liam Vaughan - 2020
In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed?Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked--until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the center of them both.
Palaces for the People: How Social Infrastructure Can Help Fight Inequality, Polarization, and the Decline of Civic Life
Eric Klinenberg - 2018
We are living in a time of deep divisions. Americans are sorting themselves along racial, religious, and cultural lines, leading to a level of polarization that the country hasn't seen since the Civil War. Pundits and politicians are calling for us to come together, to find common purpose. But how, exactly, can this be done?In Palaces for the People, Eric Klinenberg suggests a way forward. He believes that the future of democratic societies rests not simply on shared values but on shared spaces: the libraries, childcare centers, bookstores, churches, synagogues, and parks where crucial, sometimes life-saving connections, are formed. These are places where people gather and linger, making friends across group lines and strengthening the entire community. Klinenberg calls this the "social infrastructure" When it is strong, neighborhoods flourish; when it is neglected, as it has been in recent years, families and individuals must fend for themselves.Klinenberg takes us around the globe--from a floating school in Bangladesh to an arts incubator in Chicago, from a soccer pitch in Queens to an evangelical church in Houston--to show how social infrastructure is helping to solve some of our most pressing challenges: isolation, crime, education, addiction, political polarization, and even climate change.Richly reported, elegantly written, and ultimately uplifting, Palaces for the People urges us to acknowledge the crucial role these spaces play in civic life. Our social infrastructure could be the key to bridging our seemingly unbridgeable divides--and safeguarding democracy.
Ballpark: Baseball in the American City
Paul Goldberger - 2019
In the changing locations and architecture of our ballparks, Goldberger reveals the manifestations of a changing society: the earliest ballparks evoked Victorian society in the accommodations--bleachers for the riffraff, grandstands for the middle-class; the "concrete donuts" of the 1950s and 60s made plain television's grip on the public's attention and the new need for stadiums that could also accommodate football; and more recent ballparks, like Baltimore's Camden Yards, signal a new way forward for stadium design and for baseball's role in urban development. Throughout, Goldberger shows us the ways in which baseball's history--its concurrent rise with the railway system, the origins of the American and National Leagues, the first stolen base--is clued into the important architectural, material, engineering, and site details and requirements that shaped our most beloved stadiums. A fascinating, exuberant ode to the Edens at the heart of our cities--where dreams are as limitless as the outfields.