This book argues that the right-wing revolution in the United States has created deepening inequality and will lead to economic catastrophe. The author makes the case that over the past three decades the rich have confiscated wealth and income from the poor and middle class to a far greater extent than many realize, and he explores in detail important but commonly unmeasured dimensions of inequality. He also takes aim at the economics profession, criticising the analytical blinders that leave economists incapable of seeing the coming crisis.
Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. 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 global economic crisis and recession that began in 2008 had at least one unexpected outcome: a surge in sales of Karl Marx's Capital. Although mainstream economists and commentators once dismissed Marx's work as outmoded and flawed, some are begrudgingly acknowledging an analysis that sees capitalism as inherently unstable. And of course, there are those, like Michael Heinrich, who have seen the value of Marx all along, and are in a unique position to explain the intricacies of Marx's thought. Heinrich's modern interpretation of Capital is now available to English-speaking readers for the first time. It has gone through nine editions in Germany, is the standard work for Marxist study groups, and is used widely in German universities. The author systematically covers all three volumes of Capital and explains all the basic aspects of Marx's critique of capitalism in a way that is clear and concise. He provides background information on the intellectual and political milieu in which Marx worked, and looks at crucial issues beyond the scope of Capital, such as class struggle, the relationship between capital and the state, accusations of historical determinism, and Marx's understanding of communism. Uniquely, Heinrich emphasizes the monetary character of Marx's work, in addition to the traditional emphasis on the labor theory of value, this highlighting the relevance of Capital to the age of financial explosions and implosions.
“Compact and immensely readable . . . a tour de force. Prepare to be amazed.” John C. Bogle, Founder and Former CEO, The Vanguard Group Bernstein is widely respected as author of the bestseller, The Intelligent Asset Allocator Identifies and explains the four conditions necessary for human progress
Here is a bold history of economics - the dramatic story of how the great economic thinkers built today's rigorous social science. Noted financial writer and economist Mark Skousen has revised and updated this popular work to provide more material on Adam Smith and Karl Marx, and expanded coverage of Joseph Stiglitz, 'imperfect' markets, and behavioral economics.This comprehensive, yet accessible introduction to the major economic philosophers of the past 225 years begins with Adam Smith and continues through the present day. The text examines the contributions made by each individual to our understanding of the role of the economist, the science of economics, and economic theory. To make the work more engaging, boxes in each chapter highlight little-known - and often amusing - facts about the economists' personal lives that affected their work.
The former special assistant for legislative affairs to President Clinton, president of the American Constitution Society, and author of the "damn fine" (Elle) Under the Bus shows how the left can undo the right's damage and take the country back Despite representing the beliefs of a minority of the American public on many issues, conservatives are in power not just in Washington, DC, but also in state capitals and courtrooms across the country. They got there because, while progressives fought to death over the nuances of policy and to bring attention to specific issues, conservatives focused on simply gaining power by gaming our democracy. They understood that policy follows power, not the other way around. Now, in a sensational new book, Caroline Fredrickson—who has had a front-row seat on the political drama in DC for decades while working to shape progressive policies as special assistant for legislative affairs to President Clinton, chief of staff to Senator Maria Cantwell, deputy chief of staff to Senator Tom Daschle, and president of the American Constitution Society—argues that it's time for progressives to focus on winning. She shows us how we can learn from the Right by having the determination to focus on judicial elections, state power, and voter laws without stooping to their dishonest, rule-breaking tactics. We must be ruthless in thinking through how to change the rules of the game to regain power, expand the franchise, end voter suppression, win judicial elections, and fight for transparency and fairness in our political system, and Fredrickson shows us how.
Contributions to Law, Philosophy and Ecology: Exploring Re-Embodiments is a preliminary contribution to the establishment of re-embodiments as a theoretical strand within legal and ecological theory, and philosophy. Re-embodiments are all those contemporary practices and processes that exceed the epistemic horizon of modernity. As such, they offer a plurality of alternative modes of theory and practice that seek to counteract the ecocidal tendencies of the Anthropocene. The collection comprises eleven contributions approaching re-embodiments from a multiplicity of fields, including legal theory, eco-philosophy, eco-feminism and anthropology. The contributions are organized into three parts: ‘Beyond Modernity’, ‘The Sacred Dimension’ and ‘The Legal Dimension’. The collection is opened by a comprehensive introduction that situates re-embodiments in theoretical context. Whilst closely bound with embodiment and new materialist theory, this book contributes a unique voice that echoes diverse political processes contemporaneous to our times. Written in an elegant and accessible language, the book will appeal to undergraduates, postgraduates and established scholars alike seeking to understand and take re-embodiments further, both politically and theoretically.
Democracy and Other Neoliberal Fantasies is an impassioned call for the realization of a progressive left politics in the United States. Through an assessment of the ideologies underlying contemporary political culture, Jodi Dean takes the left to task for its capitulations to conservatives and its failure to take responsibility for the extensive neoliberalization implemented during the Clinton presidency. She argues that the left’s ability to develop and defend a collective vision of equality and solidarity has been undermined by the ascendance of “communicative capitalism,” a constellation of consumerism, the privileging of the self over group interests, and the embrace of the language of victimization. As Dean explains, communicative capitalism is enabled and exacerbated by the Web and other networked communications media, which reduce political energies to the registration of opinion and the transmission of feelings. The result is a psychotic politics where certainty displaces credibility and the circulation of intense feeling trumps the exchange of reason. Dean’s critique ranges from her argument that the term democracy has become a meaningless cipher invoked by the left and right alike to an analysis of the fantasy of free trade underlying neoliberalism, and from an examination of new theories of sovereignty advanced by politicians and left academics to a look at the changing meanings of “evil” in the speeches of U.S. presidents since the mid-twentieth century. She emphasizes the futility of a politics enacted by individuals determined not to offend anyone, and she examines questions of truth, knowledge, and power in relation to 9/11 conspiracy theories. Dean insists that any reestablishment of a vital and purposeful left politics will require shedding the mantle of victimization, confronting the marriage of neoliberalism and democracy, and mobilizing different terms to represent political strategies and goals.
No government can be sustained without the ability to tax its citizens. The question then arises how can a nation do so in a way that's fair and equitable to taxpayers while simultaneously promoting economic growth and providing the state with the funds it needs to adequately address the needs of its citizens? This insightful work, featuring contributions from a stellar array of international tax experts and economists, addresses the crucial, relevant issues which developed countries will confront in the early decades of the 21st century: The pursuit of tax reform. Personal tax base: income or consumption? Tax rate scale: equity and efficiency aspects. Business tax reform: structural and design issues. Interjurisdictional issues. Controlling tax avoidance.
