Economic Conditions Books

The Shock Doctrine: The Rise of Disaster Capitalism

Naomi Klein

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Customer Reviews:
Total reviews: 262 Average rating: 4.5 of 5

Editorial Review:

Naomi Klein's The Shock Doctrine advances a truly unnerving argument: historically, while people were reeling from natural disasters, wars and economic upheavals, savvy politicians and industry leaders nefariously implemented policies that would never have passed during less muddled times. As Klein demonstrates, this reprehensible game of bait-and-switch isn't just some relic from the bad old days. It's alive and well in contemporary society, and coming soon to a disaster area near you.

"At the most chaotic juncture in Iraq'' civil war, a new law is unveiled that will allow Shell and BP to claim the country's vast oil reserves… Immediately following September 11, the Bush Administration quietly outsources the running of the 'War on Terror' to Halliburton and Blackwater… After a tsunami wipes out the coasts of Southeast Asia, the pristine beaches are auctioned off to tourist resorts… New Orleans residents, scattered from Hurricane Katrina, discover that their public housing, hospitals and schools will never be re-opened." Klein not only kicks butt, she names names, notably economist Milton Friedman and his radical Chicago School of the 1950s and 60s which she notes "produced many of the leading neo-conservative and neo-liberal thinkers whose influence is still profound in Washington today." Stand up and take a bow, Donald Rumsfeld.

There's little doubt Klein's book--which arrived to enormous attention and fanfare thanks to her previous missive, the best-selling No Logo, will stir the ire of the right and corporate America. It's also true that Klein's assertions are coherent, comprehensively researched and footnoted, and she makes a very credible case. Even if the world isn't going to hell in a hand-basket just yet, it's nice to know a sharp customer like Klein is bearing witness to the backroom machinations of government and industry in times of turmoil. --Kim Hughes

Nickel and Dimed: On (Not) Getting By in America

Barbara Ehrenreich

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Total reviews: 15 Average rating: 3.5 of 5

Bitter is as Bitter Does.. why I, as an employer, would NEVER hire her 2 out of 5 stars.
0 of 0 people found this review helpful.

I think the premise was a good idea as a whole, but I don't believe Barbara Ehrenreich was the one to present it.
She tends to have a victim attitude in life, and a contempt for people who are successful, which I find ironic since I am sure she is not standing on a street corner giving away her profits from the book.

She opens fine and the footnotes are somewhat interesting but then she goes off on tangents that have nothing to do with the book. She claims to have this disdain for others who she feels are elitists but then she turns around and does the same thing herself. One example, which has no place in this story, in my opinion is when she, as an avid atheist, decided to attend a revival for fun, then not only proceeded to mock the people who went but called Jesus a socialist among other things I would rather not repeat. My opinion of her formed very quickly from that point.

She also points out that management in one of the companies she works for were simply jerks. Granted we all know the types but she didn't even try to see it from a balanced point of view. The Maid Company she worked for had some hard rules, like no water on the job, etc., which I found to be unreasonable, however she ended up blaming the homeowners, some that she never met. She had disdain for a Buddhists home who had spiritual messages throughout his house, once again she never met this person, yet felt free to judge.

Also as far as management is concerned, as a business owner I realize how some people are in this position but there are also two sides to a coin. She mentions how much she dislikes the people she works for with the "rules" yet in the next breath she talks about her and the "maids" in the company car driving through a nice area with the radio blarring and yelling "F*** YOU" out the car window to moms with stollers. When they cringed she mentions how she finds this behavior hysterically funny. Gee and you wonder why they have to set up rules. I wouldn't want her representing my company.

The book is not balanced. Last but not least, she claims so many of these people are in poverty, yet I can't help notice how many of them have no "lunch " money yet have plenty of funds for smoking and having kid after kid. Just an observation. It's too bad really the subject matter would have been good had it not been so tainted by attitude.

I have no doubt there are a great deal of working poor who are making ends meet and having a hard time. Those are the people she should have sought out. I believe she was too blinded by her anger or perhaps guilt over her own success to see it clearly.

Editorial Review:

The bestselling, landmark work of undercover reportage, now updated

Acclaimed as an instant classic upon publication, Nickel and Dimed has sold more than 1.5 million copies and become a staple of classroom reading. Chosen for “one book” initiatives across the country, it has fueled nationwide campaigns for a living wage. Funny, poignant, and passionate, this revelatory firsthand account of life in low-wage America—the story of Barbara Ehrenreich’s attempts to eke out a living while working as a waitress, hotel maid, house cleaner, nursing-home aide, and Wal-Mart associate—has become an essential part of the nation’s political discourse.

Now, in a new afterword, Ehrenreich shows that the plight of the underpaid has in no way eased: with fewer jobs available, deteriorating work conditions, and no pay increase in sight, Nickel and Dimed is more relevant than ever.

Unequal Democracy: The Political Economy of the New Gilded Age (Russell Sage Foundation Co-Pub)

Larry M. Bartels

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Total reviews: 7 Average rating: 3.5 of 5

Editorial Review:

Unequal Democracy debunks many myths about politics in contemporary America, using the widening gap between the rich and the poor to shed disturbing light on the workings of American democracy. Larry Bartels shows that increasing inequality is not simply the result of economic forces, but the product of broad-reaching policy choices in a political system dominated by partisan ideologies and the interests of the wealthy.

Bartels demonstrates that elected officials respond to the views of affluent constituents but ignore the views of poor people. He shows that Republican presidents in particular have consistently produced much less income growth for middle-class and working-poor families than for affluent families, greatly increasing inequality. He provides revealing case studies of key policy shifts contributing to inequality, including the massive Bush tax cuts of 2001 and 2003 and the erosion of the minimum wage. Finally, he challenges conventional explanations for why many voters seem to vote against their own economic interests, contending that working-class voters have not been lured into the Republican camp by "values issues" like abortion and gay marriage, as commonly believed, but that Republican presidents have been remarkably successful in timing income growth to cater to short-sighted voters.

Unequal Democracy is social science at its very best. It provides a deep and searching analysis of the political causes and consequences of America's growing income gap, and a sobering assessment of the capacity of the American political system to live up to its democratic ideals.

The End of Poverty: Economic Possibilities for Our Time

Jeffrey Sachs

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Total reviews: 115 Average rating: 4.0 of 5

Editorial Review:

Celebrated economist Jeffrey Sachs has a plan to eliminate extreme poverty around the world by 2025. If you think that is too ambitious or wildly unrealistic, you need to read this book. His focus is on the one billion poorest individuals around the world who are caught in a poverty trap of disease, physical isolation, environmental stress, political instability, and lack of access to capital, technology, medicine, and education. The goal is to help these people reach the first rung on the "ladder of economic development" so they can rise above mere subsistence level and achieve some control over their economic futures and their lives. To do this, Sachs proposes nine specific steps, which he explains in great detail in The End of Poverty. Though his plan certainly requires the help of rich nations, the financial assistance Sachs calls for is surprisingly modest--more than is now provided, but within the bounds of what has been promised in the past. For the U.S., for instance, it would mean raising foreign aid from just 0.14 percent of GNP to 0.7 percent. Sachs does not view such help as a handout but rather an investment in global economic growth that will add to the security of all nations. In presenting his argument, he offers a comprehensive education on global economics, including why globalization should be embraced rather than fought, why international institutions such as the United Nations, International Monetary Fund, and World Bank need to play a strong role in this effort, and the reasons why extreme poverty exists in the midst of great wealth. He also shatters some persistent myths about poor people and shows how developing nations can do more to help themselves.

Despite some crushing statistics, The End of Poverty is a hopeful book. Based on a tremendous amount of data and his own experiences working as an economic advisor to the UN and several individual nations, Sachs makes a strong moral, economic, and political case for why countries and individuals should battle poverty with the same commitment and focus normally reserved for waging war. This important book not only makes the end of poverty seem realistic, but in the best interest of everyone on the planet, rich and poor alike. --Shawn Carkonen

The Communist Manifesto (Penguin Classics)

Karl Marx, Friedrich Engels

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Total reviews: 253 Average rating: 3.5 of 5

Please actually read Marx... 5 out of 5 stars.
4 of 6 people found this review helpful.

...and PLEASE read beyond the Manifesto! Ignore the anti-Marx ideologues who do not actually read him, and give him a shot. Forget, for a minute, all preconceived notions of communism, and take his writings as though they are fresh and brand new. Only then should you proceed on to reading criticism of him, history of Marxism, etc. The reader who is willing to undertake an actual study of Marx will find him infinitely valuable, and very astute on many things.

First, I'd like to (try to) clear up a few misconceptions about Marx that linger implacably in the minds of almost all Americans.

1) The Soviet Union, China, etc. were not Communist societies.
They were brutal dictatorships under the guise of communism, using it as an ideological blanket to mask their terrible atrocities. Moreover, Marx intended for Communism to evolve out of Capitalist societies (i.e., Britain and America during his time), not out of the feudalistic Russia/China. The argument that Communism killed 100 million is just wrong--dictators corrupting the ideas of communism (Lenin, Stalin, Mao, etc.) did so. So yes, Marx caused the deaths of 100 million in the same way Adam Smith caused the deaths of the Chinese and Irish immigrants who toiled on the railroad--in other words, not at all.

2.) Marxism =/= violence.
In certain places, especially the Manifesto, Marx does permit violence, and, indeed, advocate it. But Marx does not think it NECESSARY--that's the key point. Good Marxist thinkers, and I believe Marx himself, would say that communistic reforms could come just as easily and likely more efficiently from peaceful processes, as we have seen them for the most part in the United States.

3.) Communism is not welfare statism.
In fact, in a, actually realized communist society (unlikely to ever happen, I'll admit) there would be no government. Marx advocated the PEOPLE owning the means of production, not the state. This is a HUGE error that many make when reading Marx. I suspect he was just as distrusting of the state as your average libertarian, he just thought it necessary to rectify some of the wrongs of capitalism and a necessary step toward communism. Note the use of step there: Marx, taking from his predecessor Hegel, believes everything must proceed in steps!!

4.) The Communist Manifesto is not the end-all of communism.
Honestly, the Manifesto is a rather juvenile work compared to many of Marx's other writings, like DAS KAPITAL or GRUNDRISSE. It was intended as a sort of primer to communism, accessible to the common, sparsely-educated worker of Marx's time, and is a better demonstration of Marx/Engel's (everyone forgets about poor Engels!) rhetorical ability than of their thought proper.

I also believe that the Manifesto isn't really the best place to start. It breeds far too many misconceptions about communist thought, partly due to its theatricality, partly due to the way it has been misconstrued throughout the decades. If you do start with the Manifesto, as most people do, PLEASE continue on and read more about Marx! Trust me, it's worth it, and you learn the extreme depth of his theory.

One need only look at their time to understand why Marx and Engels were so infuriated at the capitalist system. Those years of the Industrial Revolution were an exciting and terrifying time. New wealth and new commodities were springing up constantly, but they tended to be concentrated in the hands of very few, while created at the expense of millions of common, downtrodden labourers. Those who attack government regulation of corporations should study the Gilded Age of America, and the Industrial Revolution in England. Child labourer, no safety laws whatsoever, no minimum wage, no work-week, no fair bargaining between workers and employees, government subsidizing of wealthy corporations, union-busters, etc. Is there any wonder Marx and Engels, who were essentially exiled to England during this time, were filled with such anger at the system that caused so much human suffering?

Marx's critique of capitalism is in my estimate the strongest part of his theory, and it is likely that his witnessing the above exploitations of workers is why it is so strong, and why the Manifesto seems so... angry. I strongly recommend that anyone interested in Marxist theory pick up a copy of the Marx-Engels Reader (also available on Amazon) and read through the "Critique of Capitalism" section, which offers selections from his writings under this topic.

How right Marx was is for the reader to decide. Again, I find his critique of capitalism VERY accurate, and believe the only reason his predictions haven't come to fruition to be because we implemented some of his recommended policies (we now live in a blended economy, somewhere on the spectrum between pure capitalism and communism). Communism itself is a bit silly, but not so much as the anti-Marxists make it out to be. The real take-away point here is that you should study (not read, STUDY) Marx for yourself, and not accept what I, or the anti-Marxists, tell you.

Editorial Review:

"A spectre is haunting Europe," Karl Marx and Frederic Engels wrote in 1848, "the spectre of Communism." This new edition of The Communist Manifesto, commemorating the 150th anniversary of its publication, includes an introduction by renowned historian Eric Hobsbawm which reminds us of the document's continued relevance. Marx and Engels's critique of capitalism and its deleterious effect on all aspects of life, from the increasing rift between the classes to the destruction of the nuclear family, has proven remarkably prescient. Their spectre, manifested in the Manifesto's vivid prose, continues to haunt the capitalist world, lingering as a ghostly apparition even after the collapse of those governments which claimed to be enacting its principles.

Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism

Kevin Phillips

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Total reviews: 43 Average rating: 4.0 of 5

Editorial Review:

The bestselling author reveals how the U.S. financial sector has hijacked our economy and put America’s global future at risk

In American Theocracy, Kevin Phillips warned us of the perilous interaction of debt, financial recklessness, and the increasing cost of scarce oil. The current housing and mortgage debacle is proof once more of Phillips’s prescience, and only the first harbinger of a national crisis. In Bad Money, Phillips describes the consequences of our misguided economic policies, our mounting debt, our collapsing housing market, our threatened oil, and the end of American domination of world markets. America’s current challenges (and failures) run striking parallels to the decline of previous leading world economic powers—especially the Dutch and British. Global overreach, worn-out politics, excessive debt, and exhausted energy regimes are all chilling signals that the United States is crumbling as the world superpower.

“Bad money” refers to a new phenomenon in wayward megafinance—the emergence of a U.S. economy that is globally dependent and dominated by hubris-driven financial services. Also “bad” are the risk miscalculations and strategic abuses of new multitrillion-dollar products such as asset-backed securities and the lure of buccaneering vehicles like hedge funds. Finally, the U.S. dollar has been turned into bad money as it has weakened and become vulnerable to the world’s other currencies. In all these ways, “bad” finance has failed the American people and pointed U.S. capitalism toward a global crisis. Bad Money is the perfect follow- up to Phillips’s last book, whose dire warnings are now proving frighteningly accurate.

Development as Freedom

Amartya Sen

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Total reviews: 48 Average rating: 4.0 of 5

Do you have trouble sleeping at night? If yes buy this book! 1 out of 5 stars.
1 of 11 people found this review helpful.

Great concepts and ideas, just not very interesting to read. I could only read a page at a time before my mind began to wander off.

Editorial Review:

By the winner of the 1988 Nobel Prize in Economics,  an essential and  paradigm-altering framework for understanding economic development--for both rich and poor--in the twenty-first century.

Freedom, Sen argues, is both the end and most efficient means of sustaining economic life and the key to securing the general welfare of the world's entire population. Releasing the idea of individual freedom from association with any particular historical, intellectual, political, or religious tradition, Sen clearly demonstrates its current applicability and possibilities. In the new global economy, where, despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers--perhaps even the majority of people--he concludes, it is still possible to practically and optimistically restain a sense of social accountability. Development as Freedom is essential reading.

The Way We'll Be: The Zogby Report on the Transformation of the American Dream

John Zogby

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Total reviews: 7 Average rating: 3.5 of 5

Editorial Review:

According to super pollster John Zogby, whom The Washington Post calls “the maverick predictor,” the conventional wisdom about the United States–that we’re isolated from the world, politically fragmented, and inclined toward material pleasure–isn’t just flawed; it may be 180 degrees from the truth. In this far-reaching and illuminating look at contemporary American life, Zogby reveals nothing less than The Way We’ll Be. Drawing on thousands of in-depth surveys conducted especially for the book, Zogby points out where we’re headed–politically, culturally, and spiritually.

The American dream is in transition; it is rapidly being redefined by four meta-movements: living with limits as consumers and citizens; embracing diversity of views and ways of life; looking inward to find spiritual comfort; and demanding authenticity from the media, our leaders, and leading institutions. Spearheaded by today’s eighteen-to-twenty-nine-year-olds–the “First Global” generation–Americans are becoming more internationalist, consensus-oriented, and environmentally conscious and less willing to identify themselves by the things they do to earn or spend their money. But this is more than a youth tide. Americans of all ages are moving beyond old divides–red state/blue state, pro-life/pro-choice, beer drinker/wine connoisseur–to form a new national consensus that will shape the nation for decades to come.

Zogby’s cogent analysis of the data yields an astonishing perspective on Americans’ thoughts, feelings, and beliefs, now and in coming years. Understanding this emerging reality will be key for

• leaders in all fields who want to reach audiences that are more media-savvy, better informed, and more technologically enabled than ever before

• individuals in search of rewarding and fulfilling careers in tomorrow’s growth fields

• politicians and CEOs looking to marry policies and practices to the rising demand for social responsibility

• anyone who wants to market to the emerging new American consensus

Beyond telling a fascinating story, the conclusions in this book are a must-read for everyone from Main Street to Madison Avenue to Capitol Hill. Filled with expert analysis and insight from one of today’s most successful predictors and trend spotters, The Way We’ll Be will redefine how we view America’s future.

Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis

Paul Muolo, Mathew Padilla

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Total reviews: 17 Average rating: 4.5 of 5

Well written story of the mortgage crisis 4 out of 5 stars.
9 of 10 people found this review helpful.

Do your eyes glaze over when commentators try to describe the financial products that were at the heart of the recent real estate boom? The mortgage boom? This book described the instruments clearly--and gives the reader a great sense of what was fundamentally wrong with the whole process. The title is "Chain of Blame," but there is plenty of blame to go around.

The book is well written and lucid. Nonspecialists can understand it well. I heard talking heads on TV and radio described tranches, REITs, "liar loans," "warehouse line of credit," and so on. The authors describe these terms--and others--clearly and in such a way that the reader can begin to see what had happened--and why the meltdown in the mortgage world should not be seen as so surprising.

It is also the story of clever businessmen and women, who could develop new tools for investment from subprime loans. Subprime loans, simply, are (Page 325): "A loan originated by a lender that is A- to D in quality. Consumers with the best credit ratings. . .are considered 'A' credit quality." In short, loans are being made to purchasers who carry some to a lot of risk. If they can't keep paying their mortgages, the house of cards can fall down. And that is, in short, what happened (although the story is quite a bit more complex than that).

Among the innovators were pioneers such as Roland Arnall (of Ameriquest and Argent) and Bill Dallas (of Ownit Mortgage Solutions). Then, those who adopted practices of the innovators, such as Angelo Mozilo of Countrywide.

The book makes pretty clear that a number of factors contributed to the mortgage problem. Regulators didn't get involved; Wall Street firms ignored the volatile nature of subprime loans in a desire to realize enormous profits; banks bought into the profitable business.

Anyway, if the reader wants a well written, if not overly deep, analysis of the mortgage crisis, this is not a bad place to start.

Editorial Review:

In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers andcon artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.

Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. Authors Paul Muolo and Mathew Padilla, well-regarded journalists for National Mortgage News and the Orange County Register respectively, reveal the truth behind how this crisis occurred, what individuals and institutions-from lenders and brokers to some of the biggest investment banks in the world-were doing during this critical time, and who is ultimately responsible for what happened.

Nickel and Dimed: On (Not) Getting By in America

Barbara Ehrenreich

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Total reviews: 1078 Average rating: 3.5 of 5

Editorial Review:

Essayist and cultural critic Barbara Ehrenreich has always specialized in turning received wisdom on its head with intelligence, clarity, and verve. With some 12 million women being pushed into the labor market by welfare reform, she decided to do some good old-fashioned journalism and find out just how they were going to survive on the wages of the unskilled--at $6 to $7 an hour, only half of what is considered a living wage. So she did what millions of Americans do, she looked for a job and a place to live, worked that job, and tried to make ends meet.

As a waitress in Florida, where her name is suddenly transposed to "girl," trailer trash becomes a demographic category to aspire to with rent at $675 per month. In Maine, where she ends up working as both a cleaning woman and a nursing home assistant, she must first fill out endless pre-employment tests with trick questions such as "Some people work better when they're a little bit high." In Minnesota, she works at Wal-Mart under the repressive surveillance of men and women whose job it is to monitor her behavior for signs of sloth, theft, drug abuse, or worse. She even gets to experience the humiliation of the urine test.

So, do the poor have survival strategies unknown to the middle class? And did Ehrenreich feel the "bracing psychological effects of getting out of the house, as promised by the wonks who brought us welfare reform?" Nah. Even in her best-case scenario, with all the advantages of education, health, a car, and money for first month's rent, she has to work two jobs, seven days a week, and still almost winds up in a shelter. As Ehrenreich points out with her potent combination of humor and outrage, the laws of supply and demand have been reversed. Rental prices skyrocket, but wages never rise. Rather, jobs are so cheap as measured by the pay that workers are encouraged to take as many as they can. Behind those trademark Wal-Mart vests, it turns out, are the borderline homeless. With her characteristic wry wit and her unabashedly liberal bent, Ehrenreich brings the invisible poor out of hiding and, in the process, the world they inhabit--where civil liberties are often ignored and hard work fails to live up to its reputation as the ticket out of poverty. --Lesley Reed