Understanding wealth in the United States—who has it, how they acquired it, and how they preserve it—is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world’s great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900.

A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth, which climbed almost eightfold prior to the 2007 recession. But overlaid on this base rate are worrying trends. The share of personal wealth claimed by the richest one percent almost doubled between the mid-1970s and 2013, concurrent with a steep run-up of debt in the middle class. As the wealth of the average family dropped precipitously—by 44 percent—between 2007 and 2013, with black families hit hardest, the debt-income ratio more than doubled. The Great Recession also caused a sharp spike in asset poverty, as more and more families barely survived from one paycheck to the next. In short, the United States has changed from being one of the most economically equal of the advanced industrialized countries to being one of the most unequal.

At a time of deep uncertainty about the future, A Century of Wealth in America provides a sober bedrock of facts and astute analysis. It will become one of the few indispensable resources for contemporary public debate.

The underappreciated but surprisingly successful implementation of the American Recovery and Reinvestment Act (ARRA) helped rescue the economy during the Great Recession and represented one of the most important achievements of the Obama presidency. It tested all levels of government with urgent time frames and extensive accountability requirements. While ARRA passed most tests with comparatively little mismanagement or fraud, negative public and media perceptions of the initiative deprived the president of political credit.

Drawing on more than two hundred interviews and nationwide field research, Governing under Stress examines a range of ARRA stimulus programs to analyze the fraught politics, complex implementation, and impact of the legislation. Essays from public administration scholars use ARRA to study how to implement large federal programs in our modern era of indirect, networked governance. Throughout, the contributors present potent insights into the most pressing challenges facing public policy and management, and they uncover important lessons about policy instruments and networks, the effects of transparency and accountability, and the successes and failures of different types of government intervention.

Barack Obama’s galvanizing victory in 2008, coming amid the greatest economic crisis since the 1930s, opened the door to major reforms. But the president quickly faced skepticism from supporters and fierce opposition from Republicans, who scored sweeping wins in the 2010 midterm election. Here, noted political scientist Theda Skocpol surveys the political landscape and explores its most consequential questions: What happened to Obama’s “new New Deal”? Why have his achievements enraged opponents more than they have satisfied supporters? How has the Tea Party’s ascendance reshaped American politics?

Skocpol’s compelling account rises above conventional wisdom and overwrought rhetoric. The Obama administration’s response to the recession produced bold initiatives—health care reform, changes in college loans, financial regulation—that promise security and opportunity. But these reforms are complex and will take years to implement. Potential beneficiaries do not readily understand them, yet the reforms alarm powerful interests and political enemies, creating the volatile mix of confusion and fear from which Tea Party forces erupted. Skocpol dissects the popular and elite components of the Tea Party reaction that has boosted the Republican Party while pushing it far to the right at a critical juncture for U.S. politics and governance.

Skocpol’s analysis is accompanied by contributions from two fellow scholars and a former congressman. At this moment of economic uncertainty and extreme polarization, as voters prepare to render another verdict on Obama’s historic presidency, Skocpol and her respondents help us to understand its triumphs and setbacks and see where we might be headed next.

Winner of the Doris Graber Award, American Political Science Association, 2013

Democracy is, by its very nature, often rude. But there are limits to how uncivil we should be. In the 2010 edition of Rude Democracy, Susan Herbst explored the ways we discuss public policy, how we treat each other as we do, and how we can create a more civil national culture. She used the examples of Sarah Palin and Barack Obama to illustrate her case. She also examined how young people come to form their own attitudes about civility and political argument. In a new preface for this 2020 paperback edition, the author connects her book to our current highly contentious politics and what it means for the future of democratic argument.

A fast-paced, behind-closed-doors account of the Federal Reserve’s decision making during the 2008 financial crisis, showing how Fed policymakers overcame their own assumptions to contain the disaster.

The financial crisis of 2008 led to the collapse of several major banks and thrust the US economy into the deepest recession since the Great Depression. The Federal Reserve was the agency most responsible for maintaining the nation’s economic stability. And the Fed’s Open Market Committee was a twelve-member body at the epicenter, making sense of the unfolding crisis and fashioning a response. This is the story of how they failed, learned, and staved off catastrophe.

Drawing on verbatim transcripts of the committee’s closed-door meetings, Mitchel Abolafia puts readers in the room with the Federal Reserve’s senior policymaking group. Abolafia uncovers what the Fed’s policymakers knew before, during, and after the collapse. He explores how their biases and intellectual commitments both helped and hindered as they made sense of the emergency. In an original contribution to the sociology of finance, Stewards of the Market examines the social and cultural factors that shaped the Fed’s response, one marked by missed cues and analytic failures but also by successful improvisations and innovations.

Ideas, traditions, and power all played their roles in the Fed’s handling of the crisis. In particular, Abolafia demonstrates that the Fed’s adherence to conflicting theories of self-correcting markets contributed to the committee’s doubts and decisions. A vivid portrait of the world’s most powerful central bank in a moment of high stakes, Stewards of the Market is rich with insights for the next financial downturn.

Since the end of World War II, runaway fears of Soviet imperialism, global terrorism, and anarchy have tended to drive American foreign policy toward an imperial agenda. At the same time, uncurbed appetites have wasted the environment and driven the country’s market economy into the ditch. How can we best sustain our identity as a people and resist the distortions of our current anxieties and appetites?

Ethicist William F. May draws on America’s religious and political history and examines two concepts at play in the founding of the country—contractual and covenantal. He contends that the biblical idea of a covenant offers a more promising way than the language of contract, grounded in self-interest alone, to contain our runaway anxieties and appetites. A covenantal sensibility affirms, “We the people (not simply, We the individuals, or We the interest groups) of the United States.” It presupposes a history of mutual giving and receiving and of bearing with one another that undergirds all the traffic in buying and selling, arguing and negotiating, that obtain in the rough terrain of politics. May closes with an account of the covenantal agenda ahead, and concludes with the vexing issue of immigrants and undocumented workers that has singularly tested the covenant of this immigrant nation.

A Financial Times Book of the Year

“The strongest documentation I have seen for the many ways in which inequality is harmful to economic growth.”
—Jason Furman

“A timely and very useful guide…Boushey assimilates a great deal of recent economic research and argues that it amounts to a paradigm shift.”
—New Yorker

Do we have to choose between equality and prosperity? Decisions made over the past fifty years have created underlying fragilities in our society that make our economy less effective in good times and less resilient to shocks, such as today’s coronavirus pandemic. Many think tackling inequality would require such heavy-handed interference that it would stifle economic growth. But a careful look at the data suggests nothing could be further from the truth—and that reducing inequality is in fact key to delivering future prosperity.

Presenting cutting-edge economics with verve, Heather Boushey shows how rising inequality is a drain on talent, ideas, and innovation, leading to a concentration of capital and a damaging under-investment in schools, infrastructure, and other public goods. We know inequality is fueling social unrest. Boushey shows persuasively that it is also a serious drag on growth.

“In this outstanding book, Heather Boushey…shows that, beyond a point, inequality damages the economy by limiting the quantity and quality of human capital and skills, blocking access to opportunity, underfunding public services, facilitating predatory rent-seeking, weakening aggregate demand, and increasing reliance on unsustainable credit.”
—Martin Wolf, Financial Times

“Think rising levels of inequality are just an inevitable outcome of our market-driven economy? Then you should read Boushey’s well-argued, well-documented explanation of why you’re wrong.”
—David Rotman, MIT Technology Review