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A Tale of Two Capitalisms
Sacred Economics in Nineteenth-Century Britain
Supritha Rajan
University of Michigan Press, 2015
No questions are more pressing today than the ethical dimensions of global capitalism in relation to an unevenly secularized modernity. A Tale of Two Capitalisms offers a timely response to these questions by reexamining the intellectual history of capitalist economics during the nineteenth century. Rajan’s ambitious book traces the neglected relationships between nineteenth-century political economy, anthropology, and literature in order to demonstrate how these discourses buttress a dominant narrative of self-interested capitalism that obscures a submerged narrative within political economy. This submerged narrative discloses political economy’s role in burgeoning theories of religion, as well as its underlying ethos of reciprocity, communality, and just distribution.

Drawing on an impressive range of literary, anthropological, and economic writings from the eighteenth through the twenty-first century, Rajan offers an inventive, interdisciplinary account of why this second narrative of capitalism has so long escaped our notice. The book presents an unprecedented genealogy of key anthropological and economic concepts, demonstrating how notions of sacrifice, the sacred, ritual, totemism, and magic remained conceptually intertwined with capitalist theories of value and exchange in both sociological and literary discourses.

Rajan supplies an original framework for discussing the ethical ideals that continue to inform contemporary global capitalism and its fraught relationship to the secular. Its revisionary argument brings new insight into the history of capitalist thought and modernity that will engage scholars across a variety of disciplines.
 
 
 
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Tax Haven Ireland
Brian O’ Boyle
Pluto Press, 2021
This is the story of how a small island on the edge of Europe became one of the world’s major tax havens. From global corporations such as Apple and Google, to investment bankers and mainstream politicians, those taking advantage of Ireland’s pro-business tax laws and shadow banking system have amassed untold riches at enormous social cost to ordinary people at home and abroad.

Tax Haven Ireland uncovers the central players in this process and exposes the coverups employed by the Irish state, with the help of accountants, lawyers, and financial services companies. From the lucrative internet porn industry to corruption in the property market, this issue distorts the economy across the state and in the wider international system, and its history runs deep, going back the country’s origins as a British colonial outpost.

Today, in the wake of Brexit and in the shadow of yet another economic crash, what can be done to prevent such dangerous behaviour and reorganize our economies to invest in the people? Can Ireland – and all of us – build an alternative economy based on fairness and democratic values?
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Technology and the Resilience of Metropolitan Regions
Edited by Michael E. Pagano
University of Illinois Press, 2015
Can today's city govern well if its citizens lack modern technology? How important is access to computers for lowering unemployment? What infrastructure does a city have to build in order to attract new business?
 
In this new collection, Michael A. Pagano curates engagement with such questions by public intellectuals, stakeholders, academics, policy analysts, and citizens. Each essay explores issues related to the impact and opportunities technology provides in government and citizenship, health care, workforce development, service delivery to citizens, and metropolitan growth. As the authors show, rapidly emerging technologies and access to such technologies shape the ways people and institutions interact in the public sphere and private marketplace. The direction of metropolitan growth and development, in turn, depends on access to appropriate technology scaled and informed by the individual, household, and community needs of the region.
 
Contributors include Randy Blankenhorn, Bénédicte Callan, Jane Fountain, Sandee Kastrul, Karen Mossberger, Dan O'Neil, Michelle Russell, Alfred Tatum, Stephanie Truchan, Darrel West, and Howard Wial.
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A Third Way
The Origins of China’s Current Economic Development Strategy
Lawrence C. Reardon
Harvard University Press, 2020

From 1949 to 1978, communist elites held clashing visions of China’s economic development. Mao Zedong advocated the “first way” of semi-autarchy characteristic of revolutionary Stalinism (1929–34), while Zhou Enlai adapted bureaucratic Stalinism (1934–53) to promote the “second way” of import substitution industrialization. A Third Way tells the story of Deng Xiaoping’s experimentation with export-led development inspired by Lenin’s New Economic Policy and the economic reforms of Eastern Europe and Asia.

Having uncovered an extraordinary collection of internal party and government documents, Lawrence Reardon meticulously traces the evolution of the coastal development strategy, starting with special economic zones in 1979 and evolving into the fourteen open coastal cities, the Hainan SEZ, and eventual accession to the global trade regime in 2001. Reardon details how Deng and Zhao Ziyang tackled large-scale smuggling operations, compromised with Chen Yun’s conservative views, and overcame Deng Liqun’s ideological opposition. Although Zhao Ziyang was airbrushed out of official Chinese history after June 4, 1989, Reardon argues that Zhao was the true architect of China’s opening strategy. A Third Way provides important new insights about the crucial period of the 1980s and how it paved the way for China’s transformation into a global economic superpower.

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Time for Things
Labor, Leisure, and the Rise of Mass Consumption
Stephen D. Rosenberg
Harvard University Press, 2020

Modern life is full of stuff yet bereft of time. An economic sociologist offers an ingenious explanation for why, over the past seventy-five years, Americans have come to prefer consumption to leisure.

Productivity has increased steadily since the mid-twentieth century, yet Americans today work roughly as much as they did then: forty hours per week. We have witnessed, during this same period, relentless growth in consumption. This pattern represents a striking departure from the preceding century, when working hours fell precipitously. It also contradicts standard economic theory, which tells us that increasing consumption yields diminishing marginal utility, and empirical research, which shows that work is a significant source of discontent. So why do we continue to trade our time for more stuff?

Time for Things offers a novel explanation for this puzzle. Stephen Rosenberg argues that, during the twentieth century, workers began to construe consumer goods as stores of potential free time to rationalize the exchange of their labor for a wage. For example, when a worker exchanges their labor for an automobile, they acquire a duration of free activity that can be held in reserve, counterbalancing the unfree activity represented by work. This understanding of commodities as repositories of hypothetical utility was made possible, Rosenberg suggests, by the standardization of durable consumer goods, as well as warranties, brands, and product-testing, which assured wage earners that the goods they purchased would be of consistent, measurable quality.

This theory clarifies perplexing aspects of behavior under industrial capitalism—the urgency to spend earnings on things, the preference to own rather than rent consumer goods—as well as a variety of historical developments, including the coincident rise of mass consumption and the legitimation of wage labor.

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To Serve God and Wal-Mart
The Making of Christian Free Enterprise
Bethany Moreton
Harvard University Press, 2009

In the decades after World War II, evangelical Christianity nourished America’s devotion to free markets, free trade, and free enterprise. The history of Wal-Mart uncovers a complex network that united Sun Belt entrepreneurs, evangelical employees, Christian business students, overseas missionaries, and free-market activists. Through the stories of people linked by the world’s largest corporation, Bethany Moreton shows how a Christian service ethos powered capitalism at home and abroad.

While industrial America was built by and for the urban North, rural Southerners comprised much of the labor, management, and consumers in the postwar service sector that raised the Sun Belt to national influence. These newcomers to the economic stage put down the plough to take up the bar-code scanner without ever passing through the assembly line. Industrial culture had been urban, modernist, sometimes radical, often Catholic and Jewish, and self-consciously international. Post-industrial culture, in contrast, spoke of Jesus with a drawl and of unions with a sneer, sang about Momma and the flag, and preached salvation in this world and the next.

This extraordinary biography of Wal-Mart’s world shows how a Christian pro-business movement grew from the bottom up as well as the top down, bolstering an economic vision that sanctifies corporate globalization.

The author has assigned her royalties and subsidiary earnings to Interfaith Worker Justice (www.iwj.org) and its local affiliate in Athens, GA, the Economic Justice Coalition (www.econjustice.org).

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Top Incomes in France in the Twentieth Century
Inequality and Redistribution, 1901–1998
Thomas Piketty
Harvard University Press, 2018

A landmark in contemporary social science, this pioneering work by Thomas Piketty explains the facts and dynamics of income inequality in France in the twentieth century. On its publication in French in 2001, it helped launch the international program led by Piketty and others to explore the grand patterns and causes of global inequality—research that has since transformed public debate. Appearing here in English for the first time, this stunning achievement will take its place alongside Capital in the Twenty-First Century as a modern classic of economic analysis.

Top Incomes in France in the Twentieth Century is essential in part because of Piketty’s unprecedented efforts to uncover, untangle, and present in clear form data about patterns in tax and inheritance in France dating back to 1900. But it is also an exceptional work of analysis, tracking and explaining with Piketty’s characteristically lucid prose the effects of political conflict, war, and social change on the economic pressures and public policies that determined the lives of millions. A work of unusual intellectual power and ambition, Top Incomes in France in the Twentieth Century is a vital resource for anyone concerned with the economic, political, and social history of France, and it is central to ongoing debates about social justice, inequality, taxation, and the evolution of capitalism around the world.

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Trade and Markets in Byzantium
Cécile Morrisson
Harvard University Press, 2012
How are markets in antiquity to be characterized? As comparable to modern free markets, with differences in scale not quality? As controlled and dominated by the State? Or as a third way, in completely different terms, as free but regulated? In Trade and Markets in Byzantium seventeen scholars address these and related issues by reexamining and reinterpreting the material and textual record from Byzantium and its hinterland for local, regional, and interregional trade. Special emphasis is placed on local trade, which has been understudied. To comprehend the recovery of long-distance trade from its eighth-century nadir to the economic prosperity enjoyed in the eleventh and twelfth centuries, the authors analyze the variety and complexity of the exchange networks, the role of money as a measure of exchange, and the character of local markets. This collection of groundbreaking research will prove to be indispensable for anyone interested in economic history in antiquity and the medieval period.
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Traders in a Brave New World
The Uruguay Round and the Future of the International Trading System
Ernest H. Preeg
University of Chicago Press, 1995
The recently concluded Uruguay Round of the General Agreement on Tariffs and Trade (GATT) will undoubtedly lead to a fundamental transformation of the world trading system as an instrument of a global economy. In Traders in a Brave New World, Ernest H. Preeg, a distinguished former U.S. diplomat and trade negotiator, presents a blow-by-blow account of the Uruguay Round, an examination of the historical context in which it took place, and an insider's assessment of the agreement's future impact on the international trading system.

Preeg places the Uruguay Round in the broader context of global politics and economics, showing how changes in the world order—from the collapse of communism to dramatic economic reforms in developing countries—influenced both the topics of negotiations and their outcome. He then assesses the final GATT agreement as a case study in international negotiations and evaluates its probable effects on income and trade.

Finally, Preeg looks to the short- and long-term issues confronting future trade-policy negotiators. He shows that the international trade agenda will consist of three evolving types of agreement—further multilateral commitments, regional free-trade agreements, and selective bilateral accords. Going to the heart of current debates on the "new world order," an important final chapter evaluates the political and economic relationships that will result from the international trading system.
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Trading Caterpillar Fungus in Tibet
When Economic Boom Hits Rural Area
Emilia Roza Sulek
Amsterdam University Press, 2019
When the demand for, and prices of caterpillar fungus (Ophiocordyceps sinensis, ‘the Himalayan Viagra’, long a part of traditional Chinese medicine) soared, the pastoralists of Golok on the Tibetan plateau where the fungus is endemic dug up, dried and sold the fungus to traders. In the process, these yak and sheep farmers, used to living on the edge of subsistence, became wealthy beyond their imagination. *Trading Caterpillar Fungus in Tibet: When Economic Boom Hits Rural Area* tells the story of what they do with the money they earned from gathering and trading caterpillar fungus, and what this money does to them, revealing a sophistication few outsiders would credit them for.
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Trading Freedom
How Trade with China Defined Early America
Dael A. Norwood
University of Chicago Press, 2022
Explores the surprisingly rich early history of US-China trade and its unexpected impact on the developing republic.
 
The economic and geographic development of the early United States is usually thought of in trans-Atlantic terms, defined by entanglements with Europe and Africa. In Trading Freedom, Dael A. Norwood recasts these common conceptions by looking to Asia, making clear that from its earliest days, the United States has been closely intertwined with China—monetarily, politically, and psychologically.

Norwood details US trade with China from the late eighteenth through the late nineteenth centuries—a critical period in America’s self-definition as a capitalist nation—and shows how global commerce was central to the articulation of that national identity. Trading Freedom illuminates how debates over political economy and trade policy, the building of the transcontinental railroad, and the looming sectional struggle over slavery were all influenced by Sino-American relations. Deftly weaving together interdisciplinary threads from the worlds of commerce, foreign policy, and immigration, Trading Freedom thoroughly dismantles the idea that American engagement with China is anything new.

 
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Trading Roles
Gender, Ethnicity, and the Urban Economy in Colonial Potosí
Jane E. Mangan
Duke University Press, 2005
Located in the heart of the Andes, Potosí was arguably the most important urban center in the Western Hemisphere during the colonial era. It was internationally famous for its abundant silver mines and regionally infamous for its labor draft. Set in this context of opulence and oppression associated with the silver trade, Trading Roles emphasizes daily life in the city’s streets, markets, and taverns. As Jane E. Mangan shows, food and drink transactions emerged as the most common site of interaction for Potosinos of different ethnic and class backgrounds. Within two decades of Potosí’s founding in the 1540s, the majority of the city’s inhabitants no longer produced food or alcohol for themselves; they purchased these items. Mangan presents a vibrant social history of colonial Potosí through an investigation of everyday commerce during the city’s economic heyday, between the discovery of silver in 1545 and the waning of production in the late seventeenth century.

Drawing on wills and dowries, judicial cases, town council records, and royal decrees, Mangan brings alive the bustle of trade in Potosí. She examines quotidian economic transactions in light of social custom, ethnicity, and gender, illuminating negotiations over vendor locations, kinship ties that sustained urban trade through the course of silver booms and busts, and credit practices that developed to mitigate the pressures of the market economy. Mangan argues that trade exchanges functioned as sites to negotiate identities within this colonial multiethnic society. Throughout the study, she demonstrates how women and indigenous peoples played essential roles in Potosí’s economy through the commercial transactions she describes so vividly.

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Trading Spaces
The Colonial Marketplace and the Foundations of American Capitalism
Emma Hart
University of Chicago Press, 2019
Looks at the shift from the marketplace as an actual place to a theoretical idea and how this shaped the early American economy.

When we talk about the economy, “the market” is often just an abstraction. While the exchange of goods was historically tied to a particular place, capitalism has gradually eroded this connection to create our current global trading systems. In Trading Spaces, Emma Hart argues that Britain’s colonization of North America was a key moment in the market’s shift from place to idea, with major consequences for the character of the American economy.

Hart’s book takes in the shops, auction sites, wharves, taverns, fairs, and homes of seventeenth- and eighteenth-century America—places where new mechanisms and conventions of trade arose as Europeans re-created or adapted continental methods to new surroundings. Since those earlier conventions tended to rely on regulation more than their colonial offspring did, what emerged in early America was a less-fettered brand of capitalism. By the nineteenth century, this had evolved into a market economy that would not look too foreign to contemporary Americans. To tell this complex transnational story of how our markets came to be, Hart looks back farther than most historians of US capitalism, rooting these markets in the norms of seventeenth- and eighteenth-century Britain. Perhaps most important, this is not a story of specific commodity markets over time but rather is a history of the trading spaces themselves: the physical sites in which the grubby work of commerce occurred and where the market itself was born.
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Trading with the Enemy
The Covert Economy During the American Civil War
Philip Leigh
Westholme Publishing, 2022
The Impact of Illicit Trade Between the North and South During the Civil War
While Confederate blockade runners famously carried the seaborne trade for the South during the American Civil War, the amount of Southern cotton exported to Europe was only half of that shipped illicitly to the North. Most went to New England textile mills where business “was better than ever,” according to textile mogul Amos Lawrence. Rhode Island senator William Sprague, a mill owner and son-in-law to Treasury Secretary Salmon P. Chase, was a member of a partnership supplying weapons to the Confederacy in exchange for cotton. The trade in contraband was not confined to New England. Union General William T. Sherman claimed Confederates were supplied with weapons from Cincinnati, while General Ulysses S. Grant captured Rebel cavalry armed with carbines purchased in Union-occupied Memphis. During the last months of the war, supplies entering the Union-controlled port of Norfolk, Virginia, were one of the principal factors enabling Robert E. Lee’s Confederate army to avoid starvation. Indeed, many of the supplies that passed through the Union blockade into the Confederacy originated in Northern states, instead of Europe as is commonly supposed. Merchants were not the only ones who profited; Union officers General Benjamin Butler and Admiral David Dixon Porter benefited from this black market. President Lincoln admitted that numerous military leaders and public officials were involved, but refused to stop the trade.
            In Trading with the Enemy: The Covert Economy During the American Civil War, New York Times Disunion contributor Philip Leigh recounts the little-known story of clandestine commerce between the North and South. Cotton was so important to the Northern economy that Yankees began growing it on the captured Sea Islands of South Carolina. Soon the neutral port of Matamoras, Mexico, became a major trading center, where nearly all the munitions shipped to the port—much of it from Northern armories—went to the Confederacy. After the fall of New Orleans and Vicksburg, a frenzy of contraband-for-cotton swept across the vast trans-Mississippi Confederacy, with Northerners sometimes buying the cotton directly from the Confederate government. A fascinating study, Trading with the Enemy adds another layer to our understanding of the Civil War.
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Trams or Tailfins?
Public and Private Prosperity in Postwar West Germany and the United States
Jan L. Logemann
University of Chicago Press, 2012
In the years that followed World War II, both the United States and the newly formed West German republic had an opportunity to remake their economies. Since then, much has been made of a supposed “Americanization” of European consumer societies—in Germany and elsewhere. Arguing against these foggy notions, Jan L. Logemann takes a comparative look at the development of postwar mass consumption in West Germany and the United States and the emergence of discrete consumer modernities.
 
In Trams or Tailfins?, Logemann explains how the decisions made at this crucial time helped to define both of these economic superpowers in the second half of the twentieth century. While Americans splurged on private cars and bought goods on credit in suburban shopping malls, Germans rebuilt public transit and developed pedestrian shopping streets in their city centers—choices that continue to shape the quality and character of life decades later. Outlining the abundant differences in the structures of consumer society, consumer habits, and the role of public consumption in these countries, Logemann reveals the many subtle ways that the spheres of government, society, and physical space define how we live.
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Translating Empire
Emulation and the Origins of Political Economy
Sophus A. Reinert
Harvard University Press, 2011

Historians have traditionally used the discourses of free trade and laissez faire to explain the development of political economy during the Enlightenment. But from Sophus Reinert’s perspective, eighteenth-century political economy can be understood only in the context of the often brutal imperial rivalries then unfolding in Europe and its former colonies and the positive consequences of active economic policy. The idea of economic emulation was the prism through which philosophers, ministers, reformers, and even merchants thought about economics, as well as industrial policy and reform, in the early modern period. With the rise of the British Empire, European powers and others sought to selectively emulate the British model.

In mapping the general history of economic translations between 1500 and 1849, and particularly tracing the successive translations of the Bristol merchant John Cary’s seminal 1695 Essay on the State of England, Reinert makes a compelling case for the way that England’s aggressively nationalist policies, especially extensive tariffs and other intrusive market interventions, were adopted in France, Italy, Germany, and Scandinavia before providing the blueprint for independence in the New World. Relatively forgotten today, Cary’s work served as the basis for an international move toward using political economy as the prime tool of policymaking and industrial expansion.

Reinert’s work challenges previous narratives about the origins of political economy and invites the current generation of economists to reexamine the foundations, and future, of their discipline.

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The Triumph of Broken Promises
The End of the Cold War and the Rise of Neoliberalism
Fritz Bartel
Harvard University Press, 2022

A powerful case that the economic shocks of the 1970s hastened both the end of the Cold War and the rise of neoliberalism by forcing governments to impose austerity on their own people.

Why did the Cold War come to a peaceful end? And why did neoliberal economics sweep across the world in the late twentieth century? In this pathbreaking study, Fritz Bartel argues that the answer to these questions is one and the same. The Cold War began as a competition between capitalist and communist governments to expand their social contracts as they raced to deliver their people a better life. But the economic shocks of the 1970s made promises of better living untenable on both sides of the Iron Curtain. Energy and financial markets placed immense pressure on governments to discipline their social contracts. Rather than make promises, political leaders were forced to break them.

In a sweeping narrative, The Triumph of Broken Promises tells the story of how the pressure to break promises spurred the end of the Cold War. In the West, neoliberalism provided Western leaders like Ronald Reagan and Margaret Thatcher with the political and ideological tools to shut down industries, impose austerity, and favor the interests of capital over labor. But in Eastern Europe, revolutionaries like Lech Walesa in Poland resisted any attempt at imposing market discipline. Mikhail Gorbachev tried in vain to reform the Soviet system, but the necessary changes ultimately presented too great a challenge.

Faced with imposing economic discipline antithetical to communist ideals, Soviet-style governments found their legitimacy irreparably damaged. But in the West, politicians could promote austerity as an antidote to the excesses of ideological opponents, setting the stage for the rise of the neoliberal global economy.

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Trust in Troubled Times
Money, Banks, and State-Society Relations in Republican Tianjin
Brett Sheehan
Harvard University Press, 2003

This timely book traces the development of banking and paper money in republican Tianjin in order to explore the creation of social trust in financial institutions. Framing the study around Bian Baimei, a conscientious branch manager of the Bank of China, Brett Sheehan analyzes the actions of bankers, officials, and local elites as they tried to overcome political and financial crises and instill trust in the banking system.

After early failures in promoting trust, government authority as a regulator of the financial system gradually increased, peaking in 1935, when the state unified the money supply for the first time in several hundred years. Concurrently, when local elites proved unable to develop successful strategies to make people trust the system, their influence declined. The need for trust in increasingly complex financial arrangements redefined state-society relations, simultaneously enhancing state power and creating new constraints on the actions of both elites and governments.

Trust in Troubled Times is a valuable new perspective on the economic, social, and political history of modern China.

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Tulipmania
Money, Honor, and Knowledge in the Dutch Golden Age
Anne Goldgar
University of Chicago Press, 2007
In the 1630s the Netherlands was gripped by tulipmania: a speculative fever unprecedented in scale and, as popular history would have it, folly. We all know the outline of the story—how otherwise sensible merchants, nobles, and artisans spent all they had (and much that they didn’t) on tulip bulbs. We have heard how these bulbs changed hands hundreds of times in a single day, and how some bulbs, sold and resold for thousands of guilders, never even existed. Tulipmania is seen as an example of the gullibility of crowds and the dangers of financial speculation.
           
But it wasn’t like that. As Anne Goldgar reveals in Tulipmania, not one of these stories is true. Making use of extensive archival research, she lays waste to the legends, revealing that while the 1630s did see a speculative bubble in tulip prices, neither the height of the bubble nor its bursting were anywhere near as dramatic as we tend to think. By clearing away the accumulated myths, Goldgar is able to show us instead the far more interesting reality: the ways in which tulipmania reflected deep anxieties about the transformation of Dutch society in the Golden Age.
           
“Goldgar tells us at the start of her excellent debunking book: ‘Most of what we have heard of [tulipmania] is not true.’. . . She tells a new story.”—Simon Kuper, Financial Times
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The Two-Parent Privilege
How Americans Stopped Getting Married and Started Falling Behind
Melissa S. Kearney
University of Chicago Press, 2023
The surprising story of how declining marriage rates are driving many of the country’s biggest economic problems.

In The Two-Parent Privilege, Melissa S. Kearney makes a provocative, data-driven case for marriage by showing how the institution’s decline has led to a host of economic woes—problems that have fractured American society and rendered vulnerable populations even more vulnerable. Eschewing the religious and values-based arguments that have long dominated this conversation, Kearney shows how the greatest impacts of marriage are, in fact, economic: when two adults marry, their economic and household lives improve, offering a host of benefits not only for the married adults but for their children. Studies show that these effects are today starker, and more unevenly distributed, than ever before. Kearney examines the underlying causes of the marriage decline in the US and draws lessons for how the  US can reverse this trend to ensure the country’s future prosperity.

Based on more than a decade of economic research, including her original work, Kearney shows that a household that includes two married parents—holding steady among upper-class adults, increasingly rare among most everyone else—functions as an economic vehicle that advantages some children over others. As these trends of marriage and class continue, the compounding effects on inequality and opportunity grow increasingly dire. Their effects include not just children’s behavioral and educational outcomes, but a surprisingly devastating effect on adult men, whose role in the workforce and society appears intractably damaged by the emerging economics of America’s new social norms.

For many, the two-parent home may be an old-fashioned symbol of the idyllic American dream. But The Two-Parent Privilege makes it clear that marriage, for all its challenges and faults, may be our best path to a more equitable future. By confronting the critical role that family makeup plays in shaping children’s lives and futures, Kearney offers a critical assessment of what a decline in marriage means for an economy and a society—and what we must do to change course.
 
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