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.
A wide-ranging examination of how policies, parties, and labor strength affect inequality in post-industrial societies.
Not all countries are unequal in the same ways or to the same degree. In Challenging Inequality, Evelyne Huber and John D. Stephens analyze different patterns of increasing income inequality in post-industrial societies since the 1980s, assessing the policies and social structures best able to mitigate against the worst effects of market inequality. Combining statistical data analysis from twenty-two countries with a comparative historical analysis of Germany, Spain, Sweden, and the United States, Huber and Stephens identify the factors that drive increases in inequality and shape persistent, marked differences between countries. Their statistical analysis confirms generalizable patterns and in-depth country studies help to further elucidate the processes at work.
Challenging Inequality shows how the combination of globalization and skill-biased technological change has led to both labor market dualization and rising unemployment levels, which in turn have had important effects on inequality and poverty. Labor strength—at both the society level and the enterprise level—has helped to counter rising market income inequality, as has a history of strong human capital spending. The generosity of the welfare state remains the most important factor shaping redistribution, while the consistent power of left parties is the common denominator behind both welfare state generosity and human capital investment.
“A quite thorough and impressive work, not only a compelling defense of materialism but also a fair-minded if highly critical engagement with cultural theory. It isn’t clear how culturalists—especially the anti-Marxist ones—can effectively respond to this broadside, tightly and cogently argued as it is.”—Chris Wright, CounterPunch
“Chibber…has developed a sophisticated, elegant, and readable defense of the sociological significance of class structure in understanding and addressing the key problems inherent in capitalism.”—Choice
“[A] clear, compelling, and systematic statement of the view that class is an objective reality that predictably and rationally shapes human thought and action, one we need to grapple with seriously if we’re to comprehend contemporary society and its morbid symptoms.”—Jacobin
Following the collapse of the Soviet Union, theorists argued that social and economic life is reducible to culture—that our choices reflect interpretations of the world around us rather than the limitations imposed by basic material facts. Today, gross inequalities in wealth and power have pushed scholars to reopen materialist lines of inquiry. But it would be a mistake to pretend that the cultural turn never happened. Vivek Chibber instead engages cultural theory seriously, proposing a fusion of materialism and the most useful insights of its rival.
Chibber accommodates the main arguments from the cultural turn within a robust materialist framework, showing how one can agree that the making of meaning plays an important role in social agency while still recognizing the fundamental power of class structure and class formation. He vindicates classical materialism by demonstrating that it accounts for phenomena cultural theorists thought it was powerless to explain, while also showing that aspects of class are indeed centrally affected by cultural factors.
The Class Matrix does not seek to displace culture from the analysis of modern capitalism. Rather, in prose of exemplary clarity, Chibber gives culture its due alongside what Marx called “the dull compulsion of economic relations.”
They’re not the students strolling across the bucolic liberal arts campuses where their grandfathers played football. They are first-generation college students—children of immigrants and blue-collar workers—who know that their hopes for success hinge on a degree.
But college is expensive, unfamiliar, and intimidating. Inexperienced students expect tough classes and demanding, remote faculty. They may not know what an assignment means, what a score indicates, or that a single grade is not a definitive measure of ability. And they certainly don’t feel entitled to be there. They do not presume success, and if they have a problem, they don’t expect to receive help or even a second chance.
Rebecca D. Cox draws on five years of interviews and observations at community colleges. She shows how students and their instructors misunderstand and ultimately fail one another, despite good intentions. Most memorably, she describes how easily students can feel defeated—by their real-world responsibilities and by the demands of college—and come to conclude that they just don’t belong there after all.
Eye-opening even for experienced faculty and administrators, The College Fear Factor reveals how the traditional college culture can actually pose obstacles to students’ success, and suggests strategies for effectively explaining academic expectations.
“Read this book. It explains so much about the moment…Beautiful, heartbreaking work.”
—Ta-Nehisi Coates
“A deep accounting of how America got to a point where a median white family has 13 times more wealth than the median black family.”
—The Atlantic
“Extraordinary…Baradaran focuses on a part of the American story that’s often ignored: the way African Americans were locked out of the financial engines that create wealth in America.”
—Ezra Klein
When the Emancipation Proclamation was signed in 1863, the black community owned less than 1 percent of the total wealth in America. More than 150 years later, that number has barely budged. The Color of Money seeks to explain the stubborn persistence of this racial wealth gap by focusing on the generators of wealth in the black community: black banks.
With the civil rights movement in full swing, President Nixon promoted “black capitalism,” a plan to support black banks and minority-owned businesses. But the catch-22 of black banking is that the very institutions needed to help communities escape the deep poverty caused by discrimination and segregation inevitably became victims of that same poverty. In this timely and eye-opening account, Baradaran challenges the long-standing belief that black communities could ever really hope to accumulate wealth in a segregated economy.
“Black capitalism has not improved the economic lives of black people, and Baradaran deftly explains the reasons why.”
—Los Angeles Review of Books
“A must read for anyone interested in closing America’s racial wealth gap.”
—Black Perspectives
Our early ancestors lived in small groups and worked actively to preserve social equality. As they created larger societies, however, inequality rose, and by 2500 bce truly egalitarian societies were on the wane. In The Creation of Inequality, Kent Flannery and Joyce Marcus demonstrate that this development was not simply the result of population increase, food surplus, or the accumulation of valuables. Instead, inequality resulted from conscious manipulation of the unique social logic that lies at the core of every human group.
A few societies allowed talented and ambitious individuals to rise in prestige while still preventing them from becoming a hereditary elite. But many others made high rank hereditary, by manipulating debts, genealogies, and sacred lore. At certain moments in history, intense competition among leaders of high rank gave rise to despotic kingdoms and empires in the Near East, Egypt, Africa, Mexico, Peru, and the Pacific.
Drawing on their vast knowledge of both living and prehistoric social groups, Flannery and Marcus describe the changes in logic that create larger and more hierarchical societies, and they argue persuasively that many kinds of inequality can be overcome by reversing these changes, rather than by violence.
Mao Zedong envisioned a great struggle to "wreak havoc under the heaven" when he launched the Cultural Revolution in 1966. But as radicalized Chinese youth rose up against Party officials, events quickly slipped from the government's grasp, and rebellion took on a life of its own. Turmoil became a reality in a way the Great Leader had not foreseen. The Cultural Revolution at the Margins recaptures these formative moments from the perspective of the disenfranchised and disobedient rebels Mao unleashed and later betrayed.
The Cultural Revolution began as a "revolution from above," and Mao had only a tenuous relationship with the Red Guard students and workers who responded to his call. Yet it was these young rebels at the grassroots who advanced the Cultural Revolution's more radical possibilities, Yiching Wu argues, and who not only acted for themselves but also transgressed Maoism by critically reflecting on broader issues concerning Chinese socialism. As China's state machinery broke down and the institutional foundations of the PRC were threatened, Mao resolved to suppress the crisis. Leaving out in the cold the very activists who had taken its transformative promise seriously, the Cultural Revolution devoured its children and exhausted its political energy.
The mass demobilizations of 1968-69, Wu shows, were the starting point of a series of crisis-coping maneuvers to contain and neutralize dissent, producing immense changes in Chinese society a decade later.
A critical look at the political economy of urban bicycle infrastructure in the United States
Not long ago, bicycling in the city was considered a radical statement or a last resort, and few cyclists braved the inhospitable streets of most American cities. Today, however, the urban cyclist represents progress and the urban “renaissance.” City leaders now undertake ambitious new bicycle infrastructure plans and bike share schemes to promote the environmental, social, and economic health of the city and its residents. Cyclescapes of the Unequal City contextualizes and critically examines this new wave of bicycling in American cities, exploring how bicycle infrastructure planning has become a key symbol of—and site of conflict over—uneven urban development.
John G. Stehlin traces bicycling’s rise in popularity as a key policy solution for American cities facing the environmental, economic, and social contradictions of the previous century of sprawl. Using in-depth case studies from San Francisco, Philadelphia, and Detroit, he argues that the mission of bicycle advocacy has converged with, and reshaped, the urban growth machine around a model of livable, environmentally friendly, and innovation-based urban capitalism. While advocates envision a more sustainable city for all, the deployment of bicycle infrastructure within the framework of the neoliberal city in many ways intensifies divisions along lines of race, class, and space.
Cyclescapes of the Unequal City speaks to a growing interest in bicycling as an urban economic and environmental strategy, its role in the politics of gentrification, and efforts to build more diverse coalitions of bicycle advocates. Grounding its analysis in both regional political economy and neighborhood-based ethnography, this book ultimately uses the bicycle as a lens to view major shifts in today’s American city.
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