A SCHOLARLY BOOK REPOSITORY
A Foreign Affairs Best Book of the Year
“An intellectual excursion of a kind rarely offered by modern economics.”
—Foreign Affairs
Thomas Piketty’s Capital in the Twenty-First Century is the most widely discussed work of economics in recent years. But are its analyses of inequality and economic growth on target? Where should researchers go from there in exploring the ideas Piketty pushed to the forefront of global conversation? A cast of leading economists and other social scientists—including Emmanuel Saez, Branko Milanovic, Laura Tyson, and Michael Spence—tackle these questions in dialogue with Piketty.
“A fantastic introduction to Piketty’s main argument in Capital, and to some of the main criticisms, including doubt that his key equation…showing that returns on capital grow faster than the economy—will hold true in the long run.”
—Nature
“Piketty’s work…laid bare just how ill-equipped our existing frameworks are for understanding, predicting, and changing inequality. This extraordinary collection shows that our most nimble social scientists are responding to the challenge.”
—Justin Wolfers, University of Michigan
Journalist and urban analyst James S. Russell argues that we'll more quickly slow global warming-and blunt its effects-by retrofitting cities, suburbs, and towns. The Agile City shows that change undertaken at the building and community level can reach carbon-reduction goals rapidly.
Adapting buildings (39 percent of greenhouse-gas emission) and communities (slashing the 33 percent of transportation related emissions) offers numerous other benefits that tax gimmicks and massive alternative-energy investments can't match.
Rapidly improving building techniques can readily cut carbon emissions by half, and some can get to zero. These cuts can be affordably achieved in the windshield-shattering heat of the desert and the bone-chilling cold of the north. Intelligently designing our towns could reduce marathon commutes and child chauffeuring to a few miles or eliminate it entirely. Agility, Russell argues, also means learning to adapt to the effects of climate change, which means redesigning the obsolete ways real estate is financed; housing subsidies are distributed; transportation is provided; and water is obtained, distributed and disposed of. These engines of growth have become increasingly more dysfunctional both economically and environmentally.
The Agile City highlights tactics that create multiplier effects, which means that ecologically driven change can shore-up economic opportunity, can make more productive workplaces, and can help revive neglected communities. Being able to look at multiple effects and multiple benefits of political choices and private investments is essential to assuring wealth and well-being in the future. Green, Russell writes, grows the future.
Nathan J. Kelly argues that a key reason for this is that rising concentrations of wealth create a politics that makes reducing economic inequality more difficult. Kelly convincingly shows that, when a small fraction of the people control most of the economic resources, they also hold a disproportionate amount of political power, hurtling us toward a self-perpetuating plutocracy, or an “inequality trap.” Among other things, the rich support a broad political campaign that convinces voters that policies to reduce inequality are unwise and not in the average voter’s interest, regardless of the real economic impact. They also take advantage of interest groups they generously support to influence Congress and the president, as well as state governments, in ways that stop or slow down reform. One of the key implications of this book is that social policies designed to combat inequality should work hand-in-hand with political reforms that enhance democratic governance and efforts to fight racism, and a coordinated effort on all of these fronts will be needed to reverse the decades-long trend.
The World Bank and other multilateral development banks (MDBs) carry out their mission to alleviate poverty and promote economic growth based on the advice of professional economists. But as Sarah Babb argues in Behind the Development Banks, these organizations have also been indelibly shaped by Washington politics—particularly by the legislative branch and its power of the purse.
Tracing American influence on MDBs over three decades, this volume assesses increased congressional activism and the perpetual “selling” of banks to Congress by the executive branch. Babb contends that congressional reluctance to fund the MDBs has enhanced the influence of the United States on them by making credible America’s threat to abandon the banks if its policy preferences are not followed. At a time when the United States’ role in world affairs is being closely scrutinized, Behind the Development Banks will be necessary reading for anyone interested in how American politics helps determine the fate of developing countries.
Page, Seawright, and Lacombe argue that while political contributions offer a window onto billionaires’ influence, especially on economic policy, they do not present a full picture of policy preferences and political actions. That is because on some of the most important issues, including taxation, immigration, and Social Security, billionaires have chosen to engage in “stealth politics.” They try hard to influence public policy, making large contributions to political parties and policy-focused causes, leading policy-advocacy organizations, holding political fundraisers, and bundling others’ contributions—all while rarely talking about public policy to the media. This means that their influence is not only unequal but also largely unaccountable to and unchallengeable by the American people. Stealth politics makes it difficult for ordinary citizens to know what billionaires are doing or mobilize against it. The book closes with remedies citizens can pursue if they wish to make wealthy Americans more politically accountable, such as public financing of political campaigns and easier voting procedures, and notes the broader types of reforms, such as a more progressive income tax system, that would be needed to increase political equality and reinvigorate majoritarian democracy in the United States.
Tracking the movement of finance capital toward far-flung investment frontiers, Noam Maggor reconceives the emergence of modern capitalism in the United States. Brahmin Capitalism reveals the decisive role of established wealth in the transformation of the American economy in the decades after the Civil War, leading the way to the nationally integrated corporate capitalism of the twentieth century.
Maggor’s provocative history of the Gilded Age explores how the moneyed elite in Boston—the quintessential East Coast establishment—leveraged their wealth to forge transcontinental networks of commodities, labor, and transportation. With the decline of cotton-based textile manufacturing in New England and the abolition of slavery, these gentleman bankers traveled far and wide in search of new business opportunities and found them in the mines, railroads, and industries of the Great West. Their investments spawned new political and social conflict, in both the urbanizing East and the expanding West. In contests that had lasting implications for wealth, government, and inequality, financial power collided with more democratic visions of economic progress.
Rather than being driven inexorably by technologies like the railroad and telegraph, the new capitalist geography was a grand and highly contentious undertaking, Maggor shows, one that proved pivotal for the rise of the United States as the world’s leading industrial nation.
A New York Times #1 Bestseller
An Amazon #1 Bestseller
A Wall Street Journal #1 Bestseller
A USA Today Bestseller
A Sunday Times Bestseller
A Guardian Best Book of the 21st Century
Winner of the Financial Times and McKinsey Business Book of the Year Award
Winner of the British Academy Medal
Finalist, National Book Critics Circle Award
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.
Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.
A work of extraordinary ambition, originality, and rigor, Capital in the Twenty-First Century reorients our understanding of economic history and confronts us with sobering lessons for today.
“A timely account of how the 1% holds on to their wealth…Ought to keep wealth managers awake at night.”
—Wall Street Journal
“Harrington advises governments seeking to address inequality to focus not only on the rich but also on the professionals who help them game the system.”
—Richard Cooper, Foreign Affairs
“An insight unlike any other into how wealth management works.”
—Felix Martin, New Statesman
“One of those rare books where you just have to stand back in awe and wonder at the author’s achievement…Harrington offers profound insights into the world of the professional people who dedicate their lives to meeting the perceived needs of the world’s ultra-wealthy.”
—Times Higher Education
How do the ultra-rich keep getting richer, despite taxes on income, capital gains, property, and inheritance? Capital without Borders tackles this tantalizing question through a groundbreaking multi-year investigation of the men and women who specialize in protecting the fortunes of the world’s richest people. Brooke Harrington followed the money to the eighteen most popular tax havens in the world, interviewing wealth managers to understand how they help their high-net-worth clients dodge taxes, creditors, and disgruntled heirs—all while staying just within the letter of the law. She even trained to become a wealth manager herself in her quest to penetrate the fascinating, shadowy world of the guardians of the one percent.
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.
In Charlemagne’s Survey of the Holy Land, Michael McCormick rehabilitates and reinterprets one of the most neglected and extraordinary sources from Charlemagne’s revival of the Roman empire: the report of a fact-finding mission to the Christian church of the Holy Land. The roll of documents translated and edited in this volume preserves the most detailed statistical portrait before the Domesday Book of the finances, monuments (including exact dimensions), and female and male personnel of any major Christian church.
Setting these documents in the context of economic trends, archaeological evidence, and a comparison of Holy Land churches and monasteries with their contemporaries west and east, this study shows that the Palestinian church was living in decline as its old financial links with Byzantium slackened. In recounting Charlemagne’s move to outflank the Byzantine emperor, McCormick constructs a microhistory of the Frankish king’s ambitions and formidable organizational talents for running an empire.
Supplementing McCormick’s major synthesis, The Origins of the European Economy, this volume will be indispensable reading for anyone interested in medieval rulership and economics, and in the history of the Holy Land, its Christian communities, and its late antique monuments.
A thought-provoking investigation of an urgent issue facing American communities today, Edward C. Lorenz’s book examines the intersection of corporate irresponsibility and civic engagement. At the heart of this case study is a group of firms responsible for seven of the most contaminated Superfund sites in the United States, the largest food contamination accident in U.S. history, stunning stock and financial manipulations, and a massive shift of jobs off shore. In the face of these egregious environmental, employee, and investor abuses, several communities impacted by these firms organized to confront and combat failures in corporate and bureaucratic leadership, winning notable victories over major financiers, lobbyists, and indifferent or ineffective government agencies. A critical analysis of public and private leadership, business and economic ethics, and civic life, this book concludes with a stirring blueprint for other communities facing similarly overwhelming opposition.
“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.”
“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
To answer that question, the contributors to this book draw upon their deep backgrounds in finance, social science, art, and the humanities to create a new way of understanding derivative finance that does justice to its social and cultural dimensions. They offer a two-pronged analysis. First, they develop a social understanding of the derivative that casts it in the light of anthropological concepts such as the gift, ritual, play, dividuality, and performativity. Second, they develop a derivative understanding of the social, using financial concepts such as risk, hedging, optionality, and arbitrage to uncover new dimensions of contemporary social reality. In doing so, they construct a necessary, renewed vision of derivative finance as a deeply embedded aspect not just of our economics but our culture.
Diaspora philanthropy is not a new phenomenon. But in an era of accelerated globalization, the relationship between diaspora philanthropy and the economic and social development of many countries is increasingly relevant. Modern diasporas are diverse and continually shifting; more people are moving more rapidly, more easily, and over greater distances than ever before. This is certainly true of recent migrants from China and India to the United States. In Silicon Valley, Asian Americans are estimated to constitute over 30 percent of the highly paid scientific and engineering workforce and represent one-third of the region's millionaires. As their wealth has grown, so too has their charitable giving—both to their old as well as to their new countries of residence.
This volume aims to advance understanding of diaspora philanthropy in the Chinese American and Indian American communities, especially the implications for development of the world's two most populous countries.
Since the introduction of the income tax in 1913, controversy has raged about how heavily to tax the rich. Opponents of high tax rates claim that heavy assessments have negative incentives on the productivity of some of our most talented citizens; supporters stress the importance of the rich shouldering their "fair share," and decry the loopholes that permit many to escape their obligations. Notably absent from this debate is hard evidence about the actual impact of taxes on the behavior of the affluent.
This book presents evidence by leading economists of the effects of taxes on the formation of businesses, the supply of labor, the form of executive compensation, the accumulation of wealth, the allocation of portfolios, and the realization of capital gains. Among its findings are that the labor supply of the rich remained unchanged in the face of large tax cuts in 1986, and that in late 1992 executives exercised billions of dollars' worth of stock options in order to beat the tax increases expected in 1993. The book also presents a history of efforts to tax the rich, a demographic snapshot of the financially affluent, and a road map to widely used tax-avoidance strategies.
Does Atlas Shrug? will be of great interest to policymakers and interested citizens who want to know how much tax revenue could really be gained by increasing tax rates on the rich, or whether low capital gains tax rates really spur economic growth.
This is the second edition of Andrew Simms's highly regarded guide to ecological debt.
Simms shows how millions of us in the West are running up huge ecological debts: from the amount of oil and coal that we burn to heat our houses and run our cars, to what we consume and the waste that we create, the impact of our lifestyles is felt worldwide. Whilst these debts go unpaid, millions more living in poverty in the majority world suffer the burden of paying dubious foreign financial debts.
The book explores a great paradox of our age: how the global wealth gap was built on ecological debts, which the world's poorest are now having to pay for. Highlighting how and why this has happened, he also shows what can be done differently in the future. Now updated throughout, this is a clear and passionate account of the steps we can take to stop pushing the planet to the point of environmental bankruptcy.
Faithful Finances 101 is a first-person narrative by an outspoken advocate of faith-based investing. A senior vice president of investments at Paine Webber before founding his own investment firm as "counsel to ethical and spiritual investors," Gary Moore warns that much of the economic advice emanating from some popular and influential evangelical authors and speakers is based on scare tactics and distortions of what the Bible has to say about finances. He draws on fifty years of studying the Bible, politics, and economics and presents insights for those who want to be faithful in their finances—to use 100 percent of the time, talent, and treasure with which they have been entrusted for the glory of God as well as for the benefit of others and themselves, and not just give 10 percent of their incomes to the church.
This volume contains papers presented at a conference in May 1988 in Washington, D.C., commemorating the fiftieth anniversary of the founding of the Conference on Research in Income and Wealth (CRIW). The call for papers emphasized assessments of broad topics in economic measurement, both conceptual and pragmatic. The organizers desired (and succeeded in obtaining) a mix of papers that, first, illustrate the range of measurement issues that economics as a science must confront and, second, mark major milestones of CRIW accomplishment. The papers concern prices and output (Griliches, Pieper, Triplett) and also the major productive inputs, capital (Hulten) and labor (Hamermesh). Measures of saving, the source of capital accumulation, are covered in one paper (Boskin); measuring productivity, the source of much of the growth in per capita income, is reviewed in another (Jorgenson). The use of economic data in economic policy analysis and in regulation are illustrated in a review of measures of tax burden (Atrostic and Nunns) and in an analysis of the data needed for environmental regulation (Russell and Smith); the adequacy of data for policy analysis is evaluated in a roundtable discussion (chapter 12) involving four distinguished policy analysts with extensive government experience in Washington and Ottawa.
The authors analyze over 20 years of floor speeches by several hundred members of Congress to examine the influence of campaign contributions on how the national economic agenda is set in Congress. They find that legislators who received more money from business and professional associations were more likely to discuss the deficit and other upper-class priorities, while those who received more money from unions were more likely to discuss issues important to lower- and middle-class constituents, such as economic inequality and wages. This attention imbalance matters because issues discussed in Congress receive more direct legislative action, such as bill introductions and committee hearings. While unions use campaign contributions to push back against wealthy interests, spending by the wealthy dwarfs that of unions.
The authors use case studies analyzing financial regulation and the minimum wage to demonstrate how the financial influence of the wealthy enables them to advance their economic agenda. In each case, the authors examine the balance of structural power, or the power that comes from a person or company’s position in the economy, and kinetic power, the power that comes from the ability to mobilize organizational and financial resources in the policy process. The authors show how big business uses its structural power and resources to effect policy change in Congress, as when the financial industry sought deregulation in the late 1990s, resulting in the passage of a bill eviscerating New Deal financial regulations. Likewise, when business interests want to preserve the policy status quo, it uses its power to keep issues off of the agenda, as when inflation eats into the minimum wage and its declining purchasing power leaves low-wage workers in poverty. Although groups representing lower- and middle-class interests, particularly unions, can use their resources to shape policy responses if conditions are right, they lack structural power and suffer significant resource disadvantages. As a result, wealthy interests have the upper hand in shaping the policy process, simply due to their pivotal position in the economy and the resulting perception that policies beneficial to business are beneficial for everyone.
Hijacking the Agenda is an illuminating account of the way economic power operates through the congressional agenda and policy process to privilege the interests of the wealthy and marks a major step forward in our understanding of the politics of inequality.
Mindful of the widespread discontent generated by the ongoing economic crisis in postindustrial societies as well as the renewed attempts by social scientists to measure more effectively what we consider to be “development” and “economic success,” the contributors to this volume contend that the study of public wealth in indigenous Amazonia provides not only an exceptional opportunity to apprehend native notions of wealth, poverty, and the good life, but also to engage in a critical revision of capitalist constructions of living well.
Through ethnographic analysis and thought-provoking new approaches to contemporary and historical cases, the book’s contributors reveal how indigenous views of wealth—based on the abundance of intangibles such as vitality, good health, biopower, and convivial relations—are linked to the creation of strong, productive, and moral individuals and collectivities, differing substantially from those in capitalist societies more inclined toward the avid accumulation and consumption of material goods.
In a serious effort to divine the secret of the West's success in achieving wealth and power, Yen Fu, a Chinese thinker, undertook, at the turn of the century, years of laborious translation and commentary on the work of such thinkers as Spencer, Huxley, Adam Smith, Mill, and Montesquieu. In addition to the inevitable difficulties involved in translating modern English into classical Chinese, Yen Fu was faced with the formidable problem of interpreting and making palatable many Western ideas which were to a large extent antithetical to traditional Chinese thought.
In an absorbing study of Yen Fu's translations, essays, and commentaries, Benjamin Schwartz examines the modifications and consequent revaluation of these familiar works as they were presented to their new audience, and analyzes the impact of this Western thought on the Chinese culture of the time. Drawing on a unique knowledge of both intellectual traditions, Schwartz describes the diverse and complex effects of this confrontation of Eastern and Western philosophies and provides a new vantage point to assess and appreciate these two disparate worlds.
This compact and original exposition of optimal control theory and applications is designed for graduate and advanced undergraduate students in economics. It presents a new elementary yet rigorous proof of the maximum principle and a new way of applying the principle that will enable students to solve any one-dimensional problem routinely. Its unified framework illuminates many famous economic examples and models.
This work also emphasizes the connection between optimal control theory and the classical themes of capital theory. It offers a fresh approach to fundamental questions such as: What is income? How should it be measured? What is its relation to wealth?
The book will be valuable to students who want to formulate and solve dynamic allocation problems. It will also be of interest to any economist who wants to understand results of the latest research on the relationship between comprehensive income accounting and wealth or welfare.
The LDS Church officially abandoned polygamy in 1890, but evidence that the practice was still tolerated (if not officially sanctioned) by the church circulated widely, resulting in intense investigations by the U.S. Senate. In 1896 Abraham Owen Woodruff, a rising star in LDS leadership and an ardent believer in polygamy, was appointed to head the LDS Colonization Company. Maxwell explores whether under Woodruff’s leadership the Bighorn Basin colony was intended as a means to insure the secret survival of polygamy and if his untimely death in 1904, together with the excommunication of two equally dedicated proponents of polygamy—Apostles John Whitaker Taylor and Matthias Foss Cowley—led to its collapse.
Maxwell also details how Mormon settlers in Wyoming struggled with finance, irrigation, and farming and how they brought the same violence to indigenous peoples over land and other rights as did non-Mormons.
The 1900 Bighorn Basin colonization provides an early twentieth-century example of a Mormon syndicate operating at the intersection of religious conformity, polygamy, nepotism, kinship, corporate business ventures, wealth, and high priesthood status. Maxwell offers evidence that although in many ways the Bighorn Basin colonization failed, Owen Woodruff’s prophecy remains unbroken: “No year will ever pass, from now until the coming of the Savior, when children will not be born in plural marriage.”
Contributors to this volume investigate ways to improve aggregate and sectoral saving and investment estimates and analyze microdata from recent household wealth surveys. They provide analyses of National Income and Product Account (NIPA) and Flow-of-Funds measures and of saving and survey-based wealth estimates. Conceptual and methodological questions are discussed regarding long-term trends in the U.S. wealth inequality, age-wealth profiles, pensions and wealth distribution, and biases in inferences about life-cycle changes in saving and wealth. Some new assessments are offered for investment in human and nonhuman capital, the government contribution to national wealth, NIPA personal and corporate saving, and banking imputation.
Economic research is increasingly focused on inequality in the distribution of personal resources and outcomes. One aspect of inequality is mobility: are individuals locked into their respective places in this distribution? To what extent do circumstances change, either over the lifecycle or across generations? Research not only measures inequality and mobility, but also analyzes the historical, economic, and social determinants of these outcomes and the effect of public policies. This volume explores the latest developments in the analysis of income and wealth distribution and mobility. The collection of twenty-three studies is divided into five sections. The first examines observed patterns of income inequality and shifts in the distribution of earnings and in other factors that contribute to it. The next examines wealth inequality, including a substantial discussion of the difficulties of defining and measuring wealth. The third section presents new evidence on the intergenerational transmission of inequality and the mechanisms that underlie it. The next section considers the impact of various policy interventions that are directed at reducing inequality. The final section addresses the challenges of combining household-level data, potentially from multiple sources such as surveys and administrative records, and aggregate data to study inequality, and explores ways to make survey data more comparable with national income accounts data.
The Federmanns live a pleasant but painfully normal life in the Munich suburbs. All that the three children really know about money is that there’s never enough of it in their family.
Every so often, their impish Great-Aunt Fé descends on the city. After repeated cycles of boom and bust, profligacy and poverty, the grand old lady has become enormously wealthy and lives alone in a villa on the shore of Lake Geneva. But what does Great-Aunt Fé want from the Federmanns, her only surviving relatives? This time, she invites the children to tea at her luxury hotel where she spoils, flummoxes, and inspires them. Dismayed at their ignorance of the financial ways of the world, she gives them a crash course in economics that piques their curiosity, unsettles their parents, and throws open a whole new world. The young Federmanns are for once taken seriously and together they try to answer burning questions: Where does money come from? Why are millionaires and billionaires never satisfied? And why are those with the most always showered with more?
In this rich volume, the renowned poet, translator, and essayist Hans Magnus Enzensberger turns his gimlet eye on the mechanisms and machinations of banks and politicians—the human greed, envy, and fear that fuels the global economy. A modern, but moral-less fable, Money, Money, Money! is shot through with Enzensberger’s trademark erudition, wit, and humanist desire to cut through jargon and forearm his readers against obscurantism.
Early in the twentieth century, it was possible for Latter-day Saints to have lifelong associations with businesses managed by their leaders or owned and controlled by the church itself. For example, one could purchase engagement rings from Daynes Jewelry, honeymoon at the Hotel Utah, and venture off on the Union Pacific Railroad, all partially owned and run by church apostles.
Families could buy clothes at Knight Woolen Mills. The husband might work at Big Indian Copper or Bullion-Beck, Gold Chain, or Iron King mining companies. The wife could shop at Utah Cereal Food and buy sugar supplied by Amalgamated or U and I Sugar, beef from Nevada Land and Livestock, and vegetables from the Growers Market. They might take their groceries home in parcels from Utah Bag Co. They probably read the Deseret News at home under a lamp plugged into a Utah Power and Light circuit. They could take out a loan from Zion’s Co-operative and insurance from Utah Home and Fire.
The apostles had a long history of community involvement in financial enterprises to the benefit of the general membership and their own economic advantage. This volume is the result of the author’s years of research into LDS financial dominance from 1830 to 2010.
Throughout history, human societies have been organized preeminently as territories—politically bounded regions whose borders define the jurisdiction of laws and the movement of peoples. At a time when the technologies of globalization are eroding barriers to communication, transportation, and trade, Once Within Borders explores the fitful evolution of territorial organization as a worldwide practice of human societies. Master historian Charles S. Maier tracks the epochal changes that have defined territories over five centuries and draws attention to ideas and technologies that contribute to territoriality’s remarkable resilience.
Territorial boundaries transform geography into history by providing a framework for organizing political and economic life. But properties of territory—their meanings and applications—have changed considerably across space and time. In the West, modern territoriality developed in tandem with ideas of sovereignty in the seventeenth century. Sovereign rulers took steps to fortify their borders, map and privatize the land, and centralize their sway over the populations and resources within their domain. The arrival of railroads and the telegraph enabled territorial expansion at home and abroad as well as the extension of control over large spaces. By the late nineteenth century, the extent of a nation’s territory had become an index of its power, with overseas colonial possessions augmenting prestige and wealth and redefining territoriality.
Turning to the geopolitical crises of the twentieth century, Maier pays close attention to our present moment, asking in what ways modern nations and economies still live within borders and to what degree our societies have moved toward a post-territiorial world.
At the same time, the United States felt the influence of the rise of popular mass-circulation newspapers and magazines and the surge in American book publishing. Concern over living correctly as well as prosperously was commonly discussed by leading authors and journalists, who were now writing for ever-expanding regional and national audiences. Women became more important as authors and editors, giving advice and building huge markets for women readers, with the magazine Godey's Lady's Book and novels by Susan Warner, Maria Cummins, and Harriet Beecher Stowe expressing women's views about the troubled state of society. Best-selling male writers--including novelist George Lippard, historian George Bancroft, and travel writer Bayard Taylor--were among those adding their voices to concerns about prosperity and morality and about America's place in the world. Writers and publishers discovered that a high moral tone could be exceedingly good for business.
The authors of this book examine how popular writers and widely read newspapers, magazines, and books expressed social tensions between prosperity and morality. This study draws on that nationwide conversation through leading mass media, including circulation-leading newspapers, the New York Herald and the New York Tribune, plus prominent newspapers from the South and West, the Richmond Enquirer and the Cincinnati Enquirer. Best-selling magazines aimed at middle-class tastes, Harper's Magazine and the Southern Literary Messenger, added their voices, as did two leading business magazines.
Editors Benjamin S. Grossberg and Clare Rossini selected poems to reflect broad themes of labor, history and economic forces, social equity, and the environment. In addition, they asked each poet to provide a brief prose comment to introduce their work. Some give broad statements on the nature of wealth in America today; others are intimate, offering insight into how life experiences inform their writing; still others reflect on the art of poetry itself and its unique power to speak to economic pressures of the moment.
Contributors include Mary Jo Bang, Xochiquetzal Candelaria, Alan Chazaro, Mark Doty, Denise Duhamel, Tony Hoagland, Yusef Komunyakaa, Dorianne Laux, Kimiko Hahn, Sharon Olds, George Perreault, Robert Pinsky, Minnie Bruce Pratt, Afaa Michael Weaver, David Wojahn, and others.
The Power of Productivity provides powerful and controversial answers to these questions. William W. Lewis, the director emeritus of the McKinsey Global Institute, here draws on extensive microeconomic studies of thirteen nations over twelve years—conducted by the Institute itself—to counter virtually all prevailing wisdom about how best to ameliorate economic disparity. Lewis's research, which included studying everything from state-of-the-art auto makers to black-market street vendors and mom-and-pop stores, conclusively demonstrates that, contrary to popular belief, providing more capital to poor nations is not the best way to help them. Nor is improving levels of education, exchange-rate flexibility, or government solvency enough. Rather, the key to improving economic conditions in poor countries, argues Lewis, is increasing productivity through intense, fair competition and protecting consumer rights.
As The Power of Productivity explains, this sweeping solution affects the economies of poor nations at all levels—from the viability of major industries to how the average consumer thinks about his or her purchases. Policies must be enacted in developing nations that reflect a consumer rather than a producer mindset and an attendant sense of consumer rights. Only one force, Lewis claims, can stand up to producer special privileges—consumer interests.
The Institute's unprecedented research method and Lewis's years of experience with economic policy combine to make The Power of Productivity the most authoritative and compelling view of the global economy today, one that will inform political and economic debate throughout the world for years to come.
A Choice Outstanding Academic Title of the Year
A Tablet Book of the Year
Marking a departure in our understanding of Christian views of the afterlife from 250 to 650 CE, The Ransom of the Soul explores a revolutionary shift in thinking about the fate of the soul that occurred around the time of Rome’s fall. Peter Brown describes how this shift transformed the Church’s institutional relationship to money and set the stage for its domination of medieval society in the West.
“[An] extraordinary new book…Prodigiously original—an astonishing performance for a historian who has already been so prolific and influential…Peter Brown’s subtle and incisive tracking of the role of money in Christian attitudes toward the afterlife not only breaks down traditional geographical and chronological boundaries across more than four centuries. It provides wholly new perspectives on Christianity itself, its evolution, and, above all, its discontinuities. It demonstrates why the Middle Ages, when they finally arrived, were so very different from late antiquity.”
—G. W. Bowersock, New York Review of Books
“Peter Brown’s explorations of the mindsets of late antiquity have been educating us for nearly half a century…Brown shows brilliantly in this book how the future life of Christians beyond the grave was influenced in particular by money.
—A. N. Wilson, The Spectator
The kingdom positioned itself to connect business elites, patronize local industries, and form strategic partnerships with global corporations. Instead of restraining or regulating royal power, white-collar workers joined with the crown to form a dynamic, symbiotic force that has left the lower classes to struggle in their wake. Unchanam presents a surprising case study that kings and queens live long and large in cooperation with the bourgeoisie's interests and ideology.
Ruling America offers a panoramic history of our country's ruling elites from the time of the American Revolution to the present. At its heart is the greatest of American paradoxes: How have tiny minorities of the rich and privileged consistently exercised so much power in a nation built on the notion of rule by the people?
In a series of thought-provoking essays, leading scholars of American history examine every epoch in which ruling economic elites have shaped our national experience. They explore how elites came into existence, how they established their dominance over public affairs, and how their rule came to an end. The contributors analyze the elite coalition that led the Revolution and then examine the antebellum planters of the South and the merchant patricians of the North. Later chapters vividly portray the Gilded Age "robber barons," the great finance capitalists in the age of J. P. Morgan, and the foreign-policy "Establishment" of the post-World War II years. The book concludes with a dissection of the corporate-led counter-revolution against the New Deal characteristic of the Reagan and Bush era.
Rarely in the last half-century has one book afforded such a comprehensive look at the ways elite wealth and power have influenced the American experiment with democracy. At a time when the distribution of wealth and power has never been more unequal, Ruling America is of urgent contemporary relevance.
Although initially intended for the innovative, if prosaic, purpose of providing waterproof and fireproof cover for earlier thatch-roofed homes, fired clay tiles, in seventh- and sixth-century Etruria and Central Italy, combined with Etruscan love of adornment to create exceptional domestic and religious building decoration. Featuring statues and figured friezes of humans, animals, and mythological figures intended to convey the status of the owner or dedicator, the surviving terracotta roofs provide important insights into the architectural history of Etruria. With Symbols of Wealth and Power, Nancy A. Winter has provided a definitive overview of the evidence for these roofing elements that will enhance our knowledge of Etruscan---and more broadly, ancient---architecture.
Nancy A. Winter is an archaeologist and former librarian of the American School of Classical Studies, Athens. She is the author of Greek Architectural Terracottas: From the Prehistoric to the End of the Archaic Period (1993).
Role Models in the Roman World: Identity and Assimilation, edited by Sinclair Bell and Inge Lyse Hansen
The Maritime World of Ancient Rome, edited by Robert L. Hohlfelder
Cosa: The Black-Glaze Pottery 2, by Ann Reynolds Scott
Engaging with Christian theology and the thought of Carl Schmitt, Georg Simmel, Karl Marx, Adam Smith, and many others, Goodchild develops a theology of money based on four contentions, which he elaborates in depth. First, money has no intrinsic value; it is a promise of value, a crystallization of future hopes. Second, money is the supreme value in contemporary society. Third, the value of assets measured by money is always future-oriented, dependent on expectations about how much might be obtained for those assets at a later date. Since this value, when realized, will again depend on future expectations, the future is forever deferred. Financial value is essentially a degree of hope, expectation, trust, or credit. Fourth, money is created as debt, which involves a social obligation to work or make profits to repay the loan. As a system of debts, money imposes an immense and irresistible system of social control on individuals, corporations, and governments, each of whom are threatened by economic failure if they refuse their obligations to the money system. This system of debt has progressively tightened its hold on all sectors and regions of global society. With Theology of Money, Goodchild aims to make conscious our collective faith and its dire implications.
Her new study demonstrates that members of elite arts boards walk a fine line between maintaining their status and serving the needs of the large-scale organizations they oversee. As class members whose status depends in part on the prestige of the boards on which they serve, trustees seek to perpetuate arts boards as exclusive elite enclaves. But in response to pressures to increase and diversify the audiences for arts institutions, elite board members act in a surprisingly open manner in terms of organizational accessibility and operations.
Written with clarity and grace, Trustees of Culture will contribute significantly to our understanding of organizational governance; the politics of fundraising; elite arts participation and philanthropy; as well as the consequences of wider social policies that continue to emphasize private financial support. Ostrower's study will prove to be indispensable reading for not just sociologists of culture, but anyone interested in how the arts are financially and institutionally supported.
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
The contributors to this important study—Thai scholars, reformers and civil servants—shed light on the many dimensions of inequality in Thailand, looking beyond simple income measures to consider land ownership, education, finance, business structures and politics. The contributors propose a series of reforms in taxation, spending and institutional reform that can address growing inequality.
Inequality is among the biggest threats to social stability in Southeast Asia, and this close study of a key Southeast Asian country will be relevant to regional policy-makers, economists and business decision-makers, as well as students of oligarchy and inequality more generally.
Luxury. The word alone conjures up visions of attractive, desirable lifestyle choices, yet luxury also faces criticism as a moral vice harmful to both the self and society. Engaging ideas from business, marketing, and economics, The Vice of Luxury takes on the challenging task of naming how much is too much in today's consumer-oriented society.
David Cloutier’s critique goes to the heart of a fundamental contradiction. Though overconsumption and materialism make us uneasy, they also seem inevitable in advanced economies. Current studies of economic ethics focus on the structural problems of poverty, of international trade, of workers' rights—but rarely, if ever, do such studies speak directly to the excesses of the wealthy, including the middle classes of advanced economies. Cloutier proposes a new approach to economic ethics that focuses attention on our everyday economic choices. He shows why luxury is a problem, explains how to identify what counts as the vice of luxury today, and develops an ethic of consumption that is grounded in Christian moral convictions.
--Kilolo Kijakazi, Ph.D., The Ford Foundation
"An important contribution to the economics literature on wealth and to our understanding of racial and ethnic inequality. This book adds to our knowledge and understanding of the wealth positions of Latinos, Asian Americans, Hawaiians, and Native Americans and places this information in the context of black-white wealth inequality."
--Cecilia A. Conrad, Department of Economics, Pomona College
--Patrick L. Mason, Department of Economics, Florida State University
"This edited volume takes up an important, indeed, fundamental, topic, bringing together leading scholars to assess wealth accumulation among people of color. No other book or research report covers as many groups of color as appear in this volume, devoting chapters to African Americans, Latinos, Native Americans, Asian Americans, and Native Hawaiians. The result is a noteworthy achievement." --Michael Sherraden, Benjamin E. Youngdahl Professor of Social Development, Washington University in St. Louis
Jessica Gordon Nembhard is Assistant Professor and Economist, African American Studies Department, and co-founder of the Democracy Collaborative at the University of Maryland, College Park. Her work on the history of black cooperatives is well known in progressive circles.
Ngina Chiteji is Associate Professor of Economics, Skidmore College. She was a Visiting Assistant Research Scholar at The Democracy Collaborative, University of Maryland, College Park.
As the world becomes more interconnected through travel and electronic communication, many believe that physical places will become less important. But as Mario Polèse argues in The Wealth and Poverty of Regions, geography will matter more than ever before in a world where distance is allegedly dead.
This provocative book surveys the globe, from London and Cape Town to New York and Beijing, contending that regions rise—or fall—due to their location, not only within nations but also on the world map. Polèse reveals how concentrations of industries and populations in specific locales often result in minor advantages that accumulate over time, resulting in reduced prices, improved transportation networks, increased diversity, and not least of all, “buzz”—the excitement and vitality that attracts ambitious people. The Wealth and Poverty of Regions maps out how a heady mix of size, infrastructure, proximity, and cost will determine which urban centers become the thriving metropolises of the future, and which become the deserted cities of the past. Engagingly written, the book provides insight to the past, present, and future of regions.
Spanning the history of western philosophy as well as looking toward classical Chinese thought and medieval Islamic philosophy, this volume provides business ethicists a unified source of clear, accurate, and compelling accounts of how the ideas of foundational thinkers—from Aristotle to Friedrich Hayek to Amartya Sen—relate to wealth, commerce, and markets. The essays illuminate perspectives that have often been ignored or forgotten, informing discussion in fresh and often unexpected ways. In doing so, the authors not only throw into relief common misunderstandings and misappropriations often endemic to business ethics but also set forth rich moments of contention as well as novel ways of approaching complex ethical problems. Ultimately, this volume provides a bedrock of moral thought that will move business ethics beyond the ever-changing opinions of headline-driven debate.
Margaret A. Syverson discusses the ways in which a theory of composing situations as ecological systems might productively be applied in composition studies. She demonstrates not only how new research in cognitive science and complex systems can inform composition studies but also how composing situations can provide fruitful ground for research in cognitive science.
Syverson first introduces theories of complex systems currently studied in diverse disciplines. She describes complex systems as adaptive, self-organizing, and dynamic; neither utterly chaotic nor entirely ordered, these systems exist on the boundary between order and chaos. Ecological systems are "metasystems" composed of interrelated complex systems. Writers, readers, and texts, together with their environments, constitute one kind of ecological system.
Four attributes of complex systems provide a theoretical framework for this study: distribution, embodiment, emergence, and enaction. Three case studies provide evidence for the application of these concepts: an analysis of a passage from an autobiographical poem by Charles Reznikoff, a study of first-year college students writing collaboratively, and a conflict in a computer forum of social scientists during the Gulf War. The diversity of these cases tests the robustness of theories of distributed cognition and complex systems and suggests possibilities for wider application.
Cope makes the controversial claim that it is because of these conditions that workers in rich countries benefit from higher incomes and welfare systems with public health, education, pensions, and social security. As a result, the internationalism of populations in the Global North is weakened and transnational solidarity is compromised. The only way forward, Cope argues is through a renewed anti-imperialist politics rooted in a firm commitment to a radical labor internationalism.
In 1415, Francesco Barbaro produced a marriage manual intended at once for his friend, a scion of the Florentine Medici family, and for the whole set of his peers, the young nobility of Venice. Countering the trends of the day toward dowry chasing and dowry inflation, Barbaro insisted that the real wealth of wives was their capacity to conceive, birth, and rear children worthy of their heritage. The success of the patriciate depended, ironically, on women: for they alone could ensure the biological, cultural, and spiritual reproduction of their marital lineage. The Wealth of Wives circulated in more than 100 manuscript versions, five Latin editions, and translations into German, Italian, French, and English, far outstripping in its influence Leon Battista Alberti’s On the Family (1434).
In a deeply unequal world, our economic status shapes our pursuit of virtue whether we have enough resources to live comfortably or struggle to survive
Our understanding of inequality as a moral problem is incomplete. It is not enough to say that inequality is caused by moral failing. We must also see that influence runs in both directions. Inequality harms people’s moral development.
In Wealth, Virtue, and Moral Luck, Kate Ward addresses the issue of inequality from the perspective of Christian virtue ethics, arguing that moral luck—our individual life circumstances—affects our ability to pursue virtue. Economic status functions as moral luck and impedes the ability of both the wealthy and the poor to pursue virtues such as prudence, justice, and temperance, and extreme inequality exacerbates the impact of wealth and poverty on virtue.
With these realities in mind, Ward shows how Christians and Christian communities should respond to the challenges inequality poses to virtue. Through working to change the structures that perpetuate extreme inequality—and through spiritual practices, including contentment, conversion, encountering others, and reminding ourselves of our ultimate dependence on God—Ward believes that we can create a world where all people can pursue and achieve virtue.
The "glorious house" of the senatorial family of the Flavii Apiones is the best documented economic entity of the Roman Empire during the fifth through seventh centuries, that critical period of transition between the classical world and the Middle Ages. For decades, the rich but fragmentary manuscript evidence that this large agricultural estate left behind, preserved for 1,400 years by the desiccating sands of Egypt, has been central to arguments concerning the agrarian and fiscal history of Late Antiquity, including the rise of feudalism.
Wine, Wealth, and the State in Late Antique Egypt is the most authoritative synthesis concerning the economy of the Apion estate to appear to date. T. M. Hickey examines the records of the family's wine production in the sixth century in order to shed light on ancient economic practices and economic theory, as well as on the wine industry and on estate management. Based on careful study of the original manuscripts, including unpublished documents from the estate archive, he presents controversial conclusions, much at odds with the "top down" models currently dominating the scholarship.
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