A debut book delivers an appraisal of what ails Western economies.
In this volume, Al-Nakeeb, an independent scholar with graduate economics training and a four-decade career in financial markets, surveys classical, Marxist, Keynesian, and neoclassical economics. He concludes that only genuine democracies employing Keynesian policies, as after World War II, have shown any effectiveness in quelling cyclical financial crises wrought by extremes of laissez faire self-interest or authoritarian societal interest. He proffers a “unified theory of macroeconomic failure.” Its précis: “A moral deficit, typically driven by plutocratic greed for wealth gathering, causes a democratic deficit, inferior public choice, immoral policies, economic inefficiency, and negative externalities, culminating in macroeconomic failure.” In other words, a greedy few use wealth to grab political power, rig the system, and enslave the debt-ridden many, à la the 2008 subprime meltdown. This view is hardly novel, as books on inequality by such economists as Joseph Stiglitz and Thomas Piketty demonstrate. But Al-Nakeeb’s emphasis on immorality plunges him deeper into negative externalities, or side effects, that econometric models cannot quantify. He lambasts corruption in corporate governance, credit-rating agencies, regulators, the media, and academia. He mentions Jesus nine times, not to proselytize but to invoke religious admonitions against usury. In the author’s view, all interest and debt are injurious; all banks Ponzi schemes; and the Federal Reserve a virtual dictatorship. He proposes replacing all debt financing with equity participation funds and taxing wealth and capital instead of income. The author dismembers with a deceptively light touch, the air of a happy warrior. His prose is crystal-clear and flows like silk. He displays command of the subject and provides rational evidence for his sweeping conclusions, with occasional lapses. For example, he paints all U.S. presidents since Jimmy Carter as neocons and at one point indulges a 9/11 conspiracy theory. Still, he accomplishes his goal to “give economics a good stir” and presents his case in language accessible to all. His confident predictions that the Eurozone will unravel and Western banks will fail to avoid another crisis look prescient following the Brexit vote.
An audacious and caustic financial work that deserves wide readership and close academic scrutiny.
Pub Date: May 24, 2016
ISBN: 978-1-5238-2795-4
Page Count: 456
Publisher: CreateSpace
Review Posted Online: July 16, 2016
Kirkus Reviews Issue: Aug. 15, 2016
Review Program: Kirkus Indie
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection...
A Dumpster diver–turned-CEO details her rise to success and her business philosophy.
In this memoir/business book, Amoruso, CEO of the Internet clothing store Nasty Gal, offers advice to young women entrepreneurs who seek an alternative path to fame and fortune. Beginning with a lengthy discussion of her suburban childhood and rebellious teen years, the author describes her experiences living hand to mouth, hitchhiking, shoplifting and dropping out of school. Her life turned around when, bored at work one night, she decided to sell a few pieces of vintage clothing on eBay. Fast-forward seven years, and Amoruso was running a $100 million company with 350 employees. While her success is admirable, most of her advice is based on her own limited experiences and includes such hackneyed lines as, “When you accept yourself, it’s surprising how much other people will accept you, too.” At more than 200 pages, the book is overlong, and much of what the author discusses could be summarized in a few tweets. In fact, much of it probably has been: One of the most interesting sections in the book is her description of how she uses social media. Amoruso has a spiritual side, as well, and she describes her belief in “chaos magic” and “sigils,” a kind of wishful-thinking exercise involving abstract words. The book also includes sidebars featuring guest “girlbosses” (bloggers, Internet entrepreneurs) who share equally clichéd suggestions for business success. Some of the guidance Amoruso offers for interviews (don’t dress like you’re going to a nightclub), getting fired (don’t call anyone names) and finding your fashion style (be careful which trends you follow) will be helpful to her readers, including the sage advice, “You’re not special.”
Career and business advice for the hashtag generation. For all its self-absorption, this book doesn’t offer much reflection or insight.Pub Date: May 6, 2014
ISBN: 978-0-399-16927-4
Page Count: 256
Publisher: Portfolio
Review Posted Online: June 22, 2014
Kirkus Reviews Issue: July 15, 2014
© Copyright 2025 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
