BIG DEAL

THE BATTLE FOR CONTROL OF AMERICA'S LEADING CORPORATIONS

Everything you could ever want to know about big business deals (as long as you don’t want to think too deeply about them). More akin to People magazine than an economic tract, the emphasis here is on people and headlines; this is not the place to seek insight into the broader implications of changing corporate structures for the economy or the nation, or grand theories of private enterprise. As a participant in mega-mergers for many years (including the Time-Warner merger) as a lawyer and banker, Wasserstein (With Justice For Some, 1971) provides an insider’s account that is journalistic, fun, and basically uncritical. The volume is loosely organized into sections on history, specific industries, and tactics, but the mode of operation throughout is storytelling. Beginning with the battle between QVC chairman Barry Diller and Viacom’s Sumner Redstone over the acquisition of Paramount, we meet the major players—always profiled in sidebars to provide a more personalized view of the conflicts—in the business deals that have dominated headlines in the past and especially recent years. The nomenclature is explained along the way, and in a world where you could encounter white knights or squires, poison pills, bear hugs, shark repellents, an IPO, the LIBOR, or even LBOs, this is no small contribution. The discussions of activity in the financial, telecommunications, and health- care industries are especially interesting, but few if any stones are left unturned: Wasserstein possesses a truly encyclopedic knowledge of corporate merger activity, and he shares it. Indeed, a more rigorous selection of material illustrating clearer themes in a shorter volume might have produced a more powerful book; the lack of anything that could be called a conclusion illustrates the somewhat directionless quality of the narrative. Nevertheless, Wasserstein’s effort is informative and entertaining. (Radio satellite tour)

Pub Date: April 27, 1998

ISBN: 0-446-52268-6

Page Count: 832

Publisher: N/A

Review Posted Online: May 20, 2010

Kirkus Reviews Issue: April 1, 1998

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

CAPITAL AND IDEOLOGY

A massive investigation of economic history in the service of proposing a political order to overcome inequality.

Readers who like their political manifestoes in manageable sizes, à la Common Sense or The Communist Manifesto, may be overwhelmed by the latest from famed French economist Piketty (Top Incomes in France in the Twentieth Century: Inequality and Redistribution, 1901-1998, 2014, etc.), but it’s a significant work. The author interrogates the principal forms of economic organization over time, from slavery to “non-European trifunctional societies,” Chinese-style communism, and “hypercapitalist” orders, in order to examine relative levels of inequality and its evolution. Each system is founded on an ideology, and “every ideology, no matter how extreme it may seem in its defense of inequality, expresses a certain idea of social justice.” In the present era, at least in the U.S., that idea of social justice would seem to be only that the big ones eat the little ones, the principal justification being that the wealthiest people became rich because they are “the most enterprising, deserving, and useful.” In fact, as Piketty demonstrates, there’s more to inequality than the mere “size of the income gap.” Contrary to hypercapitalist ideology and its defenders, the playing field is not level, the market is not self-regulating, and access is not evenly distributed. Against this, Piketty arrives at a proposed system that, among other things, would redistribute wealth across societies by heavy taxation, especially of inheritances, to create a “participatory socialism” in which power is widely shared and trade across nations is truly free. The word “socialism,” he allows, is a kind of Pandora’s box that can scare people off—and, he further acknowledges, “the Russian and Czech oligarchs who buy athletic teams and newspapers may not be the most savory characters, but the Soviet system was a nightmare and had to go.” Yet so, too, writes the author, is a capitalism that rewards so few at the expense of so many.

A deftly argued case for a new kind of socialism that, while sure to inspire controversy, bears widespread discussion.

Pub Date: March 10, 2020

ISBN: 978-0-674-98082-2

Page Count: 976

Publisher: Belknap/Harvard Univ.

Review Posted Online: Dec. 22, 2019

Kirkus Reviews Issue: Jan. 15, 2020

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