An engaging and varied look at the economic forces that have shaped America.

COLOSSUS

HOW THE CORPORATION CHANGED AMERICA

Atlantic Monthly senior editor Beatty (The World According to Peter Drucker, 1998, etc.) has put together an eclectic collection of readings that examines the influence of corporations on American life—from the cotton mills of 19th-century New England to the leveraged buyouts of contemporary Wall Street.

Two features distinguish the corporation from traditional partnerships: limited liability and perpetual existence. The former permits investors to shield their personal assets no matter how badly their ventures fare while the latter ensures that businesses transcend the personal fortunes of their partners. Both features encouraged industrial growth in the private sector on a scale otherwise impossible. Until the 20th century, the US lacked a central government powerful enough to undertake large-scale public works projects, such as building railroads. As the readings amply demonstrate, the corporation filled that void, enabling the development of the major industrial enterprises that transformed America from a rural, decentralized society to an integrated industrial power. Although the author’s account traces the familiar terrain of how corporate America changed to reflect social and political developments (the rise of labor unions, women in the work force, anti-monopoly sentiment), its real strength lies in Beatty’s deft selection of readings that reveal how the country’s economic evolution affected societal attitudes and individual lives. For instance, he includes an unexpectedly glowing report from Charles Dickens on the working conditions in the mills of Lowell, Massachusetts, which contrasts nicely with the satirical indictment of corporate culture taken from Joseph Heller’s novel, Something Happened. Although Beatty includes readings that highlight the contributions of large corporations to the national development, he is at his best when he gets the contemporary corporate giant in his cross-hairs, skewering pampered executives for mismanagement and pointing to the deleterious effect of the corporate mentality on American culture and family.

An engaging and varied look at the economic forces that have shaped America.

Pub Date: April 10, 2001

ISBN: 0-7679-0352-8

Page Count: 528

Publisher: Broadway

Review Posted Online: May 20, 2010

Kirkus Reviews Issue: Feb. 1, 2001

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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 declaration worth hearing out in a time of growing inequality—and indignity.

ECONOMIC DIGNITY

Noted number cruncher Sperling delivers an economist’s rejoinder to life, liberty, and the pursuit of happiness.

Former director of the National Economic Council in the administrations of Presidents Bill Clinton and Barack Obama, the author has long taken a view of the dismal science that takes economic justice fully into account. Alongside all the metrics and estimates and reckonings of GDP, inflation, and the supply curve, he holds the great goal of economic policy to be the advancement of human dignity, a concept intangible enough to chase the econometricians away. Growth, the sacred mantra of most economic policy, “should never be considered an appropriate ultimate end goal” for it, he counsels. Though 4% is the magic number for annual growth to be considered healthy, it is healthy only if everyone is getting the benefits and not just the ultrawealthy who are making away with the spoils today. Defining dignity, admits Sperling, can be a kind of “I know it when I see it” problem, but it does not exist where people are a paycheck away from homelessness; the fact, however, that people widely share a view of indignity suggests the “intuitive universality” of its opposite. That said, the author identifies three qualifications, one of them the “ability to meaningfully participate in the economy with respect, not domination and humiliation.” Though these latter terms are also essentially unquantifiable, Sperling holds that this respect—lack of abuse, in another phrasing—can be obtained through a tight labor market and monetary and fiscal policy that pushes for full employment. In other words, where management needs to come looking for workers, workers are likely to be better treated than when the opposite holds. In still other words, writes the author, dignity is in part a function of “ ‘take this job and shove it’ power,” which is a power worth fighting for.

A declaration worth hearing out in a time of growing inequality—and indignity.

Pub Date: May 5, 2020

ISBN: 978-1-9848-7987-5

Page Count: 384

Publisher: Penguin Press

Review Posted Online: Feb. 26, 2020

Kirkus Reviews Issue: March 15, 2020

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