Highly recommended, sobering reading for anyone interested in the economic future, for good and bad.
A gimlet-eyed look at developments in the global economy, in which interesting and sometimes ominous things are happening.
Former Economist editor Davies opens his account in Aceh, Indonesia, where, following the 2004 tsunami, devastation was met with surprising elasticity on the part of local entrepreneurs, such as one who “ignored advice to relocate away from the coast and instead returned quickly to his village to rebuild his life.” Responding immediately to disasters is a hallmark of an agile economy, and, as other economists have noted, disaster can be a strange kind of positive externality, since it provides opportunities to rebuild with newer and better methods and materials. Glasgow conversely suffered because it was slow to rebuild following World War II, like much of Britain, leading other nations to surpass it in such things as shipbuilding and making autos. Davies examines nine places that illustrate economic choices for failure or success, from the disaster economies of a Syrian refugee camp and a Louisiana prison to a modern Japanese town whose population is rapidly aging and the capital of Estonia, a nation at the forefront of modern technology. His case studies represent challenges that include natural disaster, economic inequality, and the rise of robotics and artificial intelligence and their displacement of human workers. Lessons abound, including the remarkable fairness with which Acehnese gold traders repurposed traditional methods of finance and “provided its entrepreneurs with rapid access to cash.” Contrast this with the predatory nature of the Chicago School economics visited on Chile after the military coup of 1973, with Milton Friedman et al. delighting in an experimental setting “untroubled by democracy.” Chile’s economy finally grew, becoming a success story, at a price: Inequality is extreme, and services such as health care are delivered only to those who can afford them. Davies concludes that a decade hence, given the trends he remarks on, most people on Earth will live in “an urban society that is old, technologically advanced and economically unequal.”
Highly recommended, sobering reading for anyone interested in the economic future, for good and bad.Pub Date: Jan. 14, 2020
ISBN: 978-1-250-17048-4
Page Count: 416
Publisher: Farrar, Straus and Giroux
Review Posted Online: Oct. 22, 2019
Kirkus Reviews Issue: Nov. 15, 2019
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
A forceful, necessarily provocative call to action for the preservation and protection of American Jewish freedom.
Known for her often contentious perspectives, New York Times opinion writer Weiss battles societal Jewish intolerance through lucid prose and a linear playbook of remedies.
While she was vividly aware of anti-Semitism throughout her life, the reality of the problem hit home when an active shooter stormed a Pittsburgh synagogue where her family regularly met for morning services and where she became a bat mitzvah years earlier. The massacre that ensued there further spurred her outrage and passionate activism. She writes that European Jews face a three-pronged threat in contemporary society, where physical, moral, and political fears of mounting violence are putting their general safety in jeopardy. She believes that Americans live in an era when “the lunatic fringe has gone mainstream” and Jews have been forced to become “a people apart.” With palpable frustration, she adroitly assesses the origins of anti-Semitism and how its prevalence is increasing through more discreet portals such as internet self-radicalization. Furthermore, the erosion of civility and tolerance and the demonization of minorities continue via the “casual racism” of political figures like Donald Trump. Following densely political discourses on Zionism and radical Islam, the author offers a list of bullet-point solutions focused on using behavioral and personal action items—individual accountability, active involvement, building community, loving neighbors, etc.—to help stem the tide of anti-Semitism. Weiss sounds a clarion call to Jewish readers who share her growing angst as well as non-Jewish Americans who wish to arm themselves with the knowledge and intellectual tools to combat marginalization and defuse and disavow trends of dehumanizing behavior. “Call it out,” she writes. “Especially when it’s hard.” At the core of the text is the author’s concern for the health and safety of American citizens, and she encourages anyone “who loves freedom and seeks to protect it” to join with her in vigorous activism.
A forceful, necessarily provocative call to action for the preservation and protection of American Jewish freedom.Pub Date: Sept. 10, 2019
ISBN: 978-0-593-13605-8
Page Count: 224
Publisher: Crown
Review Posted Online: Aug. 22, 2019
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