A banker catalogues America’s wealthiest men and women.
Former Goldman Sachs partner Smith believes that the years 1980–2000 will mark the greatest period of wealth creation in American history. His analysis of the men and women who have generated that prosperity begins with the annual Forbes magazine list of the country’s 400 wealthiest people, all of whom are now worth over $600 million. Smith points out that remarkably few of the families on the list are “old money,” and he breaks down the nation’s super-rich into five general categories: entrepreneurs, dealmakers, investors, tycoons, and entertainers. He outlines how the members of each of these groups made their money, alternating short biographical sketches with easy-to-swallow explanations of such topics as the junk-bond market, the structure of the NFL, and Warren Buffett’s value-oriented style of investing. All in all, it reads like a research report written by a Wall Street investment bank for its retail customers, with individuals substituted for companies. Some financiers and executives are lionized in the glowing terms usually reserved for Intel and Cisco, while others are downgraded over concerns about recent market performance. (This point is driven home, somewhat ingeniously, by the cover design, which shows famous names coursing across the page like symbols on a stock ticker.) As is often the case with stock analysts’ reports, there are no shocking insights here, but the prose is compulsively readable and the analysis, though intentionally superficial, is rock solid. Analysis can have a short shelf-life, though, and the recent stock-market plummet has already made some of it obsolete. But Smith’s main point—that stakeholders almost always make more money than employees—transcends the market’s periodic mood swings.
People magazine for the mutual-fund set.Pub Date: Feb. 1, 2001
ISBN: 0-312-27259-6
Page Count: 368
Publisher: St. Martin's
Review Posted Online: June 24, 2010
Kirkus Reviews Issue: Dec. 15, 2000
Did you like this book?
“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. 29, 2019
Kirkus Reviews Issue: Sept. 15, 2019
Did you like this book?
SEEN & HEARD
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
Did you like this book?
© Copyright 2023 Kirkus Media LLC. All Rights Reserved.
Follow
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.
