People magazine for the mutual-fund set.
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
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
The value of this book is the context it provides, in a style aimed at a concerned citizenry rather than fellow academics,...
A provocative analysis of the parallels between Donald Trump’s ascent and the fall of other democracies.
Following the last presidential election, Levitsky (Transforming Labor-Based Parties in Latin America, 2003, etc.) and Ziblatt (Conservative Parties and the Birth of Democracy, 2017, etc.), both professors of government at Harvard, wrote an op-ed column titled, “Is Donald Trump a Threat to Democracy?” The answer here is a resounding yes, though, as in that column, the authors underscore their belief that the crisis extends well beyond the power won by an outsider whom they consider a demagogue and a liar. “Donald Trump may have accelerated the process, but he didn’t cause it,” they write of the politics-as-warfare mentality. “The weakening of our democratic norms is rooted in extreme partisan polarization—one that extends beyond policy differences into an existential conflict over race and culture.” The authors fault the Republican establishment for failing to stand up to Trump, even if that meant electing his opponent, and they seem almost wistfully nostalgic for the days when power brokers in smoke-filled rooms kept candidacies restricted to a club whose members knew how to play by the rules. Those supporting the candidacy of Bernie Sanders might take as much issue with their prescriptions as Trump followers will. However, the comparisons they draw to how democratic populism paved the way toward tyranny in Peru, Venezuela, Chile, and elsewhere are chilling. Among the warning signs they highlight are the Republican Senate’s refusal to consider Barack Obama’s Supreme Court nominee as well as Trump’s demonization of political opponents, minorities, and the media. As disturbing as they find the dismantling of Democratic safeguards, Levitsky and Ziblatt suggest that “a broad opposition coalition would have important benefits,” though such a coalition would strike some as a move to the center, a return to politics as usual, and even a pragmatic betrayal of principles.
The value of this book is the context it provides, in a style aimed at a concerned citizenry rather than fellow academics, rather than in the consensus it is not likely to build.Pub Date: Jan. 16, 2018
ISBN: 978-1-5247-6293-3
Page Count: 320
Publisher: Crown
Review Posted Online: Nov. 12, 2017
Kirkus Reviews Issue: Dec. 1, 2017
BOOK REVIEW
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