Leaks, reserves, PACs, hydrofracking, bloated corporate profits and more: all pertinent concerns nicely handled by Coll in...

PRIVATE EMPIRE

EXXONMOBIL AND AMERICAN POWER

A thorough, sobering study of the pernicious consolidation of Big Oil.

With admirable restraint, New Yorker contributor and two-time Pulitzer winner Coll (The Bin Ladens: An Arabian Family in the American Century, 2008, etc.) demonstrates how the merger of Exxon and Mobil has allowed the company to wield more power and wealth than even the American government, in the manner of John D. Rockefeller. Exxon had functioned as an independent corporate state since its antitrust break-off from Standard Oil in 1911 and was ranked by profit performance in the top five corporations from the 1950s through the end of the Cold War. With the catastrophic spill of the Valdez in Alaska in 1989, the network of secrecy and internal security within Exxon was exposed but hardly tempered. The iron chief who emerged from the crisis, Lee Raymond, reappraised risk and security within the organization and took a hard line against efforts to extract from it punitive damages. Moving the headquarters to Texas in 1993, the company retrenched in its nose-thumbing determination to encourage and supply America’s thirst for oil, casting around at more far-flung spots in the world that could provide the crude—such as where Mobil held attractive assets, in places like West Africa, Venezuela, Kazakhstan and Abu Dhabi. The Exxon-Mobil merger in 1999 created a global behemoth and also provoked small wars at drilling spots where the poor and disenfranchised deeply resented foreign workers on native soil and disrupted the extraction by violence and insurgency. Raymond and his cohorts’ cynical spin on the denial of global warming and the role of the burning of fossil fuels makes for jaw-dropping reading, as does the company’s cunning manipulations of the war in Iraq to garner an oil deal. The Obama administration’s emphasis on renewable energy sources and environmental concerns has barely challenged the formidable political power of Big Oil.

Leaks, reserves, PACs, hydrofracking, bloated corporate profits and more: all pertinent concerns nicely handled by Coll in this engaging, hard-hitting work.

Pub Date: May 1, 2012

ISBN: 978-1-59420-335-0

Page Count: 688

Publisher: Penguin Press

Review Posted Online: March 18, 2012

Kirkus Reviews Issue: April 1, 2012

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Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.

GOOD ECONOMICS FOR HARD TIMES

“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

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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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