Though it lacks the thrills, chills, and spills of his Secrets of the Temple (1987), Greider’s latest does a good job of...
A cri de bourse against a heartless, soulless economic system by a master of financial journalism.
For at least four-fifths of modern Americans, writes Nation correspondent Greider (Fortress America, 1998, etc.), capitalism has effectively vanquished the fiscal worries of old: how to keep a roof over one’s head, how to keep one’s belly fed. The costs of essentials have fallen over time, while the money available for what economists call “variety or status goods” has increased. “Basic human needs,” Greider writes, “are now eclipsed—even overwhelmed—by the overflowing abundance and variety produced by the modern economic system.” Yet, for all the variety and abundance in this great supermarket of a nation, Americans are miserable, and getting more so: we feel as if we’re out of time, have no power, have little hope of ever getting a step ahead, have too little compared to our neighbors. It’s the logic of capitalism that makes us feel that way, Greider asserts. Moreover, an ever-narrower financial system has replaced government in shaping the social contract, has conditioned society to want more and more, and “plays a central role in the homogenization of American culture” (as witness cookie-cutter shopping malls, fast-food restaurants, and housing developments that clutter the landscape). What is to be done? Well, writes Greider—no enemy of the profit motive per se—it’s up to the workers and producers of America, and the world, to see to it that capitalism fulfills its promise of plowing new wealth back into the society at large, and not just into a few hands. Offering case studies of firms and factories that have actually empowered workers for the better, the author suggests that such a shift is possible, if perhaps not likely anytime soon; those case studies are isolated and the big-picture details of changing things are a little fuzzy, but his enthusiasm for the project keeps this argument moving along at a brisk pace, and convincingly.
Though it lacks the thrills, chills, and spills of his Secrets of the Temple (1987), Greider’s latest does a good job of arguing for a future economics with a human face.Pub Date: Sept. 1, 2003
ISBN: 0-684-86219-0
Page Count: 384
Publisher: Simon & Schuster
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: June 15, 2003
As this savvy, tellingly detailed rundown on the top gun in the megabuck takeover battles of the 1980's makes clear, even Robert Ringer (Winning Through Intimidation, etc.) could have learned a thing or two from Carl Icahn. Drawing on apparently unrestricted access to the hitherto publicity-shy raider, as well as to his associates, adversaries, and family, Stevens (The Big Six, etc.) offers a sympathetic if unsparing portrait that's longer on professional than personal perspectives. The author gives short shrift to the Princeton- educated Icahn's working-class background, focusing instead on his epic face-offs against the likes of Hammermill Paper, Phillips Petroleum, Texaco, and USX. Stevens's behind-the-scenes accounts of his subject's ability to best fat cats in deal after deal is well worth the price of admission—and the author also takes the measure of a complex man. While giving Icahn full marks for brains and brass, he leaves little doubt that he was a merciless antagonist who gave no quarter. Nor did the arguable propriety of accepting so-called ``greenmail'' (invariably paid at the expense of fellow owners) appear to trouble this outspoken advocate of accountability, good governance, and shareholder rights. Icahn's comeuppance (such as it was) came in the wake of a fight to gain control of TWA. While the erstwhile nemesis of big business escaped with his skin, he found the experience of running a debt-burdened airline to be, if not humbling, at least chastening. Icahn's career as one of Wall Street's most aggressive investors has since taken a new turn, purportedly one in which he attempts to salvage value from failed enterprises. But that is another story—and one that many readers will hope that Stevens finds time to tell.
Pub Date: June 8, 1993
ISBN: 0-525-93613-0
Page Count: 336
Publisher: Dutton
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: April 1, 1993
A gossipy, albeit unsparing, critique of Dow Jones & Co., publisher of The Wall Street Journal, from an erstwhile insider. Dealy (Win at Any Cost, 1990) first reviews the company's founding in the late 19th century and its rise to global prominence after WW II. Along the way, he pays graceful tribute to Clarence Barron, Barney Kilgore, and others whose vision and daring made the Journal an influential source of financial intelligence and an outspoken advocate of free enterprise. Getting down to business, the author (who once worked for Dow Jones) casts a cold eye on the increasingly serious problems faced by the parent organization and its flagship publication. He does so with evident relish, plus a sharp eye for dirty linen and in-house politics—recounting, for instance, how Journal competitors beat it to the punch on such major stories as the S&L scandal and Michael Milken's junk-bond follies. Covered as well are the unavailing, often disastrous, efforts of Dow Jones to diversify and to reduce its dependence on a single national newspaper whose advertising revenues, circulation, and profits have been slipping. In forthright fashion that would do credit to a Journal leader, Dealy blames the company's woes on the caretaker mentality and bad judgment of Warren Phillips (its recently retired CEO) and his successor, Peter Kann—a Pulitzer-winner who's yet to prove himself a capable executive. Also targeted for censure is Kann's wife, Karen Elliott House, a Dow Jones VP who's not loath to throw her weight around. Whether Dow Jones is on a down slope as steep as that coursed by, say, IBM remains an open question. But at the very least, Dealy's bare-knuckle audit (which should set media circles abuzz) suggests that the situation bears watching. (Sixteen pages of photos—not seen)
Pub Date: July 1, 1993
ISBN: 1-55972-118-9
Page Count: 288
Publisher: Birch Lane Press
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: May 15, 1993
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