100 books like An Extraordinary Time

This book is a wonderful example of how an author can explain but not judge the complexities and contradictions of our modern economy. Chatelain explains the role fast food franchising, and McDonald’s in particular, has played in African American economic and social life since the 1960s. What I found so striking about this was the honest ambivalence: McDonald’s sells unhealthy foods that contribute to obesity and other health problems, and it pays generally exploitative wages; but at the same time, owning a McDonald’s franchise can be a way for African American entrepreneurs to thrive and build both wealth and political power in their communities.

This book is the most readable treatment I’ve encountered of a very complicated and theoretical set of ideas about how corporations have changed—not only in their legal structure but as social creatures—in the last century. Lemann makes the difficult theories of thinkers like Adolf Berle, John Kenneth Galbraith, Milton Friedman, and Michael Jensen easy to understand and fun to read about. And in the process, he explains how corporations lost their “souls”—how we reached a point where companies are finance-obsessed, detached from their communities, and fixated on short-term profits and not long-term stability.

This book captures the decline of the traditional job—stable, well-paid, with a good chance of moving up—between World War II and the end of the 20th century. Wartzman is a clear, engaging writer who tells gripping stories about workers, bosses, chief executives, and politicians to explain what the old “social contract” between big companies and American society was, and why it disappeared. But he’s also particularly good at not overly romanticizing the earlier era, when huge swaths of people—like women, people of color, immigrants, the disabled, and others—were cut out of the workforce by prejudice and racism. This book makes business and labor history engaging and entertaining, even while it will make you mad about how bad things have become.

This book—written by a scholar who also works in government—is both infuriating and enlightening. It takes on the real problem of precarious, poorly paid jobs and, by getting way into the weeds of how companies are organized, gives a clear explanation for how so many jobs became so bad and at least some hope for a policy fix. The root of the problem, Weill shows, is basically outsourcing: large companies hire out jobs (cleaners, security, customer service) to low-paying, often badly managed small companies, and that drives down wages, benefits, and job security. The most insane examples of this occur when laborers are pushed into being independent contractors or franchise owners. Officially they are “small business owners” but in practice, they have no control over their work and no opportunities to grow. The book is full of memorable (and enraging) vignettes and examples, making a dry argument about corporate structure… show more.

How can we make sense of the Covid-19 pandemic? Adam Tooze gives us a clear answer: it is the first crisis of the new era of environmental crisis. My work now focuses on the increasingly destabilizing effects that the crisis will bring into the future and how future leaders can be better ready to carry on the struggle under worsening conditions. The responses of current leaders to the pandemic – some good, many poor – are a key resource to learn from. This book is a first bash at learning the lessons from the pandemic. Into the future, more than anything we need leaders and governments who are capable of freeing us from the freezing embrace of fear in face of seemingly insurmountable odds. 

I could really choose any book by Slavoj Žižek as the starting for a psychoanalytic critique of capitalism, but this one is very accessible for someone who has never read him. It also gets into the current dilemmas that are rocking capitalist society. In this book, Žižek shows how psychoanalysis (combined with Hegel’s philosophy) can provide a corrective to the traditional Marxist critique of capitalism. We see here how the attempt to construct an ethical capitalism inevitably fails and obscures a new barbarism. 

As everyone knows at this point, anything Michael Lewis writes will be enormous fun to read, while being about something really important—something he’ll make you care about even if you didn’t when you started the book.

In this case, the subject is people who bet on the direction of mortgages (and thus, house prices), and how those who bet on a huge plunge were right. This book has an amazing cast of characters, all richly drawn: some are smart, some are not so smart; some are excellent schmoozers, some can barely tolerate human interaction; some care a lot about money, some care more about being right, especially if everyone else is wrong.

Each book I've recommended cries out to be made into a movie. This one actually was.

King was the head of the Bank of England during the financial crisis of 2008. He declared full deposit insurance for the entire United Kingdom private banking system, with no deposit premiums required. This ended the run on the banks that spilled over into the streets of the UK during the crisis, when the Bank of England at first decided not to take care of Northern Rock, a private retail bank that was headed towards insolvency.

King provides a whimsical and sharp review of the private and central bank system before and after the crisis that builds very much on Charles Goodhart and Walter Bagehot. King laudably faults economists and the Economics profession for thinking that establishing negative real interest rates worldwide is the answer to central bank crises (in his newly added Introduction to the paperback edition of his 2016 hardback by the same name). Yet King sides with… show more.

An apropos warning about the inevitable collapse of all empires that live beyond their means.

Wrought with historical references to past collapsed empires including the Roman and British, understand how the US is going down the same destructive path as the previous empires.

This book also explains how the high standard of living in the US and other Western economies is sponsored by the poorer, harder-working Asian countries that make something of value.

Issuing massive amounts of debt and printing money to pay for it isn’t a sustainable way to run an economy.

Out of all my recommendations, this book is the most dense in terms of detailed descriptions of the history of debt. The author needs to be specific since he’s challenging the economic establishment’s false claims.

The most telling example is that there’s no evidence that barter led to exchanging goods in a marketplace. Debt, not barter, was the original economic system for trade in a village. 

War became the catalyst for the creation of currency since soldiers couldn’t afford to wait till after the war concluded for the government to pay its debts.

If you’re curious about the real history of money and debt, this is the book for you.