Why am I passionate about this?
I’m a professor of modern U.S. History and have written books explaining the political and cultural power of corporations, lobbyists, and business people in American life. To me, the signal event of recent history was when the rapid economic growth that followed WWII ended in the 1970s. From globalization and deindustrialization to the rise of authoritarianism under the guise of populism, from systemic racism and the rise of the carceral state to the proliferation of bad jobs and the gig economy—the effects of that historic change shape every aspect of modern life. But this topic can sometimes seem a little dry, so I’m always looking for books that help make sense of it.
Benjamin's book list on why corporations are powerful but economy stinks
Why did Benjamin love this book?
Levinson is a rare thing among economists: he is willing to admit what we don’t understand.
This book argues that global productivity declined in the 1970s compared to the 30 years after World War II, and no one knows why. It seems that, under capitalism, economic growth is normally just very slow, and the fast postwar growth was the aberration. But what really matters is how political leaders responded, making a series of bad decisions to try to appease people’s over-inflated expectations of growth. And this happened all over the world, from the U.S. to Germany to Japan to Latin America. This is the book that let me understand every aspect of modern life in the last 50 years—from stagnant wages to the roller-coaster casino economy to political dysfunction to gig companies.
1 author picked An Extraordinary Time as one of their favorite books, and they share why you should read it.
A Washington Post and Strategy+Business Book of the Year.
Stagnant wages. Feeble growth figures. An angry, disillusioned public. The early 1970s witnessed the arrival of the problems that define the twenty-first century.
In An Extraordinary Time, Marc Levinson investigates how the oil crisis of the 1970s marked a radical turning point in global economics: and paved the way for the political and financial troubles of the present. Tracing the remarkable transformation of the global economy in the years after World War II, Levinson explores how decades of spectacular economic growth ended almost overnight - giving way to an era of…