100 books like Reimagining Capitalism in a World on Fire

Robert Putnam and Shaylyn Romney Garrett provide an analysis of the past 125 years of American history that makes a significant contribution to the growing movement to reform American Society. They carefully analyze trends in American life in a way that delineates the tangle of problems we are currently experiencing while at the same time offering hope that we can overcome them. The essence of their analysis is that across a wide variety of societal indicators, the past century and a quarter has involved an upswing in prosocial or communitarian norms and practices, beginning in the progressive era of the early twentieth century. That was followed by a reversal toward less communitarian and more individualistic and self-centered norms and practices.

This one does not follow children from childhood to adulthood, but rather reveals how 100s of years ago events occurred that radically changed who people interacted with, married and spent their lives relating to.

It is a bold, strikingly original, and epic account of how the co-evolution of psychology and culture created the peculiar Western mind that profoundly shaped the modern world. While Nature matters, what this volume made clear to me is how “big Nurture”, meaning cultural practices, have changed over the past 1,000 years and the dramatic implications of such change for the world we live in today.

Tyranny is the landmark book that is moral philosophy’s contribution to the inflection point. Its fundamental concept of ‘contributive justice’ magnificently supersedes Rawls’ dated ‘distributive justice’. To give you a glimpse of two profound works, Rawls invoked some moral gymnastics involving a hypothetical withdrawal from society to a veil of ignorance about a hypothetical lottery of how a hypothetical national cake might be cut up. Sandel places us firmly back in our society and focuses on the agency needed for the moral duty to contribute to the baking of our national cake. Sandel, again at Harvard, is the most famous philosopher in the world, his superb online lectures have been so downloaded that they have triggered complaints from lesser philosophers fearing redundancy. Tyranny will shift your moral compass, but don’t be scared.

US economist Frank Knight is credited with distinguishing uncertainty from risk back in 1921. Yet the two are often conflated.

Kay (an eminent economist) and King (a former Governor of the Bank of England) argue powerfully that the distinction does matter. They range widely across macroeconomics, politics, and consumer choices to show why reducing the future to a set of numbers (probabilities) creates a false – and often disastrous – illusion of power over future outcomes.

They argue that instead we should aim to make decisions that stand a reasonable chance of being robust against unknowable, as well as forecastable, paths that the future might take. That’s very much the ethos of my own books: building in resilience is a key part of successful personal financial planning.

Mazzucato’s timely book offers a hopeful look into the possibilities for companies, governments, and civil society to work together to solve the world’s grand challenges. Inspired by the original moonshot program that mobilized the public and private sectors on a massive scale to take risks and experiment with innovative solutions to a previously unsolved problem, she pushes all of us to think boldly about the possibilities for transformative change. To do so, we’ll need to bust myths that impede progress such as the idea that businesses are the only entities that create value and governments are only there to de-risk and address market failures.

The increasingly popular ideas that governments need to run like businesses and save taxpayer money by outsourcing actually strip public policymakers of the tools they need to spur innovation. With examples of a Green New Deal, accessible health care, and narrowing the digital divide, Mission Economy… show more.

If you ask me, there is very little I agree with in this book, and in particular the idea that economic growth is irrelevant once you focus on the things that actually matter in life (access to water, education, housing, health, and so on) while respecting planetary boundaries.

Let alone the fact that a stylized chart of a doughnut is hardly going to change millennial economic and power dynamics. Nonetheless, Raworth wrote an extremely readable and erudite book, and crucially fostering reflection on the one issue that to my mind is central: how to turn economic growth into a force for good, addressing social needs without destroying nature.

A must read, if not to learn how to think like a 21st-century economist, at least to be aware of the challenges ahead. 

Stout’s book was an early salvo in the current debate about shareholder primacy that opened the way for many who have followed in her footsteps. In this carefully argued book, she disputes the argument that corporate boards are required by law to put the shareholder first, pointing out flaws in legal interpretations that have supported a damaging consensus view. In debunking the shareholder value myth, she shows that the obsessive focus on financial returns has led to dangerous short-termism in which corporate leaders pursue quarterly earnings to the disadvantage of investments that would not only improve social outcomes but also lead to better long term performance. She also demonstrates that shareholders hold many values, only one of which might be financial returns. In this regard, she was a vanguard of the accelerating focus of institutional investors on “stewardship” of the environmental and social impacts of their investments.  

In social change, it’s easy enough to think you can look at a problem, map out a plan, and execute it. But reality always gets in the way.

In Lean Impact, Ann Mei Chang Shows how to bring an iterative approach to doing good in the world. Translating the “Lean Startup” methodology to social change, Chang shows that it is possible to listen, to learn, and to get results.  

Klein’s first chapter tells the disturbing story of Dr. Ewan Cameron, the eminent psychiatrist who ran the Allan Memorial Institute associated with McGill University, and whose experimental treatment, partly funded by the CIA, incorporated ECT, sensory deprivation, LSD into a research program designed to erase patients’ memories.

Especially intriguing for the way it links this story to a bold account of how efforts to reprogram people at a deep level were linked to the spread of new forms of capitalism in the late 20th century. This is history as told by an activist, in ways that academic historians are not always comfortable with.

This book was published after communism collapsed. Heilbroner doubted America’s intention to reform the market system, he saw a new society emerging that does not believe in the promise of progress. Heilbroner saw the communist collapse as giving corporations the opportunity to control the economy and reshape society. As I wrote in my books, the communist system was politics’ last attempt to control economics, therefore, the collapse of communism allowed large corporations and banks to control the political process, corrupt politics, and politicians, and control global wealth. The latest report by Oxfam says that since 2020, the richest 1% of the world’s population took 63% or $26 trillion of the global wealth, leaving %37 or $16 trillion for 99% of the world’s population.