100 books like The System

If you are still wondering how democracies fall apart, How Democracies Die, is one of the more accessibly written accounts of how, where, and why democracy is in danger. The book explains why democracies are no longer ending with a coup, but rather with a steady and slow erosion of democratic institutions. Chock-full of examples, this book highlights what the institutional guardrails are in a democracy and how these safeguards are weakened by leaders and other elected representatives (like Donald Trump, Recip Erdoğan, and Viktor Orbán, etc.), who hold little regard for democratic norms and are willing to engage in a scorched earth style of politics just to maintain power. I like that this was written for a wide audience.

My first 3 picks put much of the blame for widespread attention capture on greedy actors engaged in a “race to the bottom of the brainstem” (Tristan Harris, former Google employee, became popular opponent of exploitative big tech). 

Although Carr does not shy from that theme, he seems to put much of the responsibility on our own shoulders: it is we who must resist many temptations of convenience in order to preserve our own cognitive strengths, such as creativity. Otherwise, we become shallow thinkers and reliant on AI even for something as characteristically human as wisdom. 

Carr’s follow-up to this book, The Glass Cage, is also very intriguing, and it offers a little more hope for a humanity that is currently bound up in a web of frightening technological dependency.

In my mind, Carr nails the real threats of AI: a total dumming-down of humanity to a level where we… show more.

This is a book that truly transformed the field of inequality studies by bringing wealth inequality to the fore of the debate–both within the academy and across civil society. It is also a very readable book, packed with interesting examples and useful and relevant information.

Although I have always thought (and I am in very good company…) that it could have been a bit shorter, it is very well worth the effort of going through its about seven hundred pages.

American readers and news watchers are deeply segregated: those on the left reading and watching news produced by liberals, and those on the right consuming words and images from conservative authors and broadcasts. And then there is Washington Post columnist George Will, a conservative, who reads voraciously across the political spectrum and offers commentary that reasonable Americans must recognize as honest and insightful. American Happiness and Its Discontents is a collection of thoroughly researched, thought-provoking, exquisitely-written columns written by Will from 2008 to 2020. He offers insightful commentary on a wide range of political, social, and cultural topics and tackles subjects deemed taboo by the left such as the wave of nonsense that has flooded higher education. 

In his characteristically funny and sardonic style, Andersen guides us through the historical connection between corporate America and the Republican Party. Needless to say, the relationship has been strong and fruitful (Democrats are guilty as well, but it’s hardly a comparison). He reports on the key conservative figures in both the private and public spheres who have funded and enabled the transformation of our laws and society. It is a remarkable story of power and greed written in concise witty prose. Highly recommend!

High-school history classes usually tell students that empires expanded at least partly because of their proponents’ greed. But who, exactly, was trying to get paid, and how?

Empire, Incorporated tells the story of Britain’s imperial expansion by focusing on the corporations that drove it.

If you’re on the fence about reading this book, flip to the “Index of Companies, Corporations, and Societies” at the back: the sheer number of entries makes it clear that we can’t understand Britain’s empire by focusing on governments alone. Imperial rule was much more complicated than that. 

Politics, nature, society, identity, money, work, energy...Monbiot doesn't only touch a whole lot, I almost always agree with him. This selection of his best essays is like a box full of brain candy and one should treat it accordingly: do not swallow it all in one go. In one of his small-group talking rounds right after a big lecture, I witnessed his never appease-able hunger to bounce ideas off, get to the bottom of things, identify flaws in assumptions that most of us didn't even know we had. Monbiot doesn't allow social or political conventions to get in his way. His goal is clear: unpacking the reality of the world of today, no matter how dark this needs to be. 

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.

Aside from valuing businesses for investment purposes, I am a practitioner of the valuation of private (or “closely held”) businesses. In my profession of business valuation, the late Shannon Pratt is widely recognized as one of the leading gurus, not least because of the six editions of Valuing a Business. I recommend this book here because, if one can master even a few of the rigorous business valuation methods detailed in this book, that will elevate one’s value investing skills tremendously. The previous books all set the stage and offer enough practical advice for one to progress from beginner to intermediate but, for those eager to master business valuation and, therefore, the determination of intrinsic value, Valuing a Business would be the next logical step. 

The process of business valuation lies at the core of value investing. That’s what Damodaran, longtime Professor of Finance at NYU, addresses in this book. An excellent distillation of the key business valuation approaches that are most relevant for investment, The Little Book of Valuation will make the valuation work less daunting and less arduous for the lay investor of the 21st century. 

As well, like the two previous books, this book also underscores the fact that, without a systematic approach to valuing publicly-traded stocks as if they were private companies, proper value investing is not even possible, let alone profitable. Perhaps to underscore this truth, one of the recommendation blurbs is provided by Shannon Pratt, one of the leading gurus of private business valuation and the author of my 4th book pick.