Peter Temin is an economist and economic historian, currently a professor at MIT and the former head of the Economics Department. His research interests include macroeconomic history, the Great Depression, industry studies in both the nineteenth and twentieth centuries, and ancient Rome.
I love this book for two reasons. It condenses a massive amount of economic history into a small book, and it shows how our unequal societies are backtracking to older models of the economy.
I am a few years older than the author and grew up in the suburbs of Boston, three towns away from his childhood home. The childhood he describes completely mirrors my own.
Like McKibben, I have witnessed the same disturbing changes happening in our country over the past 50 years. I, too, have shaken my head in disbelief at the transformations and asked, “How can this be happening?”
McKibben’s fierce curiosity and detailed research explain this change by examining how the definition of patriotism has taken on a different meaning, how the role of religion has waned significantly, especially in younger people’s lives, and how our economic class structure has inverted.
All these changes add up to a major transformation in American culture and values. I could relate to every premise he offered, saying, “Wow, this all makes sense!”
Bill McKibben―award-winning author, activist, educator―is fiercely curious.
“I’m curious about what went so suddenly sour with American patriotism, American faith, and American prosperity.”
Like so many of us, McKibben grew up believing―knowing―that the United States was the greatest country on earth. As a teenager, he cheerfully led American Revolution tours in Lexington, Massachusetts. He sang “Kumbaya” at church. And with the remarkable rise of suburbia, he assumed that all Americans would share in the wealth.
But fifty years later, he finds himself in an increasingly doubtful nation strained by bleak racial…
I did not use to believe in human progress, but thought there must have been good old days behind us – until I studied history and understood that my ancestors did not live ecologically, they died ecologically, at an early age. Since then I’ve been obsessed with progress, what makes it possible and how we can spread it to more people. I am a historian of ideas from Sweden, the host of a video series on innovations in history, New and Improved, and the writer of many books on intellectual history and global economics, translated into more than 25 languages.
The great fact of economic history is that we all used to be poor, and now most of us are not. 200 years ago, almost 90 percent of the world’s population lived in extreme poverty, today around 9 percent does. This is the story of that remarkable transformation and what made it possible. Of course, there are many good books on this, and I have greatly enjoyed for example Joel Mokyr, Deirdre McCloskey, and David Landes, but this is a powerful, short book by a great historian, that manages to weave together economic, political, technological and intellectual factors into a very compelling narrative of progress and its preconditions over the past one thousand years.
How did the modern dynamist economy of wealth and opportunity come about? This major new analytical work emphasizes the often surprising, fundamental and continuing processes of innovation and transformation which has produced the world we live in now. / Today we live in a social and economic world that is fundamentally different from the one inhabited by our ancestors. The difference between the experience of people living today and that of all of our ancestors back to the advent of agriculture is as great as that between them and their hunter-gatherer forebears. The processes of transformational changes could have started…
Since I was a student, I have been fascinated with social and economic inequality–the more so because back then, my professors seemed to disregard this subject of study. So, I made it one of my own main areas of research: I simply needed to understand more about the nature and the causes of inequality in human societies. In recent years, I have been busy researching economic inequality in different historical settings, also looking at specific socioeconomic strata. I began with the poor, and more recently, I focused on the rich. In my list of recommendations, I included books that, I believe, are particularly insightful concerning wealth and the wealthy.
In this book, Walter Scheidel proficiently exploits the new information that we now have available about wealth inequality in the past to make one bold claim: across history, only catastrophes and large-scale violence (the “Great Leveler”) could significantly reduce economic inequality. Otherwise, the concentration of political power and of coercive force in a few hands also led wealth to become ever more concentrated.
This is a rather depressing view, with which I partially disagree for scientific reasons (as it downplays the importance of human agency and of our collective choices).
Nevertheless, I love this book for its scope, its ambition, and the treasure trove of information about the Classical Age and non-Western societies and cultures that it brings to the debate on wealth inequality in human history.
Are mass violence and catastrophes the only forces that can seriously decrease economic inequality? To judge by thousands of years of history, the answer is yes. Tracing the global history of inequality from the Stone Age to today, Walter Scheidel shows that it never dies peacefully. The Great Leveler is the first book to chart the crucial role of violent shocks in reducing inequality over the full sweep of human history around the world. The "Four Horsemen" of leveling-mass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagues-have repeatedly destroyed the fortunes of the rich. Today, the violence that reduced inequality…
I was trained in physics and applied mathematics, but my mother—a teacher of literature and history—secured a place for the humanities in my intellectual luggage, and I finally ended up in the social sciences. One of my first encounters with economics was John Nash’s theory of bargaining, illustrating how a wealthy person will gain more from a negotiation than a pauper, thus reinforcing inequality and leading to instability. Decades later, I returned to this problem and found that relatively little had still been done to analyze it. I believe that a combination of mathematical tools and illustrations from history, literature, and philosophy is an appropriate way of approaching the complex of inequality.
A favorite message from the economic profession is that free trade is good for everyone, and that those who do not agree are either misguided or defending vested interests of their own. In this book, Williamson shows that this view is false.
The welfare gap between the West and the rest of the world developed during the 19th and 20th centuries in large part because of trade-induced division of labor that led to de-industrialization, increased inequality, and volatile revenues in the losing countries—factors that all contributed to retarding economic growth and social development in countries that are now poor.
More recently, the free movement of capital has had similarly negative effects on developing and emerging economies, a fact that is now recognized also in organizations such as the IMF.
How the rise of globalization over the past two centuries helps explain the income gap between rich and poor countries today.
Today's wide economic gap between the postindustrial countries of the West and the poorer countries of the third world is not new. Fifty years ago, the world economic order—two hundred years in the making—was already characterized by a vast difference in per capita income between rich and poor countries and by the fact that poor countries exported commodities (agricultural or mineral products) while rich countries exported manufactured products. In Trade and Poverty, leading economic historian Jeffrey G. Williamson traces…
I started studying Judaism as an adult in 1982, and in the 40 or so years that have passed since then I’ve read voraciously on the subject and have discussed it at length with Orthodox, Conservative, and Reform rabbis from Boston to Tampa. I’ve come to see over that time that Judaism’s objective is to shape conscientious, caring human beings who will bring light and compassion to the earth in spite of all the forces that want to keep trouble and insensitivity there. The books that I’ve listed are among the best in communicating the Jewish vision for the planet. I think you’ll learn much from them.
This may seem an unusual choice – and its title is entirely misleading – but what Sanders describes is what the U.S. might look like if it translated Biblical values into policy and law.
Sanders’s real subject is justice – social, economic, racial, and environmental. He describes a compassionate society in which all have access to life, liberty, and the pursuit of happiness, and in which no one is condemned to suffer because of the accidents of birth.
Significantly, Sanders backs up all his suggestions with explanations of how they could be translated into reality. Read this even if you didn’t vote for him!
'Bernie Sanders has changed US politics forever' Owen Jones
It's OK to be angry about capitalism. It's OK to want something better. Bernie Sanders takes on the 1% and speaks blunt truths about a system that is fuelled by uncontrolled greed, and rigged against ordinary people. Where a handful of oligarchs have never had it so good, with more money than they could spend in a thousand lifetimes, and the vast majority struggle to survive. Where a decent standard of living for all seems like an impossible…
Inequality and fairness are basic issues in human conflict and cooperation that have long fascinated me. Growing up in Louisville, Kentucky, I was confronted with the extreme racial segregation of schools and neighborhoods. My Catholic upbringing taught me to cherish the cardinal virtues of justice, wisdom, courage, and temperance, and my education in political economy taught me that markets can fairly and efficiently allocate resources, when legal power is evenly shared. My formal education culminated in a Ph.D. in Public Affairs from Princeton University, which led me to my current roles: Non-resident Senior Fellow at the Brookings Institution and Principal Economist at Gallup. I care deeply about the social conditions that create cooperation and conflict.
Can ideas change the world? How does belief in political equality—the idea that everyone deserves basic unbridgeable liberties—affect innovation and economic development?
Dierdre McCloskey—one of the most creative and interesting economists alive—takes on these topics and much more in her characteristically witty, fast-paced style. She loves describing and refuting bad ideas—or even ideas widely regarded as brilliant—in an effort to go deeper into the forces that lifted humans out of poverty and sustain innovation to this day.
There's little doubt that most humans today are better off than their forebears. Stunningly so, the economist and historian Deirdre McCloskey argues in the concluding volume of her trilogy celebrating the oft-derided virtues of the bourgeoisie. The poorest of humanity, McCloskey shows, will soon be joining the comparative riches of Japan and Sweden and Botswana. Why? Most economists from Adam Smith and Karl Marx to Thomas Piketty say the Great Enrichment since 1800 came from accumulated capital. McCloskey disagrees, fiercely. "Our riches," she argues, "were made not by piling brick on brick, bank balance on bank balance, but by piling…
There are many big problems in the world today–racism, war, climate change, unaccountable governments, exploitative corporations, and so on. But when you scratch the surface of almost any serious problem, what you find is that the root of the problem is inequality: a minority of people are rich and powerful, while those who suffer the most are typically poor and powerless. I’m so passionate about inequality because, in my eyes, it constitutes the heart and soul of what’s wrong with our world and the key to making things better.
In this already-classic work, Joseph Stiglitz–Nobel Prize winner and chief economist for the World Bank–describes the ways in which the market has been systematically rigged in favour of the rich and big business, leading to an explosion of inequality and the rise of the 1%.
I love how this book illustrates the ways in which inequality acts as a cancer on society, eating it apart from the inside. But Stiglitz also helped me to understand how such problems can be dealt with a realistic way.
The top 1 percent of Americans control some 40 percent of the nation's wealth. But as Joseph E. Stiglitz explains in this best-selling critique of the economic status quo, this level of inequality is not inevitable. Rather, in recent years well-heeled interests have compounded their wealth by stifling true, dynamic capitalism and making America no longer the land of opportunity that it once was. They have made America the most unequal advanced industrial country while crippling growth, distorting key policy debates, and fomenting a divided society. Stiglitz not only shows how and why America's inequality is bad for our economy…
I have been a student of the history of ideas, with a particular interest in political thought, for over forty years. I have read countless books, both ancient and modern, and in several languages, that explore themes related to public life. I am a dedicated citizen of a contemporary liberal democracy, but today, I live in fear of a growing backlash against liberal democracy. The risk of democratic backsliding in the contemporary US is real as citizens become more disillusioned with politics. In other liberal democracies, some party leaders are adopting populist rhetoric to enhance their electoral appeal, but in doing so, they are undermining some of the established norms of public life.
Rousseau is a delight to read. He offers a strong challenge to the Enlightenment thinkers of his time by suggesting that the modern embrace of commerce and sociability was more corrupt than beneficial for society.
In this Second Discourse, he offers a thought experiment through which we are taken back to the imagined origins of human society so that we can trace what is essential to the human condition.
He offers a statement of the injustice of modern economic inequality and invites us to consider political alternatives.
Donald Cress's highly regarded translation, based on the critical Pleiade edition of 1964, is here issued with a lively introduction by James Miller, who brings into sharp focus the cultural and intellectual milieu in which Rousseau operated. This new edition includes a select bibliography, a note on the text, a translator's note, and Rousseau's own Notes on the Discourse.
I was born in North Dakota and raised outside of Minneapolis in the 1980s and 1990s, a period marked by the ascendance of global trade and finance. I got hooked on reading, thinking, and talking about the politics of international economic relations in college. Sufficiently hooked, I guess, that I applied to graduate school to try and make it my vocation. My research and teaching to this point have focused on how key political and ideational forces in domestic and world politics – namely, international organizations, shared economic beliefs, social conventions, and material interests – shape the governance of globalized markets and the crafting of countries’ foreign economic policies.
Pistor’s book explains how global finance grew so large, powerful, and unstable. The short answer: elite lawyers did it.
Pistor argues that they did it by creatively devising legal instruments that could turn both tangible (land, for example) and intangible things (like intellectual property) into capital. When lawyers were able to make legal instruments enforceable around the world, capital could become truly global. Why did they do this? Simple: “minting” capital through creative lawyering is extraordinarily lucrative.
Before reading this book, I knew that elite contract lawyers were very well compensated, but I didn’t understand what they were doing and didn’t think of them as key players shaping the international economic order. Pistor’s book informed and corrected my thinking.
A compelling explanation of how the law shapes the distribution of wealth
What is it that transforms a simple object, an idea, or a promise to pay into an asset that creates wealth? Katharina Pistor explains how, behind closed doors in the offices of private attorneys, capital is created-and why this little-known activity is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else. A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the various ways that debt, complex financial…
