In his most recent book, Saving Capitalism: For the Many, Not the Few, economist and former Secretary of Labor, Robert Reich enters the debate on our failing American economy by disrupting the prevailing view that the free market is natural. Partly as a consequence of this, median income has stagnated and the middle class has declined. Bye for now! Reich’s straightforward analysis is simply a pleasure to read. However, Robert Reich portrays injustices within the free market (as real as they may be), as characteristic of the entire economy. Reich mostly ignores such questions in favor of a standard but engaging treatise on income and wealth inequality and the way large corporations, special interests, and wealthy individuals have gamed the system in their favor against the best interests of the majority of working and middle-class Americans. Robert Reich concisely summarizes what's been happening with capitalism in the last few decades, showing how special interests have corrupted the system, and suggesting ways to fix it. I’m still continuing with the saga, but soon it will be time to put it out there….ahhhh…scary. Reich spends a good deal of time on the advantage that "too big to fail" banks have in attracting deposits (on the theory that the government will always bail the bank out and make depositors whole) in competition with smaller banks. The Acton Institute for the Study of Religion and Liberty is an ecumenical, nonprofit research organization that promotes the benefits of free enterprise to religious communities, business people, students and educators. In his most recent book, Saving Capitalism: For the Many, Not the Few, economist and former Secretary of Labor, Robert Reich enters the debate on our failing American economy by disrupting the prevailing view that the free market is natural. Reich explains why corporati. I would highly recommend this book for those interested understanding the current economic situation our country is in. Each of these requires human governance and can be used to either promote a fair and decent society or can be manipulated to benefit a select few (p. 9). Reich offers to "save" capitalism by reversing this trend. I was born in 1944 and was one of the "fortunate few"; college admission was easy, jobs were plentiful, and things were good. ©2020 Verizon Media. It is your right and your responsibility. More fundamentally, we have to become more competitive in international markets. The book hits on the concerns of U.S. working people who see a disappearing middle class and joblessness as a likely fate. No matter how broad Robert Reich’s experience may be, personal examples should always be an addition to the argument and not its foundation.
For your voice to be heard, in most states you must register before you can vote. Today it drives many people to make risky investments, to buy larger homes than they can afford, to buy lottery tickets instead of food, and to gamble away paycheques in casinos. Reich ignores some extremely important macroeconomic factors which much more plausibly account for the changes we seen since 1980. Inflation dramatically increased the value of the owner's equity while the subsidized (by Fannie Mae) fixed rate mortgage became less and less burdensome as it was being paid off with progressively less valuable dollars. What’s left is an exhaustive, if repetitive, outpouring of Reich’s indignations with politics, with free-market ideals, with the proverbial system. They have had the most influence over it and would rather keep it that way. The irony is that this appeal to the many is far more likely to be read by the few. This first part of the book argues that the latter has occurred. They are on the side of those with the power.". Managements which were more focused on shareholder interests couldn't have done much worse. Each state has its own rules for mail-in absentee voting. The means by which he believes this can be achieved are certainly not new: an increase in the minimum wage, amending labour laws to favour unions, and changing contract laws as to encourage employees and workers to take action against unjust employers (pp. Things are really polarized now. I wrote this article myself, and it expresses my own opinions. Trump has towers in his name. Have you got any new fiction in the works or are you focused on painting.
Saving Capitalism: For the Many, Not the Few is the latest addition to Robert Reich’s cohort of publications. Change ), You are commenting using your Twitter account. If this is the case now then indeed consumers have been at least partially the authors of such a fate. Robert Reich’s Saving Capitalism For the Many, Not the Few (2015 Penguin Random House). Significant numbers of young persons and adults willingly handcuff themselves to smartphones for hours a day. There are other factors which much more plausibly explain the reasons that 1980-2015 was strikingly different from 1945-1980. You don't need an excuse to vote early.
Reich observes that Walmart “siphoned away so much business from the Main Streets of America that many became ghost towns”, as if American shoppers were physically sucked away from their local mom-and-pop sellers toward impersonal, suburban box-stores. Haven't read any of his books. An increase to $10 million would, I am sure, put a big dent in the subsidy and allow middle-sized businesses to sleep more soundly holding deposits in smaller banks. You can also use the search page on this site to look for a specific name or topic. This is one of those books everyone should read before November 8th. For example, why is he citing Wisconsin Supreme Court cases to show the supposed original purpose of antitrust law? As the title may suggest, Saving Capitalism is a critique of … He's clearheaded and fair in his assessments and, thus, just the sort of guy to know what's wrong with capitalism and how to save it. Wall Street, through its influence in Congress, is tweaking the system in their favor, and thus altering the way Americans live. And it's a book that explains why Bernie Sander's campaign has drawn so many supporters. ( Log Out / “The notion that you’re paid what you’re ‘worth,’ ” Reich writes, “is by now so deeply ingrained in the public consciousness that many who earn very little assume it’s their own fault.”. Wall Street, through its influence in Congress, is tweaking the system in their favor, and thus altering the way Americans live. ), It’s time to bury the ‘executioner’ Lenin for good, More than compassion needed for Europe’s refugees.
He did not go to school and, in his words, he did not have “the brains” to make millions. Saving Capitalism: For the Many, Not the Few. In the decades since, however, upward mobility has largely vanished. The Acton Institute’s international events calendar includes public lectures, academic seminars, joint participation in panels, and the annual Acton University conference in Grand Rapids, Michigan. Change ), See my “Understanding and Undermining the Growth Paradigm.”, The Surreal Serendipity of Shirley and the Skin of our Teeth, CLICK HERE TO SEE CHRIS' ART AT SAATCHI ONLINE, CLICK HERE TO SEE TOUGH TIDDLYWINKS AT A PICTURE'S WORTH PRESS.
Surely he is not suggesting that in the early 1960s, when Target, Kmart and Walmart took root across the American landscape, average Americans simply could not afford to buy merchandise from their neighbourhood retailers. Because this is my field, there was nothing in here that I didn't already know, but this is a must-read for all Americans. Reich, in case you're not a 90's kid and therefore don't remember the 90's, was Secretary of Labor during Bill Clinton's first term. So the young men and women entering the job market from 1950 until 1965 were few and highly prized. More importantly, he notes that, although median income increased rapidly in the early period, median income has basically stood still for the last 25 years even though gross domestic product has increased substantially. Any remedy to the corporate oligarchy in which we find ourselves, in my opinion, has to recognize that ceding corporate power into the hands of an equally powerful state is playing with fire. He simultaneously offers us a chilling look at the market realities in force today and an inspiring view of what we can do to improve things. Please hurry! He is a trustee of the Economists for Peace and Security. We have all been duped into the wrong debate. Instead, it is a matter of exchange rates and currency strategy. Galbraith skewered prevailing economic policy in America as much as the American way of life, for lack of a better expression. In his book Reich treats this man’s perception as a launching pad for an unending critique of the proposition that a person’s income neatly reflects the nature of that person’s employment or occupational contribution to the smooth operation of the broader socio-economy. To report a factual error in this article. Polling hours on Election Day: Varies by state/locality. Reich’s concern is that over the last three decades, the lead authors have been Wall Street, big corporations and the wealthy elite. The entire system is rigged against the majority in favour of a concentrated few. Although the book is written from American perspective and its society , t. Took a little bit of time to finish but glad I did.
He also seems to portray an over-the-top form of class warfare: the elite vs. the rest - as if the classes are statutory and unitary groups with no movement or change between them.
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