Fiscal-policy wonks will find this look at the financial system illuminating, though ordinary investors and civilians will...
The chair of Barack Obama’s Global Development Council warns that the economy is bound for more bumpiness, stress, and course-altering ahead, “potentially quite suddenly.”
El-Erian (When Markets Collide, 2008) charts the changing role of central banks in national economies and the global economy at large. Their overarching mission is to provide their home nations with a stable currency and, beyond that, stable monetary and financial operations—macro goals that are defined by government but then effected by bankers. The bankers have lately exercised more and more autonomy, though, without much direct political control and with ever expanding responsibilities to govern the “fate of the global economy.” In the case of the Federal Reserve, for instance, stability is understood to involve providing for stable prices, economically productive interest rates, and a thriving job market while reducing risk—all good goals but hard to contain under one roof. In the new climate of a post-recessionary nervousness and a sluggish recovery without the elastic rebound of previous ones, the author suggests, we seem to be in a different mode than the business cycle of old. Consequently, central banks are experimenting, even making things up as they go along, in order to jump-start economies, for instance, by putting into place negative interest rates and other “unconventional monetary policies” without any precedent or historical examples to follow. The natural result is instability from above and below, from the supply side and the demand side, and a “new normal” that the author wishes could be seen as a “new abnormal.” Central banks, their briefs thus much expanded, must do what they can to contain market volatility. As El-Erian’s discussion moves on, it becomes increasingly technical so that, by the end, readers must contemplate the challenging implications of, say, limiting exposure to “any specific set of securities that has a repeated history of suddenly losing market liquidity.”
Fiscal-policy wonks will find this look at the financial system illuminating, though ordinary investors and civilians will find it daunting.Pub Date: Feb. 1, 2016
ISBN: 978-0-8129-9762-0
Page Count: 336
Publisher: Random House
Review Posted Online: Dec. 6, 2015
Kirkus Reviews Issue: Dec. 15, 2015
For Howard Zinn, long-time civil rights and anti-war activist, history and ideology have a lot in common. Since he thinks that everything is in someone's interest, the historian—Zinn posits—has to figure out whose interests he or she is defining/defending/reconstructing (hence one of his previous books, The Politics of History). Zinn has no doubts about where he stands in this "people's history": "it is a history disrespectful of governments and respectful of people's movements of resistance." So what we get here, instead of the usual survey of wars, presidents, and institutions, is a survey of the usual rebellions, strikes, and protest movements. Zinn starts out by depicting the arrival of Columbus in North America from the standpoint of the Indians (which amounts to their standpoint as constructed from the observations of the Europeans); and, after easily establishing the cultural disharmony that ensued, he goes on to the importation of slaves into the colonies. Add the laborers and indentured servants that followed, plus women and later immigrants, and you have Zinn's amorphous constituency. To hear Zinn tell it, all anyone did in America at any time was to oppress or be oppressed; and so he obscures as much as his hated mainstream historical foes do—only in Zinn's case there is that absurd presumption that virtually everything that came to pass was the work of ruling-class planning: this amounts to one great indictment for conspiracy. Despite surface similarities, this is not a social history, since we get no sense of the fabric of life. Instead of negating the one-sided histories he detests, Zinn has merely reversed the image; the distortion remains.
Pub Date: Jan. 1, 1979
ISBN: 0061965588
Page Count: 772
Publisher: Harper & Row
Review Posted Online: May 26, 2012
Kirkus Reviews Issue: Jan. 1, 1979
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
The value of this book is the context it provides, in a style aimed at a concerned citizenry rather than fellow academics,...
A provocative analysis of the parallels between Donald Trump’s ascent and the fall of other democracies.
Following the last presidential election, Levitsky (Transforming Labor-Based Parties in Latin America, 2003, etc.) and Ziblatt (Conservative Parties and the Birth of Democracy, 2017, etc.), both professors of government at Harvard, wrote an op-ed column titled, “Is Donald Trump a Threat to Democracy?” The answer here is a resounding yes, though, as in that column, the authors underscore their belief that the crisis extends well beyond the power won by an outsider whom they consider a demagogue and a liar. “Donald Trump may have accelerated the process, but he didn’t cause it,” they write of the politics-as-warfare mentality. “The weakening of our democratic norms is rooted in extreme partisan polarization—one that extends beyond policy differences into an existential conflict over race and culture.” The authors fault the Republican establishment for failing to stand up to Trump, even if that meant electing his opponent, and they seem almost wistfully nostalgic for the days when power brokers in smoke-filled rooms kept candidacies restricted to a club whose members knew how to play by the rules. Those supporting the candidacy of Bernie Sanders might take as much issue with their prescriptions as Trump followers will. However, the comparisons they draw to how democratic populism paved the way toward tyranny in Peru, Venezuela, Chile, and elsewhere are chilling. Among the warning signs they highlight are the Republican Senate’s refusal to consider Barack Obama’s Supreme Court nominee as well as Trump’s demonization of political opponents, minorities, and the media. As disturbing as they find the dismantling of Democratic safeguards, Levitsky and Ziblatt suggest that “a broad opposition coalition would have important benefits,” though such a coalition would strike some as a move to the center, a return to politics as usual, and even a pragmatic betrayal of principles.
The value of this book is the context it provides, in a style aimed at a concerned citizenry rather than fellow academics, rather than in the consensus it is not likely to build.Pub Date: Jan. 16, 2018
ISBN: 978-1-5247-6293-3
Page Count: 320
Publisher: Crown
Review Posted Online: Nov. 12, 2017
Kirkus Reviews Issue: Dec. 1, 2017
BOOK REVIEW
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