Idealistic and stronger in description than prescription, but a provocative essay nonetheless.
Reich (Public Policy/Univ. of California; Saving Capitalism, 2015, etc.) takes a note from Adam Smith and runs with it in this spirited defense of the public sphere.
The best economy may be one in which unrestrained trade occurs in keeping with the laws of supply and demand, but it is also one in which human needs are met and externalities such as environmental costs are taken into account. In this new gilded age, writes the author, the common good is often ignored, even if a few interesting things are happening. For one thing, Donald Trump “has at least brought us back to first principles….Trump has got us talking about democracy versus tyranny.” The president and his ilk have also gotten us talking about whether there is such a thing as a social contract or a public domain after all. In this brief but well-argued treatise, Reich contrasts shareholder and stakeholder capitalism, the excesses of the former often explained away by the notion that the executive has a fiduciary obligation to increase returns to shareholders no matter what the cost. “The argument is tautological,” writes the author. “It assumes that investors are the only people worthy of consideration. What about the common good?” The enemies of the common good are countless, from latter-day slumlords to deregulated megabanks and untrammeled hedge funds, all of which disregard the rules society has evolved to keep transactions fair, “tacit rules that can be exploited by people who view them as opportunities for selfish gain rather than as social constraints.” Reich examines the rise of ruleless society as a function of declining trust in social institutions. Against all this, among other things—and now borrowing a page from Sandra Day O’Connor—the author urges a renewal of civic education to enable people “to work with others to separate facts and logic from values and beliefs,” including, one assumes, the belief that it is acceptable to rob the public blind.
Idealistic and stronger in description than prescription, but a provocative essay nonetheless.Pub Date: Feb. 28, 2018
ISBN: 978-0-525-52049-8
Page Count: 208
Publisher: Knopf
Review Posted Online: Jan. 8, 2018
Kirkus Reviews Issue: Feb. 1, 2018
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
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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