It is no accident that those with disproportionate influence over these rules, who are the largest beneficiaries of how the rules have been designed and adapted, are also among the most vehement supporters of the “free market” and the most ardent advocates of the relative superiority of the market over government. Use up arrow (for mozilla firefox browser alt+up arrow) and down arrow (for mozilla firefox browser alt+down arrow) to review and enter to select. Most don’t allow the sale of dangerous drugs, unsafe foods, or deceptive Ponzi schemes. Everyone concerned with our economic future will need to grapple with Reich’s arguments in 2016 and beyond.” —Lawrence H. Summers, 08/31/2015Reich (The Work of Nations), a professor of public policy at UC Berkeley, has written an arresting, thought-provoking treatise on the need to reverse the trend of income inequality in the U.S. One of the book’s central points is that the hot-button debate over whether the free market is more effective than government control is irrelevant, and directed at the wrong issue. There was an error retrieving your Wish Lists. Book Summary. by Robert B. Reich. — The New York Review of Books "One of Reich’s finest works, and is required reading for anyone who has hope that a capitalist system can indeed work the many, and not just the few." In today’s world of elaborate financial instruments, by contrast, it is sometimes difficult to tell who owes what to whom, or when, or why.Before we can understand the consequences of all of this for modern capitalism, it is first necessary to address basic questions about how government has organized and reorganized the market, what interests have had the most influence on this process, and who has gained and who has lost as a result. Reich’s overriding message is that we don’t have to put up with things as they are. Competition in the wild is a contest for survival in which the largest and strongest typically win. A cover-up. . You're listening to a sample of the Audible audio edition. Even a big event’s most important effects are on how the game is played differently thereafter. After watching Robert's video "Inequality for all" I decided to find out more about how we are all affected by the way the rules of capitalism are shaped. journalists responsible for them—profoundly changed the nation’s thinking about civil rights in the South during the 1950s and ‘60s. It’s a matter of who controls the government and in whose interests these laws, regulations and judicial proceedings work – the majority of the people/society as a whole? Nonetheless, it is well-written, and its use of colloquial language grips the reader. My debate opponent and I then spend five or ten minutes sparring over the chosen topic—education, poverty, income inequality, taxes, executive pay, middle-­class wages, climate change, drug trafficking, whatever. . Do't dismiss this book based on the current political climate in the US. Saving Capitalism from the Capitalists: Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity is a non-fiction book by Raghuram Rajan and Luigi Zingales of the University of Chicago Booth School of Business.It was published in hardcover in 2003 by Crown Business (ISBN 0-609-61070-8) and released in softcover by Princeton University Press in 2004 (ISBN 0-691 … Vintage; Illustrated edition (May 3, 2016), Reviewed in the United States on September 21, 2015. In the absence of sufficient government oversight, the rich have been setting those rules, and—no surprise—an ideally level playing field tilts in such a way that they get all the goals. . Reich holds that government, long despised as the problem and not the solution, actually has a role, if abrogated, "in setting the rules of the economic game." [Reich takes] on the very language used by the business world that perpetuates the myth that the private sector exists as magical sphere entirely unrelated to government.” —EcoWatch“Reich has both the stature and eloquence to make a compelling case. Intentional or not, it deflects the public’s attention from what’s really at issue.Few ideas have more profoundly poisoned the minds of more people than the notion of a “free market” existing somewhere in the universe, into which government “intrudes.” In this view, whatever inequality or insecurity the market generates is assumed to be the natural and inevitable consequence of impersonal “market forces.” What you’re paid is simply a measure of what you’re worth in the market. You can own land, a car, mobile devices, a home, and all the things that go into a home. Passionate yet practical, sweeping yet exactingly argued, Saving Capitalism is a revelatory indictment of our economic status quo and an empowering call to … I think a lot of people may dismiss Robert Reich after hearing that he served in Bill Clinton's administration, supported Bernie Sanders in 2016 and is regarded as a very liberal economics and public policy professor. One hears it expressed by politicians on both sides of the aisle.The question typically left to debate is how much intervention is warranted. This book is a roadmap on how to rebuild the middle class and fix a rigged economy that has been propped up by a corrupt campaign finance system.” —United States Senator Bernie Sanders“[A] sweeping treatise on inequality in America. . Get your Kindle here, or download a FREE Kindle … He also suggests making Americans shareholders of the intellectual property market, requiring a payment of royalties into the public domain as the cost of holding a patent. Uh-oh, it looks like your Internet Explorer is out of date. . If you’ve ever been exposed to Robert Reich’s “Wealth and Poverty” course at UC Berkeley, perhaps through the film Inequality for All, or heard him speak in public, you know that there are few people alive today who are his equal in the ability to explain complex economic and social issues so cogently and compellingly. You titled your latest documentary Saving Capitalism, which is also the title of your 2015 book. There was a problem loading your book clubs. . If you aren’t paid enough to live on, so be it. . Current price is $14.5, Original price is $16. 2 The Five Building Blocks of Capitalism 8, 9 Summary: The Market Mechanism as a Whole 81, 13 The Declining Bargaining Power of the Middle 115, 18 The Decline of Countervailing Power 168, Praise for Robert B. Reich’s Saving CapitalismA Publishers Weekly Business & Economics Top 10 selection for Fall 2015"Ambitious. But most societies have decided against buying and selling sex, babies, and votes. . In fact, Reich asserts, the “free” market is a myth, and the problem is not how big or small the government is—it’s who the government is there to serve. . ©1997-2020 Barnes & Noble Booksellers, Inc. 122 Fifth Avenue, New York, NY 10011. The Blum Center sat down with Professor Reich to talk about his latest book, Saving Capitalism: For the Many, Not the Few. of simple living to hundreds of thousands of readers. Saving Capitalism from the Capitalists is a groundbreaking book that will radically change our understanding of the capitalist system, particularly the role of financial markets. What about slaves? Reich shows that these structures have been warped to shift the balance of power in favor of large corporations and wealthy individuals. Please try again. For a better shopping experience, please upgrade now. Those with sufficient power and resources would have enough influence over politicians, regulatory heads, and judges to ensure that the “free market” worked mostly on their behalf.This is not corruption as commonly understood. From the author of Aftershock and The Work of Nations, his most important book to date--a passionate yet practical, sweeping yet minutely argued, myth-shattering breakdown of what's wrong with our political-economic system, and what it will take to fix it. SLAP magazine, troublemaker by trade and inclination, and the hero of Robert Ferrigno’s sinuous new crime novel. This was the perfect book to satisfy my curiosity. After explaining the current market and how the US got there, Robert suggests some changes that will make the system fairer for all. —The New York Review of Books “If you want to understand why income and wealth inequality are the economic, political, and moral issues of our time, you must read this book. His sharply argued critique is therefore highly recommended to all readers. Correspondingly, financial and other rewards, he argues, have become based more on who has the superiority to get paid rather than on merit or societal contribution. Ownership, for ex- ample, is simply a matter of what you’ve created or bought or invented, what’s yours.Think again. (Oct.), ★ 09/01/2015Commentator, political economist, and former U.S. secretary of labor Reich (Chancellor's Professor of Public Policy, Richard and Rhoda Goldman Sch. Excerpt from Book Review : Robert Reich's "Saving Capitalism" For the Many, Not the Few Robert Reich would be an unexpected ally for the movement on the Left, or … In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. of California, Berkeley; Aftershock) delves into why capitalism currently isn't serving the majority of Americans. The core idea of the book is that markets are created by governments (in turn elected by people, in democracies) and thus the discussion of free market vs. government is nonsense, as markets have always been created and regulated by political powers. Prime members enjoy FREE Delivery and exclusive access to music, movies, TV shows, original audio series, and Kindle books. Reich worked in various capacities under Presidents Ford, … However his arguments are based on the idea that the current rules regulating said market are currently skewed massively in the favour of major corporations, and those that set the rules are supporting this notion, whether willingly or not. In this book, Robert emphasises that there is no such thing as a free market and that government regulates markets with key players at the top influencing decisions. . There can be no “free market” without government. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. . A witch hunt. . —The New York Review of Books“If you want to understand why income and wealth inequality are the economic, political, and moral issues of our time, you must read this book. To do so, we must examine the market mechanism in some detail.2The Five Building Blocks of CapitalismIn order to have a “free market,” decisions must be made about•property: what can be owned•monopoly: what degree of market power is permissible•contract: what can be bought and sold, and on what terms•bankruptcy: what happens when purchasers can’t pay up•enforcement: how to make sure no one cheats on any of these rulesYou might think such decisions obvious. They constitute the free market. the bestselling author of The Fatal Shore. Insightful.” —Library Journal (starred review)“An arresting, thought-provoking treatise on the need to reverse the trend of income inequality in the U.S. . Surely it is useful to debate how much government should tax and spend, regulate and subsidize. Lib., Erie, PA. 2015-07-27An accessible examination of how the "apparent arbitrariness and unfairness of the economy [has] undermined the public's faith in its basic tenets." Wholesale reform is needed—far beyond the usual prescriptions of raising the minimum wage and spending more money on education.” —Joseph Stiglitz“Robert Reich sets the terms for new and more productive debates by rediscovering the political roots of the economic arrangements we too often take for granted. It is impossible to have a market system without such rules and without the choices that lie behind them. The human genome? It follows the evolution of capitalism in America, from its beginnings to its current state. SAVING CAPITALISM. . In it, he passionately argues that the U.S.’s current political polarization stems from the wrong argument. Do you recall a time when the income of a single schoolteacher or baker or salesman or mechanic was enough to buy a home, have two cars, and raise a family? Rules governing intellectual property, for example, are harder to see than the rules of an older economy in which property took the tangible forms of land, factories, and machinery. As philosopher John Rawls has suggested, a fair choice of rule would reflect the views of the typical citizen who did not know how he or she would be affected by its application. Reviewed in the United Kingdom on January 2, 2017. There’s a lot … It has found its way into everyday public discourse. Please try again. [See Prepub Alert, 4/27/15. Although market imperfections such as pollution or unsafe workplaces, or the need for public goods such as basic research or even aid to the poor, may require the government to intervene on occasion, these instances are exceptions to the general rule that the market knows best.The prevailing view is so dominant that it is now almost taken for granted. of Public Policy, Univ. 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