A groundbreaking work that identifies the real culprit behind one of the great economic crimes of our time— the growing inequality of incomes between the vast majority of Americans and the richest of the rich. We all know that the very rich have gotten a lot richer these past few decades while most Americans haven’t. In fact, the exorbitantly paid have continued to thrive during the current economic crisis, even as the rest of Americans have continued to fall behind. Why do the “haveit- alls” have so much more? And how have they managed to restructure the economy to reap the lion’s share of the gains and shift the costs of their new economic playground downward, tearing new holes in the safety net and saddling all of us with increased debt and risk? Lots of so-called experts claim to have solved this great mystery, but no one has really gotten to the bottom of it—until now. In their lively and provocative Winner-Take-All Politics, renowned political scientists Jacob S. Hacker and Paul Pierson demonstrate convincingly that the usual suspects—foreign trade and financial globalization, technological changes in the workplace, increased education at the top—are largely innocent of the charges against them. Instead, they indict an unlikely suspect and take us on an entertaining tour of the mountain of evidence against the culprit. The guilty party is American politics. Runaway inequality and the present economic crisis reflect what government has done to aid the rich and what it has not done to safeguard the interests of the middle class. The winner-take-all economy is primarily a result of winner-take-all politics. In an innovative historical departure, Hacker and Pierson trace the rise of the winner-take-all economy back to the late 1970s when, under a Democratic president and a Democratic Congress, a major transformation of American politics occurred. With big business and conservative ideologues organizing themselves to undo the regulations and progressive tax policies that had helped ensure a fair distribution of economic rewards, deregulation got under way, taxes were cut for the wealthiest, and business decisively defeated labor in Washington. And this transformation continued under Reagan and the Bushes as well as under Clinton, with both parties catering to the interests of those at the very top. Hacker and Pierson’s gripping narration of the epic battles waged during President Obama’s first two years in office reveals an unpleasant but catalyzing truth: winner-take-all politics, while under challenge, is still very much with us. Winner-Take-All Politics—part revelatory history, part political analysis, part intellectual journey— shows how a political system that traditionally has been responsive to the interests of the middle class has been hijacked by the superrich. In doing so, it not only changes how we think about American politics, but also points the way to rebuilding a democracy that serves the interests of the many rather than just those of the wealthy few.
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Commodities permeate virtually every aspect of modern daily living, but for all their importance—their breadth, their depth, their intricacies, and their central role in daily life—few people who are not economists or traders know how commodity markets work. Almost every day, newspaper headlines and media commentators scream warnings of impending doom--shortages of arable land, clashes over water, and political conflict as global demand for fossil fuels outstrips supply. The picture is bleak, but our grasp of the details and the macro shifts in commodities markets remain blurry. Winner Take All is about the commodity dynamics that the world will face over the next several decades. In particular, it is about the implications of China's rush for resources across all regions of the world. The scale of China's resource campaign for hard commodities (metals and minerals) and soft commodities (timber and food) is among the largest in history. To be sure, China is not the first country to launch a global crusade to secure resources. From Britain's transcontinental operations dating back to the end of the 16th century, to the rise of modern European and American transnational corporations between the mid 1860's and 1870's, the industrial revolution that powered these economies created a voracious demand for raw materials and created the need to go far beyond their native countries. So too is China's resource rush today. Although still in its early stages, already the breadth of China's operation is awesome, and seemingly unstoppable. China's global charge for commodities is a story of China's quest to secure its claims on resource assets, and to guarantee the flow of inputs needed to continue to drive economic development. Moyo, an expert in global commodities markets, explains the implications of China's resource grab in a world of diminishing resources.
'Entertaining and gripping . . . For those at the helm, the philanthropic plutocrats and aspiring "change agents" who believe they are helping but are actually making things worse, it's time for a reckoning with their role in this spiraling dilemma' Joseph Stiglitz, New York Times Book Review 'In Anand's thought-provoking book his fresh perspective on solving complex societal problems is admirable. I appreciate his commitment and dedication to spreading social justice' Bill Gates An insider's trenchant investigation of how the global elite's efforts to "change the world" preserve the status quo and obscure their culpability Former New York Times columnist Anand Giridharadas takes us into the inner sanctums of a new gilded age, where the rich and powerful fight for equality and justice any way they can - except ways that threaten the social order and their position atop it. We see how they rebrand themselves as saviours of the poor; how they lavishly reward "thought leaders" who redefine "change" in winner-friendly ways; and how they constantly seek to do more good, but never less harm. But why should our gravest problems be solved by the unelected upper crust instead of the public institutions it erodes by lobbying and dodging taxes? Rather than rely on scraps from the winners, Giridharadas argues that we must take on the gruelling democratic work of building more robust, egalitarian institutions. Trenchant and revelatory, Winners Take All is a call to action for elites and citizens alike.
Principles of Economics 6th edition combines microeconomics and macroeconomics into one volume for students who take a full years course. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues such as climate change and resource taxation, the impacts of the ongoing global financial crisis, inflation, unemployment, interest rates, monetary and fiscal policy. Accompanied by CourseMate, comprising flashcards, graphing workshops, games, quizzes, videos. Access to Search me! referring students to the online Search me! database. Aplia is available with this text.
A New York Times Bestseller. A “fascinating” (Thomas L. Friedman, New York Times) look at how digital technology is transforming our work and our lives. In recent years, Google’s autonomous cars have logged thousands of miles on American highways and IBM’s Watson trounced the best human Jeopardy! players. Digital technologies—with hardware, software, and networks at their core—will in the near future diagnose diseases more accurately than doctors can, apply enormous data sets to transform retailing, and accomplish many tasks once considered uniquely human. In The Second Machine Age MIT’s Erik Brynjolfsson and Andrew McAfee—two thinkers at the forefront of their field—reveal the forces driving the reinvention of our lives and our economy. As the full impact of digital technologies is felt, we will realize immense bounty in the form of dazzling personal technology, advanced infrastructure, and near-boundless access to the cultural items that enrich our lives. Amid this bounty will also be wrenching change. Professions of all kinds—from lawyers to truck drivers—will be forever upended. Companies will be forced to transform or die. Recent economic indicators reflect this shift: fewer people are working, and wages are falling even as productivity and profits soar. Drawing on years of research and up-to-the-minute trends, Brynjolfsson and McAfee identify the best strategies for survival and offer a new path to prosperity. These include revamping education so that it prepares people for the next economy instead of the last one, designing new collaborations that pair brute processing power with human ingenuity, and embracing policies that make sense in a radically transformed landscape. A fundamentally optimistic book, The Second Machine Age alters how we think about issues of technological, societal, and economic progress.
"The historical evidence and the interpretations set forth by the authors are written in a most compelling and fascinating manner, providing an absolutely superb opportunity to explore the meaning and consequences of an important political institution." William Mitchell, University of Oregon
Do copyright laws directly cause people to create works they otherwise wouldn't create? Do those laws directly put substantial amounts of money into authors' pockets? Does culture depend on copyright? Are copyright laws a key driver of competitiveness and of the knowledge economy? These are the key questions William Patry addresses in How to Fix Copyright. We all share the goals of increasing creative works, ensuring authors can make a decent living, furthering culture and competitiveness and ensuring that knowledge is widely shared, but what role does copyright law actually play in making these things come true in the real world? Simply believing in lofty goals isn't enough. If we want our goals to come true, we must go beyond believing in them; we must ensure they come true, through empirical testing and adjustment. Patry argues that laws must be consistent with prevailing markets and technologies because technologies play a large (although not exclusive) role in creating consumer demand; markets then satisfy that demand. Patry discusses how copyright laws arose out of eighteenth-century markets and technology, the most important characteristic of which was artificial scarcity. Artificial scarcity was created by the existence of a small number gatekeepers, by relatively high barriers to entry, and by analog limitations on copying. Markets and technologies change, in a symbiotic way, Patry asserts. New technologies create new demand, requiring new business models. The new markets created by the Internet and digital tools are the greatest ever: Barriers to entry are low, costs of production and distribution are low, the reach is global, and large sums of money can be made off of a multitude of small transactions. Along with these new technologies and markets comes the democratization of creation; digital abundance is replacing analog artificial scarcity. The task of policymakers is to remake our copyright laws to fit our times: our copyright laws, based on the eighteenth century concept of physical copies, gatekeepers, and artificial scarcity, must be replaced with laws based on access not ownership of physical goods, creation by the masses and not by the few, and global rather than regional markets. Patry's view is that of a traditionalist who believes in the goals of copyright but insists that laws must match the times rather than fight against the present and the future.
Stone Arabia, Dana Spiotta’s moving and intrepid third novel, is about family, obsession, memory, and the urge to create—in isolation, at the margins of our winner-take-all culture. In the sibling relationship, “there are no first impressions, no seductions, no getting to know each other,” says Denise Kranis. For her and her brother, Nik, now in their forties, no relationship is more significant. They grew up in Los Angeles in the late seventies and early eighties. Nik was always the artist, always wrote music, always had a band. Now he makes his art in private, obsessively documenting the work, but never testing it in the world. Denise remains Nik’s most passionate and acute audience, sometimes his only audience. She is also her family’s first defense against the world’s fragility. Friends die, their mother’s memory and mind unravel, and the news of global catastrophe and individual tragedy haunts Denise. When her daughter, Ada, decides to make a film about Nik, everyone’s vulnerabilities seem to escalate. Dana Spiotta has established herself as a “singularly powerful and provocative writer” (The Boston Globe) whose work is fiercely original. Stone Arabia—riveting, unnerving, and strangely beautiful—reexamines what it means to be an artist and redefines the ties that bind.
How important is luck in economic success? No question more reliably divides conservatives from liberals. As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success--and why that hurts everyone, even the wealthy. Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones--and enormous income differences--over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways. But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year--more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, uncontroversial steps. Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies.
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