First Responders by
An insider's view of the U.S. government's response to the 2007-2009 global financial crisis, recounted by the people who made the key decisions In 2008, the world's financial system stood on the brink of disaster. The United States faced an unprecedented crisis when the investment bank Lehman Brothers collapsed, setting off a global panic. Faced with the prospect of a new Great Depression, the Treasury Department, the Federal Reserve, the Federal Deposit Insurance Corporation, and other agencies took extraordinary measures to contain the damage and steady the financial system and the economy. Edited by three of the policymakers who led the government's response to the crisis, with chapters written by the teams tasked with finding policy solutions, this book provides a comprehensive accounting of the internal debates and controversies surrounding the measures that were taken to stabilize the financial system and the economy. Offering previously untold insight into the key choices (including rejected options) and a frank evaluation of successes and failures, this volume is both an important historical document and an indispensable guide for confronting future financial calamities.
Thinking Like an Economist by
The story of how economic reasoning came to dominate Washington between the 1960s and 1980s--and why it continues to constrain progressive ambitions today For decades, Democratic politicians have frustrated progressives by tinkering around the margins of policy while shying away from truly ambitious change. What happened to bold political vision on the left, and what shrunk the very horizons of possibility? In Thinking like an Economist, Elizabeth Popp Berman tells the story of how a distinctive way of thinking--an "economic style of reasoning"--became dominant in Washington between the 1960s and the 1980s and how it continues to dramatically narrow debates over public policy today. Introduced by liberal technocrats who hoped to improve government, this way of thinking was grounded in economics but also transformed law and policy. At its core was an economic understanding of efficiency, and its advocates often found themselves allied with Republicans and in conflict with liberal Democrats who argued for rights, equality, and limits on corporate power. By the Carter administration, economic reasoning had spread throughout government policy and laws affecting poverty, healthcare, antitrust, transportation, and the environment. Fearing waste and overspending, liberals reined in their ambitions for decades to come, even as Reagan and his Republican successors argued for economic efficiency only when it helped their own goals. A compelling account that illuminates what brought American politics to its current state, Thinking like an Economist also offers critical lessons for the future. With the political left resurgent today, Democrats seem poised to break with the past--but doing so will require abandoning the shibboleth of economic efficiency and successfully advocating new ways of thinking about policy.
Passionate Work by
In Passionate Work, Renyi Hong theorizes the notion of being "passionate about your work" as an affective project that encourages people to endure economically trying situations like unemployment, job change, repetitive and menial labor, and freelancing. Not simply a subject of aspiration, passion has been deployed as a means to build resilience and mend disappointments with our experiences of work. Tracking the rise of passion in nineteenth-century management to trends like gamification, coworking, and unemployment insurance, Hong demonstrates how passion can emerge in instances that would not typically be understood as passionate. Gamification numbs crippling boredom by keeping call center workers in an unthinking, suspensive state, pursuing even the most banal tasks in hope of career advancement. Coworking spaces marketed toward freelancers combat loneliness and disconnection at the precise moment when middle-class sureties are profoundly threatened. Ultimately, Hong argues, the ideal of passionate work sustains a condition of cruel optimism in which passion is offered as the solution for the injustices of contemporary capitalism.
Chokepoint Capitalism by
A call to action for the creative class and labor movement to rally against the power of Big Tech and Big Media Corporate concentration has breached the stratosphere, as have corporate profits. An ever-expanding constellation of industries are now monopolies (where sellers have excessive power over buyers) or monopsonies (where buyers hold the whip hand over sellers)--or both. In Chokepoint Capitalism, scholar Rebecca Giblin and writer and activist Cory Doctorow argue we're in a new era of "chokepoint capitalism," with exploitative businesses creating insurmountable barriers to competition that enable them to capture value that should rightfully go to others. All workers are weakened by this, but the problem is especially well-illustrated by the plight of creative workers. From Amazon's use of digital rights management and bundling to radically change the economics of book publishing, to Google and Facebook's siphoning away of ad revenues from news media, and the Big Three record labels' use of inordinately long contracts to up their own margins at the cost of artists, chokepoints are everywhere. By analyzing book publishing and news, live music and music streaming, screenwriting, radio and more, Giblin and Doctorow deftly show how powerful corporations construct "anti-competitive flywheels" designed to lock in users and suppliers, make their markets hostile to new entrants, and then force workers and suppliers to accept unfairly low prices. In the book's second half, Giblin and Doctorow then explain how to batter through those chokepoints, with tools ranging from transparency rights to collective action and ownership, radical interoperability, contract terminations, job guarantees, and minimum wages for creative work. Chokepoint Capitalism is a call to workers of all sectors to unite to help smash these chokepoints and take back the power and profit that's being heisted away--before it's too late.
Making Women Pay by
In Making Women Pay, Smitha Radhakrishnan explores India's microfinance industry, which in the past two decades has come to saturate the everyday lives of women in the name of state-led efforts to promote financial inclusion and women's empowerment. Despite this favorable language, Radhakrishnan argues, microfinance in India does not provide a market-oriented development intervention, even though it may appear to help women borrowers. Rather, this commercial industry seeks to extract the maximum value from its customers through exploitative relationships that benefit especially class-privileged men. Through ethnography, interviews, and historical analysis, Radhakrishnan demonstrates how the unpaid and underpaid labor of marginalized women borrowers ensures both profitability and symbolic legitimacy for microfinance institutions, their employees, and their leaders. In doing so, she centralizes gender in the study of microfinance, reveals why most microfinance programs target women, and explores the exploitative implications of this targeting.
The Border Within by
An eye-opening analysis of the costs and effects of immigration and immigration policy, both on American life and on new Americans. For decades, immigration has been one of the most divisive, contentious topics in American politics. And for decades, urgent calls for its policy reform have gone mostly unanswered. As the discord surrounding the modern immigration debate has intensified, border enforcement has tightened. Crossing harsher, less porous borders makes unauthorized entry to the United States a permanent, costly undertaking. And the challenges don't end on the other side. At once enlightening and devastating, The Border Within examines the costs and ends of America's interior enforcement--the policies and agencies, including ICE, aimed at removing immigrants already living in the country. Economist Tara Watson and journalist Kalee Thompson pair rigorous analysis with deeply personal stories from immigrants and their families to assess immigration's effects on every aspect of American life, from the labor force to social welfare programs to tax revenue. What emerges is a critical, utterly complete examination of what non-native Americans bring to the country, including immigration's tendency to elevate the wages and skills of those who are native-born. News coverage has prompted many to question the humanity of American immigration policies; The Border Within opens a conversation of whether it is effective. The United States spends billions each year on detention and deportation, all without economic gain and at a great human cost. With depth and discipline, the authors dissect the shock-and-awe policies that make up a broken, often cruel system, while illuminating the lives caught in the chaos. It is an essential work with far-reaching implications for immigrants and non-immigrants alike.
The Spirit of Green by
From a Nobel Prize-winning pioneer in environmental economics, an innovative account of how and why "green thinking" could cure many of the world's most serious problems--from global warming to pandemics Solving the world's biggest problems--from climate catastrophe and pandemics to wildfires and corporate malfeasance--requires, more than anything else, coming up with new ways to manage the powerful interactions that surround us. For carbon emissions and other environmental damage, this means ensuring that those responsible pay their full costs rather than continuing to pass them along to others, including future generations. In The Spirit of Green, Nobel Prize-winning economist William Nordhaus describes a new way of green thinking that would help us overcome our biggest challenges without sacrificing economic prosperity, in large part by accounting for the spillover costs of economic collisions. In a discussion that ranges from the history of the environmental movement to the Green New Deal, Nordhaus explains how the spirit of green thinking provides a compelling and hopeful new perspective on modern life. At the heart of green thinking is a recognition that the globalized world is shaped not by isolated individuals but rather by innumerable interactions inside and outside the economy. He shows how rethinking economic efficiency, sustainability, politics, profits, taxes, individual ethics, corporate social responsibility, finance, and more would improve the effectiveness and equity of our society. And he offers specific solutions--on how to price carbon, how to pursue low-carbon technologies, how to design an efficient tax system, and how to foster international cooperation through climate clubs. The result is a groundbreaking new vision of how we can have our environment and our economy too.
Bet the Farm by
"Eloquent and detailed...precise and well-thought-out...Read her book -- and listen." -- Jane Smiley, The Washington Post. Beth Hoffman was living the good life: she had a successful career as a journalist and professor, a comfortable home in San Francisco, and plenty of close friends and family. Yet in her late 40s, she and her husband decided to leave the big city and move to his family ranch in Iowa--all for the dream of becoming a farmer, to put into practice everything she had learned over decades of reporting on food and agriculture. There was just one problem: money. Half of America's two million farms made less than $300 in 2019. Between rising land costs, ever-more expensive equipment, the growing uncertainty of the climate, and few options for health care, farming today is a risky business. For many, simply staying afloat is a constant struggle. Bet the Farm chronicles this struggle through Beth's eyes as a beginning farmer. She must contend with her father-in-law, who is reluctant to hand over control of the land. Growing oats is good for the environment but ends up being very bad for the wallet. And finding somewhere, in the midst of COVID-19, to slaughter grass-finished beef is a nightmare. The couple also must balance the books, hoping that farming isn't a romantic fantasy that takes every cent of their savings. Even with a decent nest egg and access to land, making ends meet at times seems impossible. And Beth knows full well that she is among the privileged. If Beth can't make it, how can farmers who confront racism, lack access to land, or don't have other jobs to fall back on? Bet the Farm is a first-hand account of the perils of farming today and a personal exploration of more just and sustainable ways of producing food.
The Economics of Women, Men, and Work by
The Economics of Women, Men, and Work, Ninth Edition, is the most current and comprehensive source available for research, data, and analysis on women, gender, and economics. Blau and Winkler are widely known for their research and contributions on the study of the economics of gender. Theeighth edition includes fully updated data and research, and analyzes the consequences of recent developments in the labor market for men and women. These developments include the declining gender wage gap, rising wage inequality, and the growing divide in labor market and family outcomes byeducational attainment.
On the Line by
"Riveting and intimate. It is hard to imagine a more humanizing portrait of the American labor movement. A remarkable debut." --Francisco Cantú, New York Times bestselling author of The Line Becomes a River On the Line takes readers inside a bold five-year campaign to bring a union to the dangerous industrial laundry factories of Phoenix, Arizona. Workers here wash hospital, hotel, and restaurant linens and face harsh conditions: routine exposure to biohazardous waste, injuries from surgical tools left in hospital sheets, and burns from overheated machinery. Broken U.S. labor law makes it nearly impossible for them to fight back. The drive to unionize is led by two women: author Daisy Pitkin, a young labor organizer, who addresses this exhilarating narrative to Alma Gomez García, a second-shift immigrant worker, who risks her livelihood to join the struggle and convinces her fellow workers to take a stand. Forged in the flames of a grueling legal battle and the company's vicious anti-union crusade, including the retaliatory firing of Alma, the relationships that grow between Daisy, Alma, and the rest of the factory workers show how a union, at its best, can reach beyond the workplace and form a solidarity so powerful that it can transcend friendship and transform communities. But when political strife divides the union, and her friendship with Alma along with it, Daisy must reflect on her own position of privilege and the complicated nature of union hierarchies and top-down organizing. Daisy Pitkin looks back to uncover the forgotten roles immigrant women have played in the U.S. labor movement and points the way forward. As we experience one of the largest labor upheavals in decades, On the Line shows how difficult it is to bring about social change, and why we can't afford to stop trying.
Predatory Lending and the Destruction of the African-American Dream by
Since the Great Recession of 2008, the racial wealth gap between black and white Americans has continued to widen. In Predatory Lending and the Destruction of the African-American Dream, Janis Sarra and Cheryl Wade detail the reasons for this failure by analyzing the economic exploitation of African Americans, with a focus on predatory practices in the home mortgage context. They also examine the failure of reform and litigation efforts ostensibly aimed at addressing this form of racial discrimination. This research, augmented by first-hand narratives, provides invaluable insight into the racial wealth gap by vividly illustrating the predation that targets African-American consumers and examining the intentionally obfuscating settlement terms of cases brought by the U.S. Department of Justice, states attorneys, and municipalities. The authors conclude by offering structural, systemic changes to address predatory practices. This important work should be read by anyone seeking to understand racial inequality in the United States.
Economics for a Fragile Planet by
In a world of growing environmental risks and ecological scarcities, ensuring a safe Anthropocene for humankind is essential. Managing an increasingly "fragile" planet requires new thinking on markets, institutions and governance built on five principles: ending the underpricing of nature, fostering collective action, accepting absolute limits, attaining sustainability, and promoting inclusivity. Rethinking economics and policies in this way can help to overcome the global challenges posed by climate change, biodiversity loss, freshwater scarcity, and deteriorating marine and coastal habitats. It requires decoupling wealth creation from environmental degradation through business, policy and financial actions aimed at better stewardship of the biosphere. In this book, renowned environmental economist Edward Barbier offers a blueprint for a greener and more inclusive economy, and outlines the steps we must take now to build a post-COVID world that limits environmental threats while sustaining per capita welfare.
Career and Family by
A renowned economic historian traces women's journey to close the gender wage gap and sheds new light on the continued struggle to achieve equity between couples at home A century ago, it was a given that a woman with a college degree had to choose between having a career and a family. Today, there are more female college graduates than ever before, and more women want to have a career and family, yet challenges persist at work and at home. This book traces how generations of women have responded to the problem of balancing career and family as the twentieth century experienced a sea change in gender equality, revealing why true equity for dual career couples remains frustratingly out of reach. Drawing on decades of her own groundbreaking research, Claudia Goldin provides a fresh, in-depth look at the diverse experiences of college-educated women from the 1900s to today, examining the aspirations they formed--and the barriers they faced--in terms of career, job, marriage, and children. She shows how many professions are "greedy," paying disproportionately more for long hours and weekend work, and how this perpetuates disparities between women and men. Goldin demonstrates how the era of COVID-19 has severely hindered women's advancement, yet how the growth of remote and flexible work may be the pandemic's silver lining. Antidiscrimination laws and unbiased managers, while valuable, are not enough. Career and Family explains why we must make fundamental changes to the way we work and how we value caregiving if we are ever to achieve gender equality and couple equity.
Living on the Edge by
For the majority of Americans, hard times have long been a way of life. Some work multiple low-wage jobs, others face the squeeze of stagnant wages and rising costs of living. Sociologist Celine-Marie Pascale talked with people across Appalachia, at the Standing Rock and Wind River reservations, and in the bustling city of Oakland, California. Their voices offer a wide range of experiences that complicate dominant national narratives about economic struggles. Yet Living on the Edge is about more than individual experiences. It's about a nation in a deep economic and moral crisis. It's about the long-standing collusion between government and corporations that prioritizes profits over people, over the environment, and over the nation's well-being. It's about how racism, sexism, violence, and the pandemic shape daily experience in struggling communities. And, ultimately, it's a book about hope that lays out a vision for the future as honest as it is ambitious. Most people in the book are not progressives; none are radicals. They're hard-working people who know from experience that the current system is unsustainable. Across the country people described the need for a living wage, accessible health care, immigration reform, and free education. Their voices are worth listening to.
The Tolls of Uncertainty by
An indispensable investigation into the American unemployment system and the ways gender and class affect the lives of those looking for work Through the intimate stories of those seeking work, The Tolls of Uncertainty offers a startling look at the nation's unemployment system--who it helps, who it hurts, and what, if anything, we can do to make it fair. Drawing on interviews with one hundred men and women who have lost jobs across Pennsylvania, Sarah Damaske examines the ways unemployment shapes families, finances, health, and the job hunt. Damaske demonstrates that commonly held views of unemployment are either incomplete or just plain wrong. Shaped by a person's gender and class, unemployment generates new inequalities that cast uncertainties on the search for work and on life chances beyond the world of work, threatening opportunity in America. Following in depth the lives of four individuals over the course of their unemployment experiences, Damaske offers insights into how the unemployed perceive their relationship to work. She reveals the high levels of blame that women who have lost jobs place on themselves, leading them to put their families' needs above their own, sacrifice their health, and take on more tasks inside the home. This "guilt gap" illustrates how unemployment all too often exacerbates existing differences between men and women. Class privilege, too, gives some an advantage, while leaving others at the mercy of an underfunded unemployment system. Middle-class men are generally able to create the time and space to search for good work, but many others are bogged down by the challenges of poverty-level unemployment benefits and family pressures and fall further behind. Timely and engaging, The Tolls of Uncertainty posits that a new path must be taken if the nation's unemployed are to find real relief.
