Upcoming Events

FDL Book Salon: Uncompromised: The Rise, Fall, and Redemption of an Arab American Patriot in the CIA

Author: Nada Prouty
Saturday, January 28, 2012 2:00 pm Pacific time

When Nada Prouty came to the United States as a young woman, she fell in love with the democracy and freedom of her new home. After a childhood in war-torn Lebanon with an abusive father and facing the prospect of an arranged marriage, she jumped at the chance to forge her own path in America-a path that led to exciting undercover work in the FBI, then the CIA. As a leading agent widely lauded by her colleagues, she worked on the most high-profile terrorism cases in recent history, including the hunt for Saddam Hussein and the bombing of the USS Cole, often putting her life on the line and usually getting her man.

But all this changed in the wake of 9/11, at the height of anti-Arab fervor, when federal investigators charged Prouty with passing intelligence to Hezbollah. Lacking sufficient evidence to make their case in court, prosecutors went to the media, suggesting that she had committed treason. Prouty, dubbed “Jihad Jane” by the New York Post, was quickly cast as a terrorist mastermind by the relentless 24-hour news cycle, and a scandal-hungry public ate it up.

Though the CIA and federal judge eventually exonerated Prouty of all charges, she was dismissed from the agency and stripped of her citizenship. In Uncompromised, Prouty tells her whole story in a bid to restore her name and reputation in the country that she loves. Beyond a thrilling story of espionage and betrayal, this is a sobering commentary on cultural alienation, the power of fear, and what it means to truly love America.

Nada Prouty was an undercover spy for the FBI and CIA for over a decade, working on a host of high-profile terrorism cases, including the bombing of the U.S.S. Cole. She was also part of the team that developed the intelligence on the whereabouts of Saddam Hussein. Today, Prouty cares for her two young children, speaks about her experience nationwide, and awaitsthe reinstatement of her citizenship. (Macmillan)

FDL Book Salon: The Benefit and The Burden: Tax Reform-Why We Need It and What It Will Take

Author: Bruce Bartlett
Sunday, January 29, 2012 2:00 pm Pacific time

A thoughtful and surprising argument for American tax reform, arguably the most overdue political debate facing the nation, from one of the most respected political and economic thinkers, advisers, and writers of our time.

The United States Tax Code has undergone no serious reform since 1986. Since then, loopholes, exemptions, credits, and deductions have distorted its clarity, increased its inequity, and frustrated our ability to govern ourselves.

At its core, any tax system is in place to raise the revenue needed to pay the government’s bills. But where that revenue should come from raises crucial questions: Should our tax code be progressive, with the wealthier paying more than the poor, and if so, to what extent? Should we tax income or consumption or both? Of the various ideas proposed by economists and politicians—from tax increases to tax cuts, from a VAT to a Fair Tax—what will work and won’t? By tracing the history of our own tax system and by assessing the way other countries have solved similar problems, Bartlett explores the surprising answers to all of these questions, giving a sense of the tax code’s many benefits—and its inevitable burdens.

Tax reform will be a major issue debated in the years ahead. Growing budget deficits and the expiration of various tax cuts loom. Reform, once a philosophical dilemma, is turning into a practical crisis. By framing the various tax philosophies that dominate the debate, Bartlett explores the distributional, technical, and political advantages and costs of the various proposals and ideas that will come to dominate America’s political conversation in the years to come. (more…)

FDL Book Salon: Corporations Are Not People: Why They Have More Rights Than You Do and What You Can Do About It

Author: Jeffrey Clements
Thursday, February 2, 2012 2:00 pm Pacific time

The January 2010 Supreme Court Citizens United v. Federal Election Commission decision marked a culminating victory for the legal doctrine of corporate personhood. Corporations, as legal persons, are now entitled to exercise their alleged free-speech rights in the form of campaign spending, effectively enabling corporate domination of the electoral process.

Jeffrey Clements uncovers the roots, expansion, and far-reaching effects of the strange and destructive idea, which flies in the face of not only all common sense but, Clements shows, most of American legal history, from 1787 to the 1970s. He details its impact on the American political landscape, economy, job market, environment, and public health—and how it permeates our daily lives, from the quality of air we breathe to the types of jobs we can get to the politicians we elect. Most importantly, he offers a solution: a constitutional amendment to reverse Citizens United and tools readers can use to mount a grassroots drive to get it passed.

Overturning Citizens United is not about a triumph of one political ideology over another—it’s about restoring the democratic principles on which America was built. Republican president Theodore Roosevelt and conservative Supreme Court Chief Justice William Rehnquist both vocally opposed the idea of corporate personhood. Community by community, state by state, we can cross party and ideological lines to form a united front against unchecked corporate power in America—and reinstate a government that is truly of, by, and for the people.

Jeffrey Clements is a cofounder and general counsel of Free Speech for People, a national, nonpartisan campaign to oppose corporate personhood and pass the People’s Rights Amendment. The founder of Clements Law Office, LLC, he has represented and advocated for people, businesses, and the public interest since 1988, serving as assistant attorney general and chief of the Public Protection and Advocacy Bureau in Massachusetts from 2007 to 2009. (Berrett-Koehler)

FDL Book Salon: Retirement Heist: How Companies Plunder and Profit from the Nest Eggs of American Workers

Author: Ellen E. Schultz
Sunday, February 5, 2012 2:00 pm Pacific time

“‘As far as I can determine there is only one solution [to the CEO's demand to save more money]‘, the HR representative wrote to her superiors. ‘That would be the death of all existing retirees.’”

It’s no secret that hundreds of companies have been slashing pensions and health coverage earned by millions of retirees. Employers blame an aging workforce, stock market losses, and spiraling costs- what they call “a perfect storm” of external forces that has forced them to take drastic measures.

But this so-called retirement crisis is no accident. Ellen E. Schultz, award-winning investigative reporter for the Wall Street Journal, reveals how large companies and the retirement industry-benefits consultants, insurance companies, and banks-have all played a huge and hidden role in the death spiral of American pensions and benefits.

A little over a decade ago, most companies had more than enough set aside to pay the benefits earned by two generations of workers, no matter how long they lived. But by exploiting loopholes, ambiguous regulations, and new accounting rules, companies essentially turned their pension plans into piggy banks, tax shelters, and profit centers.

Drawing on original analysis of company data, government filings, internal corporate documents, and confidential memos, Schultz uncovers decades of widespread deception during which employers have exaggerated their retiree burdens while lobbying for government handouts, secretly cutting pensions, tricking employees, and misleading shareholders. She reveals how companies:

• Siphon billions of dollars from their pension plans to finance downsizings and sell the assets in merger deals

• Overstate the burden of rank-and-file retiree obligations to justify benefits cuts while simultaneously using the savings to inflate executive pay and pensions

• Hide their growing executive pension liabilities, which at some companies now exceed the liabilities for the regular pension plans

• Purchase billions of dollars of life insurance on workers and use the policies as informal executive pension funds. When the insured workers and retirees die, the company collects tax-free death benefits
*Preemptively sue retirees after cutting retiree health benefits and use other legal strategies to erode their legal protections.

Though the focus is on large companies-which drive the legislative agenda-the same games are being played at smaller companies, non-profits, public pensions plans and retirement systems overseas. Nor is this a partisan issue: employees of all political persuasions and income levels-from managers to miners, pro- football players to pilots-have been slammed.

Retirement Heist is a scathing and urgent expose of one of the most critical and least understood crises of our time.

Ellen E. Schultz is an investigative reporter who has covered the so-called retirement crisis for more than a decade. Her reporting has led to Congressional hearings, proposed legislation, and investigations by the Treasury and the GAO. Schultz, a former staff reporter for The Wall Street Journal, has won dozens of journalism awards for economics, financial, and investigative reporting, including three Polk Awards, two Loeb awards, and a National Press Club award. In 2003, Schultz was part of a team of Wall Street Journal reporters awarded the Pulitzer Prize, for articles on corporate scandals. She lives in New York City. (Penguin)

A riveting account of the state of Arizona, seen through the lens of the Tucson shootings

On January 8, 2011, twenty-two-year-old Jared Lee Loughner opened fire at a Tucson meet-and-greet held by U.S. Representative Gabrielle Giffords. The incident left six people dead and eighteen injured, including Giffords, whom he shot in the head.

Award-winning author and fifth generation Arizonan Tom Zoellner, a longtime friend of Giffords’s and a field organizer on her Congressional campaign, uses the tragedy as a jumping-off point to expose the fault lines in Arizona’s political and socioeconomic landscape that allowed this to happen: the harmful political rhetoric, the inept state government, the lingering effects of the housing market’s boom and bust, the proliferation and accessibility of guns, the lack of established communities, and the hysteria surrounding issues of race and immigration.

Zoellner offers a revealing portrait of the Southwestern state at a critical moment in history- and as a symbol of the nation’s discontents and uncertainties. Ultimately, it is his rallying cry for a saner, more civil way of life.

Tom Zoellner is the author of Uranium:War, Energy, and the Rock That Shaped the World, winner of the 2010 American Institute of Physics Science Writing Award, The Heartless Stone: A Journey Through the World of Diamonds, Deceit and Desire, and co-author of An Ordinary Man. He has worked as a reporter for The Arizona Republic and San Francisco Chronicle.  (Penguin)

FDL Book Salon: The Operators: The Wild and Terrifying Inside Story of America’s War in Afghanistan

Author: Michael Hastings
Sunday, February 12, 2012 2:00 pm Pacific time

General Stanley McChrystal, the innovative, forward-thinking commanding general of international and U.S. forces in Afghanistan, was living large. He was better known to some as Big Stan, M4, Stan, and his loyal staff liked to call him a “rock star.” During a spring 2010 trip across Europe to garner additional allied help for the war effort, McChrystal was accompanied by journalist Michael Hastings of Rolling Stone. For days, Hastings looked on as McChrystal and his staff let off steam, partying and openly bashing the Obama administration for what they saw as a lack of leadership. When Hastings’s piece appeared a few months later, it set off a political firestorm: McChrystal was ordered to Washington, where he was fired unceremoniously.

In The Operators, Hastings picks up where his Rolling Stone coup ended. He gives us a shocking behind-the-scenes portrait of our military commanders, their high-stakes maneuvers and often bitter bureaucratic infighting. Hastings takes us on patrol missions in the Afghan hinterlands, to late-night bull sessions of senior military advisors, to hotel bars where spies and expensive hookers participate in nation-building gone awry. And as he weighs the merits and failings of old-school generals and the so-called COINdinistas-the counterintelligence experts-Hastings draws back the curtain on a hellish complexity and, he fears, an unwinnable war.

Michael Hastings is a contributing editor at Rolling Stone. He regularly covers international affairs for the magazine, including the wars in Iraq, Afghanistan, and Libya. In 2011, he received the George Polk Award in journalism for his Rolling Stone story “The Runaway General.” His work has appeared in Newsweek, GQ, Men’s Journal, The Washington Post, the Los Angeles Times, Slate, Salon, Foreign Policy, The Daily Beast, Huffington Post, and a number of other publications. In 2010, Hastings was named one of The Huffington Post’s Game Changers of the year. His GQ story “Obama’s War” was selected for Best American Political Writing 2009. The author also of I Lost My Love in Baghdad: A Modern War Story, Hastings lives in Vermont. (Blue Rider Press)

FDL Book Salon: None of Us Were Like This Before: American Soldiers and Torture

Author: Joshua E. S. Phillips
Saturday, February 18, 2012 2:00 pm Pacific time

The legacy of torture in the “War on Terror,” told through the story of one tank battalion.

Sergeant Adam Gray made it home from Iraq only to die in his barracks. For more than three years, reporter Joshua E. S. Phillips—with the support of Adam’s mother and several of his Army buddies—investigated Adam’s death. What Phillips uncovered was a story of American veterans psychologically scarred by the abuse they had meted out to Iraqi prisoners.

How did US forces turn to torture? Phillips’s narrative recounts the journey of a tank battalion—trained for conventional combat—as its focus switches to guerrilla war and prisoner detention. It tells of how a group of ordinary soldiers, ill trained for the responsibilities foisted upon them, descended into the degradation of abuse. The location is far from CIA prisons and Guantanamo, but the story captures the widespread use and nature of torture in the US armed forces.

Based on firsthand reporting from the Middle East, as well as interviews with soldiers, their families and friends, military officials, and the victims of torture, None of Us Were Like This Before reveals how soldiers, senior officials, and the US public came to believe that torture was both effective and necessary. The book illustrates that the damaging legacy of torture is not only borne by the detainees, but also by American soldiers and the country to which they’ve returned.

Joshua E. S. Phillips is based in New York City and has reported from Asia and the Middle East. His work has appeared in the Washington Post, Newsweek, Salon, the San Francisco Chronicle, and the Atlanta Journal–Constitution, among other publications. His radio features have been broadcast on NPR and the BBC. In 2009, Phillips received the Alfred I. duPont-Columbia University Award and the Newspaper Guild’s Heywood Broun Award of Substantial Distinction for his American Radio Works documentary What Killed Sergeant Gray. (Verso Books)

Website  / Interview

FDL Book Salon: Pity the Billionaire: The Hard-Times Swindle and the Unlikely Comeback of the Right

Author: Thomas Frank
Sunday, February 19, 2012 2:00 pm Pacific time

From the bestselling author of What’s the Matter with Kansas?, a wonderfully insightful and sardonic look at why the worst economy since the 1930s has brought about the revival of conservatism

Economic catastrophe usually brings social protest and demands for change—or at least it’s supposed to. But when Thomas Frank set out in 2009 to look for expressions of American discontent, all he could find were loud demands that the economic system be made even harsher on the recession’s victims and that society’s traditional winners receive even grander prizes. The American Right, which had seemed moribund after the election of 2008, was strangely reinvigorated by the arrival of hard times. The Tea Party movement demanded not that we question the failed system but that we reaffirm our commitment to it. Republicans in Congress embarked on a bold strategy of total opposition to the liberal state. And TV phenom Glenn Beck demonstrated the commercial potential of heroic paranoia and the purest libertarian economics.

In Pity the Billionaire, Frank, the great chronicler of American paradox, examines the peculiar mechanism by which dire economic circumstances have delivered wildly unexpected political results. Using firsthand reporting, a deep knowledge of the American Right, and a wicked sense of humor, he gives us the first full diagnosis of the cultural malady that has transformed collapse into profit, reconceived the Founding Fathers as heroes from an Ayn Rand novel, and enlisted the powerless in a fan club for the prosperous. The understanding Frank reaches is at once startling, original, and profound.

Thomas Frank is the author of Pity the Billionaire, The Wrecking Crew, What’s the Matter with Kansas?, and One Market Under God. A former opinion columnist for The Wall Street Journal, Frank is the founding editor of The Baffler and a monthly columnist for Harper’s. (Metropolitan Books)

FDL Book Salon: Uprising: How Wisconsin Renewed the Politics of Protest, from Madison to Wall Street

Author: John Nichols
Sunday, February 26, 2012 2:00 pm Pacific time

The protest movement that captivated the nation and paved the path for Occupy Wall Street. More than 100,000 public employees, teachers, students, and their allies descended on the capital in Madison, Wisconsin after Governor Scott Walker announced his plan to eliminate the right of public sector employees to unionize. The struggle (and the Democratic caucus’ escape to Indiana in order to prevent a quorum from being reached) elicited extensive national media coverage and debate—as well as enormous grassroots support for protestors. Uprising provides an anatomy of the event and its implications for the political future of the nation. As state legislatures across the US (in Ohio and New Hampshire, to name a few) take up union busting measures, Nichols shows how the Wisconsin case is a blueprint for progressives around America who’ve had enough. He also explores how Wisconsin protesters organized and inspired the Occupy Wall Street movement.

John Nichols, a pioneering political blogger, has written The Nation’s Online Beat since 1999 is their Washington DC correspondent contributing writer for The Progressive and In These Times, he is also the associate editor of the Capital Times, the daily newspaper in Madison, Wisconsin. His articles have appeared in the New York Times, Chicago Tribune and dozens of other newspapers and he is a frequent guest on radio and television programs as a commentator on politics and media issues. Nichols lives in Madison, WI and Washington DC. (Perseus Books)

 

FDL Book Salon: The Short American Century: A Postmortem

Author: Andrew Bacevich
Saturday, March 3, 2012 2:00 pm Pacific time

Writing in Life magazine in February 1941, Henry Luce memorably announced the arrival of the “The American Century.” The phrase caught on, as did the belief that America’s moment was at hand. Yet as Andrew J. Bacevich makes clear, that century has now ended, the victim of strategic miscalculation, military misadventures, and economic decline. To take stock of the short American Century and place it in historical perspective, Bacevich has assembled a richly provocative range of perspectives.

What did this age of reputed American preeminence signify? What caused its premature demise? What legacy remains in its wake? Distinguished historians Jeffry Frieden, Akira Iriye, David Kennedy, Walter LaFeber, Jackson Lears, Eugene McCarraher, Emily Rosenberg, and Nikhil Pal Singh offer illuminating answers to these questions. Achievement and failure, wisdom and folly, calculation and confusion all make their appearance in essays that touch on topics as varied as internationalism and empire, race and religion, consumerism and globalization.

As the United States grapples with protracted wars, daunting economic uncertainty, and pressing questions about exactly what role it should play in a rapidly changing world, understanding where the nation has been and how it got where it is today is critical. What did the forging of the American Century—with its considerable achievements but also its ample disappointments and missed opportunities—ultimately yield? That is the question this important volume answers. (Harvard University Press)

Andrew J. Bacevich, a professor of history and international relations at Boston University, retired from the U.S. Army with the rank of colonel. He is the author of Washington Rules: America’s Path to Permanent War and The Limits of Power: The End of American Exceptionalism and The New American Militarism. His writing has appeared in Foreign Affairs, The Atlantic Monthly, The Nation, The New York Times, The Washington Post, and The Wall Street Journal. He is the recipient of a Lannan Award and a member of the Council on Foreign Relations.

 

FDL Book Salon: After The Arab Spring: How Islamists Hijacked the Middle East Revolts

Author: John R. Bradley
Saturday, March 10, 2012 2:00 pm Pacific time

From the author of the book that uniquely predicted the Egyptian revolution, a new message about the Middle East: everything we’re told about the Arab Spring is wrong.

When popular revolutions erupted in Tunisia and Egypt, the West assumed that democracy and pluralism would triumph. Greatly praised author and foreign correspondent John R. Bradley draws on his extensive firsthand knowledge of the region’s cultures and societies to show how Islamists will fill the power vacuum in the wake of the revolutions.

This vivid and timely book gives an original analysis of the new Tunisia, Egypt, Syria, Yemen, Libya, and Bahrain by highlighting the dramatic spread of Saudi-funded Wahhabi ideology, inter-tribal rivalries, and Sunni-Shia divisions. Bradley gives a boots on the ground look at how the revolutions were first ignited and the major players behind them, and shows how the local population participated in and responded to the uprisings. In Tunisia he witnesses secularists under violent attack and in Egypt observes radical Islamists taking control of the streets. He illuminates the ancient sectarian strife shaking Bahrain, fierce civil war pitching tribe against tribe in Libya and Yemen, and ethnic divisions threatening to tear apart Syria and Iran. Taking it one step further, Bradley offers a comprehensive look at how across countries, liberal, progressive voices that first rallied the Arab masses were drowned out by the slogans of the better-organized and more popular radical Islamists.

With the in-depth knowledge of a local and the keen perspective of a seasoned reporter, After the Arab Spring offers a piercing analysis of what the empowerment of Islamism bodes for the future of the Middle East and the impact on the West.

John R. Bradley was born in England in 1970. He was educated at University College London, Dartmouth College in the United States, and Exeter College, Oxford. Fluent in Arabic, he is the author of four books on the contemporary Arab world that draw heavily on his personal experience: Saudi Arabia Exposed: Inside a Kingdom in Crisis (2005); Inside Egypt: The Land of the Pharaohs on the Brink of a Revolution (2008; 2012); Behind the Veil of Vice: The Business and Culture of Sex in the Middle East (2010); and After the Arab Spring: How Islamists Hijacked the Middle East Revolt (2012).  (Palgrave/Macmillan)

FDL Book Salon: Keynes Hayek: The Clash that Defined Modern Economics

Author: Nicholas Wapshott
Sunday, March 11, 2012 2:00 pm Pacific time

Can government fix a broken economy? Two great economists disagreed eighty years ago, and their debate dominates politics to this day.

As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek’s contrary vision.

From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.

Nicholas Wapshott is a journalist and the author of Ronald Reagan and Margaret Thatcher: A Political Marriage. A former senior editor at The Times of London and the New York Sun, he lives in New York. (W.W. Norton & Company)

Political campaigns today are won or lost in the so-called ground war–the strategic deployment of teams of staffers, volunteers, and paid part-timers who work the phones and canvass block by block, house by house, voter by voter. Ground Wars provides an in-depth ethnographic portrait of two such campaigns, New Jersey Democrat Linda Stender’s and that of Democratic Congressman Jim Himes of Connecticut, who both ran for Congress in 2008.

Rasmus Kleis Nielsen examines how American political operatives use “personalized political communication” to engage with the electorate, and weighs the implications of ground war tactics for how we understand political campaigns and what it means to participate in them. He shows how ground wars are waged using resources well beyond those of a given candidate and their staff. These include allied interest groups and civic associations, party-provided technical infrastructures that utilize large databases with detailed individual-level information for targeting voters, and armies of dedicated volunteers and paid part-timers. Nielsen challenges the notion that political communication in America must be tightly scripted, controlled, and conducted by a select coterie of professionals. Yet he also quashes the romantic idea that canvassing is a purer form of grassroots politics. In today’s political ground wars, Nielsen demonstrates, even the most ordinary-seeming volunteer knocking at your door is backed up by high-tech targeting technologies and party expertise.

Ground Wars reveals how personalized political communication is profoundly influencing electoral outcomes and transforming American democracy.

Rasmus Kleis Nielsen is research fellow at the Reuters Institute for the Study of Journalism at the University of Oxford and assistant professor at Roskilde University in Denmark. (Princeton University Press)

FDL Book Salon: The End of War

Author: John Horgan
Saturday, March 24, 2012 2:00 pm Pacific time

War is a fact of human nature. As long as we exist, it exists. That’s how the argument goes.

But longtime Scientific American writer John Horgan disagrees. Applying the scientific method to war leads Horgan to a radical conclusion: biologically speaking, we are just as likely to be peaceful as violent. War is not preordained, and furthermore, it should be thought of as a solvable, scientific problem—like curing cancer. But war and cancer differ in at least one crucial way: whereas cancer is a stubborn aspect of nature, war is our creation. It’s our choice whether to unmake it or not.

In this compact, methodical treatise, Horgan examines dozens of examples and counterexamples-discussing chimpanzees and bonobos, warring and peaceful indigenous people, the World War I and Vietnam, Margaret Mead and General Sherman-as he finds his way to war’s complicated origins. Horgan argues for a far-reaching paradigm shift with profound implications for policy students, ethicists, military men and women, teachers, philosophers, or really, any engaged citizen.

JOHN HORGAN is a science journalist and Director of the Center for Science Writings at Stevens Institute of Technology, Hoboken, New Jersey. A former senior writer at Scientific American (1986-1997), he has also written for The New York Times, Time, Newsweek, The Washington Post, The Los Angeles Times, The New Republic, Slate, Discover, The London Times, The Times Literary Supplement, New Scientist, and other publications around the world. He writes regular columns for Scientific American online, the Chronicle of Higher Education and BBC Knowledge Magazine and does video chats for Bloggingheads.tv.

His awards include the 2005 Templeton-Cambridge Journalism Fellowship in Science and Religion; the American Psychiatric Association Certificate of Commendation for Outstanding Reporting on Psychiatric Issues (1997); the Science Journalism Award of the American Association for the Advancement of Science (1992 and 1994); and the National Association of Science Writers Science-in-Society Award (1993). His articles have been selected for The Best American Science and Nature Writing in 2005, 2006 and 2007. (McSweeney’s Books)

FDL Book Salon: Inequality and Instability: A Study of the World Economy Just Before the Great Crisis

Author: James K. Galbraith
Saturday, April 7, 2012 2:00 pm Pacific time

As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the “super-bubble” that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent-not just in the U.S. but the entire world.

Inequality and Instability demonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, James K. Galbraith brings new data to bear as never before, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, Galbraith shows that more equal societies systematically enjoy lower unemployment. He shows how this plays out inside Europe, between Europe and the United States, and in modern China. He explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans-which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue.

A landmark work of research and original insight, Inequality and Instability will change forever the way we understand this pivotal topic.

James K. Galbraith is professor at the Lyndon B. Johnson School of Public Affairs, the University of Texas at Austin, where he holds the Lloyd M. Bentsen Jr. Chair in Government/Business Relations. He is a leading economist whose books include The Predator State, Inequality and Industrial Change, and Created Unequal. (Oxford University Press)

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Saturday, January 21, 2012 1:10 pm Pacific time
121 comments

FDL Book Salon Welcomes Tom Engelhardt, The United States of Fear

Author: Nick Turse
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