Saving Capitalism: For the Many, Not the Few

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Knopf Doubleday Publishing Group, Sep 29, 2015 - Business & Economics - 304 pages
From the author of Aftershock and The Work of Nations, his most important book to date—a myth-shattering breakdown of how the economic system that helped make America so strong is now failing us, and what it will take to fix it.

Perhaps no one is better acquainted with the intersection of economics and politics than Robert B. Reich, and now he reveals how power and influence have created a new American oligarchy, a shrinking middle class, and the greatest income inequality and wealth disparity in eighty years. He makes clear how centrally problematic our veneration of the “free market” is, and how it has masked the power of moneyed interests to tilt the market to their benefit.

Reich exposes the falsehoods that have been bolstered by the corruption of our democracy by huge corporations and the revolving door between Washington and Wall Street: that all workers are paid what they’re “worth,” that a higher minimum wage equals fewer jobs, and that corporations must serve shareholders before employees. He shows that the critical choices ahead are not about the size of government but about who government is for: that we must choose not between a free market and “big” government but between a market organized for broadly based prosperity and one designed to deliver the most gains to the top. Ever the pragmatist, ever the optimist, Reich sees hope for reversing our slide toward inequality and diminished opportunity when we shore up the countervailing power of everyone else.

Passionate yet practical, sweeping yet exactingly argued, Saving Capitalism is a revelatory indictment of our economic status quo and an empowering call to civic action.
 

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User Review  - ajlewis2 - LibraryThing

Abandoned it at 25%. The big ideas are understandable. I got bogged down in much of the explanations and the book is due back at the library soon. I skimmed through the rest of it and think I got the ... Read full review

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User Review  - DLMorrese - LibraryThing

There is an old adage, 'With great power comes great responsibility', and Reich argues that large corporations, banks, and Wall Street have neglected this duty in exchange for short-term personal gain ... Read full review

Contents

THE FREE M A R
3
1o The Meritocratic Myth
89
The Hidden Mechanism of CEO Pay
97
The Subterfuge of WallStreet Pay
108
The Declining Bargaining Power of the Middle
115
The Rise of the Working Poor
133
The Rise of the Nonworking Rich
143
COUNTERVAILING POWER
151
Restoring Countervailing Power
183
Ending Upward Predistributions
193
Reinventing the Corporation
196
When Robots TakeOver
203
The Citizens Bequest
211
New Rules
218
ACKNOWLEDGMENTS
221
Notes
223

Reprise
153
The Threat to Capitalism
158
The Decline of Countervailing Power
168

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About the author (2015)

ROBERT B. REICH is Chancellor’s Professor of Public Policy at the Richard and Rhoda Goldman School of Public Policy at the University of California, Berkeley, and senior fellow at the Blum Center for Developing Economies. He has served in three national administrations and has written fourteen books, including The Work of Nations, which has been translated into twenty-two languages, and the best sellers Supercapitalism and Locked in the Cabinet. His articles have appeared in The New Yorker, The Atlantic, The New York Times, The Washington Post, and The Wall Street Journal. He is co-creator of the award-winning 2013 film Inequality for All. He is also chair of the national governing board of Common Cause. He lives in Berkeley.

robertreich.org

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