In The Forgotten Man, Amity Shlaes, one of the nation's most-respected economic commentators, offers a striking reinterpretation of the Great Depression. She traces the mounting agony of the New Dealers and the moving stories of individual citizens who through their brave perseverance helped establish the steadfast character we recognize as American today.
A tour de force of historical reportage, America's Bank illuminates the tumultuous era and remarkable personalities that spurred the unlikely birth of America's modern central bank, the Federal Reserve. Today, the Fed is the bedrock of the financial landscape, yet the fight to create it was so protracted and divisive that it seems a small miracle that it was ever established.For nearly a century, America, alone among developed nations, refused to consider any central or organizing agency in its financial system. Americans' mistrust of big government and of big banks--a legacy of the country's Jeffersonian, small-government traditions--was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. By the first decade of the twentieth century, it had become plain that the outmoded banking system was ill equipped to finance America's burgeoning industry. But political will for reform was lacking. It took an economic meltdown, a high-level tour of Europe, and--improbably--a conspiratorial effort by vilified captains of Wall Street to overcome popular resistance. Finally, in 1913, Congress conceived a federalist and quintessentially American solution to the conflict that had divided bankers, farmers, populists, and ordinary Americans, and enacted the landmark Federal Reserve Act. Roger Lowenstein--acclaimed financial journalist and bestselling author of When Genius Failed and The End of Wall Street--tells the drama-laden story of how America created the Federal Reserve, thereby taking its first steps onto the world stage as a global financial power. America's Bank showcases Lowenstein at his very finest: illuminating complex financial and political issues with striking clarity, infusing the debates of our past with all the gripping immediacy of today, and painting unforgettable portraits of Gilded Age bankers, presidents, and politicians. Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America's finances; Rhode Island's Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country's most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they're reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today.
A vivid history of the economics of greed told through the stories of those major figures primarily responsible.Age of Greed shows how the single-minded and selfish pursuit of immense personal wealth has been on the rise in the United States over the last forty years. Economic journalist Jeff Madrick tells this story through incisive profiles of the individuals responsible for this dramatic shift in our country's fortunes, from the architects of the free-market economic philosophy (such as Milton Friedman and Alan Greenspan) to the politicians and businessmen (including Nixon, Reagan, Boesky, and Soros) who put it into practice. Their stories detail how a movement initially conceived as a moral battle for freedom instead brought about some of our nation's most pressing economic problems, including the intense economic inequity and instability America suffers from today. This is an indispensible guide to understanding the 1 percent.
For readers of Hillbilly Elegy and Strangers in Their Own Land
*A New York Post Must-Read Book*
*A Newsweek Best New Book*
*One of The Week's 20 Books to Read in 2017*
*One of Bustle's 16 Best Nonfiction Books Coming in February 2017*
*Best Non-Fiction/2017 Books by the Banks*
The Wall Street Journal: "A devastating portrait...For anyone wondering why swing-state America voted against the establishment in 2016, Mr. Alexander supplies plenty of answers."
Laura Miller, Slate "This book hunts bigger game. Reads like an odd?and oddly satisfying?fusion of George Packer's The Unwinding and one of Michael Lewis' real-life financial thrillers."
The New Yorker "Does a remarkable job."
Beth Macy, author of Factory Man: "This book should be required reading for people trying to understand Trumpism, inequality, and the sad state of a needlessly wrecked rural America. I wish I had written it."
In 1947, Forbes magazine declared Lancaster, Ohio the epitome of the all-American town. Today it is damaged, discouraged, and fighting for its future. In Glass House, journalist Brian Alexander uses the story of one town to show how seeds sown 35 years ago have sprouted to give us Trumpism, inequality, and an eroding national cohesion.
The Anchor Hocking Glass Company, once the world's largest maker of glass tableware, was the base on which Lancaster's society was built. As Glass House unfolds, bankruptcy looms. With access to the company and its leaders, and Lancaster's citizens, Alexander shows how financial engineering took hold in the 1980s, accelerated in the 21st Century, and wrecked the company. We follow CEO Sam Solomon, an African-American leading the nearly all-white town's biggest private employer, as he tries to rescue the company from the New York private equity firm that hired him. Meanwhile, Alexander goes behind the scenes, entwined with the lives of residents as they wrestle with heroin, politics, high-interest lenders, low wage jobs, technology, and the new demands of American life: people like Brian Gossett, the fourth generation to work at Anchor Hocking; Joe Piccolo, first-time director of the annual music festival who discovers the town relies on him, and it, for salvation; Jason Roach, who police believed may have been Lancaster's biggest drug dealer; and Eric Brown, a local football hero-turned-cop who comes to realize that he can never arrest Lancaster's real problems.
The Crash forced Hoover, and then Roosevelt and the nation, to reexamine old solutions and address pressing questions of recovery and reform, economic growth and social justice. The world beyond America changed also in these years, making the country rethink its relation to events in Europe, Latin America, and Asia. The illusion of superiority slowly died in the 1930s, sustaining a fatal blow in December 1941 at Pearl Harbor.
"I'm mad as hell, and I'm not going to take it anymore " The words of Howard Beale, the fictional anchorman in the 1970s hit film "Network, "struck a chord with a generation of Americans. From the disgrace of Watergate to the humiliation of the Iran hostage crisis, the American Dream seemed to be falling apart.
In this magisterial new history, Dominic Sandbrook re-creates the schizophrenic atmosphere of the 1970s, the world of Henry Kissinger and Edward Kennedy, Anita Bryant and Jerry Falwell, Bruce Springsteen and Tom Landry. He takes us back to an age when feminists were on the march and the Communists seemed to be winning the Cold War, but also when a new kind of right-wing populism was transforming American politics from the ground up. Those years gave us organic food, disco music, gas lines, and gay rights--but they also gave us Proposition 13, the neoconservative movement, and the rise of Ronald Reagan.
From the killing fields of Vietnam to the mean streets of Manhattan, this is a richly compelling picture of the turbulent age in which our modern-day populist politics was born. For those who remember the days when you could buy a new Ford Mustang II but had to wait hours to fill the tank, this could hardly be a more vivid book. And for those born later, it is the perfect guide to a tortured landscape that shaped our present, from the financial boardroom to the suburban bedroom: the extraordinary world of 1970s America.
If you wanted to buy a top-quality condom in prewar Germany, you bought Fromms Act, the first brand name condom and still a leading brand in the German market. The man behind this "pure German quality product" was Julius Fromm, a Jewish entrepreneur who had immigrated from Russia as a child. Fromm was in the right place at the right time: he patented Fromms Act in 1916, when the combination of changing sexual mores, awareness of sexual health, and the lack of reliable prophylactics meant a market primed for his product. In 1922 he began mass production and opened international branches. Sixteen years later, after building the brand into a best seller and the company into a model business, he was forced to sell Fromms Act for a fraction of its worth to a German baroness. In 1939 he emigrated to London.
Aly and Sontheimer trace Fromm's rise and fall, illuminating the ways Jewish businesses like his were Aryanized under the Nazis. Through the biography of this businessman and the story of his unusual and fabulously successful company, we learn the fascinating history of the first branded condoms in Germany and the sexual culture that allowed them to thrive, the heretofore undocumented machinations by which the Nazis robbed German-Jewish families of their businesses, and the tragedy of a man whose great love for the adopted country that first allowed him to succeed was betrayed by its government and his fellow citizens.
This captivating account offers a wealth of detail and a fresh array of photographic documentation, and adds a striking new dimension to our understanding of this dark period in German history.
In the immediate aftermath of September 11, 2001, in his fourteenth year as Chairman of the Federal Reserve Board, Alan Greenspan took part in a very quiet collective effort to ensure that America didn't experience an economic meltdown, taking the rest of the world with it. There was good reason to fear the worst: the stock market crash of October 1987, his first major crisis as Federal Reserve Chairman, coming just weeks after he assumed control, had come much closer than is even today generally known to freezing the financial system and triggering a genuine financial panic. But the most remarkable thing that happened to the economy after 9/11 was...nothing. What in an earlier day would have meant a crippling shock to the system was absorbed astonishingly quickly.
After 9/11 Alan Greenspan knew, if he needed any further reinforcement, that we're living in a new world - the world of a global capitalist economy that is vastly more flexible, resilient, open, self-directing, and fast-changing than it was even 20 years ago. It's a world that presents us with enormous new possibilities but also enormous new challenges. "The Age of Turbulence" is Alan Greenspan's incomparable reckoning with the nature of this new world - how we got here, what we're living through, and what lies over the horizon, for good and for ill-channeled through his own experiences working in the command room of the global economy for longer and with greater effect than any other single living figure. He begins his account on that September 11th morning, but then leaps back to his childhood, and follows the arc of his remarkable life's journey through to his more than 18-year tenure as Chairman of the Federal Reserve Board, from 1987 to 2006, during a time of transforming change.
Alan Greenspan shares the story of his life first simply with an eye toward doing justice to the extraordinary amount of history he has experienced and shaped. But his other goal is to draw readers along the same learning curve he followed, so they accrue a grasp of his own understanding of the underlying dynamics that drive world events. In the second half of the book, having brought us to the present and armed us with the conceptual tools to follow him forward, Dr. Greenspan embarks on a magnificent tour de horizon of the global economy. He reveals the universals of economic growth, delves into the specific facts on the ground in each of the major countries and regions of the world, and explains what the trend-lines of globalization are from here. The distillation of a life's worth of wisdom and insight into an elegant expression of a coherent worldview, "The Age of Turbulence" will stand as Alan Greenspan's personal and intellectual legacy.
How did the Soviet Union compare economically with its allies and adversaries before and during World War II? Was Soviet economic survival under massive German attack to be expected? What was the cost of the war in rubles, lives and foregone postwar economic well-being? In this book Mark Harrison answers these questions, providing a comprehensive analysis of the hitherto secret Soviet statistical record.
This is a multidisciplinary book that analyses the problems and issues of development in Africa along with the attempts at, and outcomes of, policy reform measures that have been implemented to surmount those problems. Topics covered include the economic crisis in Africa, urbanisation and urban management, uneven development, the socio-economic context of AIDS, bureaucratic corruption and reform, and proposed development solutions.