A revelatory and unexpected history of the rise of American capitalism—and an argument that entrepreneurial leaders in government, not the mythical “free market,” created the most dynamic economy the world has ever known.For many decades, a sacred myth has ruled the minds of policymakers and business leaders: free markets, untouched by the soiled hands of government, bring us prosperity and stability. But it’s wrong. American policy makers, on the right and the left, have spent much of the past century actively shaping our markets for social and political goals. Their work behind the scenes and out of the headlines has served as a kind of “marketcraft,” resembling the statecraft of international relations. Economist and writer Chris Hughes takes us on a journey through the modern history of American capitalism, relating the captivating stories of the most effective marketcrafters and the ones who bungled the job. He reveals how both Republicans and Democrats have consistently attempted to organize markets for social and political reasons, like avoiding gasoline shortages, reducing inflation, fostering the American aviation and semiconductor industries, fighting climate change, and supporting financial innovation. In recent decades, the art of marketcraft has been lost to history, replaced by the myth that markets work best when they are unfettered and free. Hughes argues that by rediscovering the triumphs and failures of past marketcrafters, we can shape future markets, such as those in artificial intelligence and clean power production, to be innovative, stable, and inclusive. Groundbreaking, timely, and illuminating, this is a must-read for anyone interested in economic policy, financial markets, and the future of the American economy. Read more

How did America cease to be the land of opportunity?We take it for granted that good neighborhoods—with good schools and good housing—are only accessible to the wealthy. But in America, this wasn’t always the case.Though for most of world history, your prospects were tied to where you were born, Americans came up with a revolutionary idea: If you didn’t like your lot in life, you could find a better location and reinvent yourself there. Americans moved to new places with unprecedented frequency, and, for two hundred years, that remarkable mobility was the linchpin of American economic and social opportunity. In this illuminating debut, Yoni Appelbaum, historian and journalist for The Atlantic, shows us that this idea has been under attack since reformers first developed zoning laws to ghettoize Chinese Americans in nineteenth-century Modesto, California. The century of legal segregation that ensued—from the zoning laws enacted to force Jewish workers back into New York’s Lower East Side to the private-sector discrimination and racist public policy that trapped Black families in Flint, Michigan to Jane Jacobs’ efforts to protect her vision of the West Village—has raised housing prices, deepened political divides, emboldened bigots, and trapped generations of people in poverty. Appelbaum shows us that these problems have a common explanation: people can’t move as readily as they used to. They are, in a word, stuck.Cutting through more than a century of mythmaking, Stuck tells a vivid, surprising story of the people and ideas that caused our economic and social sclerosis and lays out common-sense ways to get Americans moving again. Read more

When Jennifer Risher joined Microsoft in 1991, she met her husband, and with him became an extra-lucky beneficiary of the dot-com boom. By their early thirties, they had tens of millions of dollars. Today, there are millions of people like her. Jennifer’s thought-provoking, personal story includes the voices of others in her demographic and explores the hidden impact of wealth on identity, relationships, and sense of place in the world. At a time when income inequality is a huge problem, our country’s economic system is broken, and money is still a taboo subject even among those closest to us, this engaging, introspective memoir is essential reading: a catalyst for conversation that demystifies wealth and inspires us to connect. Read more

A sweeping, narrative history of Black wealth and the economic discrimination embedded in America’s financial system.The early 2020s will long be known as a period of racial reflection. In the wake of the police killing of George Floyd, Americans of all backgrounds joined together in historic demonstrations in the streets, discussions in the workplace, and conversations at home about the financial gaps that remain between white and Black Americans. This deeply investigated book shows the scores of setbacks that have held the Black-white wealth gap in place—from enslavement to redlining to banking discrimination—and, ultimately, the reversals that occurred in the mid-2020s as the push for racial equity became a polarized political debate.Fifteen Cents on the Dollar follows the lives of four Black Millennial professionals and a banking company founded with the stated mission of closing the Black-white wealth gap. That company, known as Greenwood, a reference to the historic Black Wall Street district in Tulsa, Oklahoma, generated immense excitement and hope among people looking for new ways of business that might lead to greater equity. But the twists and turns of Greenwood’s journey also raise tough questions about what equality really means.Seasoned journalist-academics Louise Story and Ebony Reed present a nuanced portrait of Greenwood’s founders—the entertainment executive Ryan Glover; the Grammy-winning rapper Michael Render, better known as Killer Mike; and the Civil Rights leader and two-term Atlanta mayor, Andrew Young—along with new revelations about their lives, careers, and families going back to the Civil War. Equally engaging are the stories of the lesser-known individuals—a female tech employee from rural North Carolina trying to make it in a big city; a rising leader at the NAACP whose father is in prison; an owner of a BBQ stand in Atlanta fighting to keep his home; and a Black man in a biracial marriage grappling with his roots when his father is shot by the police.In chronicling these staggering injustices, Fifteen Cents on the Dollar shows why so little progress has been made on the wealth gap and provides insights Americans should consider if they want lasting change.Supplemental enhancement PDF accompanies the audiobook.PLEASE NOTE: When you purchase this title, the accompanying PDF will be available in your Audible Library along with the audio. Read more

From the creator of “a unified field theory of racism” (NPR’s Planet Money), a dollars-and-cents reckoning of the state of Black America and a new framework to close the power gap Historically, Black Americans’ quest for power has been understood as an attempt to gain equal protections under the law. But power in America requires more than basic democratic freedoms. It is inextricably linked with economic influence and ownership―of one’s self, home, business, and creations. Andre M. Perry draws on extensive research and analysis to quantify how much power Black Americans actually have. Ranging from property, business, and wealth to education, health, and social mobility, Black Power Scorecard moves across the country, evaluating people’s ability to set the rules of the game and calculating how that translates into the ultimate means of power―life itself, and the longevity of Black communities. Along the way, Perry identifies woefully overlooked areas of investment that could close the racial gap and benefit everyone. An expansive take on power supported by documentation and data, Black Power Scorecard is a fresh contribution to the country’s reckoning with structural inequality, one that offers a new approach to redressing it. Read more

"In this masterly book, [Alfani] offers an insightful long-run perspective and fascinating lessons for the future. A must-read!"—Thomas Piketty, author of Capital in the Twenty-First CenturyA sweeping narrative that shows how the rich historically justified themselves by helping their societies in times of crisis, why they no longer do, and what that may mean for social stabilityThe rich have always fascinated, sometimes in problematic ways. Medieval thinkers feared that the super-rich would act 'as gods among men’; much more recently Thomas Piketty made wealth central to discussions of inequality. In this book, Guido Alfani offers a history of the rich and super-rich in the West, examining who they were, how they accumulated their wealth and what role they played in society. Covering the last thousand years, with frequent incursions into antiquity, and integrating recent research on economic inequality, Alfani finds—despite the different paths to wealth in different eras—fundamental continuities in the behaviour of the rich and public attitudes towards wealth across Western history. His account offers a novel perspective on current debates about wealth and income disparity.Alfani argues that the position of the rich and super-rich in Western society has always been intrinsically fragile; their very presence has inspired social unease. In the Middle Ages, an excessive accumulation of wealth was considered sinful; the rich were expected not to appear to be wealthy. Eventually, the rich were deemed useful when they used their wealth to help their communities in times of crisis. Yet in the twenty-first century, Alfani points out, the rich and the super-rich—their wealth largely preserved through the Great Recession and COVID-19—have been exceptionally reluctant to contribute to the common good in times of crisis, rejecting even such stopgap measures as temporary tax increases. History suggests that this is a troubling development—for the rich, and for everyone else. Read more

A groundbreaking exposé of racism in the American taxation system from a law professor and expert on tax policyNAMED ONE OF THE BEST BOOKS OF THE YEAR BY NPR AND FORTUNE • “Important reading for those who want to understand how inequality is built into the bedrock of American society, and what a more equitable future might look like.”—Ibram X. Kendi, #1 New York Times bestselling author of How to Be an AntiracistDorothy A. Brown became a tax lawyer to get away from race. As a young black girl growing up in the South Bronx, she’d seen how racism limited the lives of her family and neighbors. Her law school classes offered a refreshing contrast: Tax law was about numbers, and the only color that mattered was green. But when Brown sat down to prepare tax returns for her parents, she found something strange: James and Dottie Brown, a plumber and a nurse, seemed to be paying an unusually high percentage of their income in taxes. When Brown became a law professor, she set out to understand why.In The Whiteness of Wealth, Brown draws on decades of cross-disciplinary research to show that tax law isn’t as color-blind as she’d once believed. She takes us into her adopted city of Atlanta, introducing us to families across the economic spectrum whose stories demonstrate how American tax law rewards the preferences and practices of white people while pushing black people further behind. From attending college to getting married to buying a home, black Americans find themselves at a financial disadvantage compared to their white peers. The results are an ever-increasing wealth gap and more black families shut out of the American dream.Solving the problem will require a wholesale rethinking of America’s tax code. But it will also require both black and white Americans to make different choices. This urgent, actionable book points the way forward. Read more

A New York Times Notable Book of the Year The story of a kind of poverty in America so deep that we, as a country, don't even think exists—from a leading national poverty expert who “defies convention.” (The New York Times) Jessica Compton’s family of four would have no income if she didn’t donate plasma twice a week at her local donation center in Tennessee. Modonna Harris and her teenage daughter, Brianna, in Chicago, often have no food but spoiled milk on weekends. After two decades of brilliant research on American poverty, Kathryn Edin noticed something she hadn’t seen before—households surviving on virtually no cash income. Edin teamed with Luke Shaefer, an expert on calculating incomes of the poor, to discover that the number of American families living on $2.00 per person, per day, was one and a half million households, including about three million children. Where do these families live? How did they get so desperately poor? Through this book’s eye-opening analysis and many compelling profiles, moving and startling answers emerge. $2.00 a Day delivers provocative ideas to our national debate on income inequality. “Powerful . . . Presents a deeply moving human face that brings the stunning numbers to life. It is an explosive book . . . The stories will make you angry and break your heart.”—American Prospect “Harrowing . . . [An] important and heart-rending book, in the tradition of Michael Harrington’s The Other America.”—Los Angeles Times Read more

A New York Times bestseller and “a passionate, urgent” (The New Yorker) examination of the growing inequality gap from the bestselling author of Bowling Alone: why fewer Americans today have the opportunity for upward mobility.Central to the very idea of America is the principle that we are a nation of opportunity. But over the last quarter century we have seen a disturbing “opportunity gap” emerge. We Americans have always believed that those who have talent and try hard will succeed, but this central tenet of the American Dream seems no longer true or at the least, much less true than it was. In Our Kids, Robert Putnam offers a personal and authoritative look at this new American crisis, beginning with the example of his high school class of 1959 in Port Clinton, Ohio. The vast majority of those students went on to lives better than those of their parents. But their children and grandchildren have faced diminishing prospects. Putnam tells the tale of lessening opportunity through poignant life stories of rich, middle class, and poor kids from cities and suburbs across the country, brilliantly blended with the latest social-science research. “A truly masterful volume” (Financial Times), Our Kids provides a disturbing account of the American dream that is “thoughtful and persuasive” (The Economist). Our Kids offers a rare combination of individual testimony and rigorous evidence: “No one can finish this book and feel complacent about equal opportunity” (The New York Times Book Review). Read more

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How to make American higher education fairerIn the 1930s, American colleges and universities began to screen applications using the SAT, a mass-administered, IQ-descended standardized test. The widespread adoption of the test accompanied the development of the world’s first mass higher education system—and served to promote the idea that the United States was becoming a “meritocracy” in which admission to selective higher education institutions would be granted to those who most deserved it. In Higher Admissions, Nicholas Lemann reflects on the state of America’s aspirational meritocracy and the enduring value and meaning of standardized testing.Lemann writes that the anticipation of the Supreme Court’s 2023 decision banning affirmative action, plus the Covid pandemic, led hundreds of universities to stop requiring standardized admissions tests; now many colleges and universities are reinstituting test requirements. The country is preoccupied with the admissions policies of the most selective universities, but Lemann redirects our attention to an alternate path that American higher education could have taken, and can still take—one that emphasizes selective admission less and a significant upgrade of the entire higher education system more. Lemann argues that to improve the state of higher education overall, we should focus not on the narrow chokepoint of admission to highly selective colleges, but on efforts to create as much meaningful opportunity for flourishing in our vast higher education system for as many people as possible. The book includes thoughtful and challenging responses from Marvin Krislov, Patricia Gándara, and Prudence Carter. Read more

Facebook co-founder Chris Hughes makes the case that one percenters like him should pay their fortune forward in a radically simple way: a guaranteed income for working people.The first half of Chris Hughes' life played like a movie reel right out of the "American Dream." He grew up in a small town in North Carolina. His parents were people of modest means, but he was accepted into an elite boarding school and then Harvard, both on scholarship. There, he met Mark Zuckerberg and Dustin Moskovitz and became one of the co-founders of Facebook.In telling his story, Hughes demonstrates the powerful role fortune and luck play in today's economy. Through the rocket ship rise of Facebook, Hughes came to understand how a select few can become ultra-wealthy nearly overnight. He believes the same forces that made Facebook possible have made it harder for everyone else in America to make ends meet.To help people who are struggling, Hughes proposes a simple, bold solution: a guaranteed income for working people, including unpaid caregivers and students, paid for by the one percent. The way Hughes sees it, a guaranteed income is the most powerful tool we have to combat poverty and stabilize America's middle class. Money―cold hard cash with no strings attached―gives people freedom, dignity, and the ability to climb the economic ladder.A guaranteed income for working people is the big idea that's missing in the national conversation. This book, grounded in Hughes' personal experience, will start a frank conversation about how we earn in modern America, how we can combat income inequality, and ultimately, how we can give everyone a fair shot. Read more

Winner of the 2025 Ellen Meiksins Wood Prize In the vein ofThe Shock DoctrineandEvil Geniuses, this timely and “galvanizing” (Naomi Klein, New York Times bestselling author) manifesto illustrates how corporate and political power brokers have used capitalism to advance their own interests at the expense of the rest of us—and how we can take back our economy.It’s easy to look at the state of the world around us and feel hopeless. We live in an era marked by war, climate crisis, political polarization, and acute inequality—and yet many of us feel powerless to do anything about these profound issues. We’ve been assured that unfettered capitalism is necessary to ensure our freedom and prosperity but why, in our age of unchecked corporate power, are most of us living paycheck to paycheck? When the economy falters, why do governments bail out corporations and shareholders but leave everyday people in the dust? Now, acclaimed journalist and progressive star on the rise Grace Blakeley exposes the corrupt system that is failing all around us, pulling back the curtain on the free-market mythology we have been sold. She also clearly illustrates how, as corporate interests have taken hold, governments have historically been shifting away from competition and democracy towards monopoly and oligarchy. Tracing over a century of neoliberal planning and backdoor bailouts, Blakeley takes us on a deeply reported tour of the corporate crimes, political maneuvering, and economic manipulation that elites have used to enshrine a global system of “vulture capitalism”—planned capitalist economies that benefit corporations and the uber-wealthy at the expense of the rest of us. As “the sort of book that will help us make a better world” (Rob Delaney, New York Times bestselling author), Vulture Capitalism exposes the cracks already emerging within capitalism, lighting a path forward for how we can democratize our economy, not just our politics, to ensure true freedom for all. Read more

A different kind of politics for a new kind of society--beyond work, scarcity and capitalismIn the twenty-first century, new technologies should liberate us from work. Automation, rather than undermining an economy built on full employment, is instead the path to a world of liberty, luxury and happiness—for everyone. Technological advance will reduce the value of commodities—food, healthcare and housing—towards zero. Improvements in renewable energies will make fossil fuels a thing of the past. Asteroids will be mined for essential minerals. Genetic editing and synthetic biology will prolong life, virtually eliminate disease and provide meat without animals. New horizons beckon. In Fully Automated Luxury Communism, Aaron Bastani conjures a vision of extraordinary hope, showing how we move to energy abundance, feed a world of 9 billion, overcome work, transcend the limits of biology, and establish meaningful freedom for everyone. Rather than a final destination, such a society merely heralds the real beginning of history. Read more

The surprising story of how declining marriage rates are driving many of the country’s biggest economic problems. In The Two-Parent Privilege, Melissa S. Kearney makes a provocative, data-driven case for marriage by showing how the institution’s decline has led to a host of economic woes—problems that have fractured American society and rendered vulnerable populations even more vulnerable. Eschewing the religious and values-based arguments that have long dominated this conversation, Kearney shows how the greatest impacts of marriage are, in fact, economic: when two adults marry, their economic and household lives improve, offering a host of benefits not only for the married adults but for their children. Studies show that these effects are today starker, and more unevenly distributed, than ever before. Kearney examines the underlying causes of the marriage decline in the US and draws lessons for how the  US can reverse this trend to ensure the country’s future prosperity. Based on more than a decade of economic research, including her original work, Kearney shows that a household that includes two married parents—holding steady among upper-class adults, increasingly rare among most everyone else—functions as an economic vehicle that advantages some children over others. As these trends of marriage and class continue, the compounding effects on inequality and opportunity grow increasingly dire. Their effects include not just children’s behavioral and educational outcomes, but a surprisingly devastating effect on adult men, whose role in the workforce and society appears intractably damaged by the emerging economics of America’s new social norms. For many, the two-parent home may be an old-fashioned symbol of the idyllic American dream. But The Two-Parent Privilege makes it clear that marriage, for all its challenges and faults, may be our best path to a more equitable future. By confronting the critical role that family makeup plays in shaping children’s lives and futures, Kearney offers a critical assessment of what a decline in marriage means for an economy and a society—and what we must do to change course.   Read more

A New York Times Book Review Editors’ ChoiceA Public Books Best Book of the Year“A profound and optimistic call to action and reflection. For Piketty, the arc of history is long, but it does bend toward equality. There is nothing automatic about it, however: as citizens, we must be ready to fight for it, and constantly (re)invent the myriad of institutions that will bring it about. This book is here to help.”―Esther Duflo“A sustained argument for why we should be optimistic about human progress…[Piketty] has laid out a plan that is smart, thoughtful, and motivated by admirable political convictions.”―Gary Gerstle, Washington Post“Thomas Piketty helped put inequality at the center of political debate. Now, he offers an ambitious program for addressing it…This is political economy on a grand scale, a starting point for debate about the future of progressive politics.”―Michael J. Sandel, author of The Tyranny of Merit“[Piketty] argues that we’re on a trajectory of greater, not less, equality and lays out his prescriptions for remedying our current corrosive wealth disparities.”―David Marchese, New York Times MagazineIt’s easy to be pessimistic these days. We know that inequality has increased dramatically over the past two generations. Its ravages are increasingly impossible to ignore. But the grand sweep of history gives us reasons for hope. In this short and surprisingly optimistic history of human progress, the world’s leading economist of inequality shows that over the centuries we have been moving, fitfully and inconsistently but inexorably, toward greater equality.Thomas Piketty guides us through the seismic movements that have made the modern world: the birth of capitalism, the age of revolution, imperialism, slavery, two world wars, and the building of the welfare state. He shows that through it all, societies have moved toward a more just distribution of income and assets, reducing racial and gender inequalities and offering greater access to health care, education, and the rights of citizenship. To keep moving, he argues, we need to commit to legal, social, fiscal, and educational systems that can make equality a lasting reality, while resisting the temptations of cultural separatism. At stake is the quality of life for billions of people. We know we can do better. But do we dare? Read more

In 1997, after General Motors shuttered a massive complex of factories in the gritty industrial city of Flint, Michigan, signs were placed around the empty facility reading, “Demolition Means Progress,” suggesting that the struggling metropolis could not move forward to greatness until the old plants met the wrecking ball. Much more than a trite corporate slogan, the phrase encapsulates the operating ethos of the nation’s metropolitan leadership from at least the 1930s to the present. Throughout, the leaders of Flint and other municipalities repeatedly tried to revitalize their communities by demolishing outdated and inefficient structures and institutions and overseeing numerous urban renewal campaigns—many of which yielded only more impoverished and more divided metropolises. After decades of these efforts, the dawn of the twenty-first century found Flint one of the most racially segregated and economically polarized metropolitan areas in the nation. In one of the most comprehensive works yet written on the history of inequality and metropolitan development in modern America, Andrew R. Highsmith uses the case of Flint to explain how the perennial quest for urban renewal—even more than white flight, corporate abandonment, and other forces—contributed to mass suburbanization, racial and economic division, deindustrialization, and political fragmentation. Challenging much of the conventional wisdom about structural inequality and the roots of the nation’s “urban crisis,” Demolition Means Progress shows in vivid detail how public policies and programs designed to revitalize the Flint area ultimately led to the hardening of social divisions. Read more

A genre-breaking work of journalism and memoir that tallies the cash benefit―and cost― of racism in AmericaThis unflinching book from award-winning investigative reporter Tracie McMillan examines what white privilege delivers―in dollars and cents―not only to white people of wealth but also to white people from the poor to the middle class. McMillan begins with her own downwardly mobile middle-class family and takes us through a personal history marked with abuse, illness, and poverty, while training her journalistic eye on the benefits she saw from being white. McMillan then alternates her story with profiles of four other white subjects, millennials to baby boomers, from across the United States. For readers of Stephanie Land’s Maid, Heather McGhee’s The Sum of Us, and Clint Smith’s How the Word Is Passed, McMillan brings groundbreaking insight into how, and to what degree, white racial privilege builds material advantage across class, time, and place. Rather than analyzing racism as a thing that gives less to people of color, McMillan studies how it gives more to people who are white―including, with uncommon honesty, herself―and how it takes so much from so many. The unforgettable follow-up question thrums steadily through this book: Do white Americans believe that racism is worth what it costs all of us? Read more

The forces behind an economic and political crisis in the making A “problem of twelve” arises when a small number of institutions acquire the means to exert outsized influence over the politics and economy of a nation. The Big Four index funds of Vanguard, State Street, Fidelity, and BlackRock control more than twenty percent of the votes of S&P 500 companies—a concentration of power that’s unprecedented in America. Then there’s the rise of private equity funds such as the Big Four of Apollo, Blackstone, Carlyle and KKR, which has amassed $2.7 trillion of assets, and are eroding the legitimacy and accountability of American capitalism, not by controlling public companies, but by taking them over entirely, and removing them from public discourse and public scrutiny. This quiet accumulation in the last few decades represents a dramatic transformation in how the American economy operates—a sea change that few of us have noticed and all of us need to consider. Harvard law professor John Coates forcefully calls our attention to what is sure to be one of the major political and economic issues of our time. Read more

Equality is the endangered species of political ideals. Even left-of-center politicians reject equality as an ideal: government must combat poverty, they say, but need not strive that its citizens be equal in any dimension. In his new book Ronald Dworkin insists, to the contrary, that equality is the indispensable virtue of democratic sovereignty. A legitimate government must treat all its citizens as equals, that is, with equal respect and concern, and, since the economic distribution that any society achieves is mainly the consequence of its system of law and policy, that requirement imposes serious egalitarian constraints on that distribution. What distribution of a nation's wealth is demanded by equal concern for all? Dworkin draws upon two fundamental humanist principles--first, it is of equal objective importance that all human lives flourish, and second, each person is responsible for defining and achieving the flourishing of his or her own life--to ground his well-known thesis that true equality means equality in the value of the resources that each person commands, not in the success he or she achieves. Equality, freedom, and individual responsibility are therefore not in conflict, but flow from and into one another as facets of the same humanist conception of life and politics. Since no abstract political theory can be understood except in the context of actual and complex political issues, Dworkin develops his thesis by applying it to heated contemporary controversies about the distribution of health care, unemployment benefits, campaign finance reform, affirmative action, assisted suicide, and genetic engineering. Read more