American Finance

A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.

Noam Chomsky is widely regarded as the most influential thinker of our time, but never before has he devoted a major book to one topic: income inequality. Requiem for the American Dream is not an essay collection but an entire work of some 70,000 words, based on four years of interviews with Chomsky by the editors. It is a book that makes Chomsky's breadth and depth accessible and at the same time gives us his most powerful political ideas with unprecedented, breathtaking directness.

Starting from scratch, simply by picking stocks and companies for investment, Warren Buffett amassed one of the epochal fortunes of the twentieth century - an astounding net worth of $10 billion and counting. His awesome investment record has made him a cult figure popularly known for his seeming contradictions: a billionaire who has a modest lifestyle, a phenomenally successful investor who eschews the revolving-door trading of modern Wall Street, a brilliant dealmaker who cultivates a homespun aura.

By one reading, things look pretty good for Americans today: The country is richer than ever before, and the unemployment rate is down by half since the Great Recession. But a closer look shows that something is going seriously wrong. This is the collapse of work - especially among America's men. Political economist Nicholas Eberstadt shows that while "unemployment" has gone down, America's work rate is also lower today than a generation ago - and that the work rate for US men has been spiraling downward for half a century.

Long overshadowed by Japan and China, South Korea is a small country that happens to be one of the great national success stories of the postwar period. From a failed state with no democratic tradition, ruined and partitioned by war, and sapped by a half-century of colonial rule, South Korea transformed itself in just 50 years into an economic powerhouse and a democracy that serves as a model for other countries. With no natural resources and a tradition of authoritarian rule, Korea managed to accomplish a second Asian miracle.

Based on a seven-year study of 1,000 of the wealthiest African Americans, The Wealth Choice offers a trove of sound and surprising advice about climbing the economic ladder, even when the odds seem stacked against you. Listeners will learn about how business leaders, entrepreneurs, and celebrities like Bob Johnson, Spike Lee, L. A. Reid, Herman Cain, T. D. Jakes, and Tyrese Gibson found their paths to wealth; what they did or didn't learn about money early on; what they had to sacrifice to get to the top; and the role of discipline in managing their success.

The American supermarket is an everyday miracle. But what does it take to run one? What are the inner workings of product delivery and distribution? Who sets the price? And who suffers for the convenience and efficiency we’ve come to expect? In this rollicking exposé, author Benjamin Lorr pulls back the curtain on this highly secretive industry.

As Reeves shows, the growing separation between the upper middle class and everyone else can be seen in family structure, neighborhoods, attitudes, and lifestyle. Those at the top of the income ladder are becoming more effective at passing on their status to their children, reducing overall social mobility. The result is not just an economic divide but a fracturing of American society along class lines. Upper-middle-class children become upper-middle-class adults.

Race for Profit uncovers how exploitative real estate practices continued well after housing discrimination was banned. The same racist structures and individuals remained intact after redlining's end, and close relationships between regulators and the industry created incentives to ignore improprieties. Meanwhile, new policies meant to encourage low-income homeownership created new methods to exploit Black homeowners.

In this audiobook, you'll discover everything you need to know about how, exactly, many of America's most famous (and infamous) millionaires and billionaires acquired their fortunes. The big surprise is that all of the super-wealthy it profiles got where they are today by taking one of just 10 possible roads - including starting a business, buying real estate, investing wisely, and marrying extremely well. Whether you aspire to shameful wealth or just a demure fortune, best-selling author and self-made billionaire Ken Fisher will show you how to walk in the footsteps of tycoons.

The American Slave Coast tells the horrific story of how the slavery business in the United States made the reproductive labor of "breeding women" essential to the expansion of the nation. The book shows how slaves' children, and their children's children, were human savings accounts that were the basis of money and credit. This was so deeply embedded in the economy of the slave states that it could be decommissioned only by emancipation, achieved through the bloodiest war in the history of the United States.

During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crippling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry - and even the entire country - lost its way as well. Kirsten Grind’s The Lost Bank is a magisterial and gripping account of these events.

If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us.

At the end of 2008, Ford Motor Company was just months away from running out of cash. With the auto industry careening toward ruin, Congress offered all three Detroit automakers a bailout. General Motors and Chrysler grabbed the taxpayer lifeline, but Ford decided to save itself. Under the leadership of charismatic CEO Alan Mulally, Ford had already put together a bold plan to unify its divided global operations, transform its lackluster product lineup, and overcome a dys­functional culture of infighting, backstabbing, and excuses.

Throughout time, from ancient Rome to modern Britain, the great empires built and maintained their domination through force of arms and political power. But not the United States. America has dominated the world in a new, peaceful, and pervasive way - through the continued creation of staggering wealth. In this authoritative, engrossing history, John Steele Gordon captures as never before the true source of our nation's global influence: wealth and the capacity to create more of it.

VC tells the riveting story of how the industry arose from the United States' long-running orientation toward entrepreneurship. Venture capital has been driven from the start by the pull of outsized returns through a skewed distribution of payoffs - a faith in low-probability but substantial financial rewards that rarely materialize. Whether the gamble is a whaling voyage setting sail from New Bedford or the newest startup in Silicon Valley, VC is not just a model of finance that has proven difficult to replicate in other countries.

During the 19th century, the United States entered the ranks of the world's most advanced and dynamic economies. At the same time, the nation sustained an expansive and brutal system of human bondage. This was no mere coincidence. Slavery's Capitalism argues for slavery's centrality to the emergence of American capitalism in the decades between the Revolution and the Civil War.

Racism and discrimination have choked economic opportunity for African Americans at nearly every turn. At several historic moments, the trajectory of racial inequality could have been altered dramatically. Perhaps no moment was more opportune than the early days of Reconstruction, when the US government temporarily implemented a major redistribution of land from former slaveholders to the newly emancipated enslaved.

In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, home appliances, motor vehicles, air travel, air conditioning, and television transformed households and workplaces. With medical advances, life expectancy between 1870 and 1970 grew from 45 to 72 years. The Rise and Fall of American Growth provides an in-depth account of this momentous era.

The definitive volume on Enron's amazing rise and scandalous fall, from an award-winning team of Fortune investigative reporters.