Money Class

Conventional wisdom says income inequality is rising and harmful to nearly everyone, and the rich are to blame. But as Ed Conard shows, anyone who can produce a product valued by the entire economy will find his or her income growing faster than those who are limited by the number of customers they can serve, such as schoolteachers, plumbers, doctors, and lawyers.

Thorstein Bunde Veblen (1857-1929) was an economist, sociologist, and critic of capitalism. In The Theory of the Leisure Class (1899), Veblen coined the concepts of “conspicuous consumption” and “conspicuous leisure”. His emphasis on conspicuous consumption greatly influenced economists who engaged in critiques of capitalism and technological determinism. In The Theory of Business Enterprise (1904) Veblen looks at the growing corporate domination of culture and the economy, arguing that business interests do not coincide with that of the community.

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America’s unique prosperity is based on its creation of a middle class. In the 20th century, that middle class provided the workforce, the educated skills, and the demand that gave life to the world’s greatest consumer economy. It was innovative and dynamic; it eclipsed old imperial systems and colonial archetypes. It gave rise to a dream: that if you worked hard and followed the rules you would prosper in America, and your children would enjoy a better life than yours. Incredibly, however, for more than 30 years, government and big business in America have conspired to roll back the American dream....

That statistic above—10 percent of the population owns almost 70 percent of the wealth in America—it’s not just some made-up number copied off some random site.

From Wall Street to the West Coast, from blue-collar billionaires to blue-blood fortunes, from the Google guys to hedge fund honchos, All the Money in the World gives us the lowdown on, among other things: the all-time richest Americans, who made and lost the most money in the past 25 years, the fields and industries that have produced the greatest wealth, the biggest risk takers, the most competitive players, the most wasteful family feuds, the trophy wives.

Would you jump out of an airplane without a parachute? Then why would you start making trades online before you learned what you were doing? It’s crazy! But with deep discount brokers making it look so easy for individual investors, it’s no wonder consumers today are lulled into a false sense of security. You can’t rely on outdated textbooks and strategies anymore. But if you adapt, you can make a considerable fortune with these new market conditions.

The first half of Chris Hughes's 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.

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.

Posing as newlyweds, two ruthless thieves board the Titanic to rob its well-heeled passengers. But an even more shocking plan is afoot - a sensational scheme that could alter the fate of the world's most famous ship.

Pip is a poor orphaned boy who lives together with his sister and her husband. Pip is not educated but has great dreams of the future. He is determined to get out of the low class and seek progress in the higher class. One day a lawyer appears. Pip has suddenly received a large fortune from a secret benefactor and he has to get to London to start his education. Pip’s life changes in a second. But he is ready to embark on his next journey.

The best educated and most prosperous have the most stable families, while working class families have seen the greatest increase in relationship instability. Why? The book provides the answer: greater economic inequality has profoundly changed marriage markets, the way men and women match up when they search for a life partner. It has produced a larger group of high-income men than women; written off the men at the bottom; and left a larger group of women with a smaller group of comparable men...

In 2002, the town of Galesburg, a slowly declining Rustbelt city of 33,000 in western Illinois, learned that it would soon lose its largest factory, a Maytag refrigerator plant that had anchored Galesburg's social and economic life for decades. Workers at the plant earned $15.14 an hour, had good insurance, and were assured a solid retirement. In 2004, the plant was relocated to Reynosa, Mexico, where workers sometimes spent 13-hour days assembling refrigerators for $1.10 an hour.

“Genius is one percent inspiration and ninety-nine percent perspiration.” This phrase, arguably Thomas Edison’s most famous quote, has been drilled into the minds of generations of Americans. A fairly straightforward iteration of the idea that innovation, discovery, and ingenuity are the result of drive and grit above all, it has also come to represent much darker myths: that hard work always leads to success and that achievement is the product of individuals and not communities.

In a wide-ranging narrative that takes us from a downsized marketing executive in Massachusetts, to a father of three in Appalachia finding purpose and meaning working in a convenience-store chain, to an unemployed autoworker retraining in "advanced manufacturing", Shell reveals how work is essential to our flourishing and pyschological well-being - and how so many of the avenues to well-paid and meaningful work will be challenged in the years ahead.

Retirement insecurity is an increasingly serious manifestation of the vast inequality that risks destroying the social fabric in America. The nearly inevitable consequence of lifetime wage discrepancies, security in retirement is linked to the kinds of jobs we hold during our work lives. That, in turn, is a product of all the forces leading to historic levels of inequality, forces that have protected the very wealthy, destroyed any hold on stability for the poor, and gradually eroded the security of the vast middle class.

Gender inequality in the fields of education, law, employment and wages lead to incalculable social and political disparities. These disparities in turn give rise to endemic poverty and violence, to individual frustration, social instability, and cultural disaffection. When women are deprived of their rights, economies are eroded, democracies weakened, and the fabric of societies radically undermined. This pioneering book shows, once and for all, the direct correlation between the freedoms given to women and the prosperity enjoyed by all.

Understanding wealth in the United States - who has it, how they acquired it, and how they preserve it - is crucial to addressing the economic and political challenges facing the nation. But until now we have had little reliable information. Edward Wolff, one of the world's great experts on the economics of wealth, offers an authoritative account of patterns in the accumulation and distribution of wealth since 1900. A Century of Wealth in America demonstrates that the most remarkable change has been the growth of per capita household wealth.

Economic instability is the new normal across all income levels. Teetering: Why So Many Live on a Financial Tightrope and What to Do About It addresses the critical question, what's wrong with American policies and the financial institutions that are failing so many hard-working people today? It merges original research with stories from real-life "tightropers"...

A economia da desigualdade demonstra que o antagonismo esquerda/direita do debate político não discorda necessariamente em suas noções de justiça social, mas sim nos mecanismos econômicos que produzem a desigualdade e em como minorá-la. Em edição atualizada, o audiolivro é mais uma valiosa aula de Piketty sobre a natureza da distribuição de renda e o cenário econômico mundial.