The system: who rigged it, how we fix it

Book Cover
Average Rating
Publisher
Alfred A. Knopf
Publication Date
2020.
Language
English

Description

"Millions of Americans have lost confidence in our political and economic system. After years of stagnant wages, volatile job markets, and an unwillingness to deal with profound threats such as climate change, there is a mounting sense that the system isfixed, serving only those select few with enough money to secure a controlling stake. With the characteristic clarity and passion that has made him a central civil voice, Robert B. Reich shows how wealth and power have interacted to install an elite oligarchy, eviscerate the middle class, and undermine democracy. Using Jamie Dimon, the chairman and CEO of JPMorgan Chase as an example, Reich exposes how those at the top propagate myths about meritocracy, national competitiveness, corporate social responsibility, and the "free market," to distract most Americans from their accumulation of extraordinary wealth, and power over the system. Instead of answering the call to civic duty, they have chosen to uphold self-serving policies that line their own pocketsand benefit their bottom line. Reich's objective is not to foster cynicism, but rather to demystify the system so that we might instill fundamental change and demand that democracy works for the majority once again"--

More Details

ISBN
9780525659044

Table of Contents

From the Book - First edition.

The obsolescence of right and left
Patriot first?
Socialism for the rich, harsh capitalism for the rest
The system of corruption
The silence of the CEOs
The core contradiction
The vicious cycle
From stakeholder to shareholder capitalism
The power shift
The last coping mechanism
The triumph of oligarchy
The furies
How oligarchies retain power
Why democracy will prevail
A final word to Mr. Dimon.

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Author Notes

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Published Reviews

Choice Review

In this brief but provocative book, Reich outlines several dramatic and socially destructive changes underway in the US political economy: the rise of stockholder power, the decline of unionism, increasing oligopoly, and the deregulation of financial institutions. These phenomena reflect and contribute to growing inequality and diminished democracy. Reich focuses in particular on JP Morgan Chase's Jamie Dimon during the Obama administration. Through a revealing sketch of Dimon's contradictory role, combining professed sympathy for the marginalized and continued protection of business privileges, Reich describes the ongoing battle between oligarchy and democracy. Offering important insights about the customary behavior of mainstream business lobbies, Reich is optimistic that democracy will rebound, even though no guarantee of the equilibrating effect of a pendulum obtains. A common theme in Reich's books is bullying of the weak by the powerful. Recalling his own youthful experiences with bullying, he recounts the moment when he first fought back, calling President Trump the "bully in chief." A nice touch is Reich's personal note at the conclusion, inviting Dimon to join him as an advocate for democracy over oligarchy in politics and business councils. As unlikely as this is, it would be a good thing to see a new generation of business reformers devote energy to democratic renewal. Summing Up: Recommended. All readers. --David Carroll Jacobs, American University

Copyright American Library Association, used with permission.
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Booklist Review

One can "game the system" or "buck the system," but what, exactly, is this system that is, as Reich avers, so rigged? And who, exactly, is doing the rigging? When economic and political infrastructures intersect, those in power tend to be those with the most money. Since the onset of the Trump administration, the term "oligarch" has catapulted into the American lexicon. Most people associate the term with Russians of extraordinary wealth who run that country at Putin's bidding and to their own great benefit. Can't happen here, right? Wrong, says Reich, who uses JPMorgan Chase CEO Jamie Dimon as the poster child for American oligarchy. These uber-rich moguls have an outsized influence on government influence which actually puts democracy at risk, as they advocate for corporate practices that promote profitability, while penalizing workers and undermine the economy by sending jobs overseas and profits offshore. A prolific author and expert in the field of public policy, Reich (The Common Good, 2018) is a passionate and profound advocate for the financial rights of all Americans.

From Booklist, Copyright (c) American Library Association. Used with permission.
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Publisher's Weekly Review

In this incisive critique, former U.S. secretary of labor Reich (The Common Good) argues that America's political and economic system has "become tilted ever more in the direction of moneyed interests that have exerted disproportionate influence over it, while average workers have steadily lost bargaining leverage." He identifies three major developments over the past four decades: a shift from "stakeholder capitalism" to "shareholder capitalism," in which business decisions are gauged only by the profits they generate; the transfer of bargaining power from unions to corporations; and financial deregulation that have allowed some to reap huge profits, while the weight of financial risk is borne by average people. These changes have empowered a small economic elite to translate massive wealth into political clout, securing policies that enable them to accumulate more money and power. Reich forcefully critiques J.P. Morgan CEO Jamie Dimon's endorsement of "corporate social responsibility" as a vastly insufficient answer to the perils of crony capitalism, which he credits for widespread populist anger that has found its outlet in xenophobia and authoritarianism. The cure, Reich believes, is a multiethnic, multiracial coalition recommitted to the work of citizenship and a more equitable reallocation of power. Though Reich gives undue credit to the social virtues of mid-century corporate leaders, his critique of the current system is evidence-based and authoritative. This call-to-action will resonate with progressive readers. (Mar.)

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Library Journal Review

In his latest book, former U.S. secretary of labor and best-selling author Reich (Carmel P. Friesen Professor of Public Policy, Univ. of California, Berkeley; Saving Capitalism) continues examining the American economy, and how its current structure is unfair to most. Similar to his previous works Beyond Outrage and The Common Good, Reich contends that there is a growing sentiment among Americans that the system is, indeed, rigged in favor of the wealthy and politically powerful--what is often called an oligarchy. Unlike his other works, here Reich takes aim at those who claim to support the middle-class, while at the same time accumulating vast amounts of wealth for themselves, such as JP Morgan Chase. Though Reich has made similar points in previous works, he is still an excellent writer skilled at addressing inequality in an accessible way. His writing style is engaging, and his arguments are supported by facts from his years studying and teaching courses in public policy and economics. VERDICT Another excellent book from Reich that all libraries will want to have in their collections.--Ed Goedeken, Iowa State Univ. Lib., Ames

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Kirkus Book Review

The bestselling author presents his case that severe income inequality is the leading factor eroding American democracy. After serving as the secretary of labor for Bill Clinton, Reich became a professor, frequent commentator on our ailing political system, and author of such bestsellers as Locked in the Cabinet, The Common Good, and Supercapitalism. In his latest, he urges all Americans outside the wealthiest 1% to stop thinking in terms of left vs. right or Democrat vs. Republican. Instead, writes the author, the crucial battle is Oligarchy vs. Democracy. The oligarchs, no matter what they say publicly about promoting democracy within a vigorous capitalistic economy, care almost exclusively about expanding their wealth. The accumulation of such wealth, writes Reich, has destroyed the middle class and offers nothing but misery to minimum wage workers. Throughout the narrative, the author relies heavily on the career of Jamie Dimon to illustrate his theories. Dimon, the CEO and chairman of JPMorgan Chase, presents himself as an enlightened supporter of the Democratic Party as well as a philanthropist actively seeking to reduce income inequality. Digging deeper, Reich argues that Dimon, while perhaps sincere in his own mind, is just another enabler of oligarchy. That enabling occurs not only via his too-big-to-fail bank, but also through Dimon's leadership of the Business Roundtable, a lobbying organization consisting of the most powerful chief executives in the U.S. By opposing government regulation of industry and pushing for corporate tax cuts, Dimon and his fellow BR board members demonstrate their disdain for any legislation that might increase income equality among all socio-economic levels. As the author incisively shows, while opposing a safety net for the needy, corporate leaders regularly accept socialism for the extremely wealthy through government bailouts, an unfair tax code, and other measures. In various passages, Reich explains how the oligarchs have helped create and then bolster Donald Trump and his supporters. Much-needed, readably concise political and economic analysis. Copyright (c) Kirkus Reviews, used with permission.

Copyright (c) Kirkus Reviews, used with permission.
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Booklist Reviews

One can "game the system" or "buck the system," but what, exactly, is this system that is, as Reich avers, so rigged? And who, exactly, is doing the rigging? When economic and political infrastructures intersect, those in power tend to be those with the most money. Since the onset of the Trump administration, the term "oligarch" has catapulted into the American lexicon. Most people associate the term with Russians of extraordinary wealth who run that country at Putin's bidding and to their own great benefit. Can't happen here, right? Wrong, says Reich, who uses JPMorgan Chase CEO Jamie Dimon as the poster child for American oligarchy. These uber-rich moguls have an outsized influence on government influence which actually puts democracy at risk, as they advocate for corporate practices that promote profitability, while penalizing workers and undermine the economy by sending jobs overseas and profits offshore. A prolific author and expert in the field of public policy, Reich (The Common Good, 2018) is a passionate and profound advocate for the financial rights of all Americans. Copyright 2020 Booklist Reviews.

Copyright 2020 Booklist Reviews.
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Library Journal Reviews

In his latest book, former U.S. secretary of labor and best-selling author Reich (Carmel P. Friesen Professor of Public Policy, Univ. of California, Berkeley; Saving Capitalism) continues examining the American economy, and how its current structure is unfair to most. Similar to his previous works Beyond Outrage and The Common Good, Reich contends that there is a growing sentiment among Americans that the system is, indeed, rigged in favor of the wealthy and politically powerful—what is often called an oligarchy. Unlike his other works, here Reich takes aim at those who claim to support the middle-class, while at the same time accumulating vast amounts of wealth for themselves, such as JP Morgan Chase. Though Reich has made similar points in previous works, he is still an excellent writer skilled at addressing inequality in an accessible way. His writing style is engaging, and his arguments are supported by facts from his years studying and teaching courses in public policy and economics. VERDICT Another excellent book from Reich that all libraries will want to have in their collections.—Ed Goedeken, Iowa State Univ. Lib., Ames

Copyright 2020 Library Journal.

Copyright 2020 Library Journal.
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PW Annex Reviews

In this incisive critique, former U.S. secretary of labor Reich (The Common Good) argues that America's political and economic system has "become tilted ever more in the direction of moneyed interests that have exerted disproportionate influence over it, while average workers have steadily lost bargaining leverage." He identifies three major developments over the past four decades: a shift from "stakeholder capitalism" to "shareholder capitalism," in which business decisions are gauged only by the profits they generate; the transfer of bargaining power from unions to corporations; and financial deregulation that have allowed some to reap huge profits, while the weight of financial risk is borne by average people. These changes have empowered a small economic elite to translate massive wealth into political clout, securing policies that enable them to accumulate more money and power. Reich forcefully critiques J.P. Morgan CEO Jamie Dimon's endorsement of "corporate social responsibility" as a vastly insufficient answer to the perils of crony capitalism, which he credits for widespread populist anger that has found its outlet in xenophobia and authoritarianism. The cure, Reich believes, is a multiethnic, multiracial coalition recommitted to the work of citizenship and a more equitable reallocation of power. Though Reich gives undue credit to the social virtues of mid-century corporate leaders, his critique of the current system is evidence-based and authoritative. This call-to-action will resonate with progressive readers. (Mar.)

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Copyright 2020 Publishers Weekly Annex.
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