Foroohar, Rana (Author)
Crown Business
Physical Details: xi + 388 pp.
Language: English
Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned--and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the "financialization of America"--The trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating "Too Big To Fail" banks, but the problems in our market system go much broader and deeper than that. Consider that: · Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy - the rest stays within the closed loop of finance itself. · The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. · The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. · Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. · And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country's wealthiest financiers. Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers" and "Makers," she'll reveal how we change the system for a better and more sustainable shared economic future"-- "Award-winning business journalist Rana Foroohar shows how the shortsighted and misguided financial practices that nearly toppled the global economy in 2008 have come to infiltrate all corners of American business--putting us on a dangerous collision course to another economic meltdown that will make 2008 look like a mere blip in the business cycle. (Worldcat)
...MoreReview Erik Erlandson (Spring 2017) Review of "Makers and Takers: The Rise of Finance and the Fall of American Business". Business History Review (pp. 211-213).
Similar Citations
Article
Anna Spadavecchia;
(Summer 2020)
Building Industrial Districts: Do Subsidies Help? Evidence from Postwar Italy
(/isis/citation/CBB315473688/)
Book
Joshua Clark Davis;
(2017)
From Head Shops to Whole Foods: The Rise and Fall of Activist Entrepreneurs
(/isis/citation/CBB041180457/)
Article
Laura Phillips Sawyer;
Herbert Hovenkamp;
(Winter 2019)
New Perspectives in Regulatory History
(/isis/citation/CBB295912051/)
Book
Mark H. Rose;
(2018)
Market Rules: Bankers, Presidents, and the Origins of the Great Recession
(/isis/citation/CBB931094552/)
Book
Daniel Peart;
(2018)
Lobbyists and the Making of US Tariff Policy, 1816–1861
(/isis/citation/CBB574857943/)
Book
Neil Fligstein;
(2021)
The Banks did it: an anatomy of the financial crisis
(/isis/citation/CBB092441926/)
Article
Andrew Smith;
Wright, Robert E.;
(2021)
Sowing the Seeds of a Future Crisis: The SEC and the Emergence of the Nationally Recognized Statistical Rating Organization (NRSRO) Category, 1971–1975
(/isis/citation/CBB270024713/)
Book
Christopher Kobrak;
Joe Martin;
(2018)
From Wall Street to Bay Street: The Origins and Evolution of American and Canadian Finance
(/isis/citation/CBB898988875/)
Book
Ben Bernanke;
Geithner, Timothy F.;
Liang, Jean Nellie;
Paulson, Henry M.;
(2020)
First responders : Inside the U.S. strategy for fighting the 2007-2009 global financial crisis
(/isis/citation/CBB671660762/)
Book
John Carreyrou;
(2018)
Bad blood: secrets and lies in a Silicon Valley startup
(/isis/citation/CBB233577951/)
Book
Juan Pablo Pardo-Guerra;
(2019)
Automating Finance: Infrastructures, Engineers, and the Making of Electronic Markets
(/isis/citation/CBB463429723/)
Book
Candida R. Moss;
Joel S. Baden;
(2017)
Bible Nation: The United States of Hobby Lobby
(/isis/citation/CBB632645861/)
Book
Mark H. Rose;
Roger Biles;
(2017)
The President and American Capitalism since 1945
(/isis/citation/CBB861584723/)
Book
Stuart John Barton;
(2016)
Policy Signals and Market Responses: A 50-year History of Zambia's Relationship with Foreign Capital
(/isis/citation/CBB681698604/)
Book
Geoffrey Jones;
(2017)
Profits and Sustainability: A History of Green Entrepreneurship
(/isis/citation/CBB518065688/)
Book
Youssef Cassis;
Giuseppe Telesca;
(2018)
Financial Elites and European Banking: Historical Perspectives.
(/isis/citation/CBB066634132/)
Book
Hubert Bonin;
(2020)
Saint-Gobain et ses banquiers, 1914-2000: enjeux et méthodes du financement d'une grande entreprise, [Saint-Gobain and its bankers, 1914–2000: Issues and methods of financing a large company]
(/isis/citation/CBB557742362/)
Article
Susanna Fellman;
Martin Shanahan;
(Winter 2018)
Sectoral Influence on Competition Legislation: Evidence from the Cartel Registers, 1920–2000
(/isis/citation/CBB019313761/)
Book
Matthew Wisnioski;
Eric S. Hintz;
Marie Stettler Kleine;
(2019)
Does America Need More Innovators?
(/isis/citation/CBB505605681/)
Book
John Harris;
(2020)
The last slave ships : New York and the end of the middle passage
(/isis/citation/CBB574560992/)
Be the first to comment!