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Supercapitalism, by Robert Reich
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From the greatly admired author of The Work of Nations and The Future of Success, one of America's greatest economic and political thinkers as well as a distinguished public servant in three national administrations, a breakthrough book on the clash between capitalism and democracy.
Mid-twentieth-century capitalism has turned into global capitalism, and global capitalism—turbocharged, Web-based, and able to find and make almost anything just about anywhere—has turned into supercapitalism. But as Robert B. Reich makes clear in this eye-opening book, while supercapitalism is working wonderfully well to enlarge the economic pie, democracy—charged with caring for all citizens—is becoming less and less effective under its influence.
Reich explains how widening inequalities of income and wealth, heightened job insecurity, and the spreading effects of global warming are the logical outcomes of supercapitalism. He shows us why companies, fighting harder than ever to maintain their competitive positions, have become even more deeply involved in politics; and how average citizens, seeking great deals and invested in the stock market to an unprecedented degree, are increasingly loath to stand by their values if it means biting the hands that feed them. He makes clear how the tools traditionally used to temper America's societal problems—fair taxation, well-funded public education, trade unions—have withered as supercapitalism has burgeoned.
Reich sets out a clear course to a vibrant capitalism and a concurrent, equally vibrant democracy. He argues forcefully that the spheres of business and politics must be kept distinct. He calls for an end to the legal fiction that corporations are citizens, as well as the illusion that corporations can be "socially responsible" until laws define social needs. Reich explains why we must stop treating companies as if they were people—and must therefore abolish the corporate income tax and levy it on shareholders instead, hold individuals rather than corporations guilty of criminal conduct, and not expect companies to be "patriotic." For, as Reich says, only people can be citizens, and only citizens should be allowed to participate in democratic decision making.
- Sales Rank: #8458692 in Books
- Original language: English
- Number of items: 1
- Dimensions: 7.72" h x 1.06" w x 5.12" l, .60 pounds
- Binding: Paperback
From Publishers Weekly
In this compelling and important analysis of the triumph of capitalism and the decline of democracy, former labor secretary Reich urges us to rebalance the roles of business and government. Power, he writes, has shifted away from us in our capacities as citizens and toward us as consumers and investors. While praising the spread of global capitalism, he laments that supercapitalism has brought with it alienation from politics and community. The solution: to separate capitalism from democracy, and guard the border between them. Plainspoken and forceful, if somewhat repetitious, the book urges new and strengthened laws and regulations to restore authority to the citizens in us. Reich's proposals are anything but knee-jerk liberal: he calls for abolishing the corporate income tax and labels the corporate social responsibility movement distracting and even counterproductive. As in 2004's Reason, Reich exhibits perhaps too much confidence in Americans' ability to think and act in their own best interests. But he refuses to shift blame for corporations' dominance to the usual suspects, instead pointing a finger at consumers like you and me who want better deals, and from investors like us who want better returns, he writes. Provocatively argued, this book could help begin a necessary national conversation. (Sept. 6)
Copyright � Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.
From Booklist
Reich, professor of public policy and former secretary of labor, argues that as the U.S. has grown stronger as a capitalist economy, it has grown weaker as a democratic nation. Reich begins by looking at the political and economic history that has contributed to the particular brand of capitalism and democracy practiced in the U.S. and how democracy is threatened as more and more Americans are engrossed in their roles as consumers and investors and less so as citizens. He recalls the "almost Golden Age" of the 1950s, a period of stability as large corporations, big labor, and government managed the interests of consumers, workers, management, and investors for the "common good." The spread of capitalism to a global level hasn't corresponded with a spread of democracy throughout the world and has led to some negative social consequences at home, including widening inequalities and a shrinking social safety net. Reich asserts that although Americans dislike what lower wages are doing to us as a nation, when weighed against lower prices or higher return on investments, we vacillate or look the other way. Reich uses tables and charts and plain speech to describe how the economy has grown so efficient and effective that the human equation is lost and how the democracy has become less and less responsive to common values. As citizens, we need to "make our purchases and investments a social choice as well as a personal one," Reich maintains. Bush, Vanessa
Review
“Smart and provocative . . . Reich’s proposed responses to supercapitalism are at once bold and surprising . . . [he] challenges us to think deeply about political economy.”
-News & Observer
“The book succeeds brilliantly. Clear-eyed, well-reasoned, and deeply insightful, Supercapitalism is must reading for anyone interested in the fate of our country and its institutions . . . timely and important reading for a country in deep distress.”
-Kansas.com
“Critically important . . . the value of this book isn’t in proposing a specific policy prescription. It’s about waking up and educating several generations of Americans who can’t seem to understand that you can’t have it all for free . . . It’s the most important message anyone can impart today.”
-San Francisco Bay Guardian
“A grand debunking of the conventional wisdom . . . the main thrust of Reich’s argument is right on target . . Reich documents in lurid detail the explosive growth of corporate lobbying expenditures and campaign contributions since the 1970s.”
-The New York Times Book Review
“Reich is that most exotic of species: an economist who can write.”
-San Francisco magazine
“Supercapitalism is not a polemic or a call to arms. Reich is merely trying to dent capitalism’s rock-star status while suggesting to a dazed citizenry that, as Shakespeare said of Caesar’s Rome, the fault is not in our stars but in ourselves.”
-San Francisco Chronicle
“Surprising . . . Reich paints a disturbing portrait of a world in which corporations have become our quasi-government.”
-Sunday Star-Ledger
“An engaging and insightful account.”
-Harvard Business Review
Most helpful customer reviews
2 of 2 people found the following review helpful.
Technology, Globalization, and Deregulation have Profoundly Transformed the Economic Structures of the Twenty-First Century
By Tom R. Hulst
In what he refers to as Supercapitalism , Robert Reich has provided a fine conceptual framework for understanding the economic structures of the new millennium. In a well-known classic work written many years ago by Robert Dahl and Charles Lindbloom (Politics, Economics and Welfare) the authors describe the four processes of control in a political economy. They are Hierarchy, in which leaders control non-leaders; Polyarchy (democracy) in which non-leaders control leaders; Bargaining, in which leaders and non-leaders control each other; and the Price System [market economy] in which all of the processes of control are found.
Robert Reich writes in his book on Supercapitalism that Hierarchy and the Price System have gained supremacy over Polyarchy (democratic governance) and Bargaining. He opines that “[s]upercapitalism has triumphed as power has shifted to consumers and investors. They now have more choice than ever before, and can switch ever more readily to better deals. And competition among companies to lure and keep them continues to intensify.”
Reich artfully describes the road to supercapitalism in the second chapter of the book. He says that new inventions destroyed the large staid oligopolistic systems of the past. The other factors that led to supercapitalism have been technological change, globalization, and deregulation.
Technological change-Pentagon and NASA engineers in a race for better weapons systems—and race to outer space—invented vacuum tubes, and then “semiconductors and then tiny integrated circuits etched on silicon wafers.” Out of those discoveries came smaller and smaller computers, the internet, and ultimately all manner of handheld devices. This change obliterated the oligopolistic barriers to entry that had existed in the economy previously.
Globalization—Transportation costs plummeted as products became smaller and lighter. Reich describes the process of containerization as a case in point in enhancing globalization. “In 1967, no commercial container service linked Japan and America. A year later, seven companies had entered the business. By 2005, more than 3,500 ships plied the seas, loaded with 15 million containers.”
Deregulation—The shift to deregulation actually started ten years before Ronald Reagan took office. But a lot of it occurred under his watch. Technological change and smaller scale economies, created the need to reduce barriers to entry and dismantle the regulated industries. The airlines were deregulated in 1978, transportation (rail and trucking) in 1980; banking and finance in 1980 (mutual funds emerged in that year); and telecommunications in 1982. After the deregulation of trucking, 300 large companies closed their doors. But 10,000 new smaller independent companies opened theirs.
Reich writes about election finance, compensation of CEOs, growth of lobbyists and other factors that fuel the new supercapitalism. He also makes it clear the days of statesmanlike corporations are over. If there is to be a balance of power within the polity then polyarchy (democratic governance) needs to step up. In Reich’s words, the purpose of capitalism is to get great deals for consumers and investors. The purpose of democracy is to accomplish ends we cannot achieve as individuals.” And “it is Illogical to criticize companies for playing by the rules of the game; if we want them to play differently, we have to change the rules.” The book has many interesting facts and charts that further the reader’s understanding of supercapitalism. I recommend the book highly.
9 of 9 people found the following review helpful.
The Cliff's Notes version
By CrunchyCookie
This book rocks, but given the multitude of reviews out there already (and that I like it for the same reasons everyone else does), I thought I'd make my contribution by giving a quick summation of the contents.
Basically, the whole book is about how this country is supposed to run on the dual ideals of capitalism and democracy, but lately, the forces of capitalism have been crushing the democracy part. Reich says it's our own damn fault: our greed for $$$$$$$$$$ and Return On Investment have driven the vast majority of our actions as consumers and investors, causing the very social ills we complain about (job insecurity, massive wage inequality, depraved garbage on TV, etc.)
He makes the point that it's illogical to scapegoat Wal-Mart and friends no matter how big they are, since they're basically playing by the rules and doing exactly what we demand of them. In fact, when a company shows the slightest sign of generosity (i.e. when Costco's CEO lets its employees pay only 8% of their healthcare costs instead of the usual 25%) it instantly gets slammed; any CEO that isn't doing everything to "maximize shareholder value" usually gets the boot. Investors don't care about much else besides the bottom line (and even when they do, their purchasing patterns don't reflect it), which is why they're willing to pay whatever it takes to get the most profit-generating CEO (and then later, of course, everyone gripes about massively overinflated CEO salaries).
Basically, we're all hypocrites and morons, but Reich reminds us that it's not entirely our fault, because the system makes it a lot easier to express your voice via capitalism than via democracy. For example, you can choose where to shop, what companies to invest in, and what CEOs you want in charge, but if you try to speak your mind about something like how the media is debasing society, well, there's no real specific constructive outlet for it, and chances are you won't be heard above the din.
I guess this stuff should be obvious, but I never really thought about it before, and anyway it's rad how he analyzes everything so deeply, fairly, and realistically -- lessons yet to be learned by sycophants like Michael Moore.
As a sidenote, I also picked up on a few interesting nuggets of truth, like:
- Costco's customers have more than 2X the income of Wal-Mart customers. I also heard that Costco's CEO only makes a six-figure income (unheard of for CEOs) and the company pays people about $17/hour vs. Wal-Mart's $10. Sounds like a really thoughtful company.
- Reich thinks it's silly that the 80s was known as the decade of greed, as if that mentality wasn't there before. Plus, a lot of the seeds and statistics of this gaping inequality started in the 70s. Ack, I forgot which ones.
Anyway, definitely recommended.
0 of 0 people found the following review helpful.
Supercapitalism makes the jump from Capitalism for the rest of us.
By Gerald M. Sutliff
Econ. Professor Robert Reich is well known by those who are interesting in microeconomics as applied to our economy. Sadly few of those, in the know, will not be converted from one side to other side, by reading Supercapitalism; however, if the reader wants a clearer understanding of the microeconomics debate underlying current political discourse taking place presently, this is the book to read. It is clear with much econ. jargon.
Whenever I read conservative political I get the feeling they haven't bother to understand Dr. Reich (and Paul Krugman) are all about. I wish they would. The good professors trying to bring light in to dark caves economic theory, especially among the "dismal science crowd. (Yes, my biases are showing.) Recommended by all means.
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