The Fifties is a sweeping social, political, economic, and cultural history of the ten years that Halberstam regards as seminal in determining what our nation is today. Halberstam offers portraits of not only the titans of the age: Eisenhower Dulles, Oppenheimer, MacArthur, Hoover, and Nixon, but also of Harley Earl, who put fins on cars; Dick and Mac McDonald and Ray Kroc, who mass-produced the American hamburger; Kemmons Wilson, who placed his Holiday Inns along the nation's roadsides; U-2 pilot Gary Francis Powers; Grace Metalious, who wrote Peyton Place; and "Goody" Pincus, who led the team that invented the Pill. A NEW YORK TIMES BESTSELLER "From the Trade Paperback edition.

To some, 1968 was the year of sex, drugs, and rock and roll. Yet it was also the year of the Martin Luther King, Jr., and Bobby Kennedy assassinations; the riots at the Democratic National Convention in Chicago; Prague Spring; the antiwar movement and the Tet Offensive; Black Power; the generation gap; avant-garde theater; the upsurge of the women's movement; and the beginning of the end for the Soviet Union. Mark Kurlansky brings to life the cultural and political history of that pivotal year, when television's influence on global events first became apparent, and spontaneous uprisings occurred simultaneously around the world. Encompassing the diverse realms of youth and music, politics and war, economics and the media, 1968 shows how twelve volatile months transformed who we were as a people -- and led us to where we are today.

"There have been two global financial crises in the past century: the Great Depression of the 1930s and the Great Recession that began in 2008. Both featured loose credit, precarious real estate and stock market bubbles, suspicious banking practices, an inflexible monetary system, and global imbalances; both had devastating economic consequences. In both cases, people in the prosperous decade preceding the crash believed they were living in a post-volatility economy, one that had tamed the cycle of boom and bust. When the global financial system began to totter in 2008, policymakers were able to draw on the lessons of the Great Depression in order to prevent a repeat, but their response was still inadequate to prevent massive economic turmoil on a global scale. In Hall of Mirrors, renowned economist Barry Eichengreen provides the first book-length analysis of the two crises and their aftermaths. Weaving together the narratives of the 30s and recent years, he shows how fear of another Depression greatly informed the policy response after the Lehman Brothers collapse, with both positive and negative results. On the positive side, institutions took the opposite paths that they had during the Depression; government increased spending and cut taxes, and central banks reduced interest rates, flooded the market with liquidity, and coordinated international cooperation. This in large part prevented the bank failures, 25% unemployment rate, and other disasters that characterized the Great Depression. But they all too often hewed too closely and too literally to the lessons of the Depression, seeing it as a mirror rather than focusing on the core differences. Moreover, in their haste to differentiate themselves from their forbears, today's policymakers neglected the constructive but ultimately futile steps that the Federal Reserve took in the 1930s. While the rapidly constructed policies of late 2008 did succeed in staving off catastrophe in the years after, policymakers, institutions, and society as a whole were too eager to get back to normal, even when that meant stunting the recovery via harsh austerity policies and eschewing necessary long-term reforms. The result was a grindingly slow recovery in the US and a devastating recession in Europe. Hall of Mirrors is not only a monumental work of economic history, but an essential exploration of how we avoided making only some of the same mistakes twice--and why our partial remedy makes us highly susceptible to making other, equally important mistakes yet again"--

The New York Times bestselling author of The Forgotten Man and Coolidge offers a stunning revision of our last great period of idealism, the 1960s, with burning relevance for our contemporary challenges. "Great Society is accurate history that reads like a novel, covering the high hopes and catastrophic missteps of our well-meaning leaders." --Alan Greenspan Today, a battle rages in our country. Many Americans are attracted to socialism and economic redistribution while opponents of those ideas argue for purer capitalism. In the 1960s, Americans sought the same goals many seek now: an end to poverty, higher standards of living for the middle class, a better environment and more access to health care and education. Then, too, we debated socialism and capitalism, public sector reform versus private sector advancement. Time and again, whether under John F. Kennedy, Lyndon Johnson, or Richard Nixon, the country chose the public sector. Yet the targets of our idealism proved elusive. What's more, Johnson's and Nixon's programs shackled millions of families in permanent government dependence. Ironically, Shlaes argues, the costs of entitlement commitments made a half century ago preclude the very reforms that Americans will need in coming decades. In Great Society, Shlaes offers a powerful companion to her legendary history of the 1930s, The Forgotten Man, and shows that in fact there was scant difference between two presidents we consider opposites: Johnson and Nixon. Just as technocratic military planning by "the Best and the Brightest" made failure in Vietnam inevitable, so planning by a team of the domestic best and brightest guaranteed fiasco at home. At once history and biography, Great Society sketches moving portraits of the characters in this transformative period, from U.S. Presidents to the visionary UAW leader Walter Reuther, the founders of Intel, and Federal Reserve chairmen William McChesney Martin and Arthur Burns. Great Society casts new light on other figures too, from Ronald Reagan, then governor of California, to the socialist Michael Harrington and the protest movement leader Tom Hayden. Drawing on her classic economic expertise and deep historical knowledge, Shlaes upends the traditional narrative of the era, providing a damning indictment of the consequences of thoughtless idealism with striking relevance for today. Great Society captures a dramatic contest with lessons both dark and bright for our own time.

Americans have always believed that economic growth leads to job growth. In this groundbreaking analysis, Stanley Aronowitz argues that this is no longer true. Just Around the Corner examines the state of the American economy as planned by Democrats and Republicans over the last thirty years. Aronowitz finds that economic growth has become "delinked" from job creation, and that unemployment and underemployment are a permanent condition of our economy. He traces the historical roots of this state of affairs and sees under the surface of booms and busts a continuum of economic austerity that creates financial windfalls for the rich at the expense of most Americans. Aronowitz also explores the cultural and political processes by which we have come to describe and accept economics in the United States. He concludes by presenting a concrete plan of action that would guarantee employment and living wages for all Americans. With both measured analysis and persuasive reasoning, Just Around the Corner provides an indispensable guide to our current economic predicament and a bold challenge to economists and policymakers.

The former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard--breaking the link between gold and the dollar--transforming the entire global monetary system. Over the course of three days--from August 13 to 15, 1971--at a secret meeting at Camp David, President Richard Nixon and his brain trust changed the course of history. Before that weekend, all national currencies were valued to the U.S. dollar, which was convertible to gold at a fixed rate. That system, established by the Bretton Woods Agreement at the end of World War II, was the foundation of the international monetary system that helped fuel the greatest expansion of middle-class prosperity the world has ever seen. In making his decision, Nixon shocked world leaders, bankers, investors, traders and everyone involved in global finance. Jeffrey E. Garten argues that many of the roots of America's dramatic retrenchment in world affairs began with that momentous event that was an admission that America could no longer afford to uphold the global monetary system. It opened the way for massive market instability and speculation that has plagued the world economy ever since, but at the same time it made possible the gigantic expansion of trade and investment across borders which created our modern era of once unimaginable progress. Based on extensive historical research and interviews with several participants at Camp David, and informed by Garten's own insights from positions in four presidential administrations and on Wall Street, Three Days at Camp David chronicles this critical turning point, analyzes its impact on the American economy and world markets, and explores its ramifications now and for the future.

Today, the tragedy of the Great Depression looks gratuitous and unnecessary: Our economists and policy makers simply have gained too much experience since then. It could never happen again. Or could it? Over the course of the last two years, six Asian economies have experienced an economic slump that bears an eerie resemblance to the Great Depression. Russia defaulted on its debt in 1998--an event that, halfway around the world, drove Brazilian interest rates through the roof and terrified the U.S. bond market. Some of the brightest financiers in the world, working for the Long-Term Capital Corporation, thought they had the market licked only to find themselves in a jam that had all the makings of the overleveraged positions that caused the 1929 stock market crash. Paul Krugman, one of the world's top economists, recounts these events and more: He points out that they raise significant questions for which policy makers may not have answers. This paperback edition features a brand-new preface by Krugman on the financial realities of the past year.

A deep and widespread crisis affects modern economic theory, a crisis that derives from the absence of a "vision"--a set of widely shared political and social preconceptions--on which all economics ultimately depends. This absence, in turn, reflects the collapse of the Keynesian view that provided such a foundation from 1940 through the early 1970s, comparable to earlier visions provided by Smith, Ricardo, Mill, and Marshall. The "unraveling" of Keynesianism has been followed by a division into discordant and ineffective camps whose common denominator seems to be their shared analytical refinement and lack of practical applicability. This provocative analysis attempts both to describe this state of affairs, and to suggest the direction in which economic thinking must move if it is to regain the relevance and remedial power it now pointedly lacks.

By focusing on the human side as well as the intellectual dimensions of how economists work and think, this collection of interviews with top economists of the 20th century becomes a startling and lively introduction to the modern world of macroeconomics. A fun read! For more information, frequent updates, and to comment on the forthcoming book, visit William A. Barnett's weblog at http://economistmind.blogspot.com/. Acclaim for Inside the Economist's Mind "In candid interviews, these great economists prove to be fabulous story tellers of their lives and times. Unendingly gripping for insiders, this book should also help non-specialists understand how economists think." Professor Julio Rotemberg, Harvard University Business School, and Editor, Review of Economics and Statistics. "Economics used to be called the 'dismal science'. It will be impossible for anybody to hold that view anymore ... This is science with flesh and blood, and a lot of fascinating stories that you will find nowhere else." Dr. Jean-Pascal Bénassy, Paris-Jourdan Sciences Économiques, Paris, France "This book provides a rare and intriguing view of the personal and professional lives of leading economists ... It is like A Beautiful Mind , scaled by a factor of 16 [the number of interviews in the book]." Professor Lee Ohanian, University of California at Los Angeles " ... if you want an insider view of how economics has been developing in the last decades, this is the (only) book for you." Professor Giancarlo Gandolfo, University of Rome ‘La Sapienza,’ Rome "Here we see the HUMAN side of path-breaking research, the personalities and pitfalls, the DRAMA behind the science." Professor Francis X. Diebold, University of Pennsylvania, Philadelphia

What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished American economist presents a new theory of the consumption function, tests it against extensive statistical J material and suggests some of its significant implications. Central to the new theory is its sharp distinction between two concepts of income, measured income, or that which is recorded for a particular period, and permanent income, a longer-period concept in terms of which consumers decide how much to spend and how much to save. Milton Friedman suggests that the total amount spent on consumption is on the average the same fraction of permanent income, regardless of the size of permanent income. The magnitude of the fraction depends on variables such as interest rate, degree of uncertainty relating to occupation, ratio of wealth to income, family size, and so on. The hypothesis is shown to be consistent with budget studies and time series data, and some of its far-reaching implications are explored in the final chapter.

Wassily Leontief (1905–1999) was the founding father of input-output economics, for which he received the Nobel Prize in 1973. This book offers a collection of papers in memory of Leontief by his students and close colleagues. The first part, 'Reflections on Input-Output Economics', focuses upon Leontief as a person and scholar as well as his personal contributions to economics. It includes contributions by Nobel Laureate Paul A. Samuelson who shares his memories of a young Professor Leontief at Harvard and ends with the last joint interview with Wassily and his wife, to date previously unpublished. The second part, 'Perspectives of Input-Output Economics', includes theoretical and empirical research inspired by Leontief's work and offers a wide-ranging sample of the state of interindustry economics, a field Leontief founded. This is a strong collection likely to appeal to a wide range of professionals in universities, government, industry and international organizations.

As the global economic crisis continues to cause damage, some policy makers have called for a more Keynesian approach to current economic problems. In this book, the economists Peter Temin and David Vines provide an accessible introduction to Keynesian ideas that connects Keynes's insights to today's global economy and offers readers a way to understand current policy debates. John Maynard Keynes (1883-1946) created the branch of economics now known as macroeconomics. He played a major role in the reconstruction of Europe and the world economy after the Second World War. Keynesian economics came to be identified with efforts to mitigate the Great Depression and with postwar economic policies that helped power a golden age of economic growth. Temin and Vines argue that Keynes also provided a way to understand the interactions among nations, and therein lies his relevance for today's global crisis. Temin and Vines survey economic thinking before Keynes and explain how difficult it was for Keynes to escape from conventional wisdom. They set out the Keynesian analysis of a closed economy and expand the analysis to the international economy, using a few simple graphs to present Keynes's formal analyses in an accessible way. They discuss problems of today's world economy, showcasing the usefulness of a simple Keynesian approach to current economic policy choices. Keynesian ideas, they argue, can lay the basis for a return to economic growth.

The fight for a "living wage" has a long and revealing history as documented here by Lawrence B. Glickman. The labor movement's response to wages shows how American workers negotiated the transition from artisan to consumer, opening up new political possibilities for organized workers and creating contradictions that continue to haunt the labor movement today. Nineteenth-century workers hoped to become self-employed artisans, rather than permanent "wage slaves." After the Civil War, however, unions redefined working-class identity in consumerist terms, and demanded a wage that would reward workers commensurate with their needs as consumers. This consumerist turn in labor ideology also led workers to struggle for shorter hours and union labels. First articulated in the 1870s, the demand for a living wage was voiced increasingly by labor leaders and reformers at the turn of the century. Glickman explores the racial, ethnic, and gender implications, as white male workers defined themselves in contrast to African Americans, women, Asians, and recent European immigrants. He shows how a historical perspective on the concept of a living wage can inform our understanding of current controversies.

At a recent meeting of the World Economic Forum in Davos, it was reported that a ghost was haunting the deliberations of the assembled global elite - that of the renowned social scientist and economic historian, Karl Polanyi. In his classic work, The Great Transformation, Polanyi documented the impact of the rise of market society on western civilization and captured better than anyone else the destructive effects of the economic, political and social crisis of the 1930s. Today, in the throes of another Great Recession, Polanyi's work has gained a new significance. To understand the profound challenges faced by our democracies today, we need to revisit history and revisit his work. In this new collection of unpublished texts - lectures, draft essays and reports written between 1919 and 1958 - Polanyi examines the collapse of the liberal economic order and the demise of democracies in the inter-war years. He takes up again the fundamental question that preoccupied him throughout his work - the place of the economy in society - and aims to show how we might return to an economy anchored in society and its cultural, religious and political institutions. For anyone concerned about the danger to democracy and social life posed by the unleashing of capital from regulatory control and the dominance of the neoliberal ideologies of market fundamentalism, this important new volume by one of the great thinkers of the twentieth century is a must-read.--

A gripping account of the worst coal mine fire in US history—the 1909 Cherry Mine Disaster that claimed the lives of 259 men. "Drawing on diaries, letters, written accounts of survivors and testimony from the coroner's inquest...Tintori's engaging prose keeps readers on the edge" ( Publishers Weekly ). Inspired by a refrain of her girlhood—"Your grandfather survived the Cherry Mine disaster"—Karen Tintori began a search for her family's role in the harrowing tragedy of 1909. She uncovered the stories of victims, survivors, widows, orphans, townspeople, firefighters, reporters, and mine owners, and wove them together to pen Trapped, a riveting account of the tragic day that would inspire America's first worker's compensation laws and hasten much-needed child labor reform. On a Saturday morning in November of 1909, four hundred and eighty men went down into the mines as they had countless times before. But a fire erupted in the mineshaft that day and soon burned out of control. By nightfall, more than half the men would either be dead or trapped as officials sealed the mine in an attempt to contain the blaze. Miraculously, twenty men would emerge one week later, but not before the Cherry Mine disaster went down in history as the worst ever coal mine fire in the US—and not before all the treachery and heroism of mankind were revealed.

Cartographics illustrate accurate, up-to-date data on the economics, weaponry, and politics of war, the producers of armaments and their clients, and the anti-war movement

Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fed's policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust. The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which in turn was generated by government intervention in the economy. Had the book appeared in the 1940s, it might have spared the world much grief. Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject. The damage to the intellectual world inflicted by Keynesian- and socialist-style treatments would be limited from that day forward.--Amazon.com

From the depression of the 1890s through World War I, construction tradesman held an important place in San Francisco's economic, political, and social life. Michael Kazin's award-winning study delves into how the city’s Building Trades Council (BTC) created, accumulated, used, and lost their power. He traces the rise of the BTC into a force that helped govern San Francisco, controlled its potential progress, and articulated an ideology that made sense of the changes sweeping the West and the country. Believing themselves the equals of officeholders and corporate managers, these working and retired craftsmen pursued and protected their own power while challenging conservatives and urban elites for the right to govern. What emerges is a long-overdue look at building trades as a force in labor history within the dramatic story of how the city's 25,000 building workers exercised power on the job site and within the halls of government, until the forces of reaction all but destroyed the BTC.

Neoconservatism is the movement that has provided the intellectual foundation for the resurgence of American conservatism in our time. And if neoconservatism can be said to have a father or an architect, that person is Irving Kristol. Neoconservatism is the most comprehensive selection of Kristol's influential writings on politics and economics, as well as the best of his now-famous essays on society, religion, culture, literature, education, and - above all - the "values" issues that have come to define the neo-conservative critique of contemporary life. These essays provide an unparalleled insight into the 50-year development of Kristol's social and political ideas, from an uneasy socialism tempered with religious orthodoxy, to a vigilant optimism about the future of the American experiment. Those already familiar with Kristol's work will especially enjoy the new autobiographical essay that introduces this volume; it is sprinkled with personal recollections about such luminaries as Lionel Trilling, Leo Strauss, Saul Bellow, Sidney Hook, Daniel Patrick Moynihan, and historian Gertrude Himmelfarb (who is also Mrs. Kristol). Those relatively new to Kristol's writings will be treated to some of the most lucid, insightful, entertaining, and intellectually challenging essays of our time.