Age Of Greed

A vivid history of the economics of greed told through the stories of those major figures primarily responsible. Age of Greed shows how the single-minded and selfish pursuit of immense personal wealth has been on the rise in the United States over the last forty years. Economic journalist Jeff Madrick tells this story through incisive profiles of the individuals responsible for this dramatic shift in our country’s fortunes, from the architects of the free-market economic philosophy (such as Milton Friedman and Alan Greenspan) to the politicians and businessmen (including Nixon, Reagan, Boesky, and Soros) who put it into practice. Their stories detail how a movement initially conceived as a moral battle for freedom instead brought about some of our nation's most pressing economic problems, including the intense economic inequity and instability America suffers from today. This is an indispensible guide to understanding the 1 percent.

Meltdown is the gripping account of the financial collapse that destroyed the West's investment banks, brought the global economy to its knees, and undermined three decades of neoliberal orthodoxy. Covering the development of the crisis from the economic front line, BBC Newsnight journalist Paul Mason explores the roots of the US and UK's financial hubris, documenting the real-world causes and consequences from the Ford factory, to Wall Street, to the City of London. In this fully updated new edition, he recounts how the credit crunch became a full-blown financial crisis, and explores its impact on capitalist ideology and politics in our new age of austerity.

High Crimes is journalist Michael Kodas's gripping account of life on top of the world--where man is every bit as deadly as Mother Nature. In the years following the publication of Into Thin Air, much has changed on Mount Everest. Among all the books documenting the glorious adventures in mountains around the world, none details how the recent infusion of wealthy climbers is drawing crime to the highest place on the planet. The change is caused both by a tremendous boom in traffic, and a new class of parasitic and predatory adventurer. It's likely that Jon Krakauer would not recognize the camps that he visited on Mount Everest almost a decade ago. This book takes readers on a harrowing tour of the criminal underworld on the slopes of the world's most majestic mountain. High Crimes describes two major expeditions: the tragic story of Nils Antezana, a climber who died on Everest after he was abandoned by his guide; as well as the author's own story of his participation in the Connecticut Everest Expedition, guided by George Dijmarescu and his wife and climbing partner, Lhakpa Sherpa. Dijmarescu, who at first seemed well-intentioned and charming, turned increasingly hostile to his own wife, as well as to the author and the other women on the team. By the end of the expedition, the three women could not travel unaccompanied in base camp due to the threat of violence. Those that tried to stand against the violence and theft found that the worst of the intimidation had followed them home to Connecticut. Beatings, thefts, drugs, prostitution, coercion, threats, and abandonment on the highest slopes of Everest and other mountains have become the rule rather than the exception. Kodas describes many such experiences, and explores the larger issues these stories raise with thriller-like intensity.

A fascinating and counterintuitive portrait of the sordid, hidden world behind the dazzling artwork of Michelangelo, Leonardo da Vinci, Botticelli, and more Renowned as a period of cultural rebirth and artistic innovation, the Renaissance is cloaked in a unique aura of beauty and brilliance. Its very name conjures up awe-inspiring images of an age of lofty ideals in which life imitated the fantastic artworks for which it has become famous. But behind the vast explosion of new art and culture lurked a seamy, vicious world of power politics, perversity, and corruption that has more in common with the present day than anyone dares to admit. In this lively and meticulously researched portrait, Renaissance scholar Alexander Lee illuminates the dark and titillating contradictions that were hidden beneath the surface of the period’s best-known artworks. Rife with tales of scheming bankers, greedy politicians, sex-crazed priests, bloody rivalries, vicious intolerance, rampant disease, and lives of extravagance and excess, this gripping exploration of the underbelly of Renaissance Italy shows that, far from being the product of high-minded ideals, the sublime monuments of the Renaissance were created by flawed and tormented artists who lived in an ever-expanding world of inequality, dark sexuality, bigotry, and hatred. The Ugly Renaissance is a delightfully debauched journey through the surprising contradictions of Italy’s past and shows that were it not for the profusion of depravity and degradation, history’s greatest masterpieces might never have come into being.

The “greater fool” theory of economics states that it’s possible to make money by buying paper (securities), whether overvalued or not, and later, selling it at a profit because there will always be an even greater fool willing to pay the higher price. Many described in this book profited by peddling such worthless junk to foolish investors. But for some people—Bernie Madoff, Norman Hsu, Sholam Weiss, and “Crazie Eddie” Antar, aka the “Darth Vader of Capitalism”—overvalued securities were not enough. Outright fraud was their way of life. History of Greed is the compelling inside story of the names you know—Charles Ponzi, Baron Rothschild, Lou Pearlman—and the names you don’t—Isaac Le Maire, the world’s first “naked” short-seller. It’s also our story—why we ignore the lessons of the past and fall prey, most every time, to the promise of easy money. For thousands of years, alchemists unsuccessfully tried to turn worthless base metals into gold. Where science failed at turning nothing into something, business succeeded. Sometimes we praise the creators of derivatives, collateral debt obligations, subprime mortgages, credit default swaps, or auction rate securities as Wall Street’s new financial wizards, the creators of “magic paper.” Other times, we vilify and prosecute them as scam artists. Sometimes, it’s hard to tell who is who. History of Greed reveals the inside secrets of how the markets really work, and how scam artists abuse them to gain an unfair edge or to outright steal. It describes how luftgescheft (“air business”), wizardry, dishonesty, and fraud are used to swindle people. Along with a comprehensive bibliography, History of Greed also details: 400 years of financial fraud—from everyday fraud to the odd and unusual Accounting fraud (phantom sales), stock option fraud (backdating), auction rate securities, hedge fund fraud, Ponzi schemes, promotion fraud (pump-and-dump scams), and money laundering How to detect fraudulent schemes How government regulation only fixes yesterday’s problems If it’s too good to be true, it probably is. If they say you can’t lose, you probably will. History of Greed shows that there really is no such thing as a free lunch, while also detailing how not to become the “greater fool.”

A thought-provoking investigation of an urgent issue facing American communities today, Edward C. Lorenz’s book examines the intersection of corporate irresponsibility and civic engagement. At the heart of this case study is a group of firms responsible for seven of the most contaminated Superfund sites in the United States, the largest food contamination accident in U.S. history, stunning stock and financial manipulations, and a massive shift of jobs off shore. In the face of these egregious environmental, employee, and investor abuses, several communities impacted by these firms organized to confront and combat failures in corporate and bureaucratic leadership, winning notable victories over major financiers, lobbyists, and indifferent or ineffective government agencies. A critical analysis of public and private leadership, business and economic ethics, and civic life, this book concludes with a stirring blueprint for other communities facing similarly overwhelming opposition.

The Power of Greed recommends a shift away from the moralistic way we often go about doing international development. It says we can be too focused on our own ambitions for others and too unaware of what they’re up to on their own behalf. It argues that the desperate and greedy behaviours of the poor and their oppressors are not the enemies of international development, but its potential allies. It also says we ought to resist taking sides in defence of the poor. Productive alliances between oppressed and oppressor are possible if the conditions are right. Furthermore, it says that we need to tie national institutional and economic strengthening measures to the creation of sustainable interest groups at the grassroots. Only they could be in a position to prevent greed and corruption at the top in a sustainable way. For these reasons, The Power of Greed tries to get us to focus on doing more about the opportunity structure in the developing world and, for the rest, to rely on the opportunism of the population.

In the lyrical yet tough-minded tradition of Thoreau, this prescient and impassioned volume, written by a former Ethics columnist for Esquire magazine, examines the myths and follies of a culture that celebrates greed and defines success solely in terms of wealth. As timely today as it was upon its original release in 1989, the book examines the corrosive effects of money-worship on the social fabric and warns of the consequences of pursuing a lifestyle rather than building a life. Written in a lively, journalistic style, and filled with telling observations, the volume takes an unsparing look at the world as it is---and also points the way toward the more humane and fulfilling world that is in our power to create. Said The New York Times, “Shames' critique is on the mark…concrete, compelling reading.”“A scathing indictment of the excesses of our time as well as a prophecy of changes ahead.”—Atlanta Journal-Constitution