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Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different
Title | Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different |
Writer | |
Date | 2024-10-31 22:19:32 |
Type | |
Link | Listen Read |
Desciption
Are the huge profits garnered by corporations each year a case of a few bad apples in the business world taking advantage of unmonitored dealings? Is this consolidation of wealth made at the expense of the overall economy and the wellbeing of the average citizen? Will the planet be saved by developing more "green businesses" and "green collar" jobs? Joel Magnuson delivers a powerful response to the current misconceptions about the US economy in his brilliantly accessible Mindful Economics. The troubles we face are not the result of a good system gone awry, but rather a system that is built to do exactly what it is doing: corporations are designed to reap profits for its shareholders, at any cost. The greater welfare of society, or of the environment, will never be as important as financial gain. Magnuson shows us the relationship between the current wars abroad; rising oil prices; the recession; ballooning incomes of top CEOs; the mortgage crisis; and the health care, insurance, and auto industries, and he teaches us that the best way to understand the US economy is to think like an economist. With stunning clarity, Magnuson shows the interconnectedness of the local with the global, and offers real alternatives to this capitalist model. Read more
Review
Some reviewers have said that Magnuson's solutions are a bit naive. Perhaps. But what choice do we have? I think Mr. Magnuson has written a very important book that concisely describes our present predicament. There is no jargon, no complex arguments; just very well-written explanations of how we came to be in our present fix. What I liked about the book is that (contrary to one comment) Magnuson, while obviously no big fan of capitalism, doesn't slam it like so many progressive critics do. He states, over and over again, that capitalism is just doing what capitalism was designed to do: maximize profits for the investor class. Progressive critics who get all worked up over capitalism should reflect on the fact that rattlesnakes kill by using poison. Is it the fault of the rattlesnake that it does what it does? No. Does that mean that rattlesnakes are bad? No. Rattlesnakes, like capitalism, do what they are supposed to do. After taking the majority of the book to describe the features of capitalism (and he acknowledges that there are both systemic and personal faults with the system in that it institutionalizes greed), he lays out the beginnings of a new way to organize our economy. Will it be easy? No. Will it succeed? Perhaps not. But the alternative is to see the world become like Haiti - endemic poverty, environmental degradation, extreme wealth inequality, and rampant disease. Is that what we want? If not, it behooves us all to make some small contribution to getting off that road. A start would be to read this book and then to take a hard look at the behaviors we engage in that perpetuate this system. Highly recommended!