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Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else epub download

by Chrystia Freeland


Chrystia Freeland's Plutocrats provides us with a glimpse of the lives of America's elites and a disquieting look at. .In this delightful book, Chrystia Freeland tells the story of how we got here and what distinguishes our elites from those of previous epochs

Chrystia Freeland's Plutocrats provides us with a glimpse of the lives of America's elites and a disquieting look at the society that produces them. In this delightful book, Chrystia Freeland tells the story of how we got here and what distinguishes our elites from those of previous epochs. Most importantly, she explains why the elites' dominance, even when it appears benign, is a challenge to our institutions and gives us clues about how we can overcome i.

Technology is advancing in leaps and bounds - and so is economic inequality, says writer Chrystia Freeland.

Freeland charts the rise of this class by examining global trends and exploring the consequences of the .

Freeland charts the rise of this class by examining global trends and exploring the consequences of the creation of such a money-laden elite, shifting smoothly from dense academic studies and interviews with George Soros to grappling with the success of Lady Gaga. Such is their power and wealth, these mega-rich plutocrats proclaim free market values yet lobby hard and often successfully to bend markets in their favour, devastating the traditional middle classes and dislocating social mobility. In so doing, they are destroying the very things that gave birth to so many of them – to all our detriment.

Globalized industry, she shows, does not feel itself a part of any individual nation.

A Financial Times Best Book of the Year Winner of the 2013 Lionel Gelber Prize There has always been some gap between rich and . Bringing together the economics and psychology of these new super-rich, Plutocrats puts us inside a league very much of its own, with its own rules.

A Financial Times Best Book of the Year Winner of the 2013 Lionel Gelber Prize There has always been some gap between rich and poor in this country, but in the last few decades what it means to be rich has changed dramatically.

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Plutocrats is basically a compilation of statistics, intercut with anecdotes, mostly . Instead, having gotten basic data out of the way, Freeland turns to explicating the culture of plutocrats.

Plutocrats is basically a compilation of statistics, intercut with anecdotes, mostly gleaned from the very many interviews the author, Chyristia Freeland (a semi-famous journalist, recently appointed Canada’s Minister of Foreign Affairs) conducted with the rich and powerful, everyone from Eric Schmidt to George Soros. The author initially frames her book by citing the Kuznets curve-the idea that inequality necessarily diminishes as a civilization gets richer overall.

Persecution was the common ground of their conversation, like sport or the weather for everyone else. Robert Harris, The Fear Index A stranger to human nature, who saw the indifference of men about. the misery of their inferiors and the regret and indignation which they feel for the misfortunes and sufferings of those above them, would be apt to imagine that pain must be more agonizing and the convulsions of death more terrible to persons of higher rank than. To those of meaner stations

A Financial Times Best Book of the YearWinner of the 2013 Lionel Gelber PrizeThere has always been some gap between rich and poor in this country, but in the last few decades what it means to be rich has changed dramatically. Alarmingly, the greatest income gap is not between the 1 percent and the 99 percent, but within the wealthiest 1 percent of our nation--as the merely wealthy are left behind by the rapidly expanding fortunes of the new global super-rich. Forget the 1 percent; Plutocrats proves that it is the wealthiest 0.1 percent who are outpacing the rest of us at break-neck speed.What’s changed is more than numbers. Today, most colossal fortunes are new, not inherited--amassed by perceptive businessmen who see themselves as deserving victors in a cut-throat international competition. As a transglobal class of successful professionals, today’s self-made oligarchs often feel they have more in common with one another than with their countrymen back home. Bringing together the economics and psychology of these new super-rich, Plutocrats puts us inside a league very much of its own, with its own rules.The closest mirror to our own time is the late nineteenth century Gilded Age--the era of powerful ‘robber barons’ like Andrew Carnegie and John D. Rockefeller. Then as now, emerging markets and innovative technologies collided to produce unprecedented wealth for more people than ever in human history. Yet those at the very top benefited far more than others--and from this pinnacle they exercised immense and unchecked power in their countries. Today’s closest analogue to these robber barons can be found in the turbulent economies of India, Brazil, and China, all home to ferocious market competition and political turmoil. But wealth, corruption, and populism are no longer constrained by national borders, so this new Gilded Age is already transforming the economics of the West as well. Plutocrats demonstrates how  social upheavals generated by the first Gilded Age may pale in comparison to what is in store for us, as the wealth of the entire globalized world is concentrated in fewer and fewer hands.Cracking open the tight-knit world of the new global super-rich is Chrystia Freeland, an acclaimed business journalist who has spent nearly two decades reporting on the new transglobal elite. She parses an internal Citigroup memo that urges clients to design portfolios around the international “Plutonomy” and not the national “rest”; follows Russian, Mexican, and Indian oligarchs during the privatization boom as they manipulate the levers of power to commandeer their local economies; breaks down the gender divide between the vast female-managed ‘middle class’ and the world’s one thousand billionaires; shows how, by controlling both the economic and political institutions of their nation, the richest members of China’s National People’s Congress have amassed more wealth than every branch of American government combined--the president, his cabinet, the justices of the Supreme Court, and both houses of Congress.Though the results can be shocking, Freeland dissects the lives of the world’s wealthiest individuals with empathy, intelligence, and deep insight. Brightly written, powerfully researched, and propelled by fascinating original interviews with the plutocrats themselves, Plutocrats is a tour-de-force of social and economic history, and the definitive examination of inequality in our time. 

Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else epub download

ISBN13: 978-1594204098

ISBN: 1594204098

Author: Chrystia Freeland

Category: Business and Money

Subcategory: Economics

Language: English

Publisher: Penguin Press; 1 edition (October 11, 2012)

Pages: 352 pages

ePUB size: 1518 kb

FB2 size: 1775 kb

Rating: 4.9

Votes: 918

Other Formats: mbr rtf mobi lrf

Related to Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else ePub books

Mavegar
Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

"Plutocrats" is an insightful look at both the economics and politics of the super-elite class. Canadian writer, journalist and politician Chrystia Freeland provides the readers with an inside look at plutocrats. It's an interesting look at how plutocrats live their lives and how they earn their fortunes, and the impact it has on the rest of us. This interesting 335-page book includes the following six chapters: 1. History and Why It Matters, 2. Culture of the Plutocrats, 3. Superstars, 4. Responding to Revolution, 5. Rent-Seeking, and 6. Plutocrats and the Rest of Us.

Positives:
1. A well-written, accessible and even-handed book.
2. A fascinating topic. Freeland should be commended for her ability to gain access to people from a very exclusive club.
3. Does a good job of explaining the rise of the plutocrats. "These three transformations--the technology revolution, globalization, and the rise of the Washington Consensus--have coincided with an age of strong global economic growth, and also with the reemergence of the plutocrats, this time on a global scale."
4. An interesting look at the rise of the Alpha Geeks. "The rise of the alpha geeks is most obvious in Silicon Valley, a culture and an economic engine they created. But you can find them everywhere you find the plutocracy."
5. Interesting perspectives on today's global economy. "Speaking at the same conference, Thomas Wilson, CEO of Allstate, told a similar story: "I can get [workers] anywhere in the world. It is a problem for America, but it is not necessarily a problem for American business. . . . American businesses will adapt."
6. The impact of women. "The year 2009 was a watershed for the American workplace--it was the first time since data was collected that women outnumbered men on the country's payrolls."
7. The power of intellectuals. "In the knowledge economy, more and more professions use a laptop rather than a steam engine, and that means that the superstars in these fields are earning ever greater rewards. The intellectuals are on the road to class power."
8. The three superstars of finance: Alfred Winslow Jones, Georges Doriot, and Victor Posner. "Hedge funds, venture capital, and private equity transformed finance--previously the dependable plumbing of the capitalist economy--into an innovative frontier where smart and lucky individuals could earn nearly instant fortunes."
9. When CEO salaries began to skyrocket. "The real takeoff was during the 1990s: by the end of that decade they were growing by 10 percent a year. As Roger Martin has calculated, for CEOs of S&P firms, the median level of pay soared from $2.3 million in 1992 to $7.2 million in 2001."
10. Good conclusions. "Pay for performance actually works, but only in companies where the board is strong enough to truly oversee the chief executive."
11. How to become a plutocrat. "Responding to revolution is how you become a plutocrat."
12. The changing economic landscape. ""It used to be that the big ate the small; now the fast eat the slow."
13. Great example of active inertia, Firestone.
14. The highest billionaire-to-GDP ratio. "Russia, with eighty-seven billionaires and a national GDP of $1.3 trillion, had the highest billionaire-to-GDP ratio. India, Rajan said, was number two, with fifty-five billionaires and $1.1 trillion of GDP."
15. Find out what was the largest transfer of assets in human history.
16. The richest person ever. "But all three are trumped by the man at the head of the 2012 Forbes global rich list, Mexican tycoon Carlos Slim. Forbes put Slim's fortune that year at $69 billion, enough to earn an income equivalent to the average annual salary of more than 400,000 Mexicans."
17. The impact of deregulation. "One reason the preeminence of the financiers within the global super-elite matters is that it highlights how crucial financial deregulation has been to the emergence of the plutocracy."
18. Important research. "In Western countries with significant legal corruption, that financial gulf creates a revolving door between the regulators and the regulated. One study of the SEC found that, between 2006 and 2010, 219 former SEC employees had filed almost eight hundred disclosure statements for representing their new clients' dealings with the agency, their former employer. Nearly half of these disclosures were filed by people who had worked at the sharp end of the SEC's relationship with business, in its enforcement division."
19. The facts. "Most lobbying seeks to tilt the playing field in one direction or another, not to level it. Most lobbying is pro-business, in the sense that it promotes the interests of existing businesses, not pro-market in the sense of fostering truly free and open competition."
20. A bleak future? Find out. "Low taxes, light-touch regulation, weak unions, and unlimited campaign donations are certainly in the best interests of the plutocrats, but that doesn't mean they are the right way to maintain the economic system that created today's super-elite."
21. Formal bibliography included.

Negatives:
1. It's very hard to be too critical of the very people who were generous with their time. Overall, Freeland deserves credit and she did her best to be even handed but it's human nature to hold back after such exclusive access.
2. The eBook did not link the notes.
3. Tables, comparative charts, diagrams would have added value.
4. The impact of the repeal of the Glass Steagall Act was only mentioned once in passing.
5. Not as analytical as I would have liked.
6. Not convinced of the following argument, "The two gilded ages can also get in each other's way. As good an explanation as any for the 2008 financial crisis is that it is the result of the collision between China's gilded age and the West's--the financial imbalances that are an essential part of China's export-driven growth model also played a crucial role in inflating the credit bubble that burst with such devastating consequences in 2008."

In summary, this was an interesting look at the world of plutocrats. Freeland's contention is that to understand the changing shape of the global economy one must look at the very top. She does a wonderful job of providing insights into this exclusive club and discusses the ramifications it may have on the rest of us. Perhaps this book was not as analytical as I would have liked but nonetheless insightful and fun to read. I recommend it!

Further recommendations: "Winner-Take-All Politics: How Washington Made the Rich Richer--and Turned Its Back on the Middle Class" by Jacob S. Hacker, "The Price of Inequality: How Today's Divided Society Endangers Our Future" and "Globalization and Its Discontents (Norton Paperback)" by Joseph E. Stiglitz, "The Crash of 2016: The Plot to Destroy America--and What We Can Do to Stop It" by Thom Hartmann, "The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality" by Branko Milanovic, "Affluence and Influence: Economic Inequality and Political Power in America" by Martin Gilens, "Republic, Lost: How Money Corrupts Congress--and a Plan to Stop It" by Lawrence Lessig, "The New Elite: Inside the Minds of the Truly Wealthy" by Stephen Kraus, "Why Nations Fail: The Origins of Power, Prosperity, and Poverty" by Daron Acemoglu, "Outliers" by Malcolm Gladwell, "ECONned" by Yves Smith, "The Great Divergence: America's Growing Inequality Crisis and What We Can Do about It" by Timothy Noah, and "Bailout" by Neil Barofsky.
Mavegar
Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else by Chrystia Freeland

"Plutocrats" is an insightful look at both the economics and politics of the super-elite class. Canadian writer, journalist and politician Chrystia Freeland provides the readers with an inside look at plutocrats. It's an interesting look at how plutocrats live their lives and how they earn their fortunes, and the impact it has on the rest of us. This interesting 335-page book includes the following six chapters: 1. History and Why It Matters, 2. Culture of the Plutocrats, 3. Superstars, 4. Responding to Revolution, 5. Rent-Seeking, and 6. Plutocrats and the Rest of Us.

Positives:
1. A well-written, accessible and even-handed book.
2. A fascinating topic. Freeland should be commended for her ability to gain access to people from a very exclusive club.
3. Does a good job of explaining the rise of the plutocrats. "These three transformations--the technology revolution, globalization, and the rise of the Washington Consensus--have coincided with an age of strong global economic growth, and also with the reemergence of the plutocrats, this time on a global scale."
4. An interesting look at the rise of the Alpha Geeks. "The rise of the alpha geeks is most obvious in Silicon Valley, a culture and an economic engine they created. But you can find them everywhere you find the plutocracy."
5. Interesting perspectives on today's global economy. "Speaking at the same conference, Thomas Wilson, CEO of Allstate, told a similar story: "I can get [workers] anywhere in the world. It is a problem for America, but it is not necessarily a problem for American business. . . . American businesses will adapt."
6. The impact of women. "The year 2009 was a watershed for the American workplace--it was the first time since data was collected that women outnumbered men on the country's payrolls."
7. The power of intellectuals. "In the knowledge economy, more and more professions use a laptop rather than a steam engine, and that means that the superstars in these fields are earning ever greater rewards. The intellectuals are on the road to class power."
8. The three superstars of finance: Alfred Winslow Jones, Georges Doriot, and Victor Posner. "Hedge funds, venture capital, and private equity transformed finance--previously the dependable plumbing of the capitalist economy--into an innovative frontier where smart and lucky individuals could earn nearly instant fortunes."
9. When CEO salaries began to skyrocket. "The real takeoff was during the 1990s: by the end of that decade they were growing by 10 percent a year. As Roger Martin has calculated, for CEOs of S&P firms, the median level of pay soared from $2.3 million in 1992 to $7.2 million in 2001."
10. Good conclusions. "Pay for performance actually works, but only in companies where the board is strong enough to truly oversee the chief executive."
11. How to become a plutocrat. "Responding to revolution is how you become a plutocrat."
12. The changing economic landscape. ""It used to be that the big ate the small; now the fast eat the slow."
13. Great example of active inertia, Firestone.
14. The highest billionaire-to-GDP ratio. "Russia, with eighty-seven billionaires and a national GDP of $1.3 trillion, had the highest billionaire-to-GDP ratio. India, Rajan said, was number two, with fifty-five billionaires and $1.1 trillion of GDP."
15. Find out what was the largest transfer of assets in human history.
16. The richest person ever. "But all three are trumped by the man at the head of the 2012 Forbes global rich list, Mexican tycoon Carlos Slim. Forbes put Slim's fortune that year at $69 billion, enough to earn an income equivalent to the average annual salary of more than 400,000 Mexicans."
17. The impact of deregulation. "One reason the preeminence of the financiers within the global super-elite matters is that it highlights how crucial financial deregulation has been to the emergence of the plutocracy."
18. Important research. "In Western countries with significant legal corruption, that financial gulf creates a revolving door between the regulators and the regulated. One study of the SEC found that, between 2006 and 2010, 219 former SEC employees had filed almost eight hundred disclosure statements for representing their new clients' dealings with the agency, their former employer. Nearly half of these disclosures were filed by people who had worked at the sharp end of the SEC's relationship with business, in its enforcement division."
19. The facts. "Most lobbying seeks to tilt the playing field in one direction or another, not to level it. Most lobbying is pro-business, in the sense that it promotes the interests of existing businesses, not pro-market in the sense of fostering truly free and open competition."
20. A bleak future? Find out. "Low taxes, light-touch regulation, weak unions, and unlimited campaign donations are certainly in the best interests of the plutocrats, but that doesn't mean they are the right way to maintain the economic system that created today's super-elite."
21. Formal bibliography included.

Negatives:
1. It's very hard to be too critical of the very people who were generous with their time. Overall, Freeland deserves credit and she did her best to be even handed but it's human nature to hold back after such exclusive access.
2. The eBook did not link the notes.
3. Tables, comparative charts, diagrams would have added value.
4. The impact of the repeal of the Glass Steagall Act was only mentioned once in passing.
5. Not as analytical as I would have liked.
6. Not convinced of the following argument, "The two gilded ages can also get in each other's way. As good an explanation as any for the 2008 financial crisis is that it is the result of the collision between China's gilded age and the West's--the financial imbalances that are an essential part of China's export-driven growth model also played a crucial role in inflating the credit bubble that burst with such devastating consequences in 2008."

In summary, this was an interesting look at the world of plutocrats. Freeland's contention is that to understand the changing shape of the global economy one must look at the very top. She does a wonderful job of providing insights into this exclusive club and discusses the ramifications it may have on the rest of us. Perhaps this book was not as analytical as I would have liked but nonetheless insightful and fun to read. I recommend it!

Further recommendations: "Winner-Take-All Politics: How Washington Made the Rich Richer--and Turned Its Back on the Middle Class" by Jacob S. Hacker, "The Price of Inequality: How Today's Divided Society Endangers Our Future" and "Globalization and Its Discontents (Norton Paperback)" by Joseph E. Stiglitz, "The Crash of 2016: The Plot to Destroy America--and What We Can Do to Stop It" by Thom Hartmann, "The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality" by Branko Milanovic, "Affluence and Influence: Economic Inequality and Political Power in America" by Martin Gilens, "Republic, Lost: How Money Corrupts Congress--and a Plan to Stop It" by Lawrence Lessig, "The New Elite: Inside the Minds of the Truly Wealthy" by Stephen Kraus, "Why Nations Fail: The Origins of Power, Prosperity, and Poverty" by Daron Acemoglu, "Outliers" by Malcolm Gladwell, "ECONned" by Yves Smith, "The Great Divergence: America's Growing Inequality Crisis and What We Can Do about It" by Timothy Noah, and "Bailout" by Neil Barofsky.
Modred
"Plutocrats" is the type of book you suspect will make you angry before you turn a single page. The subtitle alone is hackle-raising: "The Rise of the New Global Super-Rich and the Fall of Everyone Else." The fall of "everyone else"? This book probably will piss you off -- but don't blame the messenger.

Freeland, a financial journalist, makes the case that there is alarming income inequality in most countries -- but you probably already knew that. She interviews a laundry list of the ultra-rich, determines how these men (almost always men) rose to the top, and speculates on what it all means for "everyone else," i.e., the 99 percent. Is vast income disparity the inevitable result of capitalism? Is it possible that the wealth chasm is actually a good thing?

"Plutocrats" documents how the actions of Big Business are benefiting, if not the American middle class, then certainly new middle classes in emerging world markets such as China and India. It's hard to argue that that's a bad thing.

But our billionaires and millionaires are not exactly selfless. Many of them, particularly in the United States, feel victimized by government regulation and taxes, and they don't understand why they are increasingly demonized by the 99 percent. They do contribute to charity, but those contributions treat the symptoms of inequality, not the problem itself.

Freeland doesn't come right out and say it, but she implies that only government can place checks on Wall Street and corporate America. That might be anathema to conservatives and libertarians, but after events of the past five years, isn't it common sense to everyone else? Apparently not, for as Freeland writes:

"That's the irony of superstar economics in a democratic age. We all think we can be superstars, but in a winner-take-all economy, there isn't room for most of us at the top."
Modred
"Plutocrats" is the type of book you suspect will make you angry before you turn a single page. The subtitle alone is hackle-raising: "The Rise of the New Global Super-Rich and the Fall of Everyone Else." The fall of "everyone else"? This book probably will piss you off -- but don't blame the messenger.

Freeland, a financial journalist, makes the case that there is alarming income inequality in most countries -- but you probably already knew that. She interviews a laundry list of the ultra-rich, determines how these men (almost always men) rose to the top, and speculates on what it all means for "everyone else," i.e., the 99 percent. Is vast income disparity the inevitable result of capitalism? Is it possible that the wealth chasm is actually a good thing?

"Plutocrats" documents how the actions of Big Business are benefiting, if not the American middle class, then certainly new middle classes in emerging world markets such as China and India. It's hard to argue that that's a bad thing.

But our billionaires and millionaires are not exactly selfless. Many of them, particularly in the United States, feel victimized by government regulation and taxes, and they don't understand why they are increasingly demonized by the 99 percent. They do contribute to charity, but those contributions treat the symptoms of inequality, not the problem itself.

Freeland doesn't come right out and say it, but she implies that only government can place checks on Wall Street and corporate America. That might be anathema to conservatives and libertarians, but after events of the past five years, isn't it common sense to everyone else? Apparently not, for as Freeland writes:

"That's the irony of superstar economics in a democratic age. We all think we can be superstars, but in a winner-take-all economy, there isn't room for most of us at the top."
Nalmezar
Ms. Freeland's "Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else" is, essentially, a less-dense and shorter version of Thomas Piketty's "Capital in the Twenty-First Century". The message and conclusions between the two books are more-or-less the same but Freeland adds more of a human element so her work is easier to digest and, at times, more infuriating. (Not to take anything away from Piketty's impressive book and research but his is a committed deep-dive into the causes and consequences of severe economic inequality.)

If you are at all concerned about spiraling economic equality (and you should be if you are paying attention!) then give this book a go.
Nalmezar
Ms. Freeland's "Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else" is, essentially, a less-dense and shorter version of Thomas Piketty's "Capital in the Twenty-First Century". The message and conclusions between the two books are more-or-less the same but Freeland adds more of a human element so her work is easier to digest and, at times, more infuriating. (Not to take anything away from Piketty's impressive book and research but his is a committed deep-dive into the causes and consequences of severe economic inequality.)

If you are at all concerned about spiraling economic equality (and you should be if you are paying attention!) then give this book a go.