A riveting economics book! Mind. Blown.

Normally, I'm not especially interested in economics. But I was fascinated with Robert Reich's explanation of how the middle class’s buying power and political influence have been transferred to the hands of the wealthiest with the full complicity of politicians on both sides of the spectrum.

I am certain RR is right when he suggests that if more of us understood what is actually happening, we’d cease the right vs. left debate --which miss the point-- and focus on how the world economy’s gone out of whack and on how to accommodate the new realities caused by the relocation of manufacturing jobs and the ability of successful tech companies to make crazy money with relatively few employees.

I also believe he’s right in suggesting those of us in what remains of the middle class are not lazy or useless, as we may have started to believe. In fact, we’re more productive than our parents were. We are just being paid less than our parents, counter-intuitively. The wealth we help generate is no longer being shared with us in an equitable manner. An ever-increasing share is redirected to the new aristocracy.

Do yourself and your kids a favour and read this book. You’ll be shocked at what you’ll learn but glad you did.

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25 people found this helpful

One of Mr. Reich's finest works ao far

Inequality has been Mr. Reich's favorite topic for a while. In this book the author employs years, if not decades, of research to describe the forces governing and dictating the future of America. He proposes a number of alternatives to correct the course of wealth distribution and does a good job of handling common objections to his proposals. This is a much more mature book, in my view, as compared to Supercapitalism, for example. His ideas are clearer and more organized. It also helps to have the author narrating his own book, to give the right intonation amd emphasis where needed. I definitely recommend this audiobook to people interested in forming a broader understanding of distribution of wealth and its impact in society.

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Some good and some misguided

I found this book thought provoking and at times very disturbing.

I agree with the author that concentrated wealth has the ability to "buy" political power and influence. My solution is to allow each candidate for office to spend a set amount. No big war chests. I would also outlaw or severally curtail lobbyists.

The author's idea that we should pay everyone a stipend is disgusting. My question would be "Where is the personal responsibility in his idea?" Work is good for us. It gives us a sense of purpose. It feeds our pride and self respect. It would be tragic to take that away from people.

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Clear and fascinating connections

Reich does a great job connecting the dots between wealth and resulting political power used to set the market rules and concentrate the wealth. He also provides useful historical background and comparisons with modern politics. Particularly curious was his review of his own predictions 25 years ago on overall labor allocation.

I suspect many who perceive Reich as overly biased left won't make the time to read this latest work which Is unfortunate. The review of macro economic and political trends is quite fascinating and Reich builds a plausible narrative which connects the far left and far right on shared dissatisfaction of the status quo.

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Are we arguing about the right questions

I kind of chuckle at his vision of robots, where have we seen this before? Other than that, this is a very serious and very important truth. He makes the point that we've been arguing the wrong thing. Talk about regulation and you'll get something about how the market is more efficient, but the market runs on rules and someone needs to make them. And, I'd like to have them made in a transparent way, by people who have accountability to more than the highest bidder. I really to like Robert Reich. I do hope President Sanders makes good use of his ideas and talents.

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Rousseau would love it!

I consider myself a Voltaire liberal (with libertarian leanings) as opposed to a Rousseau liberal.
In this book Robert Reich does a good job of expressing a Rousseau liberal outlook on capitalism.
Much of the first part of this book demonstrates that some people are more powerful than others, and these powerful people tend to be rich and use their power to get richer and more powerful. He sometimes seems to believe this is a new phenomenon. I am pretty sure most people since 1000 BCE have been aware of, and been talking about, this issue.

Reich is also trying to persuade, and is from time to time a bit deceptive with facts. He doesn't tell untruths but he occasionally does not tell the whole truth.

Reich seems to hearken back to the good-old-days of five decades ago. That would be 1965. I was around in 1965, and I am dubious about those being the good old days. Poverty rate was much higher. Not to mention poverty in 1965 was significantly more unpleasant than today. Gender and race discrimination were much worse. Unions were much bigger and more powerful in 1965 but that does not mean wealth was more fairly distributed. Indeed it seems global wealth is more fairly distributed to the global poor now than in 1965. The global rich, using their power, have gotten more than their share and this leaves the global middle class getting a declining share.

Reich's solution to this problem seems to be that poor and middle class in the US should align, along with unions, to take back the power (exactly how is not too clear) then use the reclaimed power to redistribute wealth in a more equal way,

For example Reich proposes a basic living stipend granting enough money for food, shelter, education and medical care for everyone without any need for work or to provide any service to society. Like any good believer in Rousseau, he predicts the recipients will use their massive free time creating art or other benefits to society or they will want to work anyway at some low paying job to increase their quality of life or consumption. I suspect a quite goodly number will take the day off and play video games and/or have farting contests.

The problem us Voltaire liberals find with those Rousseau liberals is we think Rousseau and his ilk are naive about the underlying nature of humanity. We are not born good and corrupted by society. We are born selfish little buggers who grudgingly learn to cooperate for mutual advantage. If everyone had a living stipend it would not be a utopia, but just a different set of problems. Voltaire liberals don't think the Market is infallible, just that the market is a bit better than central planning. Voltaire liberals recommend not Laissez-faire capitalism nor top down redistribution, but instead maintaining a system of shifting dynamic alliances within an agreed framework to respond (inefficiently) to a changing environment.

I don't agree much with Reich, but it is an OK book with decent narration.

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9 people found this helpful

Probably one of the most important books you can read right now.

This book delineates very clearly the deficiencies to our current political economy and begs the question whether we will do what is necessary to fix it. Mr. Reich does this without asking whether it is possible.l- he instead hakes it resoundingly clear that it is not only possible, but necessary.

This is one of the most important books I've ever read.

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9 people found this helpful

Knowledge of what the issues are is critical to knowing the way forward.

Exceptionally well performed. A true eye opener that takes one through, not only what the current problems are and what the possible solutions would be, but what can be done to improve the status quo in any capitalist economy.

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9 people found this helpful

Excellent insights into what has happened and why.

What did you love best about Saving Capitalism?

We all realize that something has gone very wrong in America, but we can't seem to figure out what it is. Reich concisely explains why this is (because we're easily distracted by largely irrelevant claims), what happened (while we were arguing over markets versus government intervention, the fundamental rules of the market were rewritten in ways that make us worse off), and what we might do about it (reinvigorate countervailing power that can offset the influence of concentrated wealth).

Which character – as performed by Robert B. Reich – was your favorite?

"Saving Capitalism" is a nonfiction book, so it doesn't have characters for the most part, but Reich reads with excellent inflection and enunciation, and he incorporates different voice styles when quoting historical figures. The result is a very engaging vocal rendering of a very engaging book.

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Robert Reich's students are very lucky.

What made the experience of listening to Saving Capitalism the most enjoyable?

Facts not just opinions. Mr. Reich's explanations of how can we fix our society are spot on.

Who was your favorite character and why?

The idea of countervailing power.

What about Robert B. Reich’s performance did you like?

Mr. Reich pace is perfect. He even does impersonations when he is quoting famous people.

If you could give Saving Capitalism a new subtitle, what would it be?

How to get our country back.

Any additional comments?

I see why Bill O'Reilly was afraid to debate Mr. Reich.

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6 people found this helpful