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Title: The Soul of Capitalism: Opening Paths to a Moral Economy by William Greider ISBN: 0-684-86219-0 Publisher: Simon & Schuster Pub. Date: 01 September, 2003 Format: Hardcover Volumes: 1 List Price(USD): $28.00 |
Average Customer Rating: 4.08 (12 reviews)
Rating: 5
Summary: brilliant discourse
Comment: I'm sure many players in the marketplace are not ready to embrace what Greider is reporting, essentially the call in many quarters for a new economic paradigm that takes into account such off-the-book realities as environmental and technological sustainability and corporate accountability.
But it should be required reading. As he shows, the tide is turning, consciousness is building, and there are certainly a growing number of constituencies, from private and institutional investors, business owners, academics, and government officials, who recognize the need for deep rooted change and revisionist thinking when it comes to the basic precepts of capitalism, a 19th century system that no longer reflects the complexities of today's marketplace. Instead, this maze of antiquidated legal and financial rules continues to create winners and losers, though the victims are certainly becoming the greater,from the environment itself to employees, union workers, investors and retirees to the generations of the future. And the winner's circle keeps narrowing to those few in the academic legal and economic community who expouse shareholder primacy, that a corporation exists to serve its shareholders and shareholders well, and then within those confines, the very few in the ensuing debacles of this past bull market, who actually profited from the internet bubble, not to mention those scamming executives from the likes of World Com and Enron, who managed to escape with their stock options entact before all the cookies crumbled.
Bravo, William Greider, who marches on as both a keen observer and visionary who points out that people certainly aren't going to change, but the system had better do a better job in reflecting the reality of greed and imbalance that is taking a toll globally. This book is a decade ahead of its time and could help build a better future if many take it seriously. A reviewer for The Washington Post dubbed Greider an "optimist" because of his viewpoint that large scale change wasn't only possible, but was forthcoming. But true label is "realist" because the ground swell for many of the issues he tackles has already begun. Not that you'll read about it in Forbes, The Wall Street Journal or hear about it from the usual business talking heads on cable, where contributors aren't brainy or reflective enough to grasp the big picture, if not willingly blinded to it. But Greider offers up what's taking place and why, and the historical context that our marketplace is operating in, in effortless and eloquent prose. And what he's written is an accurate protrayal of change, not just some positive thinking of the possibilities. Within many academic circles, both here and abroad, mulitnationals, stock exchanges, investment funds and business concerns, both profit and non-profit, the pressures egging on the evolution of the capitalist system are already embraced and understood.
I suggest reading Greider's book to not only understand what's at stake, but as way to align your future investment portfolio, employment possiblities, even political beliefs, because the factions he reports on in this book will have increasing power in coming years to change the status-quo to benefit our society at large.
Rating: 4
Summary: Challenging ideas for changing Wall Street's DNA
Comment: "The Soul of Capitalism: Opening Paths to a Moral Economy," is filled with challenging ideas for changing Wall Street's DNA. Author William Greider carefully reviews the historical nature of capitalism and offers sound advice on how to improve the integrity of the financial system in the United States. To this end, Greider demonstrates how deceit and manipulation of information by financial firms has triggered a public outrage. And he provides a convincing argument that unless the bottom line includes humanity in its bookkeeping...capitalism will eventually destroy society.
For the most part serious tier-one traders of equities, bonds, commodities and forex markets will ignore the contents of this book. They are on the cutting edge of establishing value and have no technical or fundamental instrument to quantify humanity in the daily battle of market pricing. However, senior management, bankers and administrators would be wise to examine this text. They are in a position to promote change. And only they can end the callous indifference and greed that dominates Wall Street.
Greider does his homework. He introduces the thoughts of several social gospelers and philophers to punctuate many important points. At the top of the list of culprits is how senior corporate executives have no true social responsibilities other than to make money for shareholders. On the contrary, the heroes of nurturing solid corporate social values are union managed pension funds who advocate wholesome investments.
On a less than positive note...Greider's "agitating inquiry" tends to get a little carried away with his criticism of certain segments of the financial system. For instance, his allegations of fuedalism and master/servants labor systems in today's capitalist society are weak and will be discounted by objective economists. Nevertheless, this is an important book that explores how downsizing, restructuring and outsourcing reduce human dignity, equity and self-worth for many Americans.
Bert Ruiz
Rating: 3
Summary: Worth a skeptical look
Comment: William Greider is a gifted critic of the downside of capitalism, although his proposed changes are somewhat wanting. To his credit he attempts to be realistic in both his analysis and his suggested alternatives although he has excessive confidence in the efficacy of the state to rectify wrongs.
Greider actually has little confidence in the national government to make the changes he deems necessary, however, this lack of faith owes to what he sees as the unwillingness of leaders rather than the inability of government to reorder the economy by fiat. If inertia could be overcome, Greider would have the government be the employer of last resort and a co-owner of many businesses where it would exercise its wisdom to re-order priorities of the modern corporation. This already happens elsewhere (i.e. Europe and Japan) and the results are decidedly mixed.
Greider has an almost patriotic fervor for American innovation but much of what he advocates would tend to stifle the same innovation he lauds. His faith in the virtues of unions tends to ignore their side-effects: arcane work rules and excessive protection for unproductive employees, neither of which are a net benefit.
For all his critiques of American corporations and government he saves his fiercest vitriol for the profession of economics. While he is familiar with the theories of neoclassical economics, one wonders if he only views them as clever propoganda. Its hard to see how Joseph Schumpeter's "creative destruction" could occur in William Greider's ideal economy.
While his criticism sometimes is over the top, he touches on real concerns, particularly in the area of environmental degradation. Contrary to his accusations, neoclassical economics does recognize this as a problem, but they don't offer much in the way of solutions. At least this aspect of his book offers useful, if not fully viable, ideas for change.
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Title: The Great Unraveling: Losing Our Way in the New Century by Paul Krugman ISBN: 0393058506 Publisher: W.W. Norton & Company Pub. Date: September, 2003 List Price(USD): $25.95 |
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Title: Who Will Tell The People? : The Betrayal Of American Democracy by William Greider ISBN: 0671867407 Publisher: Touchstone Books Pub. Date: 01 June, 1993 List Price(USD): $15.00 |
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Title: The Sorrows of Empire : Militarism, Secrecy, and the End of the Republic [The American Empire Project ] by Chalmers Johnson ISBN: 0805070044 Publisher: Metropolitan Books Pub. Date: 13 January, 2004 List Price(USD): $25.00 |
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Title: American Dynasty: Aristocracy, Fortune, and the Politics of Deceit in the House of Bush by Kevin Phillips ISBN: 0670032646 Publisher: Viking Press Pub. Date: 01 January, 2004 List Price(USD): $25.95 |
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Title: The Roaring Nineties: A New History of the World's Most Prosperous Decade by Joseph E. Stiglitz ISBN: 0393058522 Publisher: W.W. Norton & Company Pub. Date: October, 2003 List Price(USD): $25.95 |
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