In the LA Review of Books, Stephen Marche reflects upon the Literature of the Second Gilded Age.
In his recently published book, Capital in the Twenty-First Century
, economist Thomas Piketty argues that when r>g, that is, when an economy's annual rate of return on capital exceeds the economy's annual rate of growth, wealth inequality tends to increase, and that this condition has held both during the 19th century and since around the latter quarter of the 20th century. Unusually for an economics book, Piketty's work makes reference to several pre 20th-century works of fiction.
Stephen Marche discusses role of this literature in Piketty's book. He goes on to critique the modern American social-realist novel. Although these books are not discussed by Piketty, according to Piketty's research they too pertain to a time in which r>g. Marche however accuses the more modern literature of being a "restrained, aspirational product"
with "most of its sting removed"
posted by mister_kaupungister
on Jun 24, 2014 -
"Britain's richest people are wealthier than ever before,
with a combined fortune of almost £520bn, according to the Sunday Times Rich List.
The total wealth of the richest 1,000 individuals, couples or families jumped 15% in a year, the survey said.
Wealth expert Philip Beresford, who compiled the list, said he had never before seen such a "phenomenal" rise in personal fortune... Mr Beresford said: "The richest people in Britain have had an astonishing year. While some may criticise them, many of these people are at the heart of the economy and their success brings more jobs and more wealth for the country." - The total figure for the Rich List is equivalent to a third of the UK's gross domestic product."
posted by marienbad
on May 18, 2014 -
: Tim Kreider's influential 1999 essay (previously
) on how Stanley Kubrick's Eyes Wide Shut
uses sex and infidelity to cover up a story of greed and murder by the elite gets a brand new afterward by the author to introduce a new site for his non-fiction writing, TimKreider.com
posted by The Whelk
on Apr 23, 2014 -
What's the link between household income during childhood and job choice during adulthood? Stats and pretty graphs ahoy
posted by forza
on Mar 20, 2014 -
Inside the Nightmare Launch of HealthCare.Gov
- "Unknown to a nation following the fiasco, McDonough's assignment from the President had boiled down to something more dire than how to fix the site. As the chief of staff remembers his mission, it was 'Can it be patched and improved to work, or does it need to be scrapped to start over? He wanted to know if this thing is salvageable.' Yes, on Oct. 17, the President was thinking of scrapping the whole thing and starting over." (previously
) [more inside]
posted by kliuless
on Mar 3, 2014 -
"We condition the poor and the working class to go to war. We promise them honor, status, glory, and adventure. We promise boys they will become men. We hold these promises up against the dead-end jobs of small-town life, the financial dislocations, credit card debt, bad marriages, lack of health insurance, and dread of unemployment. The military is the call of the Sirens, the enticement that has for generations seduced young Americans working in fast food restaurants or behind the counters of Walmarts to fight and die for war profiteers and elites."
-- War is Betrayal. Persistent Myths of Combat
, an essay by Chris Hedges
of Truthdig. Responses within. [more inside]
posted by zarq
on Aug 9, 2013 -
: Some 70% of Swiss voters appear to have supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers, projected referendum results suggest. One of the organisers of the referendum, Brigitte Moser Harder, told the BBC she thought the Swiss people agreed with the proposals because the gap between rich and poor had become wider. "From the beginning, 2006, we had the support of the people of Switzerland because you know not everybody in Switzerland is rich." [more inside]
posted by Wordshore
on Mar 3, 2013 -
Rebecca Solnit on how Silicon Valley corporations are transforming San Francisco: I weathered the dot-com boom of the late 1990s as an observer, but I sold my apartment to a Google engineer last year and ventured out into both the rental market (for the short term) and home buying market (for the long term) with confidence that my long standing in this city and respectable finances would open a path. That confidence got crushed fast. It turned out that the competition for any apartment in San Francisco was so intense that you had to respond to the listings – all on San Francisco-based Craigslist of course, the classifieds website that whittled away newspaper ad revenue nationally – within a few hours of their posting to receive a reply from the landlord or agency. The listings for both rentals and homes for sale often mentioned their proximity to the Google or Apple bus stops. [more inside]
posted by liketitanic
on Jan 31, 2013 -
The day would come when many West Virginians recalled the story of Jack's Powerball Christmas with a shudder at the magnitude of ruination: families asunder, precious lambs six feet under, folks undone by the lure of all that easy money.
posted by Egg Shen
on Nov 29, 2012 -
T. Boone Pickens and other wealthy, elderly Oklahoma State alums decided to participate in a scheme named "Call of a Lifetime", where they would allow the university to take out $10 million life insurance policies on them. What could go wrong?
posted by reenum
on Oct 7, 2012 -
Orlando, FL - 10 ac, 90K sq ft, 13 bed, 30 bath, 20 car garage, 3 pools, 2 tennis cts, bowling alley, skating rink - $100M [more inside]
posted by Egg Shen
on Jul 28, 2012 -
How Money Makes People Act Less Human:
Earlier this year, [Paul] Piff, who is 30, published a paper in the Proceedings of the National Academy of Sciences that made him semi-famous. Titled “Higher Social Class Predicts Increased Unethical Behavior,” it showed through quizzes, online games, questionnaires, in-lab manipulations, and field studies that living high on the socioeconomic ladder can, colloquially speaking, dehumanize people. It can make them less ethical, more selfish, more insular, and less compassionate than other people. It can make them more likely, as Piff demonstrated in one of his experiments, to take candy from a bowl of sweets designated for children. “While having money doesn’t necessarily make anybody anything,” Piff says, “the rich are way more likely to prioritize their own self-interests above the interests of other people. It makes them more likely to exhibit characteristics that we would stereotypically associate with, say, assholes.”
posted by Mooski
on Jul 3, 2012 -
In Praise of Leisure
- "Imagine a world in which most people worked only 15 hours a week. They would be paid as much as, or even more than, they now are, because the fruits of their labor would be distributed more evenly across society. Leisure would occupy far more of their waking hours than work. It was exactly this prospect that John Maynard Keynes conjured up in a little essay published in 1930 called 'Economic Possibilities for Our Grandchildren
.' Its thesis was simple. As technological progress made possible an increase in the output of goods per hour worked, people would have to work less and less to satisfy their needs, until in the end they would have to work hardly at all... He thought this condition might be reached in about 100 years — that is, by 2030." (via
) [more inside]
posted by kliuless
on Jun 22, 2012 -
Best known for the (exaggerated) tales of her miserliness, Hetty Green
was arguably the greatest female investor
in history. During the 1907 Bankers' Panic
, her loan of $1.1 million helped keep New York City solvent. Her estate - greater than that of J.P. Morgan's - was valued at more than $2 billion in today's money. [more inside]
posted by Trurl
on Feb 5, 2012 -
Mr. Rockefeller has not squandered his income. He has applied it for thirty-five years to accumulating not only oil property but real estate — railroad stock, iron mines, copper mines, anything and everything which could be bought cheap by temporary depressing and made to yield rich by his able management. For thirty-five years he has worked for special privileges giving him advantages over competitors, for thirty-five years he has patiently laid net-works around property he wanted, until he had it surely corralled and could seize it; for thirty-five years he has depreciated values when necessary to get his prey. And to-day he still is busy. In almost every great financial manoeuvre [sic] in the country is felt his supple, smooth hand with its grip of steel, and while he directs that which is big, nothing is too small for him to grasp. [more inside]
posted by Trurl
on Nov 16, 2011 -