By Jeff Madrick
A vividly advised background of ways greed bred America’s fiscal ills during the last 40 years, and of the boys so much chargeable for them.
As Jeff Madrick makes transparent in a story straight away sweeping, fast paced, and incisive, the single-minded pursuit of big own wealth has been at the upward push within the usa because the Nineteen Seventies, led by means of a number of people who have argued that self-interest courses society extra successfully than group issues. those stewards of yankee capitalism have insisted at the valuable and crucial position of amassed wealth during the booms, busts, and recessions of the final part century, giving upward push to our present woes.
In telling the tales of those politicians, economists, and financiers who declared an ethical conflict for freedom yet as an alternative gave upward thrust to an age of greed, Madrick strains the lineage of a few of our nation’s so much urgent financial difficulties. He starts off with Walter Wriston, head of what might turn into Citicorp, who led the conflict opposed to govt legislation. He examines the guidelines of economist Milton Friedman, who created the plan for an anti-Rooseveltian the US; the politically expedient judgements of Richard Nixon that fueled inflation; the philosophy of Alan Greenspan, on whose libertarian ideology a home of playing cards used to be outfitted on Wall road; and the activities of Sandy Weill, who developed the most important bank on the planet, which might have long past bankrupt in 2008 and not using a federal bailout of $45 billion. major figures together with Ivan Boesky, Michael Milken, Jack Welch, and Ronald Reagan play key roles as well.
Intense monetary inequity and instability is the tale of our age, and Jeff Madrick tells it with type, readability, and an unerring command of his topic.
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Additional info for Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present
Conflict can lead to a stronger identity within groups and a web or network of diverse group affiliations which does not depend on common values can be formed. This tension between the passing of the town and the arrival of the cosmopolitan city was reflected in the themes of unity and diversity. Robert Park sees the city as a mosaic of separated worlds but nevertheless capable of being co-ordinated. He believes the city might be able to achieve a certain unity based on the accommodation of 39 40 URBAN COMMUNITY diversity in what was becoming a multicultural society due to major flows of immigration.
As the European nations prepared for war, the nation state, the effective expression of modern society as a territorial phenomenon, had become a war machine. That neither society nor state was founded on a principle of community became altogether clear. The malaise of society led to a new and essentially sociological interest in community either as an alternative to modernity or as the real basis of social integration. The polarity of society versus community may also be seen as an expression of the essentially Protestant view of modernity.
Moreover, he disagrees with Tönnies’s view that only the state can reverse the destructive impact of the individualism that comes with modern society. For Durkheim, only civic forms of solidarity based on citizenship can do this (Durkheim, 1957). The problem with Tönnies’s sociology for Durkheim is that it ignores the very real forms of community that came with modernity. Moreover, he rejects the view that individualism, interest and diversity are necessarily bad. Durkheim questions what kind of moral order is best able to deal with the problems of the modern age.
Age of Greed: The Triumph of Finance and the Decline of America, 1970 to the Present by Jeff Madrick