The Future of Capitalism: Facing the New Anxieties

The Future of Capitalism: Facing the New Anxieties

Paul Collier / Oct 16, 2019

The Future of Capitalism Facing the New Anxieties From world renowned economist Paul Collier a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it Deep new rifts are tearing apart the fabric o

  • Title: The Future of Capitalism: Facing the New Anxieties
  • Author: Paul Collier
  • ISBN: The Future of Capitalism: Facing the New Anxieties
  • ISBN
  • Page: 416
  • Format: Hardcover
  • From world renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it.Deep new rifts are tearing apart the fabric of the United States and other Western societies thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries From world renowned economist Paul Collier, a candid diagnosis of the failures of capitalism and a pragmatic and realistic vision for how we can repair it.Deep new rifts are tearing apart the fabric of the United States and other Western societies thriving cities versus rural counties, the highly skilled elite versus the less educated, wealthy versus developing countries As these divides deepen, we have lost the sense of ethical obligation to others that was crucial to the rise of post war social democracy So far these rifts have been answered only by the revivalist ideologies of populism and socialism, leading to the seismic upheavals of Trump, Brexit, and the return of the far right in Germany We have heard many critiques of capitalism but no one has laid out a realistic way to fix it, until now.In a passionate and polemical book, celebrated economist Paul Collier outlines brilliantly original and ethical ways of healing these rifts economic, social and cultural with the cool head of pragmatism, rather than the fervor of ideological revivalism He reveals how he has personally lived across these three divides, moving from working class Sheffield to hyper competitive Oxford, and working between Britain and Africa, and acknowledges some of the failings of his profession.Drawing on his own solutions as well as ideas from some of the world s most distinguished social scientists, he shows us how to save capitalism from itself and free ourselves from the intellectual baggage of the twentieth century Get A Copy Kindle Store StoresAudibleBarnes NobleWalmart eBooksApple BooksGoogle PlayAbebooksBook DepositoryIndigoAlibrisBetter World BooksIndieBoundLibraries Or buy for Hardcover, 256 pages Published December 4th 2018 by Harper More Details Original Title The Future of Capitalism Facing the New Anxieties ISBN 0062748661 ISBN13 9780062748669 Edition Language English Other Editions 9 All Editions Add a New Edition Combine Less Detail edit details Friend Reviews To see what your friends thought of this book, please sign up Reader QA To ask other readers questions about The Future of Capitalism, please sign up

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    Lists with This Book Financial Times Best books of 2018 Economics 20 books 4 voters Economics Published in Year 2018 27 books 5 voters More lists with this book Community Reviews Showing 1 30 Rating details Sort Default Filter Nov 11, 2018 Karl O marked it as to read Shelves business economics, non fiction flag 5 likesLike see review Jan 25, 2019 Marks54 rated it really liked it review of another edition This is a wonderful book, even better than I expected The author is a respected and well published Oxford economist The intent of the book is to provide a thoughtful overview of the problems facing global capitalism and even offer some possible fixes, perhaps in conjunction with his retirement thoughts The result is a complex and well done integration of economics, politics, history, philosophy, ethics, and culture that spans continents and crosses multiple levels of analysis with ease All o This is a wonderful book, even better than I expected The author is a respected and well published Oxford economist The intent of the book is to provide a thoughtful overview of the problems facing global capitalism and even offer some possible fixes, perhaps in conjunction with his retirement thoughts The result is a complex and well done integration of economics, politics, history, philosophy, ethics, and culture that spans continents and crosses multiple levels of analysis with ease All of the issue areas one would expect are present and accounted for Brexit, Globalization, China, Trump, tariffs, taxes, ideology, populism, and so on.So what is the punch line READ THE BOOK He does present a general argument that spans levels, perhaps too easily His focus is on relational logics as bases for personal meaning rather than atomized individualism This is joined with a story of how social order at all levels has been corrupted and weakened due to disruptions of governance at the level of the society, the firm, and the family among other collectivities One of the striking arguments in the book for me concerned the growing prosperity of major huge metropolitan areas, coupled with the decline and decay of medium and smaller urban areas think London versus the rest of the UK or New York and Chicago versus Detroit and Milwaukee.When he gets to fixing problems, the book seems a bit thinner, although it is still good for the genre, perhaps due to the author s familiarity with development economics He also makes a good case for pragmatism versus theoretical and ideological purity.The is an impressive work for 250 pages It reads well and is accessible to general readers The references are good for readers who want to go deeper flag 3 likesLike see review Dec 18, 2018 Dan Graser rated it really liked it What Oxford professor Paul Collier has written here is not only a very involved work of economics but also a deeply felt expression of ethics surrounding the current socio political climate and how that has tainted and marginalized rational discussion of purely economic issues He frames the idea of confronting the new anxieties surrounding capitalism and within the world s most successful capitalist countries as Restoring Ethics operating at the State, Firm, Family, and WorldRestoring the Inc What Oxford professor Paul Collier has written here is not only a very involved work of economics but also a deeply felt expression of ethics surrounding the current socio political climate and how that has tainted and marginalized rational discussion of purely economic issues He frames the idea of confronting the new anxieties surrounding capitalism and within the world s most successful capitalist countries as Restoring Ethics operating at the State, Firm, Family, and WorldRestoring the Inclusive Society examining the class and global divides as well as the disparity between the booming metropolis and broken cities Restoring Inclusive Politics finding a way to operate politically without pervasive echo chambers and the extreme distortions we find ourselves with which we are working.Thankfully, this work is not just yet another call for pure centrism without any practical suggestions, conveying an opinion that all sensible people likely already agree upon it is a dense work of economics with clear analyses albeit sometimes written in impenetrable prose that makes real world suggestions that will make demands on folks of both ends of the political spectrum A book with which to take your time as Professor Collier speaks in very academic prose on certain matters, however, his message is important and his opinions are very stimulating, even when they re wrong flag 3 likesLike see review Jan 06, 2019 Justus rated it it was ok I found this to be a pretty terrible book It has the kernel of some good or at least interesting ideas but it does such a poor job of putting forward arguments in favor of its suggestions that I end up feeling like I wasted my time reading this It doesn t help that few of his suggestions seem practical and the few times he addresses practicality he throws up his hands.It also veers off into tangents that seem totally unrelated to The Future of Capitalism When you discover that the gen I found this to be a pretty terrible book It has the kernel of some good or at least interesting ideas but it does such a poor job of putting forward arguments in favor of its suggestions that I end up feeling like I wasted my time reading this It doesn t help that few of his suggestions seem practical and the few times he addresses practicality he throws up his hands.It also veers off into tangents that seem totally unrelated to The Future of Capitalism When you discover that the genesis of the book was an essay on the state of society and not capitalism per se, these tangents make a bit sense But writing a book about the the future of society seems so absurdly over broad which society US society UK society European societies All societies in the world that any attempt is bound to be unsatisfying.It is also a tale of two books, where the first half and the second half feel like totally different books that were glued together.In the first half, Collier puts forward the intriguing thesis that the fundamental problem in capitalism society today is the destruction of community His strawman argument and he abuses strawmen, of this later is that the left destroyed community in favor of The State and the right destroyed community in favor of hyper individualism And this shift by both of ends of the political spectrum has wreaked havok with the traditional notion that rights come with responsibilities Now everyone for different reasons has rights with no responsibilities.And so the first half of his book is an attempt to restore ethics via a rebirth of community and shared identity It is an interesting idea but the primary flaw of the book soon becomes apparent Collier never really grapples with the hard problems of any of his suggestions How do we build a shared identity in the modern world He acknowledges that nationalism has an ugly history, so that s not the way forward But what is He makes the claim hard to believe that in many societies, traditional national identity was genuinely inclusive of everyone in the society Many people will see a claim like that and wonder if the author is completely detached from the reality of late 20th century Indians in London in 1960 felt genuinely included Gays in 1950 Manchester felt genuinely included Blacks in 1960 Birmingham felt genuinely included Latinos in 1960 California farms felt genuinely included It is hard to square this obvious reality with Collier s position.And because he doesn t seem to understand this diversity and the reasons for the many strains of anger over the past 50 years among these kinds of groups, his calls for a shared identity come without any workable approach How do we build a shared identity in the modern world without re creating a monoculture Ultimately Collier calls for patriotism, not nationalism In contrast to nationalism, patriotism is not aggressive But how does someone actually create patriotism, especially in places like Sudan or Papua New Guinea Collier makes it sound like a trivial task but, for instance, Francis Fukuyama recent two volume set on The Origins of Political Order and Political Order and Political Decay is 1,300 pages showing how hard borderline impossible this task is.Ironically, during the entire book despite his focus on shared identity Collier never refers to himself as British or a UK citizen Instead he constantly thinks of himself as a Yorkshireman despite not having lived there in decades So it feels like even a product of the golden 1950s 1970s failed to be instilled with a sense of true nationalism and instead kept the tribalism of his childhood.In the second half of the book, Collier embarks on a scattershot of policy suggestions, many of which seem unrelated to the future of capitalism He holds a personal animus for the system of foster care adoptions, simply because he personally experienced it I dare anyone to show a relationship between that and the future of capitalism Likewise, there s a long section on how to provide better support for teen parents.In this section, the arguments become even thinner on the ground and less likely to convince anyone Here are my two favorite examples of this weakness He talks about the problems of de facto social, cultural, and racial segregation in schools due to the fact that schools get their students from a certain geographic area and nowadays we see increased self sorting A theme that Tyler Cowen talks about in depth in his book The Great Stagnation He suggests the solution is to change the catchment area of school base them on purpose perhaps a school for arts, a school for engineers, etc rather than geography Then he admits he tried this in his own home town of Oxford and it failed miserably due to popular backlash He lamely concludes, They succeeded in blocking us perhaps you might have better luck In another instance he talks about the failings of modern retirement systems at least in the US UK and all he has to say is As with minimum wage laws, French policy looks to be superior to the Anglo Saxon model the high contributions required by employers ensure that as long as people work they build up an adequate entitlement to a pension This is emblematic of many of Collier s arguments First, what is the French model Does anyone reading that passage actually understand what the concrete policy proposal is Secondly, there is a lot of research on pension systems around the world If we look at one such source of actual research, the Melbourne Mercer Global Pension Index, France hardly looks like a good model France receives a C grade the same as the US Why is Collier recommending the French model and not, say, the Danish model 1 in the world according to the Mercer index or the Dutch model 2 or the Australian model 3, plus an Anglo Saxon country.The weakness of Collier s policy recommendations is the fundamental flaw of the book But the most annoying part of the book is his constant reliance on absurd strawmen And the end of the day, virtually every single one of Collier s proposals ends up being extremely left wing socialist For instance, he suggests that property owners be FORCED to sell property at below market prices to renters He recommends forcing companies to limit working hours long work hours can be discouraged by taxation increasing the amount of vacation He wants to tax financial transactions He wants to tax private litigation to reduce the number of court cases.Eventually, Collier realises this and even has an entire section defending against this and writes What I advocate is not a variant of Marxism When you have to write I am not a Marxist you are probably not advocating centrist, common sense , practical suggestions.Yet Collier is at such pains to paint himself as centrist practical that he is forced to create absurd caricatures of The Left to give himself enough space to pretend to be a centrist Here are some of his claims about The Left they are discrediting family obligations in favor of equal obligations to all children around the world Didn t you know that every single Democrat thinks we should abandon obligations to our children Those on the left want to return to the rent controls of the 1940s Didn t you know that every single Democrat is in favor of rent control When presented with the idea of subsidizing anti HIV drugs to poor countries, Health economist, imbued with Utilitarian ideology, opposed this use of money That s right, every single health economist in the world agreed it was a dumb idea Ironically, the left wants nationalized industries Didn t you know that every Democrat wants tons of nationalised industries The currently fashionable alternative is public ownership Can you name a single industry that you ve seen a mainstream article about nationalising Instead, applying Unitarian principles, they make no distinction between their less educated follow citizens and foreigners Really No distinction And so on It isn t just The Left who comes in for this strawmanning Politicians also get a lot of it Yet, for decades, mainstream politicians have consciously avoided narratives of belonging Indeed, they have actively denigrated them It is a shame that the rhetoric is so poor because I think that Collier does have some genuinely good ideas and some genuinely interesting suggestions even if I don t agree with them all, I think they are worth discussing and thinking about If Collier threw away 80% of the book and revisited the parts about rebuilding communities shared identity but did a less superficial take on the plethora of identities in the modern world and the challenges that has for building a shared identity I think this could have been a really interesting book.Ultimately, this book feels like the finger food you get at a business conference You never feel satisfied or full the quality is often disappointing You end up wishing you had just gone to a real restaurant that specialised in a few good dishes flag 2 likesLike see review View 1 comment Jan 10, 2019 Daniel rated it it was amazing Collier is an Economics Professor at Oxford He pointed out that the current problems of capitalism stem from assuming the existence of the unreal Economic Man and promotes Utilitarianism As a result, profits are maximised, manufacturing and back end jobs are moved overseas, machines are substituted for human labour, the cities get richer, leaving behind the provinces The educated pulls ahead from the uneducated The elite starts to base their self esteem on their skills and not their national Collier is an Economics Professor at Oxford He pointed out that the current problems of capitalism stem from assuming the existence of the unreal Economic Man and promotes Utilitarianism As a result, profits are maximised, manufacturing and back end jobs are moved overseas, machines are substituted for human labour, the cities get richer, leaving behind the provinces The educated pulls ahead from the uneducated The elite starts to base their self esteem on their skills and not their nationality and look down on those left behind Those left behind lose their jobs, hope and self esteem They went to drugs, alcohol and even commit suicides They strike back, voting out the establishment and choosing populists who promise to bring back the good old days They choose to Leave and not Stay in big unions Capitalism needs to realise that other than self interest, we need reciprocity and national identity We take care of the disadvantaged and should change the system that is creating those disadvantaged in the first place 1 State ethics We used to have high taxes to redistribute wealth and services to the poor That is gone because of globalisation s tax rate race to the bottom We need a national identity However it cannot be based on values as that is very diverse The only viable way is to have place identity Leaders need to stop promoting a global identity and encourage patriotism again Patriotism is not nationalism in the sense that the former promotes international cooperation not American First Cities should be taxed especially property tax to restore the provinces Form economic development departments, tax breaks and cheap land Nd court big companies to attract new businesses like Singapore Immigration needs to be controlled because the less skilled are crowded out by immigrants who will work for far less, but the high skilled actually enjoy the increased productivity, but less willing to redistribute their income with higher taxes We need pragmatism, and choose central leaders That can be done by choosing the leader from the victorious political party and an informed electorate We need to intensively support and mentor kids who are at risk Zero sum game jobs need to be taxed much 2 Firm ethics Firms have changed the mission statements from serving their customers to maximising shareholder value, cheered on by Nobel laureates such as Milton Friedman This is repellent to most people Every CEO and worker now works for himself and not the company Investment is dropped and share buy back performed to maximise shareholder value Mutually owned companies like John Lewis which enable share ownership and representation at the board for all employees are the way to go Monopolies need to be broken up If that is not possible, they need to be taxed All companies should be required by law to consider public interest and board members prosecuted if that is not done Companies need to be policed 3 Family Ethics Obligation to family has been change for that of self The extended family is no Assortative mating keeps well educated families well educated, and the less so educated often times broken We need to rebuild family obligations in the extended family again and not rely on the state Encourage 2 parent families for the kids with state support Help single poor women with support against addiction, mental health, housing and against violent men Athens NGO Pause has been successful to reduce children who need to be taken care of by the state Open up caf s near poor estates Unemployment welfare helps prevents children neglect Mix the children by wide catchment areas Provide vocational training Levy firms for training funds, have a minimum wage Charge firms for lay offs Charge investment homes higher tax 4 Ethical World Rescuing other nations, enlightened self interest, help without expectation of return Stop beggar thy neighbour policies Great clubs like NATO are hobbled by the lack of financial commitment by member countries 2% IMF degenerates into the rich countries telling rescued countries what to do, understandably to be avoided at all costs A new group composing China, India, US, EU, Russia and Japan will be useful for collective action Firms need to be encouraged to invest in poor countries Wow there is so much to do Will we be able to achieve even a portion of all these suggestions, we will be at a much better place The suggestion about prosecuting board directors if the company harmed public interest which probably means everythingAnyway, some of the suggestions about international investment are actually being fulfilled by Chinese companies When they make profits I am sure the Western ones will follow There is hope for us yet flag 3 likesLike see review Jan 15, 2019 Mehrsa rated it liked it Collier makes some excellent books in here, but the idea needed some time to mature and become clear The book offers a hodgepodge of problems and a few hodgepodge solutions Problems go from feminism and the decline of marriage to offshore tax havens Basically, lack of morality infuses the market and the family and it must be recovered How Through communities I enjoyed a few sections here and there, but that story just doesn t work as an indictment or even a description of capitalism He do Collier makes some excellent books in here, but the idea needed some time to mature and become clear The book offers a hodgepodge of problems and a few hodgepodge solutions Problems go from feminism and the decline of marriage to offshore tax havens Basically, lack of morality infuses the market and the family and it must be recovered How Through communities I enjoyed a few sections here and there, but that story just doesn t work as an indictment or even a description of capitalism He doesn t shy away from blaming people, but he seems to want to blame everybody and do the both sidism that is common these days I read about this book in a David Brooke s column that tried to do the same perhaps there are certain center right men who have been stalwart defenders of capitalism who may need this book because it allows them to blame the right for lack of morality so long as they can keep blaming the left for destroying the family flag 2 likesLike see review Nov 26, 2018 Pinar rated it it was ok review of another edition Shelves economics, audiobook h zl okunan, kolay anla l r, ekonomi d nda her konuya de inen, i eri in b y k bir k sm Noah Harari den derlenmi hissi veren, sonu itibariyle kapitalizmden ba ka bir gelecek g rmeyen, solcularla nazileri ele tiren, ama kapitalizmin de b yle gitmeyece ini s yleyen, z m olarak etik kapitalizm diyen bir kitap yazar kitab politikac lar i in yazmam , vatanda lara yazm kitap i indeki tezlerin daha tam oturmad n geli tirilmesi gerekti ini s yl yor ama bence gayet havada kalan iyi ni h zl okunan, kolay anla l r, ekonomi d nda her konuya de inen, i eri in b y k bir k sm Noah Harari den derlenmi hissi veren, sonu itibariyle kapitalizmden ba ka bir gelecek g rmeyen, solcularla nazileri ele tiren, ama kapitalizmin de b yle gitmeyece ini s yleyen, z m olarak etik kapitalizm diyen bir kitap yazar kitab politikac lar i in yazmam , vatanda lara yazm kitap i indeki tezlerin daha tam oturmad n geli tirilmesi gerekti ini s yl yor ama bence gayet havada kalan iyi niyet bildirgesi gibi flag 2 likesLike see review Jan 18, 2019 Scott rated it liked it This is an interesting and thoughtful book Paul s comments about belonging resonate with me But I remain uncertain about the duty of rescue, especially in the context of his other comments He essentially attacks victimhood, the notion that victims somehow deserve certain treatment and rights, yet he ascribes duties for us to rescue people under certain circumstances too Rescue seems to be related to saving people s lives, while victimhood involves optional assistance, I suppose Given This is an interesting and thoughtful book Paul s comments about belonging resonate with me But I remain uncertain about the duty of rescue, especially in the context of his other comments He essentially attacks victimhood, the notion that victims somehow deserve certain treatment and rights, yet he ascribes duties for us to rescue people under certain circumstances too Rescue seems to be related to saving people s lives, while victimhood involves optional assistance, I suppose Given the scary future of climate change, I worry that we won t even be able to save ourselves, or our fellow Americans, let alone all refugees everyone And how do you choose Also, the notion of separating rents from real earnings, and distinguishing metropolis vs provincial cities vs country for variable taxation seems absurd to me, especially on a national basis I truly don t think it s ethical for the federal government to tax people by location and type of work and then funnel the money to Detroit That said, I DO think it s sufficient to have much higher taxes on much higher incomes Ultra high incomes almost always are associated with some kind of rent, so it would serve as a reasonable proxy for market power I understand that I run the risk of thinking Everyone who earns than I do has market power, and everyone at my level or less really earns their money, and shouldn t be taxed overly much Also, Paul s idea of higher levels of national property taxes to capture property value appreciation has practical issues that I ve seen first hand in California, where people wouldn t have cash to pay for property that they ve held for decades, and would end up losing their homes I believe it s perfectly reasonable to have high taxes on income streams, because they are essentially liquid by definition And I note that capital gains ought to be treated exactly like normal income otherwise, people game the system by shifting income into stock flag 1 likeLike see review Jan 31, 2019 Zach rated it liked it Solid 3.5 The ideas are very interesting the preamble and diagnosis are well covered and the book spends a lot of time rehashing flag 1 likeLike see review Jan 31, 2019 Christopher Neal rated it it was amazing Shelves favorites Paul Collier s The Future of Capitalism Facing the New AnxietiesAn economist s prescription to challenge the charlatan extremes ruling broken societiesThis is Paul Collier s best book to date It follows his other very good ones, notably The Bottom Billion, a watershed analysis of poverty published in 2007 that has influenced development aid approaches to the world s lowest income, most fragile states, not just at the World Bank, where Collier was once research director, but across Western don Paul Collier s The Future of Capitalism Facing the New AnxietiesAn economist s prescription to challenge the charlatan extremes ruling broken societiesThis is Paul Collier s best book to date It follows his other very good ones, notably The Bottom Billion, a watershed analysis of poverty published in 2007 that has influenced development aid approaches to the world s lowest income, most fragile states, not just at the World Bank, where Collier was once research director, but across Western donor agencies.The Future of Capitalism is mostly about rich countries, though, and how they have lost their way It is a book about bad ideas that, unchallenged and unchecked, have taken root and come to be accepted as the driving truths of successful economies and societies The bad ideas include liberal leftish ones, from old vintages such as J.S Mill s utilitarianism, to newer ones such as John Rawls s theory of justice They also include the persistent misinterpretation by many conservatives of Adam Smith s ideas as justifying the celebration of Milton Friedman s call for unbridled profit seeking to fatten shareholders portfolios, combined with the complacent, however misplaced, confidence that the resulting rising tide will lift all boats It doesn t, Collier reminds us, and because it hasn t, we re in one hell of a pickle The gaps between rich and poor, educated and uneducated, metropolis and region have all widened As a result, the sense of belonging, purpose and shared values that once sustained families, communities, firms and nation states while also driving international cooperation, has been replaced by new anxieties whose intensity has opened ruinous divisions These anxieties have also given rise to snake oil selling populists of right and left who have sprouted like mushrooms after the rain, and whose rule is making a bad situation worse, and dangerous The Future of Capitalism is an important piece of work by a learned economist able to draw on other disciplines, a vast range of eclectic reading, and easy access to the world s smartest social scientists His mind unclouded by ideological id es fixes, and his limpid expression makes it easy to read, absorb and be persuaded by the ambitious agenda he proposes to get us out of the mess we re in To summarize, his message is that we must, collectively, restore ethics to our approaches to managing the state, firm, family and world, thereby rebuilding inclusive societies and inclusive politics He proposes a long list of policy fixes, large and small, some of which are new e.g social maternalism , and some repackaged old For example, he retrieves and refits late 19th century economist Henry George s tax on land to recover for social purposes the billions of dollars that have ridiculously, wastefully and destructively overcompensated the innovative titans of ICTs and social media It is quite a stunning set of arguments analytically sharp in handling data and evidence, humane in their purpose, and sensibly pragmatic in hewing strictly to what could actually be implemented Sadly, his prescriptions are least likely to be followed where they are needed most, as what Collier calls the charlatan extremes are at the helm in too many nations, including some of the biggest and most powerful Who s to blame He singles out liberals, influenced by a tendency to technocratic arrogance e.g Brussels and some traditional party establishment leaders , as well as conservatives whose deregulation bromides have destroyed the social restraints on capitalism This has allowed Trump and Brexit promoters, among others, to seize this moment in which once widespread feelings of social belonging have withered, to twist public trust to serve their own warped purposes Collier concludes on a hopeful note, though We can do better we once did so, and we can do it again, he writes in the book s last sentence I wish I were as persuaded on this last point as I was by his policy analysis and prescriptions flag Like see review Jan 11, 2019 Stephen rated it really liked it review of another edition Shelves economics, futures, politics This is the age for a book like this The economy no longer seems to be working Society no longer seems to be working Politics no longer seems to be working This book looks at why this might be so The first chapter provides an analysis of where it all seems to have gone wrong and I have to admit that I found it quite convincing.According to the author, we are living in a world that has been created, and distorted, by the Rawlsians and the Utilitarians The result is a monstrosity A Rawlsian This is the age for a book like this The economy no longer seems to be working Society no longer seems to be working Politics no longer seems to be working This book looks at why this might be so The first chapter provides an analysis of where it all seems to have gone wrong and I have to admit that I found it quite convincing.According to the author, we are living in a world that has been created, and distorted, by the Rawlsians and the Utilitarians The result is a monstrosity A Rawlsian approach to the world is one in which individuals are given a basket of rights These rights are given without corresponding obligations, which means that they are enforced against society as a whole, or the government in particular According to the author, this has led to a society in which everyone feels a victim individually for a failure collectively This is where identity politics originates.The Utilitarians, by way of contrast, look to find the greter good often expressed in material terms for the greatest number It often finds expression in materialistic terms because it is a numbers based approach The easiest number to measure is monetary value, which easily translates into greed and selfishness Both of these trends are reflected in contemporary society They have developed at the expense of a sense of community, and that is where the remedy needs to be found The author talks about restoring ethics to public life To government, to corporate life, and to the family This is an argument against self interest and found its most recent expression in the social democratic parties of the recent past.The aim of the auther would be to create a inclusive society This means bridging the geographic divide, the class divide, and the global divide The geographic divide resonates quite well at the moment In the UK, the expression is an antipathy between London and the rest of the country This issue has started to raise its head, and has quite some way to go.It is at this point that the book wears thin The author has a well disgnosed problem, he is quite good on what treatment is needed, but the medicine presceribed is pretty thin This is where the book falls down The author has nothing than the suggestion of a reintroduction of national service and taxing the rich heavily I was disappointed at this part of the book For example, how would he prevent tax jurisdiction shopping How would he tax the disembodied company How would he stop the wealthy form upping sticks and living elsewhere When you hit the level of policy prescription, detail and granularity are exactly what is needed In this book they are lacking.The book has much to recommend it The analysis of where we are today is very convincing The need to develop of a communitarian approach is quite right in my view I rather feel that the policy prescriptions belong to a world which he is trying to change rather than one I would choose to rush towards They are too negative I would have preferred a positive approach by laying out a world in which I wanted to live The author is almost there, but doesn t quite make it flag Like see review Jan 26, 2019 Anthony Risi rated it it was amazing This book does a great job of explaining and examining the new anxieties brought about by modern day capitalist societies How did we go from a largely united nation with common goals to one that is heavily divided along social, political, and economic lines Collier raises interesting points about how both Left and Right extremes have lost sight of governing in favor of arguing ideology to no end One of my favorite quotes of the book is, the path of ideology will lead us to unresolvable so This book does a great job of explaining and examining the new anxieties brought about by modern day capitalist societies How did we go from a largely united nation with common goals to one that is heavily divided along social, political, and economic lines Collier raises interesting points about how both Left and Right extremes have lost sight of governing in favor of arguing ideology to no end One of my favorite quotes of the book is, the path of ideology will lead us to unresolvable social conflict Ideologies are less likely to take us forward to their imagined utopias then back to lives that are nasty, brutish and short The arguments in this book are nuanced and avoid some of the typical problems I have with self proclaimed centrists that don t offer any real insight or new creative solutions to problems In particular I like how he addresses a return to ethical states and firms as well as the disparity between booming metropolises and broken provincial cities My only real criticism is that he never addresses the huge problem of private money corrupting politics that I think would do a lot to ease the ideological divide and remove the power from vested interests and shift it to the average voter.Overall I thought this was both interesting and insightful and refreshingly solution oriented I can t stand when problems are analyzed but no practical solutions are presented to help Even if you don t agree with his proposals, this book offers great insight into the the new anxieties many of us face today flag Like see review Jan 17, 2019 Cary Giese rated it liked it We are social beings, neither economic man, nor altruistic saints Ethical capitalism, built on our shared values, and pragmatic reasoning is the thesis of the book Shared Identity becomes the foundation for far sighted reciprocity We must restore the vastly demanding reciprocal obligations to each other that once rose from shared identities That is the book His how requires shared obligations to each other without losing the dynamism of capitalism Good idea Quite a goal But We are social beings, neither economic man, nor altruistic saints Ethical capitalism, built on our shared values, and pragmatic reasoning is the thesis of the book Shared Identity becomes the foundation for far sighted reciprocity We must restore the vastly demanding reciprocal obligations to each other that once rose from shared identities That is the book His how requires shared obligations to each other without losing the dynamism of capitalism Good idea Quite a goal But there is no practical or reasoned solution in his book Note my comment The shared identity that existed in the 1950 s through the 1980 s our glory years was the result of the greatest generation together winning a war and recovering from depression And we had a common enemy, the Soviets, that bound us together Idealistic capitalism from Hayek, 1960 et al idealized individualism and heroic success Hardly emphasizing shared identity Book is not worth the read for solutions, but is good to gain perspective flag Like see review Jan 05, 2019 Randy rated it liked it There are some very good points in the book, such as being pragmatic, the roles of family, ethnic and efficient taxation, and excessive trading in the financial markets, and I like the last one especially However, my overall impression is not that good, mainly because it seems that the author did not step back enough to see the bigger picture The golden age of capitalism was also called capitalism without capitalists for good reasons In the first several decades in the 20th century, the sys There are some very good points in the book, such as being pragmatic, the roles of family, ethnic and efficient taxation, and excessive trading in the financial markets, and I like the last one especially However, my overall impression is not that good, mainly because it seems that the author did not step back enough to see the bigger picture The golden age of capitalism was also called capitalism without capitalists for good reasons In the first several decades in the 20th century, the system in US and UK had competitors, especially in the 1930 s, when there was serious doubt that it will be the winner That s the main reason that New Deal was able to force the rich to hand over some of their money to make the system fairer However, various reasons the passing of time, oil crisis, bad harvests, and greed, etc caused the era to end So basically the rich and powerful were able to build up moats to protect themselves, at the expense of regular people Is this going to change I don t see it anytime soon flag Like see review Jan 21, 2019 Max Stone rated it it was ok My impression is that Paul Collier is trying to do with the left right debate what he did with the Sachs Easterly debates on aid for developing nations be the respected voice in the middle that can be relied upon to evaluate the evidence rather than interpreting everything through the lens of a strong ideology I thought he did a good job not a great job, but a pretty good job of doing that for aid to developing nations in The Bottom Billion.In this book he really struggles In the beginning My impression is that Paul Collier is trying to do with the left right debate what he did with the Sachs Easterly debates on aid for developing nations be the respected voice in the middle that can be relied upon to evaluate the evidence rather than interpreting everything through the lens of a strong ideology I thought he did a good job not a great job, but a pretty good job of doing that for aid to developing nations in The Bottom Billion.In this book he really struggles In the beginning of the book he makes sure to say scathing things about what idiots people on the right and the left both are He has some legitimate but not in any way original criticisms of both camps, but in general he grossly simplifies their positions and then proceeds to condescendingly knock down the straw men he just erected Then he goes through description of how things are broken in nations, corporations, and families Again he simplifies and also he cherry picks examples, e.g he has some particular point he is making with GM vs Toyota but one gets the sense that he could have picked different lessons or different companies and been just as compelling And btw it is like 30 years since everyone was convinced that Japanese firms are destined to be dominant because of their superior cultures and as an aside I don t think his claim that Bear Stearns caused the 2008 financial crisis is accurate Last he has a bunch of solutions to the failures of current society and to me at least they seemed a mix of a good but small ideas, e.g some charity does some valuable thing X, and b large but wildly impractical ideas flag Like see review Jan 05, 2019 Maria Paula rated it liked it It was an entertaining book to listen to I have the audiobook version , but at times I felt like it was very dragged out and wished I could speed it up I think it could have been shorter I would still recommend it to someone interested in the topic for a one time read Not the type I would re read multiple times flag Like see review Jan 07, 2019 Thales Monteiro rated it liked it A good perspective about some bad situations directly or indirectly associated with capitalism Some chapters go too deep in subjects and sometimes it gets a little hard to follow but overall a good book with nice dissection of problems and good proposition of solutions flag Like see review Jan 29, 2019 Lorrie added it Shelves politics This book is a good read Relevant and explains the ups down sides to capitalism as well as offers constructive criticism on how to do things better Uses real world examples and policies flag Like see review Jan 24, 2019 Jacob Vorstrup rated it it was amazing The best parts pulls this all the way up others are a bit light on substance A very nuanced discussion from the hard political centre flag Like see review Jan 31, 2019 Rosemary Catt rated it really liked it Heavy going but worth persevering for a sustainable and equitable future flag Like see review Jan 10, 2019 Geoffrey Kabaservice rated it it was amazing Shelves economic history, current events, politics, political science One of the best books I read all year Enormously relevant and so full of provocative ideas that I will be thinking them over for years to come flag Like see review Hendri Setiawan rated it it was amazing Nov 14, 2018 Precious rated it it was amazing Nov 27, 2018 Wick rated it it was amazing Dec 07, 2018 Kale Gaston rated it really liked it Dec 28, 2018 Ekky Theodore rated it it was amazing Jan 07, 2019 Kamel Toumart rated it did not like it Nov 27, 2018 Parcalabu Laurentiu rated it liked it Dec 09, 2018 Rob Skaare rated it really liked it Nov 27, 2018 Nikola rated it liked it Jan 08, 2019 previous 1 2 3 4 5 6 next new topicDiscuss This Book topics posts views last activity Librari Combine Editions 2 15 Oct 07, 2018 09 30PM More topics Share Recommend It Stats Recent Status Updates Readers Also Enjoyed Books by Paul Collier More Trivia About The Future of Cap No trivia or quizzes yet Add some now renderRatingGraph 66, 40, 38, 12, 7 if rating_details rating_detailssert top rating_graph Company About us Careers Terms Privacy Help Work with us Authors Advertise Authors ads blog API Connect 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    • [PDF] Download ↠ The Future of Capitalism: Facing the New Anxieties | by ↠ Paul Collier
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      Published :2018-09-16T10:32:05+00:00

    About "Paul Collier"

      • Paul Collier

        Paul Collier, CBE is a Professor of Economics, Director for the Centre for the Study of African Economies at the University of Oxford and Fellow of St Antony s College He is the author of The Plundered Planet Wars, Guns, and Votes and The Bottom Billion, winner of Estoril Distinguished Book Prize, the Arthur Ross Book Award, and the Lionel Gelber Prize.


    299 Comments


    1. This is a wonderful book, even better than I expected The author is a respected and well published Oxford economist The intent of the book is to provide a thoughtful overview of the problems facing global capitalism and even offer some possible fixes, perhaps in conjunction with his retirement thoughts The result is a complex and well done integration of economics, politics, history, philosophy, ethics, and culture that spans continents and crosses multiple levels of analysis with ease All o Thi [...]


    2. What Oxford professor Paul Collier has written here is not only a very involved work of economics but also a deeply felt expression of ethics surrounding the current socio political climate and how that has tainted and marginalized rational discussion of purely economic issues He frames the idea of confronting the new anxieties surrounding capitalism and within the world s most successful capitalist countries as Restoring Ethics operating at the State, Firm, Family, and WorldRestoring the Inc Wh [...]


    3. I found this to be a pretty terrible book It has the kernel of some good or at least interesting ideas but it does such a poor job of putting forward arguments in favor of its suggestions that I end up feeling like I wasted my time reading this It doesn t help that few of his suggestions seem practical and the few times he addresses practicality he throws up his hands.It also veers off into tangents that seem totally unrelated to The Future of Capitalism When you discover that the gen I found th [...]


    4. Collier is an Economics Professor at Oxford He pointed out that the current problems of capitalism stem from assuming the existence of the unreal Economic Man and promotes Utilitarianism As a result, profits are maximised, manufacturing and back end jobs are moved overseas, machines are substituted for human labour, the cities get richer, leaving behind the provinces The educated pulls ahead from the uneducated The elite starts to base their self esteem on their skills and not their national Col [...]


    5. Collier makes some excellent books in here, but the idea needed some time to mature and become clear The book offers a hodgepodge of problems and a few hodgepodge solutions Problems go from feminism and the decline of marriage to offshore tax havens Basically, lack of morality infuses the market and the family and it must be recovered How Through communities I enjoyed a few sections here and there, but that story just doesn t work as an indictment or even a description of capitalism He do Collie [...]


    6. h zl okunan, kolay anla l r, ekonomi d nda her konuya de inen, i eri in b y k bir k sm Noah Harari den derlenmi hissi veren, sonu itibariyle kapitalizmden ba ka bir gelecek g rmeyen, solcularla nazileri ele tiren, ama kapitalizmin de b yle gitmeyece ini s yleyen, z m olarak etik kapitalizm diyen bir kitap yazar kitab politikac lar i in yazmam , vatanda lara yazm kitap i indeki tezlerin daha tam oturmad n geli tirilmesi gerekti ini s yl yor ama bence gayet havada kalan iyi ni h zl okunan, kolay a [...]


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