All posts filed under: Business & Money

Hired: Undercover in Low-Wage Britain (James Bloodworth)

James Bloodworth, an English sometime Trotskyite, has written a book which combines the television series Undercover Boss and George Orwell’s Down and Out in Paris and London. He took jobs in a variety of low-wage, low-security occupations to get first-hand knowledge about what it is like today to be a member of the largely invisible British working class. Bloodworth’s resulting argument is that a pernicious marriage of portions of the political Left and Right has destroyed the dignity of the British working class, with fatal consequence for that class, and deleterious consequences for all of society. Hired is a powerful book that has key implications for possible political realignment.

Rise and Grind: Outperform, Outwork, and Outhustle Your Way to a More Successful and Rewarding Life (Daymond John)

People often ask me, as I stride the halls of power in my custom Zegna suits wove with thread of gold, how I became so rich and successful. Like David Byrne, I too ask myself, how did I get here, with my beautiful house, and my beautiful wife, and large automobile? Such thoughts bounce around my mind, but they have crystallized after reading Daymond John’s Rise and Grind. I picked this book because John is my favorite regular on Shark Tank, a show I watch intermittently, and I was bored in the airport, looking for something to read. I’m not sure I learned anything new, but I was inspired to regularize some of my thinking about my favorite topic, myself, and now I will share it with the world.

The Myth of Capitalism: Monopolies and the Death of Competition (Jonathan Tepper)

The death of the free market at the hands of monopoly has gotten a lot of recent attention. By far the best book about this problem is Tim Wu’s The Curse of Bigness, which through a “neo-Brandeisian” lens focuses on how monopoly destroys the core frameworks of a free society. This book, The Myth of Capitalism, comes to much the same conclusion from a more visceral starting place—why have wages stagnated even though the labor market is tight and corporate profits are soaring? The answer is corporate concentration, and Jonathan Tepper is, like Wu, offering concrete solutions.

On Battlefield V

Last year, the giant gaming company Electronic Arts released the latest version of an extremely popular military game, Battlefield V. Each release in the series takes place in a different time period; this one recreates World War II. Such games are very popular; successful titles can take in considerably more than $1 billion for their makers, and the budget for creating Battlefield V was around $250 million. So this is big business: as big as, or bigger than, Hollywood. But all mega-corporations today kowtow first of all to their real masters, the social justice warriors of the Left, not to their owners, and that, in the context of computer gaming, is what we are here to explore today.

The Once and Future Worker: A Vision for the Renewal of Work in America (Oren Cass)

I have often complained that human flourishing cannot consist of increases in GDP that permit us all to buy more cheap Chinese crap every year.  Oren Cass has arrived to say exactly why that is, and what we should focus on instead.  He also adds important related thoughts, including very specific and reality-based policy recommendations.  Thus, in many ways, this book completes my circle of thoughts on political economy, providing the basis for an economic program in opposition to the modern verities of both Left and Right.

My Father’s Business: The Small-Town Values That Built Dollar General into a Billion-Dollar Company (Cal Turner)

In 2002, the law firm for which I worked was involved in the Dollar General debacle, helping clean up the mess after the company restated financial statements due to massive accounting fraud.  I didn’t know much about Dollar General at the time.  But I do remember that a firm partner told me that one of the company’s directors had succinctly described their business model to him.  “We sell shit, to poor people.”  Cal Turner, Jr., has written this book to explain that business model and his part in it.

The Curse of Bigness: Antitrust in the New Gilded Age (Tim Wu)

As the ideological tectonic plates shift in America, many apparently settled matters have become unsettled.  This creates, at the same time, both conflict and strange bedfellows, though I suspect the latter will become used to each other soon enough.  Such once-settled matters include hot-button cultural matters like nationalism, but also dry, technical matters of little apparent general interest that are of profound actual importance.  Among these are the place in our society of concentrations of economic (and therefore political) power, the subject of the excellent Tim Wu’s awesome new book, The Curse of Bigness.  What Wu is hawking is “Neo-Brandeisianism,” and I am buying what he is selling.

Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else (Chrystia Freeland)

From the cover, I expected this book to be a lightweight documentary version of Crazy Rich Asians, offering painfully amusing stories about the foibles of the super-rich, accompanied by cautions about the negative effects of such behavior upon the rest of America.  Plus, the picture of private jets in the driveway attracted me as a vision of my hoped-for future, since I am comfortably in the 0.1%, and much of my time is spent struggling to reach yet higher.  Instead, this book is a pretty dense, though rambling, web of analysis, with no funny stories at all.  Still, it’s modestly worthwhile in itself, and it has the additional benefit that it sheds light on today.

Bad Blood: Secrets and Lies in a Silicon Valley Startup (John Carreyrou)

While pretty much everyone in this book who is rich and powerful comes off looking bad, it is less a tale of typical fraud, like a Ponzi scheme, and more a tale of human foibles.  These were expertly played on by Elizabeth Holmes, a very young woman of little productive talent and no particular evident intelligence, but with a natural gift for sales and embodying the icy manipulative abilities of the sociopath.  Fascinating stuff, all of it, and worth reading just to make sure that you don’t fall into a similar trap in your life.  And, more broadly, the arc of Theranos has much to say about supposedly imminent advances in technology, from artificial intelligence to flying autonomous cars.

Straight Talk on Trade: Ideas for a Sane World Economy (Dani Rodrik)

I find that my hit percentage on economics books is about 50%.  One out of every two books I read is excellent, and the other is awful. Very little seems to be in between.  Unfortunately for me, this book is in the latter group.  It is supposed to be, I think, an effort to show that a mainstream economist can be less than totally enthused about unlimited free trade and “hyper-globalization,” without being on the side of Trump or “illiberal democracies,” and without giving up his neoliberal ID card.  But Straight Talk on Trade is just a mess.