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rick2's review against another edition
2.0
Interesting, but it ends up being more of a voyeuristic endeavor than any sort of analysis or commentary. Comes across as a very "safe" book. With deliberate care taken to not offend any of the caste written about. Unfortunately this hinders any sort of meaningful takeaways from the book other than "oh neat. rich people."
Maybe I should be more disappointed in myself for expecting these types of books to impart any sort of deeper wisdom. Maybe there is no deeper wisdom to be had. I will say I am a bit envious that the people described probably don't worry too much about the $10-15 spent on a mediocre book, whereas I wish I had gotten this one from the library.
Id recommend watching this (https://vimeo.com/51735212) interview with Matt Taibbi and Chrystia Freeland to get all the high points.
Maybe I should be more disappointed in myself for expecting these types of books to impart any sort of deeper wisdom. Maybe there is no deeper wisdom to be had. I will say I am a bit envious that the people described probably don't worry too much about the $10-15 spent on a mediocre book, whereas I wish I had gotten this one from the library.
Id recommend watching this (https://vimeo.com/51735212) interview with Matt Taibbi and Chrystia Freeland to get all the high points.
sde's review against another edition
3.0
Important, if depressing, book that focuses on the new extremely wealthy people that hold a huge percentage of the world's income. They identify more with other extremely wealthy people than with their fellow countrymen.
The book cites many renowned scholars even though it is written for lay people. The middle of the book was a slog for me, but perhaps that was because it was an area I knew less about. I raced through the beginning and the end - history, culture, rent-seeking and how plutocrats view the rest of us. There was very little discussion on how we might remedy the slide towards more concentrated wealth, but it is something that needs to be done because, as someone in the book said, when you have a mansion, however wonderful, when it is surrounded by broken down slums, it is in trouble.
The book cites many renowned scholars even though it is written for lay people. The middle of the book was a slog for me, but perhaps that was because it was an area I knew less about. I raced through the beginning and the end - history, culture, rent-seeking and how plutocrats view the rest of us. There was very little discussion on how we might remedy the slide towards more concentrated wealth, but it is something that needs to be done because, as someone in the book said, when you have a mansion, however wonderful, when it is surrounded by broken down slums, it is in trouble.
zetsurin's review against another edition
Thought this was going to be like dark money, it's more of a "look how these guys got super wealthy!"
beebsreads's review against another edition
informative
medium-paced
1.5
Read for class. How can someone see the underbelly of the mega rich and still support capitalism? The cognitive dissonance is astounding.
inquiry_from_an_anti_library's review against another edition
adventurous
emotional
informative
reflective
medium-paced
3.0
Overview:
Politics facilitated the creation of the super-rich, the plutocrats. As the super-rich become wealthier, they obtain political power. Plutocrats were called robber barons during the industrial revolution. Plutocrats are the cronies of capitalism. Unlike the historical robber baron counterpart, plutocrats are the working rich. Their wealth was generated through effort, rather than inherited wealth. They are economic meritocrats, who not only consume wealth but create it. Plutocrats utilized technology and globalization to reach more people than ever. Plutocrats compete with each for more money, and have redefined what it means to be rich.
The rich and poor work very long hours, but better to be the plutocrat. Plutocrats have better benefits with better severance packages. Wealth impacts life satisfaction for everyone, not just the plutocrats. Although people are making more money, they are generally more frustrated with their income source. Economic growth at the expense of life satisfaction. Even behavior changes as people become wealthier. The affluent tend to behave more unethically. Tending to prioritize themselves over others.
The wealthy can self-tax through charities. Some claim that they prefer charities of their own selection, rather than government using their money through taxation. Some plutocrats tend to see themselves as victims, and claim that they should be respected because they provide the jobs and have created a lot of value.
An interesting relationship between government and the private sector exists, because of a revolving door. There are many who work as regulators and then as the regulated, or vice versa. A relationship that creates a conflict of interest when engaging with each other.
Labor market has become polarized. With better and highly paid jobs at the top, without much change for the bottom. The middle-income jobs have been hollowed out. Knowledge workers have become higher paid because technology used has become personal to each individual. The worker is able to take their tools with them and apply their knowledge elsewhere. Silicon Valley figured out how to make their system be more egalitarian, by contracting out the lowest paid jobs. Thereby they do not count as employees.
There are workers who are famous. Being a celebrity means being famous, for the fact that the person is famous. Firms need to pay more for those celebrities. Not because of talent, but because they are famous. A celebrity surcharge.
Caveats?
The quality of claims and counterclaims varies. While there are claims that are given a complex understanding, with the implications and consequences of the claims. There are claims which are standalone, without much analysis.
There is a survivorship bias. Few plutocrats are analyzed, and they appear to be representatives of the group. The plutocrats referenced have been wealthy for some time. But the group of plutocrats have changed, which means that not all plutocrats had effective political power.
The book prioritizes showing the way the system operates, and lacks potential resolutions to the inequality problem. The problem is expressed as more complex than the historic inequality era’s.
shayneh's review against another edition
4.0
Well-presented and documented view of class dynamics, particularly the conflict of "pro-business" and "pro-market" at the top. Read it to find out more!