Price of Inequality
'We fed the monster until it blew up ...'
While Wall Street was busy creating the biggest credit bubble of all time, a few renegade investors saw it was about to burst, bet against the banking system - and made a fortune.
From the jungles of the trading floor to the casinos of Las Vegas, this is the outrageous story of the misfits, mavericks and geniuses who, against all odds, made the greatest financial killing in history.
In The Fourth Revolution, John Micklethwait and Adrian Wooldridge ask: what is the state actually for? Their remarkable book describes the three great revolutions in its history, and the fourth which is happening now
In most of the states of the West, disillusion with government has become endemic. Gridlock in America; anger in much of Europe; cynicism in Britain; decreasing legitimacy everywhere. Most of us are resigned to the fact that nothing is ever going to change. But as John Micklethwait and Adrian Wooldridge show us in this galvanising book, this is a seriously limited view of things. In response to earlier crises in government, there have been three great revolutions, which have brought about in turn the nation-state, the liberal state and the welfare state. In each, Europe and America have set the example. We are now, they argue, in the midst of a fourth revolution in the history of the nation-state, but this time the Western way is in danger of being left behind.
The Fourth Revolution brings the crisis into full view and points toward our future. The authors enjoy extraordinary access to influential figures and forces the world over, and the book is a global tour of the innovators. The front lines are in Chinese-oriented Asia, where experiments in state-directed capitalism and authoritarian modernization have ushered in an astonishing period of development. Other emerging nations are producing striking new ideas, from Brazil's conditional cash-transfer welfare system to India's application of mass-production techniques in hospitals. These governments have not by any means got everything right, but they have embraced the spirit of active reform and reinvention which in the past has provided so much of the West's comparative advantage.
The race is not just one of efficiency, but one to see which political values will triumph in the twenty-first century: the liberal values of democracy and freedom or the authoritarian values of command and control. The centre of gravity is shifting quickly, and the stakes could not be higher.
JOHN MICKLETHWAIT is the Editor-in-Chief of the Economist; ADRIAN WOOLDRIDGE was its Washington bureau chief until 2009, and now serves as Management Editor and 'Schumpter' columnist. They have written four previous books together: The Company: A Short History of a Revolutionary Idea; A Future Perfect: The Challenge and Promise of Globalization; The Witchdoctors: Making Sense of the Management Gurus; The Right Nation: Why America is Different; and God is Back: How the Global Rise of Faith is Changing the World.
#1 New York Times Bestseller — With a new Afterword
"Guaranteed to make blood boil." —Janet Maslin, New York Times
In Michael Lewis's game-changing bestseller, a small group of Wall Street iconoclasts realize that the U.S. stock market has been rigged for the benefit of insiders. They band together—some of them walking away from seven-figure salaries—to investigate, expose, and reform the insidious new ways that Wall Street generates profits. If you have any contact with the market, even a retirement account, this story is happening to you.