Deaths ​of Despair and the Future of Capitalism 2 csillagozás

Anne Case – Angus Deaton: Deaths of Despair and the Future of Capitalism

From ​economist Anne Case and Nobel Prize winner Angus Deaton, a groundbreaking account of how the flaws in capitalism are fatal for America's working class

Life expectancy in the United States has recently fallen for three years in a row--a reversal not seen since 1918 or in any other wealthy nation in modern times. In the past two decades, deaths of despair from suicide, drug overdose, and alcoholism have risen dramatically, and now claim hundreds of thousands of American lives each year--and they're still rising. Anne Case and Angus Deaton, known for first sounding the alarm about deaths of despair, explain the overwhelming surge in these deaths and shed light on the social and economic forces that are making life harder for the working class. They demonstrate why, for those who used to prosper in America, capitalism is no longer delivering.

Deaths of Despair and the Future of Capitalism paints a troubling portrait of the American dream in decline. For the white… (tovább)

Eredeti megjelenés éve: 2020

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Princeton University Press, Princeton, Amerikai Egyesült Államok, 2020
288 oldal · keménytáblás · ISBN: 9780691190785

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mrszmotyi>!

As we have seen, managers are increasingly incentivized to make this sort of redistribution happen. But there is another group that is less often discussed in this context: shareholders who hold 401(k) retirement plans, or indeed anyone who has a defined-contribution pension plan. Once upon a time, employees were much more likely to have a defined-benefit scheme, which someone else was responsible for funding; the value of the stock market might be relevant to the funder, but not directly to the employee. But employees who have defined-contribution plans, invested in the market, have a direct interest in the market doing well, and thus are rewarded when wages fall or workers are replaced by automation. Yet those holding such assets are predominantly the people with college degrees, whose wages have been doing well. The replacement of defined-benefit by defined-contribution pension schemes has therefore given more-educated and successful Americans an interest in less educated Americans doing badly. We do not suggest that the educated elite agitates against working-class Americans. But they have certainly been well paid for their acquiescence;

mrszmotyi>!

The lobbying system, contrary to what is often thought, is not a machine whereby firms and individuals with deep pockets can write their own legislation and have it passed by bought-and-paid-for senators and representatives. There is too much competition and too many lobbyists on all sides of the big issues. Lobbying is important, but it has not rigged the system so that it only works for the paymasters. What it does do is suck up the energy in Washington, so those who cannot or do not lobby have less and less influence. Once-powerful groups, such as unions, have been swamped. If you cannot afford to lobby, you are not represented, and worse, in the oft-used but accurate Washington phrase, if you do not have a seat at the table, you are probably on the menu.


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