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Makers and Takers: The Rise of Finance and the Fall of American Business, by Rana Foroohar
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Eight years on from the biggest market meltdown since the Great Depression, the key lessons of the crisis of 2008 still remain unlearned—and our financial system is just as vulnerable as ever. Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses, putting us on a collision course for another cataclysmic meltdown.
Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream.
Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that:
· Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself.
· The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs.
· The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores.
· Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation.
· And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.
Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.
— Financial Times - Best Books of 2016: Economics
— Bloomberg Businessweek- Best Books of the Year
- Sales Rank: #24969 in Books
- Brand: imusti
- Published on: 2016-05-17
- Released on: 2016-05-17
- Original language: English
- Number of items: 1
- Dimensions: 9.50" h x 1.31" w x 6.40" l, 1.19 pounds
- Binding: Hardcover
- 400 pages
Features
Review
"A well-told exploration of why our current economy is leaving too many behind." -The New York Times
"A masterly account of the disproportionate power that the financial sector exercises in the economy and the disastrous consequences this has for society as a whole." - Forbes.com
"A credible explanation for the rise of economic populism in the 2016 U.S. presidential race. Anyone seeking to truly understand the resonance of the anti–Wall Street vitriol of Bernie Sanders and Donald Trump could do worse than to start here. -Fortune.com
“Foroohar demystifies the decline in America’s economic prominence, showing that the competitive threats came not from the outside—migration or China—but from within our borders. She explains how finance has permeated every aspect of our economic and political life, and how those who caused the financial crisis wound up benefiting from it.”
—Joseph E. Stiglitz, Nobel laureate in economics and former head of the Council of Economic Advisors
“A fast-paced, exciting, and well-researched tale that brings alive the shady dealings that have been part of the recent rise of finance (the takers). Wall Street has prospered beyond measure by consuming far too much of the value created by the real economy (the makers). Readers will be shocked by the shenanigans that are revealed, and then eager to help fix what has been so badly broken. It’s up to us—all of us.”
—John C. Bogle, founder and former CEO, Vanguard
“In this well-written, refreshing, and provocative book, Rana Foroohar analyzes how Wall Street went from an enabler of prosperity to a headwind to growth and a contributor to inequality. This engaging analysis identifies five key policy areas that will rightly be the subject of debate and, hopefully, some political action. This is a must-read for those looking to better understand how, why, and when financial engineering went too far, and what to do about it.
—Mohamed A. El-Erian, chief economic adviser, Allianz; former CEO, PIMCO
“From the leading edge of business journalism, Rana Foroohar has produced a powerful book about how financial manipulation has spread beyond the financial sector itself to colonize the American economy, to the enormous detriment of real, productive activities. By mapping the rise of financialization and its effects, Foroohar sheds light on almost everything we now see, from the inequality debate to presidential politics to America’s global competitiveness. A phenomenal achievement.”
—Charles Ferguson, producer, Inside Job
“As the next US election looms, one of the most important questions that voters will need to ask is what is wrong with the American economy—and what can be done to fix it. Foroohar’s book is required reading for this. With deft storytelling and clear analysis, she explains how America’s economy has become stealthily “financialized”—and why this process has been so debilitating for American growth, not to mention the lives of ordinary people. The 2008 financial crisis was one sign of this; however, the issues have not ended there. Foroohar not only argues that it is crucial that America tackle these woes but offers commonsense solutions for doing so. Politicians—and voters—should take note.”
—Gillian Tett, US managing editor, Financial Times, author of The Silo Effect
“There is no bigger question in public policy than whether the emergence of an ever-larger financial sector has made for a smaller and less equal society. Makers and Takers provides an intellectually compelling, and beautifully written, answer to that question, one which policy makers cannot and should not duck.”
—Andy Haldane, chief economist and executive director of monetary analysis and statistics at the Bank of England
“Rana Foroohar offers a sometimes maddening, thoroughly fascinating look at the financial sector’s outsized role in the US economy and what it means for America’s future. This is a critical story that speaks directly to the ways in which banks are stripping businesses of their potential—and to the income inequality that increasingly defines our times.”
- Ian Bremmer, Founder and Head of the Eurasia Group
“Foroohar is one of the rare journalists with the insider knowledge and contacts, as well as the deft writing touch, to criticize the “financialization” of the US economy in a way that will sound credible to Wall Street, and readable on Main Street. In this fast-paced book she makes a compelling case for how businesses have come to focus more on engineering their finances than engineering good products, and the negative effect this has on US growth and productivity.
– Ruchir Sharma, Chief Macroeconomist and Head of Emerging Markets, Morgan Stanley Investment Management
About the Author
Rana Foroohar was recently named global business columnist and Associate Editor for the Financial Times. She is also CNN’s global economic analyst.
Prior to joining the FT and CNN, Foroohar was for six years the assistant managing editor in charge of business and economics at TIME, as well as the magazine’s economic columnist. She also spent 13 years at Newsweek, as an economic and foreign affairs editor and a foreign correspondent covering Europe and the Middle East. During that time, she was awarded the German Marshall Fund’s Peter Weitz Prize for transatlantic reporting. She has also received awards and fellowships from institutions such as the Johns Hopkins School of International Affairs and the East West Center. She is a life member of the Council on Foreign Relations.
Foroohar graduated in 1992 from Barnard College, Columbia University. She lives in Brooklyn with her husband, the writer John Sedgwick, and her two children, Darya and Alex.
Most helpful customer reviews
121 of 126 people found the following review helpful.
Depressing, but in a good way (I hope)
By Edward Durney
This book was hard to read. Not because it was poorly written. Indeed, Rana Foroohar writes well, making complex concepts fairly easy to understand, with quotes and stories that illustrate points without being too contrived. No complicated charts, graphs or equations either. Rather, the book was hard to read because it paints such a bleak picture of our economy and of our future. The American economy is sick, and the name Rana Foroohar gives the illness is “financialization”, an “apt but wonky name” for the rise of “takers” and the fall of “makers”.
Who are makers and takers? Makers create real economic growth. Takers enrich themselves rather than society at large.
The problem is not just good versus evil. Our economy needs finance to grow. But when there are too many takers and not enough makers, the fertilization finance gives the economy turns into more of a blight. The harvest is less bountiful, made worse by the takers taking an ever larger share from the shrinking whole.
The numbers defining this illness are staggering, and Rana Foroohar gives plenty of those. For example, only about 15% of financial flows now go into projects in the “real” economy that result in growth. The rest goes into trades between financial institutions that are bets, not investments. As Warren Buffett told her: “You’ve now got a body of people who’ve decided they’d rather go to the casino than the restaurant [of capitalism].”
Though the presentation of them is fresh, the ideas in the book are not new. Other authors have diagnosed the same illness of financialization in both the United States and the United Kingdom (over there it’s “financialisation”), including:
Other People's Money: Masters of the Universe or Servants of the People?, by John Kay (The title comes from a 1914 book by Louis Brandeis before he joined the Supreme Court. This is the British subtitle. In the United States, the subtitle is "The Real Business of Finance". Not nearly as pithy.)
The Great Deformation: The Corruption of Capitalism in America, by David Stockman
Between Debt and the Devil: Money, Credit, and Fixing Global Finance, by Adair Turner
Once the diagnosis is made, the problem becomes the familiar one from the fable of belling the cat. If financialization is the illness, what is the cure? And how can we make the patient drink it down? There opinion differs, often greatly. One can observe the symptoms of the illness, and the effects are there for all to see. Much harder to come up with is a convincing cure. Effects often have elusive causes, particularly in a complex adaptive system like the American economy.
When it comes to cure, I’m not sure Rana Foroohar has a good answer. She writes well, and has done her research. But though she has 23 years of experience as a journalist, she is just a journalist. And mostly a columnist and commentator who appears a lot on television and radio—this is her first book. Unlike the writers cited above, Rana Foroohar has no experience as an academic or a practicing politician. Her name is Iranian, but she grew up in the United States. Her academic degree is a B.A. in English literature, and she is not an expert on the economy and finance. Not that that’s necessarily a bad thing. Her reporting for this book is in depth over decades, she understands economics (though her view is high level and a little unconventional), and she has read a lot and interviewed a lot of people. But reporting tends to be superficial, to grab attention and then leave the hard work to others. It tends more toward the polemic than the expository. It is better for diagnosis than for cure.
Rana Foroohar wrote a cover article for TIME magazine (where she works) that summarizes this book, calling the article “Saving Capitalism”. (Reading that article may give you a good idea of whether you want to read this lengthy book. The best quotes and concepts from the book are in that article.) And saving capitalism is exactly what Rana Foroohar proposes to do. In this book, she maps out five key policy areas where we can put finance back in service to business and society, turning the masters of the universe back into servants of the people. But her prescriptions for a cure seem untested and untestable.
The flipping of our economy from makers to takers is a serious, complicated problem, with no easy answers. Pundits and politicians push policy prescriptions on us as though they are simple and proven, but none are. So I do not blame Rana Foroohar for not having a certain cure to offer for the financialization illness. But that lack of a cure, unfortunately, is the weakness of her work. Even so, Makers and Takers is a book worth reading. The more discussion of these issues, the better. Many seem not even to recognize our economy is sick, let alone seek a cure. Even with the supposed cures following the 2008 crash, the patient seems just as sick. Perhaps readable books like this read more widely will start to remedy that.
Though not as dramatic, Makers and Takers unsettled me, and made me think, just as much as the movie The Big Short. There seems more gloom than hope in books like this. More dirge than anthem. A touch of the jeremiad and not a whiff of the Panglossian. Still, I hope that dark view motivates us to find a cure. I hope our economic future will be brighter than the past. For our children’s sake.
12 of 12 people found the following review helpful.
Did modern finance kill innovation?
By E. Gardner
In 1946, over a decade before he became the architect of the Vietnam War, Robert McNamara was hired to rehaul the Ford Motor Company. It was in desperate need of help. The iconic corporation was hemorrhaging about $9 million a month. McNamara, an accountant by training who rose to prominence by applying statistical methods to warfare planning, immediately transformed the culture. Decisions were no longer made from the eye of a designer, or the experience of the line-worker. He immediately developed complex financial metrics to measure a product’s viability. Every penny spent in manufacturing, marketing, design, and engineering had to be justified and rationalized through this analysis. It shifted power from engineers to MBAs. Within three years he doubled the company’s profits. In Makers and Takers, Rana Foroohar argues that this was the end of American global automobile leadership. As crazy as it sounds, the question needs to be asked: Did modern finance destroy innovation?
Makers and Takers
The book’s central argument is that finance should be a utility. Unlike an electric company, which allocates energy to businesses and people to power the economy, banks allocate capital. Theoretically, in an efficient financial system all an entrepreneur needs to do is have a great idea and a solid business plan. The bank evaluates the plan, loans the money, and makes a profit on the interest. It’s an easy, boring business. If things work out the entrepreneur becomes wealthy, people are employed, and the community receives long term investment. Foroohar presents the case that McNamara spearheaded a revolution that moved finance from a supporter of the economy to the center piece. It no longer allocates capital and gets out of the way; today finance manages nearly all aspects of business. It no longer helps make society; it takes from society.
You may be asking yourself, “Didn’t McNamara’s approach double profits in a few years? Didn’t he he bring a company back from the dead?” I think Foroohar’s answer would be: not really. Of course, every firm needs some level of financial structure to succeed, and he should be applauded for his contribution. But during the post-WW2 era, Ford’s growth was driven primarily by societal trends not anything one person did. The U.S. government invested $25 billion to create a 41,000 mile interstate highway system that reduced the time it took to cross the country from about two months to five days. Incomes rose by 2.5 percent a year creating the middle class. In plain English, McNamara’s arrival coincided with both a massive increase in the demand for cars and a budding infrastructure to drive them on. He was born on third base, and everyone thought he hit a triple.
From a product perspective, Ford was in such good shape that it took about a decade for McNamara’s impact to be felt. According David Halberstam’s The Reckoning, a 1986 opus on the decline of the American automobile industry, under his system, managers “contrived not to improve but in the most subtle way to weaken each car model, year by year.” This meant “a cheaper metal here, a quicker drying paint there.” Foroohar reports that the system tried to eliminate spare tires in the vehicles, because managers didn’t know anyone who ever had to change a tire (Executives often had company cars—replaced every six months). Eventually the small cutbacks led to huge profits at the expense of quality. During his tenure, Ford debuted two of the most universally loathed cars in the history of the industry: The Pinto and the Edsel. “Accountants were replacing tradesmen,” Foroohar writes. “Making money was slowly but surely replacing the goal of making great products.”
The hidden poison: Modern finance destroyed innovation
The most damaging legacy of McNamara may have been his impact on labor relations. Labor became a commodified input. It was now something to be managed and squeezed; just a cost of doing business. Never mind that one of the major drivers of innovation is the collaboration of the factory floor and the engineering team. There’s a reason why Bell Labs designed their buildings to house both engineering and manufacturing—a strategy Tesla uses today. While Japanese and German firms were becoming more productive and agile by engraining labor into the strategic decisions of the company—America was building walls and eroding key competencies by outsourcing production.
Conclusion
Foroohar’s book isn’t perfect–it goes on a bit long and only offers a few solutions—but it’s a well-meaning and well researched book on the modern economy. Not the economy that we hear about on the nightly news or in sound bytes, but the actual structure and incentives driving modern business. She makes a good case that yes, modern the modern financial system has destroyed America’s ability to innovate. The entire system rewards short term gain, over long term investment. The good thing, she notes is that none of this is permanent. “We can remake [the economy] as we see fit to better serve our shared prosperity and economic growth.”
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7 of 7 people found the following review helpful.
A Decent Basic Primer about Finance Today
By Phyllis
I liked it. It's well and engagingly written, and doesn't require a PhD in economics (or whatever) to understand. I've always been personally quite conservative, but socially quite liberal, so a lot of what is written in this book rings true with me.
Foroohar covers a lot of ground, most of which un-brain dead, open-minded, curious people have probably heard at one time or another on the air, online, or in print (e.g., her Time Magazine articles). But she employs good, real-world examples and details (that you don't get in typical media sound bites). They expanded my understanding of the issues, but got a little redundant. My experience is that a lot of this type of books chop, hash and mince the points over and over and over again, which is too bad.
With less of redundancy, Foroohar could have more examples in greater depth (and still filled out the pages into a real book length). Or she could have provided more detail about her prescription for the future. I think the last chapter on the future is really superficial.
Thus only 3-stars. I still recommend that everybody read it, because it does contain good information, is easy to read and engaging. But just don't get too excited, because the content just isn't there to fulfill the title's promise.
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