Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different [Paperback]

Joel Magnuson (Author)

Book Description

Publication Date: September 2, 2008

Are the huge profits garnered by corporations each year a case of a few bad apples in the business world taking advantage of unmonitored dealings? Is this consolidation of wealth made at the expense of the overall economy and the wellbeing of the average citizen? Will the planet be saved by developing more "green businesses" and "green collar" jobs? Joel Magnuson delivers a powerful response to the current misconceptions about the US economy in his brilliantly accessible Mindful Economics. The troubles we face are not the result of a good system gone awry, but rather a system that is built to do exactly what it is doing: corporations are designed to reap profits for its shareholders, at any cost. The greater welfare of society, or of the environment, will never be as important as financial gain. Magnuson shows us the relationship between the current wars abroad; rising oil prices; the recession; ballooning incomes of top CEOs; the mortgage crisis; and the health care, insurance, and auto industries, and he teaches us that the best way to understand the US economy is to think like an economist. With stunning clarity, Magnuson shows the interconnectedness of the local with the global, and offers real alternatives to this capitalist model.

Editorial Reviews

Review

"Mindful Economics is very much a classic of its kind. Among the canon of books concerning values-centered economics, the unrivaled and unprecedented power of Magnuson's book derives from the clarity, comprehensiveness, and accuracy of its vision... It would be hard to think of another book that would provide a better introduction to economics itself."–K.L. Roberts, Progressive Living

"This is a great guide for cooperatives, small businesses, and anyone dedicated to sound economic practices."–Turning Wheel

"A robust critique of the US economy that is particularly timely, given the present global financial crisis."–Choice Magazine

"Magnuson presents an intriguing perspective on the US economy by describing the American capitalist system and its key institutions and economic issues, covering the most important consequences of the system and, finally, offering alternatives...Highly recommended."–Library Journal

"A must read for spiritual progressives...Magnuson provides us the foundation to participate intelligently in debates about how best to rebuild an American and global economic system."–Tikkun

About the Author

JOEL MAGNUSON is an internationally recognized economist specializing in non-orthodox approaches to political economy. He is currently a professor of economics in Portland, Oregon; a visiting fellow at the Ashcroft International Business School at Anglia Ruskin University, Cambridge, England; and is an
international advisor to the editorial board of Anglia’s journal Interconnections. He is an active member of an international research group based in Europe that is working toward new philosophical foundations for economic theory and practice.

Product Details

• Paperback: 432 pages
• Publisher: Seven Stories Press (September 2, 2008)
• Language: English
• ISBN-10: 1583228470
• ISBN-13: 978-1583228470
• Product Dimensions: 3 x 0.9 x 8.9 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 5.0 out of 5 stars  See all reviews (12 customer reviews)
• Amazon Best Sellers Rank: #337,611 in Books (See Top 100 in Books)

More About the Author

Joel Magnuson is an internationally recognized economist specializing in non-orthodox approaches to political economy. He is currently a professor of economics in Portland, Oregon; a visiting fellow at the Ashcroft International Business School at Anglia Ruskin University, Cambridge, England; and is an international advisor to the editorial board of Anglia's journal Interconnections. He is an active member of an international research group based in Europe that is working toward new philosophical foundations for economic theory and practice. He published Mindful Economics: How the U.S. Economy Works, Why It Matters, and How It Could Be Different with Seven Stories Press in 2008.

Customer Reviews

Most Helpful Customer Reviews

19 of 26 people found the following review helpful:

5.0 out of 5 stars Finally - An Alternative to the Chicago School of Unsustainable Growth, September 10, 2008

By 

EthosInFreefall "Donx" (New Mexico) - See all my reviews

This review is from: Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different (Paperback)

For decades now, economic history has been deliberately suppressed in colleges and universities by a group of very deluded academics who worship Ayn Rand and her ideology of selfishness. Margaret ("There is no society") Thatcher and Alan (It's not my fault) Greenspan are among her devotees. Also known as the Chicago School, they launched their first major master plan using Pinochet in Chile in 1977 to overthrow the democratically elected socialist Allende (on 9/11 of that year, by the way. It was a disaster but they called it a success. (Mission Accomplished!) Various members of these minions went on to loot national currencies from Wall Street, and indoctrinate our country into a embracing selfish greed and gains at the unjust expense of others.

Then we were hoodwinked into NAFTA and CAFTA. Banks went national and credit was released from it's cage with no training. Extremely important and effective legislation from the 1930's that protected us by keeping separate the various components of financial and insurance worlds were repealed. Crazy hyper-leveraged financial instruments made unsustainable debt levels a game of hot potato. What is worse though is that we are being mentally manipulated and tricked by opposite-speak everywhere we turn. We are being deprived even of unambiguous language to describe economic and political subjects.

"Free Markets" are anything but democratic, or "free" for that matter. When we say we want to bring democracy to a country, we really mean forcing them to sell us their resources at pennies on the dollar and stripping the country of its assets. It doesn't matter, Democrat or Republican, "Wealth Creation" is really "Debt Creation," and both parties will strive to protect financial paper, no matter how inflationary, at the expense of productive capital and the general prosperity of all Americans except a very few. (Ralph Nader is the only candidate who has for 40 years demonstrated that he is capable of resisting the puppet strings of Wall Street, and by the way, he is on the ballot in 45 states, most likely including yours. You have no more excuses!!)

Joel Magnuson's work is one of the greatest steps I have seen toward restoring economic literacy to America. This is a marvelous text that is easy to read and understand without oversimplifying anything. He tears the curtain from the Wizard's booth and reveals the humbug of micro and macro economic mathmatics, among so many other things. He offers lists of questions to ask the Chicago School instructors in class as each subject comes up. If you like making your professors and instructors actually earn their share of the higher education booty, you will love this feature. It is also reasonably priced, unlike most college texts that are obscenely over-priced in their anything-but-free market bookstores.

Buy extra copies of this book. You will want to lend them out and give them away as I do.

5 of 6 people found the following review helpful:

5.0 out of 5 stars very clear and easy, April 22, 2009

By 

Haytham Karram (Cairo, Egypt) - See all my reviews
(REAL NAME)   

This review is from: Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different (Paperback)

I am through half the book and find it a fascinating....attractive read, it's very easy..and simplifies a lot of the economic jargon and gives a big picture of the American economy......a fantastic book.

11 of 15 people found the following review helpful:

5.0 out of 5 stars Fresh Critical Perspective & Well Written, July 25, 2008

By 

Elbowpatch - See all my reviews

This review is from: Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different (Paperback)

This book is the perfect counterbalance to mainstream economics. Magnuson provides real world information about the US economy and its history, and suggests ways to begin building real economic alternatives. The book contains much useful information and is accessible to people who have no background in economics. Mindful Economics is very informative and an interesting read.