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Shifting Fortunes: The Perils of the Growing American Wealth Gap
 
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Shifting Fortunes: The Perils of the Growing American Wealth Gap [Paperback]

Chuck Collins (Author), Betsy Leondar-Wright (Author), Holly Sklar (Author)
3.7 out of 5 stars  See all reviews (6 customer reviews)


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Book Description

0965924920 978-0965924924 March 1999
Behind the hoopla of the booming nineties, most Americans have actually lost wealth. Most households have lower net worth than they did in 1983, before the stock market began its big climb. From 1983 to 1998, the stock market grew a cumulative 1,336 percent. The wealthiest households reaped most of the gains. The top 1 percent of households have more wealth than the entire bottom 95 percent.

Nine years into the longest peacetime expansion in history, average workers are still earning less, adjusting for inflation, than they did when Richard Nixon was president. No wonder many people have been working longer hours and going deeper into debt.

The wealth gap poses serious consequences for our economy, our democracy and our civic life. We can reduce the wealth gap and strengthen national prosperity, if we have the will. Forewords by Juliet Schor and Lester Thurow.


Editorial Reviews

Review

"Shifting Fortunes is a political Power Bar. Everything you need to know about the human shape of the American economy in one tasty, conveniently condensed package. Read it, and be nourished." -- Barbara Ehrenreich, author

"A scary little book of plain, hard numbers." -- David Nyhan, syndicated columnist, Boston Globe

"Perhaps the most alarming finding in [Shifting Fortunes] is not that financial security has become more elusive for most families--it is the further finding that a specific segment of workers, the 30 percent who earn poverty or near-poverty wages, have been getting the rawest deal." -- Molly Ivins, syndicated columnist, Fort Worth Star-Telegram

"This is democracy's wake-up call, chronicling how economic disparities have gone from the sublime to the ridiculous. Shifting Fortunes shows why we must move quickly to restore sanity to a system gone mad." -- Jeff Gates, author of The Ownership Solution

"You have to go deeper into the [bull market] stories to see that someone's fuel is someone else's fumes...The wealth gap is so huge that [Shifting Fortunes] concludes that serious measures have to be taken to address it." -- Derrick Z. Jackson, syndicated columnist, Boston Globe

"Your opinion of a cattle feedlot has a lot to do with where you're standing and what direction the wind is blowing. It's the same with our economy. Shifting Fortunes shows that for the last 25 years or so, more and more of us Americans seem to have gotten stuck on the downwind side." -- Jim Hightower, radio host

Shifting Fortunes completes the picture. It reveals that financial security has become more elusive for most families and that the economic boom has been built on the sweat of the 30 percent of American workers who earn poverty or near-poverty wages. Underlying these trends is an inescapable fact: our economy has been getting increasingly unequal. Whether measured by wages, income or wealth, for 25 years the share of the privileged has increased, and everyone else (a roughly 80 percent majority) has become relatively worse off. We are truly in a second Gilded Age. -- Juliet Schor Author of The Overspent American

Shifting Fortunes is not just a discussion about what is happening to the rich and what is happening to the poor. It is also a discussion about what is happening to middle Americans...As you are about to see, they are big losers over the last 25 years. -- Lester Thurow MIT Sloan School of Management

About the Author

Chuck Collins is the Co-Director of United for a Fair Economy. He is a contributor to the forthcoming edition of The Field Guide to the U.S. Economy (The New Press, 1999). He was previously director of the Massachusetts H.O.M.E. Coalition and Director of Technical Assistance for the Institute for Community Economics. He has an MBA in Community Economic Development from New Hampshire College.

Betsy Leondar-Wright is the Communications Director of United for a Fair Economy. She was previously Executive Director of the Massachusetts Human Services Coalition, Executive Director of the Anti-Displacement Project and Program Coordinator of Women for Economic Justice. She has an MA in Social Economy from Boston College.

Holly Sklar is the author of Chaos or Community? Seeking Solutions, Not Scapegoats for Bad Economics and co-author of Streets of Hope: The Fall and Rise of an Urban Neighborhood. Her op-eds have appeared in newspapers nationwide including the Philadelphia Inquirer, Houston Chronicle, Miami Herald, Cleveland Plain Dealer, San Jose Mercury News, Kansas City Star and USA Today. She is a member of the board of United for a Fair Economy and has an MA in Political Science from Columbia University.

Lester Thurow is professor of management and economics at the MIT Sloan School of Management and the author of numerous books including The Future of Capitalism.

Juliet Schor is an economist and senior lecturer on womens studies at Harvard University and the author of The Overspent American.


Product Details

  • Paperback: 94 pages
  • Publisher: United for a Fair Economy (March 1999)
  • Language: English
  • ISBN-10: 0965924920
  • ISBN-13: 978-0965924924
  • Product Dimensions: 8.2 x 5.3 x 0.3 inches
  • Shipping Weight: 4.8 ounces
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #2,416,239 in Books (See Top 100 in Books)

More About the Author

Chuck Collins is author of 99 to 1: How Wealth Inequality is Wrecking the World and What We Can Do About It (www.99to1book.org). He is a senior scholar at the Institute for Policy Studies where he directs the Program on Inequality and the Common Good (www.inequality.org). He is cofounder of Wealth for the Common Good (www.wealthforcommongood.org), a national network of business leaders and high net worth individuals concerned about shared prosperity and fair taxation. He is a national expert on economic inequality, tax policy, corporate power and class privilege and power. He lives in Boston, Mass.

 

Customer Reviews

6 Reviews
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Average Customer Review
3.7 out of 5 stars (6 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

8 of 8 people found the following review helpful:
5.0 out of 5 stars What a find! Easy-to-read, well-documented economic primer, June 14, 1999
By A Customer
This review is from: Shifting Fortunes: The Perils of the Growing American Wealth Gap (Paperback)
This was a great read. Not having a background in economics, I found this book gave me a birds-eye view of the story behind the current "economic miracle," and put a lot of everyday things in startling perspective. A lot of the time books like this are dense and lose their usefulness by not connecting to day to day happenings. On top of the information, the charts and graphics are bright, clear and, startling. They play out the story of the book in crisp detail. I found this book also extremely helpful in talking to other people about why things are not what they seem. Shifting Fortunes also does not dwell on the negatives as it offers a number of clear policy alternatives beyond its rationale for sharing our country's wealth. When I read recent news coverage on CEO pay and current policies, this book served as a helpful "spin-detector."
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8 of 10 people found the following review helpful:
3.0 out of 5 stars Minimalist Account of Wealth Gap, April 25, 2000
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This review is from: Shifting Fortunes: The Perils of the Growing American Wealth Gap (Paperback)
For anyone who stays abreast of current affairs there is nothing new in this very briefest of books (pamphlet). Several charts and tables detail the following: the stock market boom and the huge increases in net worth of those who own the majority of stocks, that is, the rich; the loss of wages for production workers over the last twenty years; the rise of debt, bankruptcies, and college costs; the loss of defined benefit plans; and reduced savings.

This is not a book that attempts to explain these trends. No mention is made of the reversal of the post-WWII social compact, the rise of political conservatism, neoliberalism, free trade, globalization, etc. Without that kind of context there is little basis for evaluating some short proposals for wealth-gap reduction such as KidSave Accnts, ESOPs, Individual Development Accnts, USA Accnts, or various types of wealth taxation.

Unless one is just oblivious to wealth gap trends there would be no reason to buy this book.

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3 of 3 people found the following review helpful:
4.0 out of 5 stars Good Overview, July 6, 2000
This review is from: Shifting Fortunes: The Perils of the Growing American Wealth Gap (Paperback)
This is a brief account of the wealth gap and would be good to get a simple grasp -- especially for those with little previous understanding. For in depth needs it is not recommended.
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