Despite the calls for massive spending and “stimulus,” if the current financial crisis has taught us anything, it is to save, not just spend. In fact, over the years “thrift” has become America’s lost or forgotten virtue, rarely mentioned and never celebrated, despite its historical significance. In Thrift, Theodore Roosevelt Malloch traces the history of thrift from its roots in the Scottish enlightenment to the no-waste credo of Sam Walton. Thrift, Malloch argues, provides the resources to stimulate prosperity. Even if the government manages to shock our economy back to life, America will require discipline, accountability, and farsightedness to right its course for generations to come. In an age when corruption and greed have crowded out personal responsibility, Thrift is lively, topical, and immediately useful.
Book Description
Despite the calls for massive spending and “stimulus,” if the current financial crisis has taught us anything, it is to save, not just spend. In fact, over the years “thrift” has become America’s lost or forgotten virtue, rarely mentioned and never celebrated, despite its historical significance. In Thrift, Theodore Roosevelt Malloch traces the history of thrift from its roots in the Scottish enlightenment to the no-waste credo of Sam Walton. Thrift, Malloch argues, provides the resources to stimulate prosperity. Even if the government manages to shock our economy back to life, America will require discipline, accountability, and farsightedness to right its course for generations to come. In an age when corruption and greed have crowded out personal responsibility, Thrift is lively, topical, and immediately useful.
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Rockefeller himself believed that thrift was essential to well-ordered living. This book, if followed, could help all of us put our personal and public lives back in order. - Steve Forbes, Chairman and CEO, Forbes, Inc. and Editor-in- Chief, Forbes magazine
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2.0 out of 5 stars
Jumble of Ideas about How to Practice Thrift,
By
This review is from: Thrift: Rebirth of a Forgotten Virtue (Paperback)
Ted Malloch wants to demonstrate to his audience the bridge that thrift builds between the spiritual investment and the material reward (p. 188). Unfortunately, Mr. Malloch's book is only a jumble of ideas to paraphrase him (p. 198). The author's prose wanders aimlessly at times. Think for example about chapter two "Consumerism and Development" which is about sustainable development and consumption (pp. 21-59). Less-developed countries as Mr. Malloch calls them, will be better served on this subject by reading "How Rich Countries Got Rich ... and Why Poor Countries Stay Poor" by Erik Reinert. Another example of meandering is chapter five "The `Spirit' of Nations" in which Mr. Malloch explains to his audience how the modern state was born and evolved (pp. 97-120). Interested readers will benefit from reading instead "The Shield of Achilles War, Peace, and the Course of History" by Philip Bobbitt.
Furthermore, Mr. Malloch is too often preachy without providing much in terms of actionable recommendations. To his credit, the author makes some good observations about the importance of frugality and giving in both the private and public spheres. For example, Mr. Malloch rightly pillories the fact that saving is discouraged not only by the culture of affluence but also by the fiscal policies of the U.S. government and Congress (pp. 95-96; 125-126; 163). Unfortunately, Mr. Malloch remains mostly vague about what to do about the lack of thriftiness in the United States. Here follow a few examples for illustration purposes only. The author complains that the only things that states appear to do well are spend, tax, and grow (p. 98). Why not propose the creation of a stabilization fund in each state of the Union after what both Chile and Norway have done to bridge the gap between the "fat" and "lean" years? Mr. Malloch also mentions that the lack of savings is especially troublesome to women (p. 87). Why not propose the introduction of mandatory financial literacy classes in say, 10th grade, to prepare future adults about their financial responsibilities? Too many adults show an appalling lack of interest and/or understanding of financial basics as the current economic recession clearly demonstrates. In conclusion, Mr. Malloch has failed in his job of selling "thrift" to his audience. The book under review moralizes too much and is too vague to be of any great use to whomever is interested in this topic.
2.0 out of 5 stars
Save your money,
By Hande Z (Singapore) - See all my reviews
This review is from: Thrift: Rebirth of a Forgotten Virtue (Paperback)
I agree entirely with the previous reviewer. This book has little to offer on economics and financial planning. However, if you are a Christian, this book will probably merit another two stars. It is an evangelical book in the guise of economics. The author disdains philosophies that do not accord with his Christian views - Ayer was mocked and so are consequentialist philosophers. For the Christian, the book will appear uplifting because it says the kind of things Christians love to hear, and it makes them feel good and Christian-like to be thrifty in this material world, but the same applies to non-Christians except that thriftiness has no connection with any god. Sir John Templeton, wrote the foreword to this book. Templeton's own website declares him to be a man advocating open-mindedness, but this same man contributes a large part of his wealth to the Templeton Foundation which sponsors writing that has a Christian, spiritual content. "Thrift", the book, does not just have a spiritual content - it is a spiritual book. What does it say?
"The notion of 'daily bread' that sustains us and the labor involved in providing such sustenance, built into the very structure of creation, is highlighted continually by Calvin....For Calvin, 'our bread' is a metaphor for 'all' goods and belongings. But these are not literally our bread....Caring for God's endowment in a respectful and thriftyy fashion is here a form of biblical obedience." p.3-4 "For the religious or spiritually inclined, insatiable desire is, as it was for Calvin and the Reformers, a source of unhappiness and even spiritual insatbility." p.21 "Economic development, viewed from a normative perspective, is then rooted in God's own normative character and His call to participate in the building of a city with all the resources that have been entrusted to us." p.39 "Belief is the kernel of meanings; is the ultimate assurance in time concerning the firm ground of your life, arising from the revelation of God as the origin of all things. The belief of which the biblical record speaks grips you in the heart of your existence." p.144 "Six in ten believe success in life is pretty much determined by religious or spiritual forces. Of those who believe in God, huge majorities say God wants them to do something with their lives that will be useful to the world." p.182.
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