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The Big Fail: What the Pandemic Revealed About Who America Protects and Who It Leaves Behind Hardcover – October 17, 2023

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From the collaborators behind the modern business classic All the Devils are Here comes a damning indictment of American capitalism—and the leaders that left us brutally unprepared for a global pandemic

In 2020, the novel coronavirus pandemic made it painfully clear that the U.S. could not adequately protect its citizens. Millions of Americans suffered—and over a million died—in less than two years, while government officials blundered; prize-winning economists overlooked devastating trade-offs; and elites escaped to isolated retreats, unaffected by and even profiting from the pandemic.

Why and how did America, in a catastrophically enormous failure, become the world leader in COVID deaths? In this page-turning economic, political, and financial history, veteran journalists Bethany McLean and Joe Nocera offer fresh and provocative answers. With laser-sharp analysis and deep sourcing, they investigate both what really happened when governments ran out of PPE due to snarled supply chains and the shock to the financial system when the world's biggest economy stumbled. They zero in on the effectiveness of wildly polarized approaches, with governors Andrew Cuomo of New York and Ron DeSantis of Florida taking infamous turns in the spotlight. And they trace why thousands died in hollowed-out hospital systems and nursing homes run by private equity firms to “maximize shareholder value."

In the tradition of the authors’ previous landmark exposés,
The Big Fail is an expansive, insightful account on what the pandemic did to the economy and how American capitalism has jumped the rails—and is essential reading to understand where we’re going next.

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Editorial Reviews

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“Brilliantly written, this book uncovers a side to the pandemic that sparks fascinating questions and will make you think differently about one of the biggest events of our lives.”
Morgan Housel, bestselling author of The Psychology of Money and Same as Ever


“We all lived through the pandemic, but only now can we really grapple with its lessons.
The Big Fail rises above the political fray to do just that, with Nocera and McLean as clear-eyed, brilliant guides for a fast-paced tour of America’s greatest policy failure in modern times. This book is shocking, revela­tory, and ultimately indispensable.”
Christopher Leonard, bestselling author of Kochland and The Lords of Easy Money


“Lucid, balanced, and stunningly comprehensive,
The Big Fail will gratify some and infuriate oth­ers—but it will give everyone a profound education in the humbling complexities of the pandemic and the deeper, wider fault lines it exposed. This book challenges us to do better.”
Diana B. Henriques, bestselling author of Taming the Street and The Wizard of Lies


“This important, thought-provoking book compels us to confront our individual and collective responses to the pandemic—from the accomplishments of Operation Warp Speed to the intensifica­tion of economic, health, and social disparities that eat away at our societal cohesion. Read
The Big Fail not just for an engaging and timely analysis of the recent past, but also for valuable insights on how we can work toward a better future.”
Mohamed A. El-Erian, president of Queens’ College at the University of Cambridge, Bloomberg and Financial Times columnist, and bestselling author of When Markets Collide and The Only Game in Town


The Big Fail is a wide-ranging and devastating critique of the way the United States dealt with the COVID pandemic. As Nocera and McLean chronicle the litany of missteps and misrepresentations, the lack of transparency, and the frequent changes of direction by state and federal authorities of both parties, one begins to understand why the most significant legacy of the pandemic is a deep mistrust of government.”
Liaquat Ahamed, bestselling author of Lords of Finance and winner of the Pulitzer Prize


“Nocera and McLean show how America’s response to the COVID pandemic exposed and exacer­bated preexisting issues and share crucial lessons as we prepare for future crises.
The Big Fail is both important and enjoyable.”
Gregory Zuckerman, bestselling author of A Shot to Save the World and The Man Who Solved the Market


“The pandemic was like a scrim pulled up to show us all the economic and political vulnerabilities in our system. In
The Big Fail, master storytellers Joe Nocera and Bethany McLean connect the narrative dots between fragile supply chains, faulty foreign policy, Wall Street greed and public sector dysfunction, weaving a cautionary and highly readable tale.”
Rana Foroohar, Financial Times columnist and author of Homecoming


“Nocera and McLean have written the book we’ve all been waiting for.
The Big Fail is the story of a calamity, and the rays of hope that emerged amidst it, told by two of the finest storytellers at work. If you want to understand what happened to us, all of us, this is the book you need to read.”
Charles Duhigg, bestselling author of The Power of Habit and Smarter Faster Better


“First-rate reportage with astute big-picture analysis. It’s among the best reports to date on America’s botched pandemic response.”
—Publishers Weekly


“Eye-opening…Conveyed in cogent prose, with an impeccably researched timeline.”
—Kirkus Reviews


The Big Fail does a great service in critiquing those who stifled debate and in demanding a full public accounting of what happened–an accounting that has yet to take place.”—Alex Tabarrok, Marginal Revolution

About the Author

Bethany McLean is a journalist and contributing editor for Vanity Fair. She has co-authored multiple bestselling books, including The Smartest Guys in the Room with Peter Elkind and All the Devils Are Here with Joe Nocera. She resides in Chicago with her children.

Joe Nocera is a columnist for The Free Press. His business journalism has appeared in numerous publications, including Esquire, Bloomberg, and The New York Times. He also wrote and produced the hit podcasts The Shrink Next Door and Agatha Christie and the Dandelion Poisoner. His books include All the Devils Are Here and Indentured. He lives in New York City.

Product details

  • Publisher ‏ : ‎ Portfolio (October 17, 2023)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 448 pages
  • ISBN-10 ‏ : ‎ 0593331028
  • ISBN-13 ‏ : ‎ 978-0593331026
  • Item Weight ‏ : ‎ 1.5 pounds
  • Dimensions ‏ : ‎ 6.32 x 1.39 x 9.28 inches
  • Customer Reviews:
    4.2 4.2 out of 5 stars 49 ratings

About the author

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Bethany McLean
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Bethany McLean is a well-known journalist. Her March 2001 article in Fortune, "Is Enron Overpriced?," was the first in a national publication to openly question the company’s dealings.

Customer reviews

4.2 out of 5 stars
49 global ratings

Top reviews from the United States

Reviewed in the United States on November 9, 2023
The Big Fail is a triumph in investigative journalism that left me both awestruck and seething with frustration. Bethany McLean and Joe Nocera have once again joined forces, this time to dissect the colossal missteps of American capitalism during the COVID-19 pandemic. With their unwavering scrutiny, they expose a narrative that is as compelling as it is infuriating. The stark revelations of government ineptitude, economic myopia, and the privileged elite’s indifference are woven into a story that I simply couldn’t put down. This book is the sobering truth of the nation’s ill-preparedness and the resulting human cost; it’s a wake-up call about the dire consequences of profit over people. The Big Fail is an essential read that has reshaped my understanding of the pandemic’s impact on society and the urgent need for systemic change. I used to tell my son to put me in a nursing home when I'm old. After reading this book, there's no way I will ever go to or put anyone in a nursing home!
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Reviewed in the United States on July 21, 2024
The Big Fail by Bethany McLean and Joe Nocera talks about how the United States government, along with the other big agencies there, are supposed to be best equipped to deal with a pandemic such as when Covid-19 struck, which generally failed the American public. It is truly fascinating to have experienced and survived my first viral pandemic, but even more fascinating is learning afterward how our government, along with other agencies whose main job is to deal with situations like these, have reacted in this most critical of times. Although I was not completely shocked by the events, I was still horrified to read about how the most prosperous country in the world, with so many modern tools at their disposal, can still seem like they were caught with their pants down in such a critical moment in our history. While there were obviously positive highlights and how things came to be, especially coming from some politicians whom I never expected, the overall feeling after having read through this is that we flunked our report card when it came to our handling of the virus outbreak. What’s also not surprising? It’s coming down to two or three obvious things: money, politics and more money.

What took place, in those early weeks, was as struggle between those who wanted to do everything and those who wanted to do nothing… - Authors

The book gives us a good glimpse of just how bad things get when a country is unprepared to handle a pandemic. So many unforeseen events and consequences reared their ugly heads and forced the public to take a good, hard look at what happens when so many things are left unchecked. The most maddening part is that many of the crises could have been averted if only the right people in government and big companies actually paid any attention. The PPE shortage situation highlighted in the book gives us the biggest glimpse of how globalization is touted as good when big companies are able to save their bottom line, but it left everyone scrambling once the global supply chain shut down.

“The Fed has effectively shifted from lender of last resort for banks to a commercial banker of last resort for the broader economy.” - Michael Feroli – J.P.Morgan’s Chief Economist

Equally important is the topic of how, again, as usual, when things get tough on the country, it is not the wealthy that suffers but the marginalized and citizens who already have nothing. No bigger example highlights this fact than what is happening to private equity companies buying out hospitals to maximize shareholder profits by increasing medical care costs, exploiting loopholes in the system to squeeze even more life out of their assets, and then moving on to the next big purchase.

Even in the middle of the pandemic, most corporations simply could not shed their now-ingrained habit of putting shareholders above employees. - Authors

Finally, the politics. The United States has been so politically divided. It used to be that one was able to stay away from politics as it was just the “stuff” that happens to politicians and something we usually only get a glimpse of in the news and whatnot. Not so anymore in this modern day and age. When the stakes are so high for politicians, it’s near impossible to admit any wrongdoing. One is expected to double-down, regardless of the statistics presented proving otherwise.

During Covid-19, a mask wasn’t just a mask; it was a symbol of one’s politics. - Authors

One of the more entertaining sections to read involves how Operation Warp Speed came to light, along with the process and people involved in creating the vaccines for Covid-19. Another great read involves how some were on the great search for PPE, especially for nitrile gloves and masks, and uncovering so much fraud and exploitation that makes one wonder if our government actually cares or not.

“It was a complete waste of time. FEMA took the masks. We never saw them again. The government never had the slightest interest in helping hospitals get PPE.” - Schessel

The blame game. It has always been and will always be about pointing fingers. If a global pandemic such as Covid-19 can’t force our parties to work together, it’s really hard to say what actually will. Although I don’t classify myself as anti-government, this book highlighted so many important things to make me question: on what side are they really helping? At the moment, it looks a lot more like the people with wealth. At the same time, I believe a government is needed but cannot and should not be abolished completely. So many questions remain. At least COVID-19 showed us this much, if nothing else. But with so many citizens having so many more pressing issues to deal with along with a “shorter-term memory” of past events, it’s likely that nothing will change.
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Reviewed in the United States on July 7, 2024
I learned a lot about details of the pandemic. The interplay of actors was well-described. People interested in a good review of the events and characterizations read this book.
Reviewed in the United States on December 14, 2023
The Big Fail is remarkably simple in its narration of the events that we all remember now as if it were a strange dream. The "aha" that arrives a month or more after completion of the book represents a call to action to bridge our differences so that we can find and nurture leaders in business, science, faith, and politics that will promote basic common sense policies.
9 people found this helpful
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Reviewed in the United States on September 7, 2024
I attended a lecture in Jul 2024 at the Chautauqua Institute in NY by the co-author of this book. On the strength of her presentation I bought the book. It is a profoundly disturbing book which reinforces one's view that although we may have learned something from the country's actions and inactions to the pandemic, nothing will probably change and we will be at the mercy of the next pandemic. America was not ready for COVID19 and that will also be the case for whatever is over the horizon. Globalization of markets; Wall Street and capitalism; competing political views; the polarization of the American citizenry; the widening gap between the haves and the have nots; as well as numerous other issues were responsible for our pathetic response to the pandemic.
A "Big Fail" of this book is the absence of an index and mediocre sourcing which diminishes the book's credibility. That being said, however, it is a must-read for those who are serious about understanding current issues with our country. Don't expect to enjoy the read, though.