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Joel Magnuson

Mindful Economics: How the U.S. Economy Works, Why it Matters, and How it Could Be Different Paperback – September 2, 2008

by Joel Magnuson (Author)

4.7 28 ratings

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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.

Print length

432 pages
Language

English
Publisher

Seven Stories Press
Publication date

September 2, 2008
Dimensions

6.07 x 0.93 x 9.03 inches
ISBN-10

1583228470
ISBN-13

978-1583228470
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Editorial Reviews

Review

“An excellent guide to one of the most deliberately mystified fields of human endeavor. If you ever wondered what all those words and concepts mean, this is the book to turn to.” —Doug Henwood

“Joel Magnuson notes an irreconcilable conflict between capitalist financial growth and environmental sustainability. He finds hope, however, in a kind of evolutionary socialism that he calls Mindful Economics. How lucky for us if politicians picked up this book … Then they may even help us save the planet.” —Barbara Garson

“A lovely and provocative introduction to American capitalism that I wish every American would read.” —Robert W. McChesney

About the Author

JOEL MAGNUSON is an independent economist based in Portland, Oregon. He is a visiting fellow at the Ashcroft International Business School at Anglia Ruskin University in Cambridge, England, serves as an international advisor to Anglia's Interconnections, and is on the faculty at the East West Sanctuary in Nagykovácsi, Hungary. He is the author of Mindful Economics: How the US Economy Works, Why It Matters, and How It Could Be Different and The Approaching Great Transformation: Toward a Livable Post Carbon Economy.

Product details

Publisher ‏ : ‎ Seven Stories Press (September 2, 2008)
Language ‏ : ‎ English
Paperback ‏ : ‎ 432 pages
ISBN-10 ‏ : ‎ 1583228470
ISBN-13 ‏ : ‎ 978-1583228470
Item Weight ‏ : ‎ 1.28 pounds
Dimensions ‏ : ‎ 6.07 x 0.93 x 9.03 inches

Best Sellers Rank: #2,289,772 in Books (See Top 100 in Books)
- #1,369 in Macroeconomics (Books)
- #2,282 in International Economics (Books)
- #3,991 in Economic Conditions (Books)

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4.7 28 ratings

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Joel Magnuson

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Joel Magnuson is an active member of an international research group based in Europe that is working toward new philosophical foundations for economic theory and practice. Magnuson's books include Mindful Economics: How the U.S. Economy Works, Why It Matters, and How It Could Be Different (2008), The Approaching Great Transformation: Toward a Livable Post Carbon Economy (2013), and From Greed to Well Being: A Buddhist Approach toward Resolving Our Economic and Financial Crises (2016). He lives in Portland, Oregon.

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4.7 out of 5

28 global ratings

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Jeff

An Important Book

Reviewed in the United States 🇺🇸 on January 3, 2011

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Some reviewers have said that Magnuson's solutions are a bit naive. Perhaps. But what choice do we have? I think Mr. Magnuson has written a very important book that concisely describes our present predicament. There is no jargon, no complex arguments; just very well-written explanations of how we came to be in our present fix. What I liked about the book is that (contrary to one comment) Magnuson, while obviously no big fan of capitalism, doesn't slam it like so many progressive critics do. He states, over and over again, that capitalism is just doing what capitalism was designed to do: maximize profits for the investor class. Progressive critics who get all worked up over capitalism should reflect on the fact that rattlesnakes kill by using poison. Is it the fault of the rattlesnake that it does what it does? No. Does that mean that rattlesnakes are bad? No. Rattlesnakes, like capitalism, do what they are supposed to do. After taking the majority of the book to describe the features of capitalism (and he acknowledges that there are both systemic and personal faults with the system in that it institutionalizes greed), he lays out the beginnings of a new way to organize our economy. Will it be easy? No. Will it succeed? Perhaps not. But the alternative is to see the world become like Haiti - endemic poverty, environmental degradation, extreme wealth inequality, and rampant disease. Is that what we want? If not, it behooves us all to make some small contribution to getting off that road. A start would be to read this book and then to take a hard look at the behaviors we engage in that perpetuate this system. Highly recommended!

2 people found this helpful

Helpful

ChangeItOrDrownIt

No problem w/ transaction or merchant! Y$4FAST(s+h)F=+CO2...FsloAOK?...ask Amazon!

Reviewed in the United States 🇺🇸 on June 25, 2012

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The first half of this text is a great. The author's ability to explain and improve a student's economics understanding is unquestionable. The non capitalist stance taken begins to slightly show in his work in the first half. His usage of a non capitalist stance to express an economic direction in historical perspective occasionally is very supportive to an economics student. He introduces known economic ideas, histories and principles but his non capitalist slant is very important to see a sometimes different concept underlying understanding. His concepts in the first half do not seem to interfere with any truth.

His concepts and truths are acceptable for research purposes for the undergraduate. His personal conclusions are healthy and adaptive for a sustainable world. I personally do not see how a large populace will achieve what the populist movement could not accomplish in the 1900s. I am all for his direction and being a habitually sustainable living consumer in all life ways. I cannot see how his ideals and concepts could be socialized into our national system. This first half of the text was worth the read. This was the part assigned for my class, too. I will not sell this text back.
ChangeItOrDrownIt
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2 people found this helpful

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BK

Great book, written for all readers

Reviewed in the United States 🇺🇸 on August 26, 2016

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A great book. From the current problem with capitalism to the rich history of where each ideas came from, Magnuson really uses great examples to pull in the reader to subjects that can be difficult to explain. He does have his bias against the corporate giants, but they are very reasonable after following his logic and evidence. As a beginner in economics, this book will get you interested.

Reviewed in the United States 🇺🇸 on September 24, 2013

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Though I've not yet finished the book I have been impressed with the clarity of explanations. Terms like Capitalism and Socialism are discussed as systems and have helped me better understand the current economic situations in the United States. So far I have not found the book to be preachy but Mr. Magnuson's goal seems to be educative. I feel more confident in my thinking and ability to reasonably discuss current economic problems facing the world.

2 people found this helpful

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BG

Real World Economics

Reviewed in the United States 🇺🇸 on May 10, 2014

Verified Purchase

If you want a non right wing fairy tale account of how American capitalism works, then this is the book to get. Don't bother with Econ 101 in school and definitely do not bother with Microeconomics. The latter is in large part fiction. This book isn't. This is an economics book that the donkey named Benjamin from Animal Farm would approve of. It is malarkey free. Check it out and use it for your classes.

Helpful

Marlena More

Practical, pragmatic, a must read for everyone.

Reviewed in the United States 🇺🇸 on October 17, 2012

Verified Purchase

This is a very useful book and should be a must read for every high school and college graduate in the country. It is apolitical but very clear. After having received a degree in Economics and graduating top of my class I knew less about the practical issues and solutions than after reading this one book. MUST READ!

One person found this helpful

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Blake McBride

... purchased this book in the hopes of gaining a better understanding of economics

Reviewed in the United States 🇺🇸 on May 18, 2015

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I purchased this book in the hopes of gaining a better understanding of economics. Unfortunately, this book is more about how capitalism has and is destroying the country. It is an endless stream of one-sided arguments against capitalism.

If you are on the left, and would welcome more one-sided fuel, this is the book for you.

On the other hand, if you think this country is great and that capitalism, with appropriate limitations, is one of our greatest assets, you will find this book insulting. You will find yourself frustrated that, since you can't communicate with a book, you are unable to point out the one-sidedness of many of the arguments.

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Donald McLeod

Our system is not sustainable and it will make us poor and dead

Reviewed in the United States 🇺🇸 on December 8, 2008

Verified Purchase

Read this book and learn how the system really works. You will learn so much about how our economic system works that you may try to change it. You may try to smash the machine. You may lay an economist's body upon the gears of the machine to bring it to a grinding halt. Yes, you. No kidding.

2 people found this helpful

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Top reviews from other countries

Simon Osborne

Excellent critique, poor conclusion

Reviewed in the United Kingdom 🇬🇧 on April 10, 2014

Verified Purchase

Magnuson gives an excellent and lucid critique of American economic development of the past 200 years or so. For a non-economist this could have been quite a dry subject yet the pace is excellent and easily understood. And even for a UK reader, interesting parallels can be seen and indeed are given, with UK economics, and the growth of global capitalism.

The disappointment with the book is that it only gives a conclusion in the last 3 chapters and this is limited to cooperatives and localism. While I did not expect a blue print for a new world order I was expecting a little more by way a practical methodology. Many businesses attempt to be more mindful in their activity; many have succeeded in fundamentally changing the way they work to ensure their employees, community, environment and customers have a more sustainable business model to work with. Some are better at this than other, but more are certainly trying. I feel Magnusson dismisses their efforts abruptly and without merit. I understand the ultimate conclusion he draws regarding the unsustainable and inevitable fate of capitalism, but it is the system we have, and I found this apparent dismissal of mindful efforts some companies are making, very frustrating.

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