Mass participation in the stock market would transform workers into owners, ideas would become the motors of economic life, and globalization would render national borders obsolete. Now, with customary irreverence and acuity, journalist Doug Henwood dissects the New Economy, arguing that the delirious optimism of the moment was actually a manic set of variations on ancient themes - techno-utopianism, the frictionless market, the postindustrial society, and the end of the business cycle - all promoted from the highest of places. Claims of New Eras have plenty of historical precedents; in this latest act, our modern mythmakers held that technology would overturn hierarchies, democratizing information and finance and leading inexorably to a virtual social revolution. But, as Henwood vividly demonstrates, the gap between rich and poor has never been so wide, wealth never so concentrated. For a while, it looked like the U.

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Mautilar This is especially so since many of these acquisitions are paid for with stock, rather than cash. I guess this is an example of the free-rider problem—I loved the ads, but someone else footed the bill.

To see what your friends thought of this book, please sign up. Public Affairs Event Format: Check out the page for summaries of each weeks guests and topics. Apr 21, Kyle rated it it was amazing. Jan 08, Graeme rated it really liked it. In addition it offers a relevant modernta This is an interesting book to read over a decade later because Newsletters Sign up for the latest news and to win free tickets to events.

This is an interesting book to read over a decade later because This chapter covers the range of instruments traded on Wall Street, such as stocks, bonds, derivatives, currencies etc. As a youth Henwood was acquainted with Marxismbut he briefly self-identified with conservatism towards the end of high school.

Sep 29, Stanley rated it liked it. Archived from the original on Henwood occasionally interviews on other radio and television programs. I give DH a lot of credit: This is a very good book in macro and microeconomics. Stranger Tickets Buy tickets to events around Seattle. More information about Wall Street. Many words in the book have an erroneous space inserted in the middle. He appeared in Lewis H. Basically, if you have a ton of money, you are pitted against economic growth.

Not only direct funding by secondary offerings but also mergers and acquisitions by stock swap, compensation by stock options, etc. Refresh and try again. Henwood authored four books and is working on a fifth. Henwood received a B. Lists with This Book.

It is currently out of print, but offered for free online. TOP 10 Related.


Wall Street: How It Works and for Whom

One of the most striking characteristics of the American financial world is its ideological rigidity. Backed by the intellectual legitimacy of neoclassical economics and the wealth of the upper classes, the managers of money resolutely cling to beliefs bordering on the absurd. The stock market is understood as a vehicle for raising capital although it is primarily a place to buy and sell existing shares of stock and allocating it rationally although phenomena like panic buying and selling are common ; capital is understood as a purely neutral entity independent of concerns such as power and justice. Anyone not put off by his self-conscious performance as a gadfly and possessing an even slightly open mind will find his inventory of the financial instruments, players, and consequences of the stock market a refreshing and informative break from the usual claptrap of financiers and respectable journalists. This guy actually thinks that the distribution of wealth matters in a society, that there are legitimate concerns regarding incomes beyond keeping wages down and return on capital high, and that assessments of the financial system should not be divorced from such issues. Next assignment: Present the same ideas in a more accessible form to a wider audience.


Doug Henwood

Thanks for covering this. At least someone in the media is trying. Thank you for all your work. But I think you are missing some key facets regards to the occupy wall street movement. There is in fact a diverse agenda and such a sense of common goals that individuals are taking the initiative to carry out whatever needs to be done. We need your critical eye more than ever before.

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