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Some of America’s best reporters and thinkers offer an urgent look at a country in chaos in this collection of timely, often prophetic articles from The Atlantic. The past four years in the United States have been among the most turbulent in our history—and would have been so even without a global pandemic and waves of protest nationwide against police violence. Drawn from the recent work of The Atlantic staff writers and contributors, The American Crisis explores the factors that led us to the present moment: racial division, economic inequality, political dysfunction, the hollowing out of government, the devaluation of truth, and the unique threat posed by Donald Trump. Today’s emergencies expose pathologies years in the making. Featuring leading voices from The Atlantic, one of the country’s most widely read and influential magazines, The American Crisis is a broad and essential look at the condition of America today—and at the qualities of national character that may yet offer hope. With contributions by: Danielle Allen, Anne Applebaum, Yoni Appelbaum, Molly Ball, David W. Blight, Mark Bowden, Ta-Nehisi Coates, Lizabeth Cohen, McKay Coppins, James Fallows, Drew Gilpin Faust, Caitlin Flanagan, Franklin Foer, David Frum, Megan Garber, Michael Gerson, Elizabeth Goitein, David A. Graham, Emma Green, Yuval Noah Harari, Ibram X. Kendi, Olga Khazan, Adrienne LaFrance, Annie Lowrey, James Mattis, Lin-Manuel Miranda, Angela Nagle, Vann R. Newkirk II, George Packer, Elaina Plott, Jeremy Raff, Jonathan Rauch, Adam Serwer, Clint Smith, Matthew Stewart, Alex Wagner, Tara Westover, and Ed Yong.
The capstone of a research endeavor begun by Barbara Stein and Stanley Stein nearly sixty years ago, this volume concludes their masterful tetralogy on Spanish economic and Atlantic history. With a compelling narrative that weaves together story and thesis and brings to life immense archival research and empirical data, Crisis in an Atlantic Empire is a finely grained historical tour of the period covering 1808 to 1810, which is often called “the age of revolutions.” The study examines an accumulation of countervailing elements in a spasm of imperial crisis, as Spain and its major colony New Spain struggled to preserve traditional structures of exchange—Spain's transatlantic trade system—with Caribbean ports at Veracruz and Havana in wartime after 1804. Rooted in the struggle between businessmen seeking to expand their economic reach and the ruling class seeking to maintain its hegemonic control, the crisis sheds light on the contest between free trade and monopoly trade and the politics of preservation among an enduring and influential interest group: merchants. Reflecting the authors’ masterful use of archival sources and their magisterial knowledge of the era’s complex metropolitan and colonial institutions, this volume is the capstone of a research endeavor spanning nearly sixty years.
The past several years have seen strong disagreements between the U.S. government and many of its European allies. News accounts of these challenges focus on isolated incidents and points of contention. The End of the West? addresses some basic questions: Are we witnessing a deepening transatlantic rift, with wide-ranging consequences for the future of world order? Or are today's foreign-policy disagreements the equivalent of dinner-table squabbles? What harm, if any, have events since 9/11 done to the enduring relationships between the U.S. government and its European counterparts? The contributors to this volume, whose backgrounds range from political science and history to economics, law, and sociology, examine the "deep structure" of an order that was first imposed by the Allies in 1945 and has been a central feature of world politics ever since. Creatively and insightfully blending theory and evidence, the chapters in The End of the West? examine core structural features of the transatlantic order to determine whether current disagreements are minor and transient or catastrophic and permanent.
In this original, provocative contribution to the debate over economic inequality, Ganesh Sitaraman argues that a strong and sizable middle class is a prerequisite for America’s constitutional system. A New York Times Notable Book of 2017 For most of Western history, Sitaraman argues, constitutional thinkers assumed economic inequality was inevitable and inescapable—and they designed governments to prevent class divisions from spilling over into class warfare. The American Constitution is different. Compared to Europe and the ancient world, America was a society of almost unprecedented economic equality, and the founding generation saw this equality as essential for the preservation of America’s republic. Over the next two centuries, generations of Americans fought to sustain the economic preconditions for our constitutional system. But today, with economic and political inequality on the rise, Sitaraman says Americans face a choice: Will we accept rising economic inequality and risk oligarchy or will we rebuild the middle class and reclaim our republic? The Crisis of the Middle-Class Constitution is a tour de force of history, philosophy, law, and politics. It makes a compelling case that inequality is more than just a moral or economic problem; it threatens the very core of our constitutional system.
WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK "An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems."--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences.
A penetrating critique tracing how under-regulated trading between European and U.S. banks led to the 2008 financial crisis--with a prescription for preventing another meltdown There have been numerous books examining the 2008 financial crisis from either a U.S. or European perspective. Tamim Bayoumi is the first to explain how the Euro crisis and U.S. housing crash were, in fact, parasitically intertwined. Starting in the 1980s, Bayoumi outlines the cumulative policy errors that undermined the stability of both the European and U.S. financial sectors, highlighting the catalytic role played by European mega banks that exploited lax regulation to expand into the U.S. market and financed unsustainable bubbles on both continents. U.S. banks increasingly sold sub-par loans to under-regulated European and U.S. shadow banks and, when the bubbles burst, the losses whipsawed back to the core of the European banking system. A much-needed, fresh look at the origins of the crisis, Bayoumi's analysis concludes that policy makers are ignorant of what still needs to be done both to complete the cleanup and to prevent future crises.
“A concise and powerful account of how the great recession happened and what should be done to avoid another one . . . well-argued and consistently informative.” —Wall Street Journal The Great American Recession of 2007-2009 resulted in the loss of eight million jobs and the loss of four million homes to foreclosures. Is it a coincidence that the United States witnessed a dramatic rise in household debt in the years before the recession—that the total amount of debt for American households doubled between 2000 and 2007 to $14 trillion? Definitely not. Armed with clear and powerful evidence, Atif Mian and Amir Sufi reveal in House of Debt how the Great Recession and Great Depression, as well as less dramatic periods of economic malaise, were caused by a large run-up in household debt followed by a significantly large drop in household spending. Though the banking crisis captured the public’s attention, Mian and Sufi argue strongly with actual data that current policy is too heavily biased toward protecting banks and creditors. Increasing the flow of credit, they show, is disastrously counterproductive when the fundamental problem is too much debt. As their research shows, excessive household debt leads to foreclosures, causing individuals to spend less and save more. Less spending means less demand for goods, followed by declines in production and huge job losses. How do we end such a cycle? With a direct attack on debt, say Mian and Sufi. We can be rid of painful bubble-and-bust episodes only if the financial system moves away from its reliance on inflexible debt contracts. As an example, they propose new mortgage contracts that are built on the principle of risk-sharing, a concept that would have prevented the housing bubble from emerging in the first place. Thoroughly grounded in compelling economic evidence, House of Debt offers convincing answers to some of the most important questions facing today’s economy: Why do severe recessions happen? Could we have prevented the Great Recession and its consequences? And what actions are needed to prevent such crises going forward?
Honorable Mention, 2012 Joe A. Callaway Prize in Drama and TheaterFirst Place, Large Not-for-Profit Publisher, Typographic Cover, 2011 Washington Book Publishers Design and Effectiveness Awards Less than twenty years after asserting global dominance in the Seven Years' War, Britain suffered a devastating defeat when it lost the American colonies. Daniel O'Quinn explores how the theaters and the newspapers worked in concert to mediate the events of the American war for British audiences and how these convergent media attempted to articulate a post-American future for British imperial society. Building on the methodological innovations of his 2005 publication Staging Governance: Theatrical Imperialism in London, 1770-1800, O’Quinn demonstrates how the reconstitution of British imperial subjectivities involved an almost nightly engagement with a rich entertainment culture that necessarily incorporated information circulated in the daily press. Each chapter investigates different moments in the American crisis through the analysis of scenes of social and theatrical performance and through careful readings of works by figures such as Richard Brinsley Sheridan, William Cowper, Hannah More, Arthur Murphy, Hannah Cowley, George Colman, and Georg Friedrich Handel. Through a close engagement with this diverse entertainment archive, O'Quinn traces the hollowing out of elite British masculinity during the 1770s and examines the resulting strategies for reconfiguring ideas of gender, sexuality, and sociability that would stabilize national and imperial relations in the 1780s. Together, O'Quinn's two books offer a dramatic account of the global shifts in British imperial culture that will be of interest to scholars in theater and performance studies, eighteenth-century studies, Romanticism, and trans-Atlantic studies.
This Open Access book, Crisis and Legitimacy in Atlantic American Narratives of Piracy: 1678-1865, examines literary and visual representations of piracy beginning with A.O. Exquemelin’s 1678 Buccaneers of America and ending at the onset of the US-American Civil War. Examining both canonical and understudied texts—from Puritan sermons, James Fenimore Cooper’s The Red Rover, and Herman Melville’s “Benito Cereno” to the popular cross-dressing female pirate novelette Fanny Campbell, and satirical decorated Union envelopes, this book argues that piracy acted as a trope to negotiate ideas of legitimacy in the contexts of U.S. colonialism, nationalism, and expansionism. The readings demonstrate how pirates were invoked in transatlantic literary production at times when dominant conceptions of legitimacy, built upon categorizations of race, class, and gender, had come into crisis. As popular and mobile maritime outlaw figures, it is suggested, pirates asked questions about might and right at critical moments of Atlantic history.
An empirical investigation of financial crises during the last 800 years.