Macro Musings with David Beckworth Archives

The Cashless Revolution: China’s Reinvention of Money and the End of America’s Domination of Finance and Technology

The future of finance – the way Wall Street operates and how individuals manage their money – is on the verge of upheaval. And the force underlying the change comes from China, where finance and technology are being merged into a system with consequences that resonate far beyond China’s border. The changes of this global revolution in finance and technology – fintech – will be as powerful as those wrought in social media, retailing and advertising by giants such as Amazon, Facebook, Google, and Twitter, which have overturned how we shop and communicate. […Learn More]

The Riches of This Land: The Untold, True Story of America’s Middle Class

A vivid character-driven narrative, fused with important new economic and political reporting and research, that busts the myths about middle class decline and points the way to its revival.

For over a decade, Jim Tankersley has been on a journey to understand what the hell happened to the world’s greatest middle-class success story — the post-World-War-II boom that faded into decades of stagnation and frustration for American workers. […Learn More]

The Economist’s Hour: False Prophets, Free Markets, and the Fracture of Society

In this “lively and entertaining” history of ideas (Liaquat Ahamed, The New Yorker), New York Times editorial writer Binyamin Appelbaum tells the story of the people who sparked four decades of economic revolution.

Before the 1960s, American politicians had never paid much attention to economists. But as the post-World War II boom began to sputter, economists gained influence and power.

In The Economists’ Hour, Binyamin Appelbaum traces the rise of the economists, first in the United States and then around the globe, as their ideas reshaped the modern world, curbing government, unleashing corporations and hastening globalization. […Learn More]

Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace

A provocative look at how today’s trade conflicts are caused by governments promoting the interests of elites at the expense of workers

Trade disputes are usually understood as conflicts between countries with competing national interests, but as Matthew C. Klein and Michael Pettis show, they are often the unexpected result of domestic political choices to serve the interests of the rich at the expense of workers and ordinary retirees. […Learn More]

The Chickenshit Club: Why the Justice Department Fails to Prosecute Executives

Why were no bankers put in prison after the financial crisis of 2008? Why do CEOs seem to commit wrongdoing with impunity? The problem goes beyond banks deemed “Too Big to Fail” to almost every large corporation in America—to pharmaceutical companies and auto manufacturers and beyond. The Chickenshit Club—an inside reference to prosecutors too scared of failure and too daunted by legal impediments to do their jobs—explains why in “an absorbing financial history, a monumental work of journalism…a first-rate study of the federal bureaucracy” (Bloomberg Businessweek) […Learn More]