Books

One Market Under God: Extreme Capitalism, Market Populism, and the End of Economic Democracy
The Economic History of Latin America since Independence (Cambridge Latin American Studies)
The Spatial Economy: Cities, Regions, and International Trade
The Good Society : The Humane Agenda
Tuition Rising: Why College Costs So Much
An Introduction to Geographical Economics
Ragnar's Guide to the Underground Economy
Fundamentals of Power System Economics
Participation--From Tyranny to Transformation? : Exploring New Approaches to Participation in Development
Triumph Over Tragedy: September 11 and the Rebirth of a Business
The Ancient Economy (Sather Classical Lectures , No 43)
After the Washington Consensus: Restarting Growth and Reform in Latin America
General Economic History
The Price of a Dream : The Story of the Grameen Bank
e-Strategy, Pure & Simple: Connecting Your Internet Strategy to Your Business Strategy
Dislocating Cultures: Identities, Traditions, and Third-World Feminism (Thinking Gender)
The Early Growth of European Economy: Warriors and Peasants from the Seventh to the Twelfth Centuries (World Economic History Series)
The Making of Economic Society (11th Edition)
The Nature of Economies (Vintage)
The Race to the Bottom: Why a Worldwide Worker Surplus and Uncontrolled Free Trade are Sinking American Living Standards
The REDNECK MANIFESTO
The Modern World-System III
Somalia: Economy Without State (African Issues)
It's Still the Economy, Stupid : George W. Bush, The GOP's CEO
The Enemy of Nature: The End of Capitalism or the End of the World?

One Market Under God: Extreme Capitalism, Market Populism, and the End of Economic Democracy

Average customer rating:

revealing
Very Worthwhile
Solid thoughtful, nails our national policy failures in a big way
Enlightening romp through a decade of idiocy
The Democracy Bubble

One Market Under God: Extreme Capitalism, Market Populism, and the End of Economic Democracy
Thomas Frank
Manufacturer: Anchor
ProductGroup: Book
Binding: Paperback

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ASIN: 0385495048
Release Date: 2001-09-18

Amazon.com

After nearly a decade of bull markets, Americans have come to equate free markets with democracy. Never one for mincing words, social critic Thomas Frank, editor of The Baffler and author of The Conquest of Cool, challenges this myth. With his acerbic wit and contempt for sophistry, he declares the New Economy a fraud. Frank scours business literature, management theory, and marketing and advertising to expose the elaborate fantasies that have inoculated business against opposition. This public relations campaign joins an almost mystical belief in markets, a contempt for government in any form, and an "ecstatic" confusion of markets with democracy. Frank traces the roots of this movement from the 1920s, and sees its culmination in market populism as a fusion of the rebellious '60s with the greedy '80s. The overarching irony is the swapping of roles--suddenly Wall Street is no longer full of stodgy moneygrubbers, but cool entrepreneurs "leaping on their trampolines, typing out a few last lines on the laptop before paragliding, riding their bicycles to work, listening to Steppenwolf while they traded." Meanwhile, "Americans traded their long tradition of electoral democracy for the democracy of the supermarket, where all brands are created equal and endowed by their creators with all sorts of extremeness and diversity." Frank's close reading of the salesmen of market populism nails such financial gurus as George Gilder, Joseph Nocera, Kevin Kelly, and Thomas Friedman. Their writings, he contends, have served to make "the world safe for billionaires" by winning the cultural and political battle--legitimizing the corporate culture and its demands for privatization, deregulation, and non-interference. Frank's incisive prose verges on brilliant at times, though his yen for repetition can be exasperating. In either case, his boisterous reminder that markets are fundamentally not democracies is worth repeating as the level of wealth polarization in America reaches heights not seen since the 1920s. --Lesley Reed

Book Description

In a book that has been raising hackles far and wide, the social critic Thomas Frank skewers one of the most sacred cows of the go-go '90s: the idea that the new free-market economy is good for everyone.

Frank's target is "market populism"--the widely held belief that markets are a more democratic form of organization than democratically elected governments. Refuting the idea that billionaire CEOs are looking out for the interests of the little guy, he argues that "the great euphoria of the late nineties was never as much about the return of good times as it was the giddy triumph of one America over another." Frank is a latter-day Mencken, as readers of his journal The Baffler and his book The Conquest of Cool know. With incisive analysis, passionate advocacy, and razor-sharp wit, he asks where we?re headed-and whether we're going to like it when we get there.

Customer Reviews:

revealing.......2007-01-06

although it seemed a bit repetetive at times, this book was right on. i guess it seemed that way to me because everything was so intertwined. Many thanks to pbs for bringing this author to my attention.

Very Worthwhile.......2006-08-14

If you want to know how the economy really works and who is really in charge, read this book. You don't need to agree with all of the author's conclusions, but the the facts and arguments presented are very compelling.

Solid thoughtful, nails our national policy failures in a big way.......2006-08-02

This is a very serious book, one that any candidate for President would do well to read, especially so the centrist candidates willing to announce that both the Democratic and Republican parties have sold the public into slavery to corporate fascism.

In summary, the author documents in detail how the Reagan Revolution, and especially the firing of the air traffic controllers and the wrongful use of military air traffic controllers as "union busting" scabs, eliminated the counter-vailing force of labor unions, at the same time that government deregulated and abdicated its responsibility for a social safety net, the media converted into advertising with a "news hole," and corporations lost all moral and social standards.

He deconstructs the "New Economy" in persuasive detail and caused me to re-evaluate some of my earlier readings, especially of Kevin Kelly and others in the WIRED generation who articulate with blind faith the democratic value of the network, but fail to see, as Robert Samuelson and this author would have us understand, that outsourcing is union busting, and the actual effect of the network has been to make it possible for corporations to outsource middle class jobs while importing poverty through illegal immigration. The net loser is the Nation, because one of its most important sources of national power, an educated engaged citizenry, is being sold short.

The author is brutally on target when he points out that corporations have achieved a slight of hand in disconnecting labor from the value of created wealth, claiming much more management value (to the point that CEOs make 400 to 1000 times what their workers make, up from 25 times long ago). He also points out that the democratization of the stock market is code for what Mark Lewis called, in "Liar's Poker," "exploding the client. The smart money rides the early surge and then sells out to the middle class dreamers, who end up losing 80-90% of their value over time.

I have a note in the flyleaf that this book is "quite extraordinary, almost breathtaking in scope, with a compelling array of well-ordered facts."

Overall, while many will not like the term "corporate fascism" and the author prefers to use "extreme capitalism" while others discuss immoral and predatory capitalism, or "class war" (see my review of Faux's "The Global Class War" and, somewhat less solid but still good, Pabast's "Armed Madhouse" (dispatches from the front lines of the global class war). The sorry reality is that Americans have been lulled to sleep like sheep for a slaughter, and do not seem to appreciate the fact that there has been a MASSIVE theft of public capital through what this author calls "the Wall Street tax" on America.

The greatest strength of the book is how the author documents the calculated and comprehensive manner in which Wall Street and the evangelical right came together to turn reality on its head, and persuade everyone including blue collar workers that it was okay to break the social contract with labor, and that what is good for Wall Street is good for America and its workers. In fact, as the author points out repeatedly, when workers get laid off, Wall Street stocks go up. His entire review reminds one of Noam Chomsky and Edward Herman's classic "Manufacturing Consent." Public relations has been used in a classic manner by American corporations, to include penetration of teen-age sub-cultures and the manipulation of teen-age desires. In Europe they consider public relations to be, according to this author, advanced corporate lying.

The author draws an excellent connection between the "blind faith" that keeps the corporate illusion of free trade on the table, and the "blind faith" that led Dick Cheney to depose George Bush and invade Iraq without regard to the policy process, accountability, or reality. America is in the grip of a very destructive combination of corporate ideology, religious ideology, and political ideology.

The author is properly and comprehensively critical of the media for failing to do its job. Journalists, a few exceptions aside, have become "filler." The author excels at picking Tom Friedman apart, and at mocking the Wall Street Journal for idiocy in print.

The book ends on a sobering note, where the author points out that reality has a way of unmasking ideological pretensions in a most painful manner. He specifically suggests that George Bush Junior (he does not mention Cheney) will go the way of Herbert Hoover in the history books. Reality--that's what one White House staffer is reported to have said had no relevance, because this White House "creates its own reality." Yes it does--a reality of greed and theft and immorality at the top, poverty and disease at the bottom, and a loss of American honor around the world.

First class thinking and writing. A really strong book.

Enlightening romp through a decade of idiocy.......2006-05-07

From John Perry Barlow to Virginia Postrel, from _Liberation Management_ to _Who Moved My Cheese?_, from dot-com millionaires to cult stud academics, Thomas Frank summarizes, contextualizes, and debunks a decade's worth of pro-business propaganda. The major theme, he argues, was the concept of "market populism", the notion that The Market was far more democratic than actual democracies, doing whatever their copious focus groups had determined the people wanted. Frank, a serious supporter of genuine democracy, skewers their absurd myths and provides some insight into the harm they did to working people.

The Democracy Bubble.......2006-01-17

If there were two overall themes guiding this book, I'd say it was these:
During the late 1990s, it was pretty obvious that a rising tide was not lifting all boats. And for a very long time now, conservative and many liberal economists, business owners, investors, business writers and assorted pundits have equated democracy with the ebbs and flows of the free market.
I've never read What's The Matter With Kansas or The Baffler before. My introducation to Frank came through this book with it's marathon chapters, sometimes repetative thesis', and thoroughly damning evidence of our nation's continuing problems with a form of tulip mania and the delusion that a janitor/schoolteacher/truck driver playing the stock market with a few shares has economic parity with someone like Warren Buffett.
The title itself is an interesting look at the subject matter here: free market economics has long been a dogma among Americans. We are told time and time again that collective bargaining, state investment, and regulations over wages will lead us down the path to destruction. Also, supposedly, if we allow the foxes to guard the henhouse, someday we can all be rich.
Frank points out that this isn't a new ideology but it has become more and less popular over time. The end of the 20th century resembled the beginning more than any other time; the middle class was slowly eroding and obscene wealth consoled obscene lack of wealth with idea that even if you're living in poverty, you can just make a couple of smart investments, spend wisely, and the idea of the American Dream will be fulfilled and you'll get wealthy.
This might all seem painfully obvious, but Frank deserves credit for actually documenting it.

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