Rating: 
Summary: Challenging ideas for changing Wall Street's DNA
Review: "The Soul of Capitalism: Opening Paths to a Moral Economy," is filled with challenging ideas for changing Wall Street's DNA. Author William Greider carefully reviews the historical nature of capitalism and offers sound advice on how to improve the integrity of the financial system in the United States. To this end, Greider demonstrates how deceit and manipulation of information by financial firms has triggered a public outrage. And he provides a convincing argument that unless the bottom line includes humanity in its bookkeeping...capitalism will eventually destroy society. For the most part serious tier-one traders of equities, bonds, commodities and forex markets will ignore the contents of this book. They are on the cutting edge of establishing value and have no technical or fundamental instrument to quantify humanity in the daily battle of market pricing. However, senior management, bankers and administrators would be wise to examine this text. They are in a position to promote change. And only they can end the callous indifference and greed that dominates Wall Street. Greider does his homework. He introduces the thoughts of several social gospelers and philophers to punctuate many important points. At the top of the list of culprits is how senior corporate executives have no true social responsibilities other than to make money for shareholders. On the contrary, the heroes of nurturing solid corporate social values are union managed pension funds who advocate wholesome investments. On a less than positive note...Greider's "agitating inquiry" tends to get a little carried away with his criticism of certain segments of the financial system. For instance, his allegations of fuedalism and master/servants labor systems in today's capitalist society are weak and will be discounted by objective economists. Nevertheless, this is an important book that explores how downsizing, restructuring and outsourcing reduce human dignity, equity and self-worth for many Americans. Bert Ruiz
Rating:
Summary: Challenging ideas for changing Wall Street's DNA
Review: "The Soul of Capitalism: Opening Paths to a Moral Economy," is filled with challenging ideas for changing Wall Street's DNA. Author William Greider carefully reviews the historical nature of capitalism and offers sound advice on how to improve the integrity of the financial system in the United States. To this end, Greider demonstrates how deceit and manipulation of information by financial firms has triggered a public outrage. And he provides a convincing argument that unless the bottom line includes humanity in its bookkeeping...capitalism will eventually destroy society. For the most part serious tier-one traders of equities, bonds, commodities and forex markets will ignore the contents of this book. They are on the cutting edge of establishing value and have no technical or fundamental instrument to quantify humanity in the daily battle of market pricing. However, senior management, bankers and administrators would be wise to examine this text. They are in a position to promote change. And only they can end the callous indifference and greed that dominates Wall Street. Greider does his homework. He introduces the thoughts of several social gospelers and philophers to punctuate many important points. At the top of the list of culprits is how senior corporate executives have no true social responsibilities other than to make money for shareholders. On the contrary, the heroes of nurturing solid corporate social values are union managed pension funds who advocate wholesome investments. On a less than positive note...Greider's "agitating inquiry" tends to get a little carried away with his criticism of certain segments of the financial system. For instance, his allegations of fuedalism and master/servants labor systems in today's capitalist society are weak and will be discounted by objective economists. Nevertheless, this is an important book that explores how downsizing, restructuring and outsourcing reduce human dignity, equity and self-worth for many Americans. Bert Ruiz
Rating:
Summary: Challenging ideas for changing Wall Street's DNA
Review: "The Soul of Capitalism: Opening Paths to a Moral Economy," is filled with challenging ideas for changing Wall Street's DNA. Author William Greider carefully reviews the historical nature of capitalism and offers sound advice on how to improve the integrity of the financial system in the United States. To this end, Greider demonstrates how deceit and manipulation of information by financial firms has triggered a public outrage. And he provides a convincing argument that unless the bottom line includes humanity in its bookkeeping...capitalism will eventually destroy society. For the most part serious tier-one traders of equities, bonds, commodities and forex markets will ignore the contents of this book. They are on the cutting edge of establishing value and have no technical or fundamental instrument to quantify humanity in the daily battle of market pricing. However, senior management, bankers and administrators would be wise to examine this text. They are in a position to promote change. And only they can end the callous indifference and greed that dominates Wall Street. Greider does his homework. He introduces the thoughts of several social gospelers and philophers to punctuate many important points. At the top of the list of culprits is how senior corporate executives have no true social responsibilities other than to make money for shareholders. On the contrary, the heroes of nurturing solid corporate social values are union managed pension funds who advocate wholesome investments. On a less than positive note...Greider's "agitating inquiry" tends to get a little carried away with his criticism of certain segments of the financial system. For instance, his allegations of fuedalism and master/servants labor systems in today's capitalist society are weak and will be discounted by objective economists. Nevertheless, this is an important book that explores how downsizing, restructuring and outsourcing reduce human dignity, equity and self-worth for many Americans. Bert Ruiz
Rating: 
Summary: Parts the Seas, Restores Hope & Morality to the American Way
Review:
The author has written a book that outlines an implementable vision worthy of the Nobel Prize.
If you buy just one book this year, if you read just one book prior to voting in the primary and general elections of any country, this is the book. It combines common sense, a deep understanding of the flaws of a capitalist system that has been hijacked by unethical elites, and an extraordinary diversity of interviews and sources that I found compellingly sensible and straight-forward. Politically and economically, this book offers the citizen-voter-consumer-stockholder an objective and balanced account of exactly what is wrong with the existing American way of capitalism (both at home and abroad), and how we might, over time, fix it. Most importantly, the author destroys all of the myths and lies about the rising American standard of living, and demonstates that when one revises the Gross Domestic Product calculations to substract rather than add the negative products such as prisons and health care stemming from unsafe products and practices, the over-all national economic indicators have been steadily declining for over thirty years. The author is brilliant--truly brilliant--in studying the work of others and putting together a case for redefining capitalism and the financial accounting for capitalism to include social costs and benefits as part of the evaluative calculus. He excells at understanding and explaining the benefits to be had by introducing long-term sustainability, worker-friendly labor and management cultures, and balanced work force composition (save the middle class) and compensation (end the looting of America and its pension funds by an out of control corporate elite). In discussing the soul of capitalism, the author is in fact discussing America's soul. His book is not only a handbook for grassroots and collective bargaining actions by all communities and assocations, it is a reference point by which Americans specifically, but all national in all nations, should be judging their political and economic and social leaders. People *can* take back the power, but first they must understand that the existing economic situation is so unstable and unhealthy that it virtually guarantees life on Earth will end within the next 100 years. Although the book clearly mandates a reordering of both the American economic and the American political systems, and the author addresses those, he placed the bulk of his emphasis at the grass-roots level, and discusses how specific organizations and communities across America are "by-passing Washington" and establishing revolutionary new covenants for community-based, labor-friendly, sustainable economics. The book as a whole draws a clear distinction between what one might call Bush Economics (loot the commonwealth, enrich a very tiny elite that already has most of the wealth) and Dean Economics (recover the $500 billion a year in unwarranted corporate subsidies and financial fraud, restore the social side of the capitalist value system, share the wealth, sustain the environment). The author is a man of faith. Throughout the book, but especially when discussing the Social Gospel movement and reform theologians with close ties to extreme suffering in communities that have lost everything, he can inspire tears of both sadness at what we have done to ourselves, and joy at the possibilities for the future if we the people take back the power. At every turn in the book one reads about the connection between capitalism and democracy--between corrupt capitalism and the falseness and injustice of American democracy and foreign policy (see our reviews of Paul Krugman's "The Great Unraveling", Jonathan Schell, "The Unconquerable World", and Mark Hertsgaard, "The Eagle's Shadow")--and between moral capitalism and democracy restored. Drawing on the work of David Ellerman, William Greider discusses the master-servant relationship between corporate employers and human employees, and concludes, as does Ellerman, that all of the injustices of capitalism are based on a legalized fraud. "The 'fraud' is the economic pretense that people can be treated as things, as commodities or mahcines, as lifeless property that lacks the qualities inseparable from the human self, the person's active deliberation and choices, the personal accountability for one's actions." Three additional notes (this review barely scratches the surface and cannot do justice to the wealth of knowledge the author is communicating in a very effective manner): 1) If the labor unions come together to use their pension funds as sledge hammers, they can do a great deal of good in both reforming Wall Street and nurturing labor-friendly and environmental-friendly corporate behavior. 2) The retired population in America represents an untapped national asset--a wise President would find ways to use this virtually unlimited pool of social and functional talent to revitalize communities, schools, families, businesses, and non-profit endeavors. 3) Both the corporate governance model and the enforcement model are so severely flawed that they must be over-turned. Corporations should not have legal personalities that eliminate accountability for the individuals managing them, and the enforcement process needs to be turned on its head, focusing on incentives for higher social performance rather than punishments for the occasionally prosecuted rogue corporation. In relation to foreign economic relations, the author provides a superb complementary reading to Clyde Prestowitz's book, "Rogue Nation: American Unilateralism and the Failure of Good Intentions." As he puts it so nicely, in today's world walls do not work and there is no place for corporations to hide once the anger of the people is aroused. America must not only clean its own house, but in so doing, in restoring the morality of capitalism and the realiy of democracy, America will again be a land of ideals instead of hypocrisy, a land of liberty instead of looting, a land that inspires the world instead of corrupting it. America, and the world, are at a turning point. I pray that no fewer than 50 million Americans will read this book, and I urge every faithful Amazon customer to buy 5 copies of this book and give them out as part of re-engaging every adult in the vital process of restoring democracy and restoring morality to capitalism.
Rating:
Summary: The REAL capitalist just stood up
Review: A stimulating read for those who feel stiffled by the current world of work. Here's why your feelings are justified and what you can do about it. There are many critiques of American capitalism. Greider stands out from the crowd for his thoughtfulness and even-handedness. But in the midst of the powerful negatives, Greider finds the genius of the American spirit re-forming the system from within, from the bottom up. One is left with a sense of optimism. With some sign-posts along the way to a brighter, more fulfilling future for America, for the world and for the individuals who can find joy when they have considered all the facts. Two minor complaints: There are footnotes but no bibliography. For those who want to study further, finding the sources is a bit more difficult than needs be. The apple pie with American flag crust on the cover seems designed merely to pander to current super patriotism. Greider's point is not that the capitalist pie is partially eaten but that the future offers opportunity to creater more and bigger pies.
Rating: 
Summary: JUNK LAW
Review: An intelligent citizen knows that DAS KAPITAL - which Karl Marx denounced - was actually the CORPORATION - which holds humanity in chains. Marx expected a violent revolution would outlaw the corporation (capitalism) and restore mankind's liberty. But Marx had doubts - democratic government might be seduced and make a mess of socialism. Contemporary Otto Bismarck was far wiser. He knew Marx was right, but Bismarck outlawed socialism and attempted to pre-empt revolution by "liberal" reforms - revolution from above. Otto wanted to be a benevolent despot. The grumpy Kaiser fired Bismarck, just in time for the bloodbath of World War I etc. The corporation gathered strength. In 1886 the US transferred all the rights and protections of citizens to corporations in PLESSY v. FERGUSON. From that moment every member of Congress became the willing servant of corporations. Don't waste your time writing your Senator or Congressperson. Kindly Alan Cranston, as nice a Senator as ever orated, gave his soul to protect Lincoln S&L (Charles Keating et al) from doing time for stealing the savings of pathetic widows who thought Cranson was supposed to represent THEM ! Ivan Boesky won the hearts and minds of Berkely MBA's by encouraging soulless GREED. Pity the California taxapayesr who still pay lavishly for that swill.. Greider rambles on about corporations becoming moral - preserving the environment by not setting one worker against another . As in Dicken's tear-jerker CHRISTMAS CAROL. Seeing the error of our ways.
Rating:
Summary: JUNK LAW
Review: An intelligent citizen knows that DAS KAPITAL - which Karl Marx denounced - was actually the CORPORATION - which holds humanity in chains. Marx expected a violent revolution would outlaw the corporation (capitalism) and restore mankind's liberty. But Marx had doubts - democratic government might be seduced and make a mess of socialism. Contemporary Otto Bismarck was far wiser. He knew Marx was right, but Bismarck outlawed socialism and attempted to pre-empt revolution by "liberal" reforms - revolution from above. Otto wanted to be a benevolent despot. The grumpy Kaiser fired Bismarck, just in time for the bloodbath of World War I etc. The corporation gathered strength. In 1886 the US transferred all the rights and protections of citizens to corporations in PLESSY v. FERGUSON. From that moment every member of Congress became the willing servant of corporations. Don't waste your time writing your Senator or Congressperson. Kindly Alan Cranston, as nice a Senator as ever orated, gave his soul to protect Lincoln S&L (Charles Keating et al) from doing time for stealing the savings of pathetic widows who thought Cranson was supposed to represent THEM ! Ivan Boesky won the hearts and minds of Berkely MBA's by encouraging soulless GREED. Pity the California taxapayesr who still pay lavishly for that swill.. Greider rambles on about corporations becoming moral - preserving the environment by not setting one worker against another . As in Dicken's tear-jerker CHRISTMAS CAROL. Seeing the error of our ways.
Rating:
Summary: A Case for Changing the Culture of Capitalism
Review: Don't mistake the Soul of Capitalism for some kind of new get-rich-quick on Wall Street book. Greider suggests that American capitalism as it's currently practiced has no soul. In eight, beautifully written, almost poetic chapters, he describes ways to change this. Despite this critique, the book is not anti-capitalist. Greider wants to change the culture of capitalism, not the system itself. In fact, he suggests repeatedly that such changes would be beneficial to society in general, including capitalists. Every businessmen in the country ought to read this book, but probably won't. If you do, you'll never be able to read the business pages or watch CNBC and think the same way again.
Rating:
Summary: A Case for Changing the Culture of Capitalism
Review: Don't mistake the Soul of Capitalism for some kind of new get-rich-quick on Wall Street book. Greider suggests that American capitalism as it's currently practiced has no soul. In eight, beautifully written, almost poetic chapters, he describes ways to change this. Despite this critique, the book is not anti-capitalist. Greider wants to change the culture of capitalism, not the system itself. In fact, he suggests repeatedly that such changes would be beneficial to society in general, including capitalists. Every businessmen in the country ought to read this book, but probably won't. If you do, you'll never be able to read the business pages or watch CNBC and think the same way again.
Rating: 
Summary: A lot of economics misinterpretations.
Review: Greider gathers some good ideas, but also many very bad ones. His good ideas include that the business sector is becoming more sensitive to environmental concerns. He views being environmentally conscious at the corporate level as making excellent business sense. He mentions the excellent work of Innovest which is the equivalent of a credit rating agency but covering environmental risk instead of credit risk. Innovest gives environmental risk rating which look and smell just like credit ratings (AAA, AA, BBB, etc...) from Standard and Poors and Moody's. He also praises the excellent returns and practices of all the socially responsible mutual funds. Additionally, he shows much interest in the Wall Street Journal development of the Global Sustainability Index which tracks the 10% most environmentally and socially conscious publicly held corporations. All the above concept are just great. Mind you, he did not invent any of them, but he deserves some credit for uncovering them. However, Greider in his morally driven enthusiasm goes way overboard. Some of Greider's not so good concepts relate to governance. In his mind, he feels that pension funds should essentially run the World. They should certainly run Wall Street and tell them exactly what to invest in or not. He indicated with much excitement how pension funds in certain cases have exerted their might and forced security analysts to revise their stand on a company stock because they expressed concerns on their rising labor cost due to its unionized force. In another case, a pension fund forced an investment bank to retreat its support for the Bush Administration exploration of the privatization of social security. I gather it is the right of pension funds to throw their weight around. But, to go as far as thinking this is a really positive development leading to a more moral form of capitalism is a real stretch. One thing for certain, is that such pressures rendering optimal pension investing impossible will certainly hurt the returns of these very same pension funds doing all the elbowing. In turn, the pensioners will suffer. Along the same lines, Greider thinks that labor unions should also regain their lost power. He actually views labor unions and their respective large pension funds on the same power axis, and has nothing but praises for them. I think some of the unions pension fund managers are extremely sharp. I am thinking of CALPERS. But, the majority of them are not so sharp. I certainly don't think that the labor union and pension fund faction represents a broadbase solution for any of the problems that capitalism may or may not have. Another area where Greider is disoriented is in plain economics. He constantly stumbles on the trade off between equality and opportunity out of his good heart. But, as a result he does not understand anything about the dismal science. He states: "An economic crunch seems unavoidable unless the distribution of income is altered significantly." This is plain wrong. There is no inverse correlation between economic growth and income distribution. Sweden has a more equal distribution of income, but it's economic growth has actually paled compared to the U.S. He goes on further stating: "The house of economics is due for a major renovation if not complete tear down, because the economic order has lost one of its mainly emotional suppositions: the motivating fear of scarcity and deprivation." That statement is ludicrous. Individuals are motivated by maximizing their gains, and minimizing their risks. They are not motivated by merely surviving above a dire scarcity threshold living standard, as he suggests. I could go on an don. The book is stuffed with economics misinterpretation. In conclusion, this is a very mediocre book at best. If you want to better understand the economics themes addressed by Greider, I recommend the books by Robert Reich. One of his last book, The Future of Success, touches on many of the same economic themes. Also, regarding the environmental business consciousness, I would dip into the very rich literature on sustainable development. There are so many excellent books on this subject, some written 20 years ago, that are still a lot more innovative and accurate than Greider's book today.
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