The Soul of Capitalism: Opening Paths to a Moral Economy

No one writes with more verve, insight, and human compassion than long-time Rolling Stone contributor and Editor William Greider. His perspective always centers on the human cost of social phenomena, and is always heartfelt, compassionate, and extremely well focused. In this book he centers in brilliantly on the ways in which the so-called "Third Wave" of global trading and commerce has both complicated and corrupted the social, economic, and political landscape of the countries in which it has flourished. His writing skills are superb, and the ordinarily dry and stuffy stuff of economics come alive in this highly readable and quite entertaining work. Moreover, Greider demonstrates his understanding of the Marxian critique of postmodern capitalism as well as its relevance for what appears to be a critical point in capitalism's history. This is a brilliant and perceptive book, one which both recognizes the dangers that confront us as well as the opportunities lingering beneath the surface of the sputtering global economy, which has seemingly turned inward and against itself, with some quite disturbing retrogressive long-term effects for both the workers and middle classes of the societies in which it is most advanced. Yet, Mr. Greider's perspective is more sanguine than one might expect, expressing both concern over the many ways in which this fundamentally anti-democratic strain of global commerce tends toward becoming a revolutionary & extraordinarily well-focused force literally power-hosing the new wealth generated by this commerce in the direction of the rich and well placed at the expense of almost everyone else, and yet at the same time giving signs of some irresistible movements toward greater responsiveness and attention to actual consumer needs, as opposed to those they manufacture and market so well today. In summary, Greider argues that while the world is still likely to experience a period of difficult & chaotic social & economic circumstances; disastrous levels of industrial plant overcapacity, unmanageable surplus goods, unemployable labor pools, frantic & often irrational stock speculation, unserviceable debts, and chronic massive unemployment, there is also the opportunity for new directions from new sources as the sheer size and scale of global corporations make them seemingly more and more ossified and less and less able to serve the public from which it hopes to maintain its profit margins. Thus, while all may seem to be wonderful to a casual observer watching along the surface, we are in fact skating bravely over the very thin ice of a totally new and revolutionary set of socioeconomic circumstances, and we should hardly be racing across this fragile and frozen expanse so quickly or so recklessly, trusting so blindly in so many anonymous corporate forces that historically have never bothered to concern themselves with the social, economic or political consequences following in the wake of their profit-oriented activi

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.

I'm sure many players in the marketplace are not ready to embrace what Greider is reporting, essentially the call in many quarters for a new economic paradigm that takes into account such off-the-book realities as environmental and technological sustainability and corporate accountability.But it should be required reading. As he shows, the tide is turning, consciousness is building, and there are certainly a growing number of constituencies, from private and institutional investors, business owners, academics, and government officials, who recognize the need for deep rooted change and revisionist thinking when it comes to the basic precepts of capitalism, a 19th century system that no longer reflects the complexities of today's marketplace. Instead, this maze of antiquidated legal and financial rules continues to create winners and losers, though the victims are certainly becoming the greater,from the environment itself to employees, union workers, investors and retirees to the generations of the future. And the winner's circle keeps narrowing to those few in the academic legal and economic community who expouse shareholder primacy, that a corporation exists to serve its shareholders and shareholders well, and then within those confines, the very few in the ensuing debacles of this past bull market, who actually profited from the internet bubble, not to mention those scamming executives from the likes of World Com and Enron, who managed to escape with their stock options entact before all the cookies crumbled.Bravo, William Greider, who marches on as both a keen observer and visionary who points out that people certainly aren't going to change, but the system had better do a better job in reflecting the reality of greed and imbalance that is taking a toll globally. This book is a decade ahead of its time and could help build a better future if many take it seriously. A reviewer for The Washington Post dubbed Greider an "optimist" because of his viewpoint that large scale change wasn't only possible, but was forthcoming. But true label is "realist" because the ground swell for many of the issues he tackles has already begun. Not that you'll read about it in Forbes, The Wall Street Journal or hear about it from the usual business talking heads on cable, where contributors aren't brainy or reflective enough to grasp the big picture, if not willingly blinded to it. But Greider offers up what's taking place and why, and the historical context that our marketplace is operating in, in effortless and eloquent prose. And what he's written is an accurate protrayal of change, not just some positive thinking of the possibilities. Within many academic circles, both here and abroad, mulitnationals, stock exchanges, investment funds and business concerns, both profit and non-profit, the pressures egging on the evolution of the capitalist system are already embraced and understood.I suggest reading Greider's book to not only understand what's at stake, but as w

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.