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Billionaires: Reflections on the Upper Crust
Meet the the 1,645 men and women who control a massive share of global assets worth $6.5 trillion. Darrell West reveals what the other 99.99998% of us need to know. With rich anecdotes and personal narratives, West goes inside the world of the ultra wealthy. Meet U.S. billionaires such as Sheldon Adelson, Michael Bloomberg, David and Charles Koch, George Soros, Tom Steyer, and Donald Trump—as well as international billionaires from around the globe. The growing political engagement of this small supra-wealthy group raises important questions about influence, transparency, and government performance, and West lays bare the wealthification of politics, • How billionaires can block appointments and legislation they don’t like • Why the supra-wealthy moved into policy advocacy and referenda at the state level • Why billionaires run for office in more than a dozen countries around the world
269 pages, Hardcover
First published January 1, 2014
4 people are currently reading
560 people want to read
About the author
Darrell West
7 books18 followersDarrell West is Vice President of Governance Studies and Director of the Center for Technology Innovation at the Brookings Institution. Previously, he was the John Hazen White Professor of Political Science and Public Policy at Brown University.
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August 9, 2015
Billionaires, as a group, have different political views than the rest of us, and government decisions reflect their views much more than our views. That sentence describes the situation of the contemporary United States, but the increasing political clout of billionaires is going on all over the globe.
Such is the thesis of this little book, insofar as it has one.
The author, Darrell M. West, is not a billionaire, although he has talked with several of them. West is a political scientist affiliated with the venerable Brookings Institution, one of the oldest think tanks in the U.S. Despite its subtitle, “Billionaires: Reflections on the Upper Crust,” is not a reflection, it is a survey of previous research on the subject, which in my experience is typical of books from think tanks.
None of the research covered by it will shock anyone paying attention to our political scene. You’ve likely seen the names of many of these political active billionaires in the news: Charles and David Koch, Michael Bloomberg, George Soros, Sheldon Adelson.
Or maybe Donald Trump?
In all, there are nearly 500 billionaires in the U.S., and half of them live in the three states of California, New York, and Texas. (My state of Oregon has a paltry two of them. Put down the pot and start working, Oregon!) Worldwide there are about 1,600 billionaires, although methods of counting differ with different researchers.
In the first part of the book West methodically covers his main points. The very wealthy are getting much wealthier and are more politically active than before. They are more in favor of low taxes and less in favor of government spending that benefits the non-wealthy than the rest of us are. They have greater access to the people who hold public office, provide most of their campaign funding, financially support citizen referendums, influence the political activities of charities and social welfare organizations, control the media, and in general often get their way.
But not always. Just a lot more than the rest of us do.
In the second part he describes billionaires and how they became wealthy. They are generally old, white, and male. (That improves my odds!) He presents several little vignettes of how specific billionaires got where they did. I found this to be the most engaging but least informative chapter. Stories are more fun to read than statistics, but guess what? Billionaires made their money through a varying proportions of entrepreneurial skill, luck, and government favors.
In the final part of the book he argues that this situation is a problem and offers proposals to address it. We need more “transparency” of the role of money in politics, a reform of Senate rules, better media coverage of politics, fairer taxes, and well—what’s the point? He offers no suggestion as to how we will get any of this, and resorts at the end to asking billionaires to help make it all happen. Noblesse oblige, I guess.
He does acknowledge at various points in the book that there are billionaires active in liberal causes as well as conservative causes, but does not discuss their relative political strength.
Now that would make for an interesting book—which billionaires are working to enhance the political power of ordinary citizens, why are they doing it, and what obstacles do they encounter? If we have to rely on billionaires to save us from billionaires, we may as well know which ones are friends and which ones are foes.
I have my suspicions, but I think other people may be having trouble figuring it out.
(Full disclosure: I am not a billionaire, nor even a millionaire, but I am a thousandaire and so my views may be biased.)
Such is the thesis of this little book, insofar as it has one.
The author, Darrell M. West, is not a billionaire, although he has talked with several of them. West is a political scientist affiliated with the venerable Brookings Institution, one of the oldest think tanks in the U.S. Despite its subtitle, “Billionaires: Reflections on the Upper Crust,” is not a reflection, it is a survey of previous research on the subject, which in my experience is typical of books from think tanks.
None of the research covered by it will shock anyone paying attention to our political scene. You’ve likely seen the names of many of these political active billionaires in the news: Charles and David Koch, Michael Bloomberg, George Soros, Sheldon Adelson.
Or maybe Donald Trump?
In all, there are nearly 500 billionaires in the U.S., and half of them live in the three states of California, New York, and Texas. (My state of Oregon has a paltry two of them. Put down the pot and start working, Oregon!) Worldwide there are about 1,600 billionaires, although methods of counting differ with different researchers.
In the first part of the book West methodically covers his main points. The very wealthy are getting much wealthier and are more politically active than before. They are more in favor of low taxes and less in favor of government spending that benefits the non-wealthy than the rest of us are. They have greater access to the people who hold public office, provide most of their campaign funding, financially support citizen referendums, influence the political activities of charities and social welfare organizations, control the media, and in general often get their way.
But not always. Just a lot more than the rest of us do.
In the second part he describes billionaires and how they became wealthy. They are generally old, white, and male. (That improves my odds!) He presents several little vignettes of how specific billionaires got where they did. I found this to be the most engaging but least informative chapter. Stories are more fun to read than statistics, but guess what? Billionaires made their money through a varying proportions of entrepreneurial skill, luck, and government favors.
In the final part of the book he argues that this situation is a problem and offers proposals to address it. We need more “transparency” of the role of money in politics, a reform of Senate rules, better media coverage of politics, fairer taxes, and well—what’s the point? He offers no suggestion as to how we will get any of this, and resorts at the end to asking billionaires to help make it all happen. Noblesse oblige, I guess.
He does acknowledge at various points in the book that there are billionaires active in liberal causes as well as conservative causes, but does not discuss their relative political strength.
Now that would make for an interesting book—which billionaires are working to enhance the political power of ordinary citizens, why are they doing it, and what obstacles do they encounter? If we have to rely on billionaires to save us from billionaires, we may as well know which ones are friends and which ones are foes.
I have my suspicions, but I think other people may be having trouble figuring it out.
(Full disclosure: I am not a billionaire, nor even a millionaire, but I am a thousandaire and so my views may be biased.)
September 22, 2014
I received a copy of this book through Goodreads' First Reads Giveaway.
The subtitle of this book is "Reflections on the Upper Crust," and in that regard Darrell West is being honest. This book is a series of essay-length reflections on various issues surrounding the phenomenon of the modern, politically active billionaire. Chapters are loosely grouped into sections focused on billionaire activism, the origin of billionaire wealth, and possible policy responses, but this appears to be an effort at post hoc organization rather than any sort of organic plan.
It's clear West has read much of the recent literature on billionaires and their wealth. But the problem is that for virtually every topic the author explores, you'd be better served reading his sources directly. So if you want to understand the impact of billionaires on the 2012 presidential election, read Kenneth Vogel's "Big Money." If you want to learn more about the influence of billionaires on national governments and policy, David Rothkopf's "Superclass" is a better source than this book. If you want to seek empirical evidence of the way American policy outcomes reflect the preferences of the rich, read Larry Bartels and Marten Gilens. West acknowledges all of these writers, but doesn't really add anything to them, even in summation (it's not like Rothkopf and Vogel have a particularly inaccessible style). Some of his references, like those to Thomas Piketty, are so brief as to serve as a mere reminder that West is aware of the author's work in the field. The unfortunate impression left by this short book is of a well-researched but unambitious Master's thesis in political economy.
I would only recommend this book to someone who either hasn't read the major writers above and wants to short intro to the topic or is particularly interested in the political exploits of foreign billionaires. West's analysis of the latter could hardly be described as in-depth or comprehensive (a criticism which could be be applied to the book as a whole), but I think his thumbnail sketches of men like Frank Stronach and Andre Babis offer something to an American audience. Beyond that, I suppose there is a niche for this book given its brevity and anecdotal style, but I can't escape the feeling that it's largely a derivative knockoff of better works in the field.
The subtitle of this book is "Reflections on the Upper Crust," and in that regard Darrell West is being honest. This book is a series of essay-length reflections on various issues surrounding the phenomenon of the modern, politically active billionaire. Chapters are loosely grouped into sections focused on billionaire activism, the origin of billionaire wealth, and possible policy responses, but this appears to be an effort at post hoc organization rather than any sort of organic plan.
It's clear West has read much of the recent literature on billionaires and their wealth. But the problem is that for virtually every topic the author explores, you'd be better served reading his sources directly. So if you want to understand the impact of billionaires on the 2012 presidential election, read Kenneth Vogel's "Big Money." If you want to learn more about the influence of billionaires on national governments and policy, David Rothkopf's "Superclass" is a better source than this book. If you want to seek empirical evidence of the way American policy outcomes reflect the preferences of the rich, read Larry Bartels and Marten Gilens. West acknowledges all of these writers, but doesn't really add anything to them, even in summation (it's not like Rothkopf and Vogel have a particularly inaccessible style). Some of his references, like those to Thomas Piketty, are so brief as to serve as a mere reminder that West is aware of the author's work in the field. The unfortunate impression left by this short book is of a well-researched but unambitious Master's thesis in political economy.
I would only recommend this book to someone who either hasn't read the major writers above and wants to short intro to the topic or is particularly interested in the political exploits of foreign billionaires. West's analysis of the latter could hardly be described as in-depth or comprehensive (a criticism which could be be applied to the book as a whole), but I think his thumbnail sketches of men like Frank Stronach and Andre Babis offer something to an American audience. Beyond that, I suppose there is a niche for this book given its brevity and anecdotal style, but I can't escape the feeling that it's largely a derivative knockoff of better works in the field.
October 1, 2014
First I have to thank First Reads for allowing me the opportunity to read the enlightening book by Darrell West. I might have overlooked this read. Darrell West had been the Political expert on our local NBC news channel and I always enjoyed his analysis. In fact, since he moved to DC, I skip that portion of the news now. Mr. West has a very distinctive manner when speaking and it is happily transferred to the written page. Billionaires describes the role of billionaires , not just in the United States, but globally. His anecdotes peppered throughout the book add a feeling of a novel rather than a political narrative. The realization that these men and women hold so much power while being so small in numbers might be a shock to readers but this eye opening book lends itself to the stark realization that this group has an enormous influence on the how we live, are governed and ruled, not only in America, but worldwide. Mr. West given us a glimpse into what, why and how we are living as we do. . .
September 27, 2014
Excellent
Read
October 31, 2014305.5234 W5171 2014
December 23, 2018
While the main criticisms I’ve read about this book focus on how it summarizes what other sources have already said at greater length about billionaires, I think that’s its strength. A lot of 300-page books can be effectively summarized into a single chapter, and that’s what this book does: discusses wealth inequality in the US and globally, describes who today’s billionaires are and how they’ve made their money, then analyzes the political influence they’ve bought with it, the philanthropic model they’ve developed and why it’s problematic, what all of these problems look like globally, and what can be done about it. As a review of the literature, it covers the issues well and never claims to be more than that. And for those who want to know more about any specific dimensions of wealth, it’s a helpful guide to where to go for more. Highly readable and concise, it provides a helpful and to-the-point overview of why extreme wealth—and how it’s used—is problematic in the US and around the world.
April 16, 2020
Interesting book that summarizes the effects of having a growing super rich class. I read this book as it was required for my daughter's class. Would have liked to have a longer last chapter on Hope for the Future. This book didn't leave me with much hope.
June 4, 2017
This is an excellent book. The explanation of wealth distribution and how it effects politics is much needed in this era of the Citizens United ruling.
April 23, 2018
I found this to be an excellent book, very balanced, focusing on the influence the super-rich have on the US political process.
August 29, 2019
Eat the rich. That's all I'm saying. Eat the rich.
February 18, 2015
I won a copy of Billionaires: Reflections on the Upper Crust from a firstreads giveaway. In this book, Darrell West (Brookings Institute) follows general patterns and specific circumstances that have lead to great wealth and ways that billionaires use that wealth.
On the whole, I thought thatBillionaires presented a balanced view of billionaires and how they use their money, how they make their money, and how they keep their money. There is a focus in particular on the use of Super-PACs in the US, and the investment in media outlets by billionaires, as well as more in-your-face activism and Warren Buffet's plans for his wealth after his death (hint, hint, charities). Obviously, how you view the causes they support will affect how you view the billionaires. If you're of the opinion that the 2nd Amendment is the most important, you probably won't be a fan of Bloomberg, you know?
I was interested to read this and pleased to find that it was not entirely cynical. There's clearly some admiration in the text written about how they made their billions, as well as for the billionaires that devote themselves and their resources to causes like finding a vaccine for malaria (causes that are pretty uncontroversial). Like the Brookings Institution, this book takes a middle road, based in facts, and presented in a balanced manner.
On the whole, I thought thatBillionaires presented a balanced view of billionaires and how they use their money, how they make their money, and how they keep their money. There is a focus in particular on the use of Super-PACs in the US, and the investment in media outlets by billionaires, as well as more in-your-face activism and Warren Buffet's plans for his wealth after his death (hint, hint, charities). Obviously, how you view the causes they support will affect how you view the billionaires. If you're of the opinion that the 2nd Amendment is the most important, you probably won't be a fan of Bloomberg, you know?
I was interested to read this and pleased to find that it was not entirely cynical. There's clearly some admiration in the text written about how they made their billions, as well as for the billionaires that devote themselves and their resources to causes like finding a vaccine for malaria (causes that are pretty uncontroversial). Like the Brookings Institution, this book takes a middle road, based in facts, and presented in a balanced manner.
September 28, 2014
I received Billionaires as part of a Goodreads giveaway.
Billionaires is a look at the circumstances and giving habits of the 1% of the 1%: political causes both left and right, social activism, and charitable outreach, how these few but powerful people attempt to use their money to wield powers in these various channels, and how governments have allowed (or not allowed) such maneuvering to take place.
For being social/economic nonfiction, Billionaires is very readable, perhaps because it gives us a glimpse into the lives of those we only see or hear about on TV. West effectively utilizes statistics without the narrative becoming dry, and it was interesting to learn about female and international billionaires, who we don't hear about nearly as often. Given the criticism currently swirling around it, I did find it a little ironic that, in closing, West gives the NFL as an example of a highly regulated system that thrives. At the end of the day, I'm not an economist, but for an novice like me, Billionaires is an interesting glimpse into the power, privileges, and expectations that come with enormous wealth.
Billionaires is a look at the circumstances and giving habits of the 1% of the 1%: political causes both left and right, social activism, and charitable outreach, how these few but powerful people attempt to use their money to wield powers in these various channels, and how governments have allowed (or not allowed) such maneuvering to take place.
For being social/economic nonfiction, Billionaires is very readable, perhaps because it gives us a glimpse into the lives of those we only see or hear about on TV. West effectively utilizes statistics without the narrative becoming dry, and it was interesting to learn about female and international billionaires, who we don't hear about nearly as often. Given the criticism currently swirling around it, I did find it a little ironic that, in closing, West gives the NFL as an example of a highly regulated system that thrives. At the end of the day, I'm not an economist, but for an novice like me, Billionaires is an interesting glimpse into the power, privileges, and expectations that come with enormous wealth.
August 10, 2015
3.5 stars (rounded to 4)
Disclaimer: I won this book through the Goodreads First Reads program.
While I liked that "Billionaires" was very current (it used examples from recent news, like Bill Ackman's battle against Herbalife and the 2012 election), Darrell West's writing style eventually became tiresome. He called for "transparency" in the campaign finance process at the end of every chapter and his own views on billionaires and their role in society were rather evident, providing a contrast with the academic essay style of the book. West's treatment of the subject of money and its use appeared to be torn between how he wanted society to be (a place where donor lists would be made public for all to see and judge) and how society really is (a place where, as he said in the book, "the most effective lobbying takes place behind closed doors"). It's understandable that no author can be completely objective when writing about an ongoing issue, but West could have looked beyond his rose-colored glasses and called for more creative solutions than "transparency."
Disclaimer: I won this book through the Goodreads First Reads program.
While I liked that "Billionaires" was very current (it used examples from recent news, like Bill Ackman's battle against Herbalife and the 2012 election), Darrell West's writing style eventually became tiresome. He called for "transparency" in the campaign finance process at the end of every chapter and his own views on billionaires and their role in society were rather evident, providing a contrast with the academic essay style of the book. West's treatment of the subject of money and its use appeared to be torn between how he wanted society to be (a place where donor lists would be made public for all to see and judge) and how society really is (a place where, as he said in the book, "the most effective lobbying takes place behind closed doors"). It's understandable that no author can be completely objective when writing about an ongoing issue, but West could have looked beyond his rose-colored glasses and called for more creative solutions than "transparency."
March 23, 2015
I wasn't familiar with the author and expected the book to be more climactic. I was initially disappointed, though ended up thoroughly enjoying the book. West is forthcoming about the relationships between various individuals and the Brookings Institute. It is an informative read that sidelines his personal views. Well researched and well written. Plenty of interesting citations that will keep me occupied for quite some time.
January 24, 2016
I won this book through Good Read's First Reads giveaways. The premise is interesting but I put it down after 36 pages. I did make notes as I was reading but never picked it back up again. Many of sentences need to be better edited. The author does cite a lot of resources and features appendices but did not include a back of the book index.
September 30, 2014
I received this book as a first reads giveaway. I had trouble getting through this book-somewhere along the line I had missed the fact that it was more focused on actual economics than on the social aspects of wealth. It was not badly written if you take that into consideration though.
May 19, 2016
A great book with a lot of interesting information. Easy to read and worth picking up if you're into how and why billionaires have the influence they do.
I received a copy of this book for free through Goodreads Giveaways.
I received a copy of this book for free through Goodreads Giveaways.
September 22, 2014
I am currently waiting for this book to arrive, it seems very interesting and captivating. I will update my review once I receive it and read it.
April 4, 2016
Darrell West seems to have his finger on the pulse of our national consciousness. He wrote this before Donald Trump's campaign for president.
October 16, 2015
FTC Disclosure: I received this book free from Goodreads hoping I would review it.
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