“Reagan froze the minimum wage for 8 years, during which time inflation eroded its value by a third. Bush II did the same. The wage rose slightly under both Clinton and Obama, but its purchasing power is still lower than at any time between 1956 and 1985.”
This book can make for dark and depressing reading at times and yet throughout the duration the authors manage to maintain a playful, funny, provocative and insightful air that works really well to get the message across. This is a delightful read that isn’t afraid to tackle the darker aspects of capitalism and the politics around it, but still we get the sunny side too as they show that there are many ways to combat hyper-capitalism. It’s laden with plenty of powerful quotes and inspirational people that help guide us towards ways of turning despair into hope.
There were many compelling revelations in here, like the experiment carried out by Kathleen Vohs, who wanted to find out if money orientated minds behaved differently from people who were thinking about something else. Each participant was asked to put a few scrambled words in order, half were given phrases about money, the other half got neutral phrases. Each participant then went into a private room with a form to fill out. At this point came an interruption, the researchers brought in a new person to share the room. Once settled the newcomer began asking questions about the form. The confused newcomer was a plant and part of the experiment. The object was to compare how helpful the money-primed participants were in relation to the neutrally primed ones. Her neutrally primed participants spent an average of 150 seconds helping the person whereas the money primed subjects averaged only 67 seconds.
Another Vohs experiment involved a set-up where each primed subject was given $2 in quarters and then asked to donate a portion to charity. The money primed average donation was 77 cents and the neutral average $1.34. She also discovered that money primed subjects kept a greater physical distance between themselves and others, and were also more likely to work alone.
There is no shortage of despairing revelations that reveal the true priorities of the people in charge of modern America, like when the API (American Petroleum Institute) formed a panel of senior scientists back in the 70s and by 1980 they had enough evidence to see the amount of damage that fossil fuels would have on the planet, initially they wanted to cut emissions, change refining technology and move to alternative fuels, until they saw the costs involved. The project was disbanded, and instead they created the Global Climate Coalition, which focused on their corporate goals. Since the 1990s the GCC has suppressed scientific findings, created bogus scientific organisations to spread doubt, mis-information, as well as smearing individual scientists and of course heavily investing in politicians to derail various emission regulations.
In the 70s in the US, the FTC proposed a ban on advertising at children under 8 years old. Toy companies, cereal makes and candy producers soon joined forces with TV broadcasters mounting a multi-million dollar lobbying effort under the aegis of “American values”. In the end President Carter signed into law the FTC Improvements Act of 1980 which barred the FTC from regulating advertising.
We see the purpose of trade tariffs and what can happen when they are removed. Like the case of the Haitian government, who had to put a 30% tariff on imported rice in order to stop their own rice growers from going bankrupt. In the 90s Haiti asked for an emergency loan from the IMF and the Clinton government only allowed the loan to go ahead if Haiti agreed to get rid of the tariff. They had no other option and so the island was swamped with cheap imports, much of it coming from Clinton’s home state. The rice farmers eventually lost their land.
We see that in spite of numerous catastrophic results of hyper-capitalism such as the Savings and Loan Crisis, which cost the US government $124 billion and then Bill (wolf in sheep’s clothing) Clinton repealing of the Glass Steagall Act, a succession of US governments continues to resist any idea of regulation, seemingly content to ignore its devastating effects on millions of people.
In the 90s a group of American retailers, politicians and lobbyists came up with a plan to set up business in the remote outpost of the Marianas Islands. They enticed Chinese companies to open sewing factories, where garments would get special tax treatment and also carry MADE IN USA labels. Companies involved included Calvin Klein, Tommy Hilfiger and GAP. When the scandal broke in 2002, the US senate voted to end the scam but the House of Representatives speaker, Tom Delay, refused to call a vote, calling the set up, “A perfect petri dish of capitalism.”
Apparently all countries in the world but three (Suriname, Papua New Guinea and the USA) require employers to give new mothers (and sometimes fathers) paid leave, usually 14 weeks, but in some cases longer. The US standard is 12 weeks of unpaid leave. What exactly is the point in having the strongest economy in the world when you cannot even offer your own citizens paid parental leave?...
Towards the end of the book we have some examples of people who have tried to live their lives in different ways, in a bid to escape the dreaded ‘work and spend’ cycle. People like Thoreau at Walden and others are mentioned. I was taken by the story of Helen and Scott Nearing, who moved to a farm in Vermont in the late 1930s, whilst living there, each day they would dedicate four hours to growing cash crops and other chores, four hours on ‘bread labour’ building their stone house by hand and four hours on pursuing intellectual and cultural pursuits. Both lived into their nineties.
This was an excellent read. The anger and frustration of the authors comes through, but so do the passion and the concern and more importantly their determined optimism. Each of their ideas and concepts is well explained with clear definitions and no mumbo jumbo, the graphics function really well and help to amplify the meaning, making this is a clever yet chilling piece of work.