This book was written in 2009 as the disastrous effects of the '08 crash were rippling through the economy and ruining lives through unemployment, foreclosure, etc. A lot of what he says still holds true, but the unemployment rate has since gone down, and things have more or less returned to normal. Still, the new normal is often jobs in the gig economy, which many times offer no benefits and instead are quite uncertain. Good-paying steady jobs are scarce - especially in areas devastated by the departure of manufacturing jobs.
The author says that corporatism - exclusivity, monopoly, and the hold that big business has on government - explains why ordinary people cannot get ahead, while more and more wealth is concentrated in the hands of the very few. He explains how corporatism started - royal chartered companies - and how even banking extracts wealth from the masses, which is then controlled by those who head up the big banks.
He gives examples of what suffering communities can do to still function despite the absence of jobs/money - discussions that sounded familiar to me about ten years after the crash, when people were discussing alternative currencies, time banks, and so forth. With the reduced rate of unemployment much of that talk disappeared since people again have money to spend, and credit cards to max out. The advent of the gig economy though facilitated by the universal adoption of smart phones/apps makes this recovery different from past ones in that although there is a low unemployment rate, it masks the precarious quality of employment for many, masks the fact that jobs often don't pay enough to survive on - as costs continue to outstrip wages.
Unfortunately, the book lacks something - either clarity or concision, although much of what he says makes sense, the writing style wasn't particularly enjoyable. I slogged through it. I can't say why this was so - may have something to do with the author's sentence structure, or editing.
Anyway, here are the quotes:
From the Introduction:
"...gentrification does not occur ex nihilo. ...when property values go up, so do the rents.... The residents in the neighborhood do not ... participate in the renaissance, because they are not owners. They move to outlying areas."
"Instead of collaborating with each other to ensure the best prospects for us all.... we act like corporations."
"...instead of "chartered corporations" pioneering and subjugating an uncharted region of the world, it was hipsters, entrepreneurs, and real-estate speculators subjugating an undesirable neighborhood. The... indigenous population simply became servants (grocery cashiers and nannies) to the new residents."
"The mortgage banker...provides instruments that get a person into a home, then disappears when the rates rise through the roof, having packaged and sold off the borrower's ballooning obligation to the highest bidder."
"...the world were..pushing us toward self-interested, short-term decisions, made more in the manner of corporate share-holders than members of a society."
"...there are products and professionals to fill in where family and community have failed us."
"...any vestige of civic engagement or neighborly goodwill has been replaced by self-interested goals manufactured for us by our corporations and their PR firms."
"...an ideology that has the same intellectual underpinnings and assumptions about human nature as...mid-twentieth-century fascism."
"...the managed capitalism of Mussolini's Italy..."
"...the same deep suspicion of free humans."
"Instead of depending on a paternal dictator or nationalist ideology, today's system of control depends on a society fastidiously cultivated to see the corporation and its logic as central to its welfare, value, and very identity."
From Chapter One: Once Removed: The Corporate Life-Form
"...the corporation...first chartered by monarchs..."
"...from the beginning... to suppress lateral interactions between people or small companies and instead redirect any and all value they created to a select group of investors."
"Florence...became the birthplace of the first "limited partnership" firms."
"... the emphasis of business would shift from the creation of value by people to the extraction of value by corporations."
"...the embedded bias of the charter itself: to maintain the central authority of the state while granting monopoly power to the corporation."
"By the seventeenth and eighteenth centuries, monarchs were unflaggingly catering to the merchant corporations that fed them."
"The East India Company lobbied..for laws that would help it quell any competition from the colonists."
"Laws forbidding colonists to actually fabricate anything from the resources they grew and mined made self-sufficiency or local economic prosperity impossible."
"The American Revolution ... was less a revolt by colonists against Britain than by small businessmen against the chartered multinational corporation writing her laws."
"Thomas Jefferson considered "freedom from monopolies" one of the fundamental human rights."
"...leading industrialists funded public schools--at once gifts to the working class and powerful tools for growing a more docile labor force."
"The anti-Semitic diatribes [Henry] Ford published formed the foundation of the Antisemitism incorporated by Hitler into his book "Mein Kampf.""
"American corporations from General Electric to the Brown Brothers Harriman bank either funded the Nazis directly, or set up money-laundering schemes on their behalf."
"Bernays...like Ford...believed that the masses were too stupid to make decisions for themselves--particularly when they involved global affairs or economics."
"Instead of letting them rule themselves, an enlightened..elite would need to make the decisions, and then "sell" them to the public in the form of faux populist media campaigns. This way, the masses could believe they were coming up with these opinions themselves."
"...get people to believe in corporations as the great actors of civilization, and in consumption as the surest path to personal fulfillment."
"...use television to stoke desires, and factories to fulfill them."
"...consumers ... appetites were ...whetted by commercial television."
"World's Fairs in 1939 and ... 1964... offered ... a benevolent corporation..."
"American-style corporatism would create a bright future for us all."
"...motivate production, stimulate consumption assimilate impediments."
"...our technologies now serve to disconnect us..."
"...customer service...dependency augurs a regression on our part, and a transference of parental authority onto ...corporations that recalls our ancestors' allegiance to emperors and high priests."
From Chapter Two - Mistaking the Map for the Territory
"As the market in property grew...land--and the labor done to it--became more a commodity than a system of interdependence."
"...monarchs hoped to extract as much value as possible from the colonies..."
"The English East India Company ignored...markets [that ] already existed...dissolving local cultures and business relationships..."
"American colonies were permitted to grow cotton, but not to make clothing from it. It had to be shipped to England for manufacture, and then purchased back in finished form."
"...revolution--but to attack a chartered corporation meant facing the army of the empire that underwrote it."
"...the American Revolution was just one of the first in a long series of anti-colonial movements that included the birth of many American, Asian, and African nations."
"...in the late 1940s...Foreseeing the need for a postcolonial world order, the Allied nations sent delegates to a meeting ...in Bretton Woods, New Hampshire, in 1944 to figure out a new global monetary system."
"The U.S. ...free markets and monetary leadership. Everyone else's currencies would be pegged to the dollar, and the world would enjoy open markets, which benefited the U.S., as the economy poised to grow the most. The meeting established the International Monetary Fund, set up the World Bank, and laid the foundations for...the World Trade Organization."
"By accepting the loans...borrower nations would be obliged to open themselves to rules of free trade as established by the international lending community at Bretton Woods. This made them vulnerable to a new style of the same... colonialism. Taking a loan meant opening one's ports to foreign ships, and one's markets to foreign goods. It meant allowing foreign corporations to purchase land within a country, and to compete freely with any domestic company."
"...colonialism...new school uses bank loans, currency, and membership in the international community. The World Bank and the IMF impose policy prescriptions on the nations to whom they lend money, all geared toward opening their markets to the interests of foreign corporations. When they fail to make their ...payments, these nations are subjected to "structural adjustments" that increase the resources they must commit toward repayment of the debt."
"The World Bank...as ... loan shark ...while the IMF plays the menacing debt collector---backed by First World armies and their intelligence agencies."
"...protests...were ridiculed by most American, British, and German media as the work of unfocused, untidy, and uninformed peole, afraid of the globalized future."
"Wal-Mart is leveraging what used to be comparative advantage by sourcing products in China and selling them in the U.S. -- where nothing but credit is produced in return."
"International trade offers a means for businesses to circumvent democratic oversight, regulation, and labor laws."
"Wal-Mart...colonizing new regions for stores amounts to a scorched-earth policy that leaves financial and social ruin in its wake. Wal-Mart monopolizes new territory by pricing items below cost and rendering local merchants incapable of competing. Once the competition goes out of business and the community is dependent on Wal-Mart, the corporation raises prices to more profitable levels."
"...Wal-Mart purchases 85 precent of its merchandise from overseas, and is consistently associated with sweatshop scandals..."
"...erode regional stability and self-sufficiency in order to conduct the long-distance trade at which Wal-Mart excels. ...turns its home territories into colonies, robbing them of their ability to generate value for themselves and creating greater dependence on the colonial empire."
"...the vast majority of American, and , now, European counties have succumbed to or even welcomed their own colonization by international branded retail stores."