Naming the System: Inequality and Work in the Global Economy

by Michael D. Yates

The economic boom of the 1990s created huge wealth for the bosses, but benefited workers hardly at all. At the same time, the bosses were able to take the political initiative and even the moral high ground, while workers were often divided against each other. This new book by leading labor analyst Michael D. Yates seeks to explain how this happened, and what can be done about it.
Essential to both tasks is “naming the system”—the system that ensures that those who do the work do not benefit from the wealth they produce. Yates draws on recent data to show that the growing inequality—globally, and within the United States—is a necessary consequence of capitalism, and not an unfortunate side-effect that can be remedied by technical measures. To defend working people against ongoing attacks—on their working conditions, their living standards, and their future and that of their children—and to challenge inequality, it is necessary to understand capitalism as a system and for labor to challenge the political dominance of capitalist interests.
Naming the System examines contemporary trends in employment and unemployment, in hours of work, and in the nature of jobs. It shows how working life is being reconfigured today, and how the effects of this are masked by mainstream economic theories. It uses numerous concrete examples to relate larger theoretical issues to everyday experience of the present-day economy. And it sets out the strategic options for organized labor in the current political context, in which the U.S.-led war on terrorism threatens to eclipse the anti-globalization movement.

Genres: Economics

207 pages, Paperback

First published January 1, 2003

Reviews

[Zach · Rating 5 out of 5]

The best introductory overview of economics and capitalism from a left perspective that I've encountered. Yates systematically deconstructs libertarian and neoliberal economic thought, and then sets forth the "radical economic" counterargument in a highly readable and lucid manner.

The only con was his insistence on defending the "socialist" states of the 20th century-spare me.

[Rissa (rissasreading) · Rating 5 out of 5]

4.5 - Been reading and re-reading this one for awhile now as it's part of required readings for an economic course I'm taking at university. I really enjoyed this book because Michael D. Yates is clearly someone with a more leftist mindset but he doesn't buy directly into radical economic perspectives. I really enjoyed the amount of knowledge in this book because he taught economics before. He really makes it clear how capitalism works, why it does what it does, the contradictions it presents, and highlights other perspectives besides just neo-classical. I think the last chapter had to be my favorite because this book and the amount of information in here makes our system feel rather daunting and something we might never escape. However, in the final chapter he highlights groups that have taken on the tasks of fighting capitalism in their own industry or country.

I'll end this review with the ending of the book that I loved:
"Capitalism is probably the most resilient and hegemonic system of production and distribution ever devised, and it's supersession by an egalitarian mode of production is going to take a long time and will involve a variety of tactics. We have to be willing to organize patiently, educate patiently, suffer setbacks patiently, and accept that we may be long dead before capitalism is transcended. Our example here will show future generations that we practiced selfishness that will be the foundation of the new society"

[Thomas Ray]

HD6955 Y37 2003 Memorial Library

[Aaron · Rating 3 out of 5]

A readable introduction to political economy from a Marxist perspective. The chapter on neoliberalism are very helpful. The chapters on the Marxist perspective do not address issues like the controversy over the falling rate of profit, or the controversies surrounding central planning. However, this is still a decent introductory book, which can serve as a counterweight to most neoclassical economics textbooks, and attempted gussying-up/rebranding thereof (hello, Freakonomics!)

[Brian · Rating 4 out of 5]

A lucid exposition of ridiculous ideas. My favorite part is the discussion of the Cultural Revolution: "Excesses occured, but in the end they were not the main problem." The fact that to Professor Yates, that whole "the government killed a whole bunch of people" thing isn't that big a deal, should tell you what you need to know about this book.

With that said, there's a lot wrong with capitalism as we currently practice it and this book is very clearly written.

[Nick · Rating 5 out of 5]

This is a fantastic introduction to "radical" economic theory. I am very fortunate to have had a college instructor who would recommend it, and the reasons why few would recommend a book like this are covered in the book.

[Lindsey · Rating 5 out of 5]

The best book on economics I have ever read! Yates dispels the myths of neo-liberalism. Paying people more will not cause the economy to collapse, and extreme income inequality obviously leads to instability.

[Brimate · Rating 3 out of 5]

good introductory critique of capitalism.