100 Books Like Capital in the Twenty-First Century

Shiller predicted both the dot-com crisis (2001) and the financial crisis stemming from real estate (2008) in advance in two editions of this book.

Since receiving the Nobel prize in economics he published his book Narrative Economics: How Stories Go Viral which together with the book recommended will help the reader predict the timing of coming economic trends.

Sometimes, a book brings such a perceptive view that it elicits in me a response of gratitude and respect for the author. It surfaces ideas I long suspected were there but were just beyond grasp.

This is such a book. It shines a bright light on false meritocracy and what that means. I found this book profoundly moving and reaffirming about the important principles inherent in a just society. 

This book has become a touchstone in conversations about democratic erosion. What I found most compelling was how it uses global and historical patterns to explain how democracies can slide into authoritarianism—slowly, and often legally. It helped me connect institutional changes in the U.S. to larger global trends in democratic backsliding.

Steven Levitsky and Daniel Ziblatt argue that today’s democracies rarely collapse through sudden coups. Instead, they are gradually weakened from within by elected leaders who stretch or disregard institutional norms to expand their own power. These changes frequently occur under the appearance of legality, making democratic decay harder to detect.

Drawing on historical and global examples, the authors show how democracies slide into authoritarianism when two foundational norms begin to erode: mutual toleration (the recognition that political rivals are legitimate) and institutional forbearance (the practice of exercising restraint even when one holds legal authority). When those norms break down,… show more.

I think Treasure Islands may well be the most influential book in tax justice.

Author Nick Shaxson, previously a journalist for the Financial Times and Reuters, became a key member of the Tax Justice Network and wrote this rollicking blockbuster. In a story that spans the globe, Shaxson captures the lurking malevolence of the men – and it is almost always men – who shaped our world so they could profit from selling opportunities for tax abuse and financial crime.

My first 3 picks put much of the blame for widespread attention capture on greedy actors engaged in a “race to the bottom of the brainstem” (Tristan Harris, former Google employee, became popular opponent of exploitative big tech). 

Although Carr does not shy from that theme, he seems to put much of the responsibility on our own shoulders: it is we who must resist many temptations of convenience in order to preserve our own cognitive strengths, such as creativity. Otherwise, we become shallow thinkers and reliant on AI even for something as characteristically human as wisdom. 

Carr’s follow-up to this book, The Glass Cage, is also very intriguing, and it offers a little more hope for a humanity that is currently bound up in a web of frightening technological dependency.

In my mind, Carr nails the real threats of AI: a total dumming-down of humanity to a level where we… show more.

I first read this book exactly 50 years ago, back in 1974, when I was 26. Ever since then, I have reread Jaroslav Hašek's masterpiece every single year, always in February. It is the gloomiest month of the year in Europe when our tonus is at its lowest, and we desperately need something to cheer us up.

The hilarious story of the good soldier is precisely that “injection” of optimism, serenity, élan vital that helps me make it through the last winter months till the arrival of the Spring. Although I already know by heart many passages from Svejk, I still laugh aloud while reading them—reading about the instinctive wisdom of an ordinary, small Czech man trying to comically outsmart the demonic forces of History…

Many people know that American democracy and capitalism have been on a downward spiral for decades. The system is rigged, former Secretary of Labor Robert B. Reich sounds the alarm throughout his excellent book The System: Who Rigged It, How We Fix It. He goes deep into these questions as he supports the provocative thesis that despite acrimonious partisan polarization, the real contest is not between the right and left but between democracy and oligarchy; and that the vast majority of citizens (Republicans, Democrats, and Independents) are getting poorer and wield “near-zero” political power. Oligarchs—JP Morgan CEO Jamie Dimon is their embodiment—have amassed enormous sums of capital and political power, which allows them to further rig the system through campaign contributions, successful lobbying, and even criminal actions for which, if caught, they only pay nominal fines.

American readers and news watchers are deeply segregated: those on the left reading and watching news produced by liberals, and those on the right consuming words and images from conservative authors and broadcasts. And then there is Washington Post columnist George Will, a conservative, who reads voraciously across the political spectrum and offers commentary that reasonable Americans must recognize as honest and insightful. American Happiness and Its Discontents is a collection of thoroughly researched, thought-provoking, exquisitely-written columns written by Will from 2008 to 2020. He offers insightful commentary on a wide range of political, social, and cultural topics and tackles subjects deemed taboo by the left such as the wave of nonsense that has flooded higher education. 

I invited Edmund Phelps to speak at Pace University in New York the week before he received the Nobel Prize in Economics.

His thesis, captured in detail in this book, is that state welfare economies in Europe have become too disconnected from the prerequisites for the entrepreneurial economic growth and innovation necessary to create jobs and to pay for the social benefits. Given the huge debt overhang in most of these countries, not to mention developing countries, his controversial thesis then could not be more timely now!

All people need to be motivated to become entrepreneurial in order to provide human health, comfort, and self-actualization for themselves, their families, and fellow citizens. Have you been taught this at school?!!!

‘Dr. Doom’ (he prefers ‘Dr. Realist’) gives a lucid summary of major threats confronting the global economy and possible policy changes to alleviate them.

This book is well written and hits the nails all on the head with his diagnosis and possible corrective policies. His YouTube interview on his book is brilliant, so I need not say more.