Kirjahaku

A trenchant account of an unacknowledged driver of inequality and wage stagnation in America: the abandonment of antitrust law, which has allowed corporations to combine into a smaller number of massive conglomerates whose market dominance robs workers of their bargaining power. The consequences of the massive consolidation wave in corporate America that began decades ago are now increasingly apparent: labor markets are no longer competitive. Since the 1970s, Americans have seen income and wealth inequality skyrocket--and job opportunities stagnate. There are many theories of why this happened, including the decline of organized labor and the introduction of tax policies that favored the rich. However, another crucial event was the precipitous decline in antitrust enforcement that began in earnest during the Reagan administration. With ever-increasing combination and consolidation, workers had fewer options to turn to. In How Antitrust Law Failed Workers, Eric Posner documents the role of antitrust in our economy and why it failed. Only through reforming antitrust law can we shield workers from employers' overwhelming market power. As Posner explains, antitrust laws were created to protect the labor market by attacking monopolies, like Facebook and Google today, that are able to either charge high prices or degrade the quality of their services because customers cannot switch to competitors. Antitrust laws are also used to attack business cartels that can fix prices. In recent years, it has become clear that firms with market power not only charge higher prices; they also suppress wages and output. Many employers use anticompetitive devices--like covenants not to compete for workers and no-poaching agreements--to advance their market power at the expense of workers. Posner shares stories that illustrate how the problem is playing out on the ground, and then contextualizes what is going on via a concise history of the American economy and labor relations since the 1980s. Essential reading for anyone interested in fighting economic inequality, How Antitrust Failed Workers also offers a sharp primer on the true nature of the American economy--one that is increasingly uncompetitive and tilted against workers.

The bailouts during the recent financial crisis enraged the public. They felt unfair--and counterproductive: people who take risks must be allowed to fail. If we reward firms that make irresponsible investments, costing taxpayers billions of dollars, aren't we encouraging them to continue to act irresponsibly, setting the stage for future crises? And beyond the ethics of it was the question of whether the government even had the authority to bail out failing firms like Bear Stearns and AIG. The answer, according to Eric A. Posner, is no. The federal government freely and frequently violated the law with the bailouts--but it did so in the public interest. An understandable lack of sympathy toward Wall Street has obscured the fact that bailouts have happened throughout economic history and are unavoidable in any modern, market-based economy. And they're actually good. Contrary to popular belief, the financial system cannot operate properly unless the government stands ready to bail out banks and other firms. During the recent crisis, Posner agues, the law didn't give federal agencies sufficient power to rescue the financial system. The legal constraints were damaging, but harm was limited because the agencies--with a few exceptions--violated or improvised elaborate evasions of the law. Yet the agencies also abused their power. If illegal actions were what it took to advance the public interest, Posner argues, we ought to change the law, but we need to do so in a way that also prevents agencies from misusing their authority. In the aftermath of the crisis, confusion about what agencies did do, should have done, and were allowed to do, has prevented a clear and realistic assessment and may hamper our response to future crises. Taking up the common objections raised by both right and left, Posner argues that future bailouts will occur. Acknowledging that inevitability, we can and must look ahead and carefully assess our policy options before we need them.

The first two years of the Obama administration have led to expectations, both in the United States and abroad, that in the coming years America will increasingly promote the international rule of law - a position that many believe is both ethically necessary and in the nation's best interests. With "The Perils of Global Legalism", Eric A. Posner explains that such views demonstrate a dangerously naive tendency toward legalism - an idealistic belief that law can be effective even in the absence of legitimate institutions of governance. After tracing the historical roots of the concept, Posner carefully lays out the many illusions - such as universalism, sovereign equality, and the possibility of disinterested judgment by politically unaccountable officials - on which the legalistic view is founded. Drawing on such examples as NATO's invasion of Serbia, attempts to ban the use of land mines, and the free-trade provisions of the WTO, Posner demonstrates throughout that the weaknesses of international law confound legalist ambitions - and that whatever their professed commitments, all nations stand ready to dispense with international agreements when it suits their short- or long-term interests.

The first two years of the Obama administration have led to expectations, both in the United States and abroad, that in the coming years America will increasingly promote the international rule of law - a position that many believe is both ethically necessary and in the nation's best interests. With "The Perils of Global Legalism", Eric A. Posner explains that such views demonstrate a dangerously naive tendency toward legalism - an idealistic belief that law can be effective even in the absence of legitimate institutions of governance. After tracing the historical roots of the concept, Posner carefully lays out the many illusions - such as universalism, sovereign equality, and the possibility of disinterested judgment by politically unaccountable officials - on which the legalistic view is founded. Drawing on such examples as NATO's invasion of Serbia, attempts to ban the use of land mines, and the free-trade provisions of the WTO, Posner demonstrates throughout that the weaknesses of international law confound legalist ambitions - and that whatever their professed commitments, all nations stand ready to dispense with international agreements when it suits their short- or long-term interests.

Something is definitely wrong with Donald Trump’s presidency, but what exactly? The extraordinary negative reaction to Trump’s election - by conservative intellectuals, liberals, Democrats, and global leaders alike - goes beyond ordinary partisan and policy disagreements. It reflects genuine fear about the vitality of our constitutional system. The Founders, reaching back to classical precedents, feared that their experiment in self-government could produce a demagogue: a charismatic ruler who would gain and hold on to power by manipulating the public rather than by advancing the public good. President Trump, who has played to the mob and attacked institutions from the judiciary to the press, appears to embody these fears. How can we move past his rhetoric and maintain faith in our nation? In The Demagogue’s Playbook, acclaimed legal scholar Eric Posner offers a blueprint for how America can prevent the rise of a demagogue and protect the features of a democracy that help it thrive - and restore national greatness, for one and all.