Two nonfiction books take critical views of bankruptcy and microlending systems

Since the 2008 financial crisis, major financial institutions have invested heavily in bad corporate debt, spreading risk throughout the financial system. Thanks to the COVID-19 recession, this debt might cause a wholesale banking collapse.

In his classic 1962 book Capitalism and Freedom, Nobel Prize-winning economist Milton Friedman argues that a society cannot maintain political freedom without a robust commitment to free-market capitalism—and that for capitalism to function best, it must be free of government interference. It is hard to overstate the extent to which Friedman’s once-controversial ideas have triumphed. Over the past 40 years, governments across the world have moved to market-based solutions by reducing marginal tax rates, eliminating tariffs, privatizing public monopolies, and introducing choice in public education. Some might disagree about the effects of Friedman’s ideas—but no one can deny their influence.

It is harder than ever for Americans to meet the rising costs of housing, healthcare, higher education, and childcare. Driving this crisis is the government’s refusal to implement publicly subsidized, universal programs to address these issues.

The 1619 Project is an anthology of essays edited by Nikole Hannah-Jones and co-created with the New York Times that seeks to reframe American history with the institution of slavery at its core. The book asserts that American history began in 1619 with the arrival of the first ship of enslaved Africans, one year before the Mayflower arrived. It also argues that, American democracy and the prosperous nation we know today were largely built by enslaved Black Americans but that this demographic is almost entirely excluded from America’s founding stories and remains suppressed today due to racist institutions that persist from slavery.

This guide will reframe America’s founding story by exploring how the institution of slavery has impacted our economy, laws, society, and the livelihoods of Black Americans. We’ll conclude by discussing Hannah-Jones’s recommendations for how the government can make reparations for these injustices. Throughout the guide, we’ll provide a broader perspective by discussing accounts from other historians, economists, and researchers.

Widely acclaimed upon its publication in 2017, The Color of Law demonstrates that racial residential segregation—the fact that some neighborhoods are almost exclusively African American while others are almost exclusively white—is the result of explicit government policy rather than personal choice and random chance. From the conclusion of the Civil War through to the present day, federal, state, and local governments have enacted laws to confine African Americans to particular areas and prevent them from moving into others. These policies have had a profound and lasting impact on African Americans, affecting their educational and job opportunities, economic well-being, and physical health.

African-Americans suffer a large wealth gap relative to whites, a direct legacy of the historical theft by white Americans of black labor and wealth. Reparations can resolve this and help the US fully acknowledge the racism so central to its history.

The failure of Enron in the early 2000’s is one of the largest bankruptcies in US history. Shareholders were wiped out, and tens of thousands of employees left with worthless retirement accounts. This book recounts the rise and fall of Enron, and how the company constructed a massively complex accounting scandal that was doomed to failure.

Enron’s downfall is the predictable mixture of human greed, poorly structured incentives, and lack of sanity checks when everyone has their fingers in the pie. In smaller ways, we too are subject to the same pulls as Enron managers and employees. The warning - if we were put into the same situation, we might not have behaved any differently.

Since the 2008 financial crisis, major financial institutions have invested heavily in bad corporate debt, spreading risk throughout the financial system. Thanks to the COVID-19 recession, this debt might cause a wholesale banking collapse.

Published in 1969, Business Adventures is a collection of essays about the unpredictability of corporations and Wall Street—and the people behind them. Longtime New Yorker contributor John Brooks explores how businesses and economies can rise and fall based on people’s behavior, which is often driven by emotions, habits of thinking, and human tendencies. Brooks’s essays are so insightful and engaging that Microsoft’s Bill Gates has called Business Adventures the “best business book ever.”

In this guide, you’ll find out how human nature led to corporate scandals, stock market setbacks, and major events that shaped the financial world as we know it. As the book was published half a century ago, we also include updates and commentary about the lasting impact of these case studies and connect them to contemporary events and issues.

Since the 2008 financial crisis, major financial institutions have invested heavily in bad corporate debt, spreading risk throughout the financial system. Thanks to the COVID-19 recession, this debt might cause a wholesale banking collapse.

These days, the world is moving faster than ever. Every day new scientific discoveries are announced, conflict breaks out somewhere in the world, and nature and the climate behave unexpectedly. If you feel overwhelmed or destabilized by this, you’re not alone—no period in the history of humanity has ever been subject to such quickly changing conditions as today.

In Thank You For Being Late, author, journalist, and columnist Thomas Friedman explains how these conditions arose—the three forces that shape the world, technology, globalization, and climate change, all accelerated at once—and how we can adapt to them.

Experts say that the 2018 partial repeal of the Dodd-Frank law—which had imposed regulations to ensure that banks engaged in safer lending and investing practices—played a key role in the collapse of Silicon Valley Bank (SVB) and destabilization of the banking sector. Some want those regulations brought back to protect consumers and prevent a repeat of the 2008 financial crisis. But others argue that those regulations harm small and midsize banks and fuel mega bank growth—the opposite of what Dodd-Frank intended.