Luigi Zingales's Books

A Capitalism for the People

Recapturing the Lost Genius of American Prosperity

By: Luigi Zingales

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A Capitalism for the People

Recapturing the Lost Genius of American Prosperity

By: Luigi Zingales

Born in Italy, University of Chicago economist Luigi Zingales witnessed firsthand the consequences of high inflation and unemployment -- paired with rampant nepotism and cronyism -- on a country's economy. This experience profoundly shaped his professional interests, and in 1988 he arrived in the United States, armed with a political passion and the belief that economists should not merely interpret the world, but should change it for the better. In A Capitalism for the People, Zingales makes a forceful, philosophical, and at times personal argument that the roots of American capitalism are dying, and that the result is a drift toward the more corrupt systems found throughout Europe and much of the rest of the world. American capitalism, according to Zingales, grew in a unique incubator that provided it with a distinct flavor of competitiveness, a meritocratic nature that fostered trust in markets and a faith in mobility. Lately, however, that trust has been eroded by a betrayal of our pro-business elites, whose lobbying has come to dictate the market rather than be subject to it, and this betrayal has taken place with the complicity of our intellectual class. Because of this trend, much of the country is questioning -- often with great anger -- whether the system that has for so long buoyed their hopes has now betrayed them once and for all. What we are left with is either anti-market pitchfork populism or pro-business technocratic insularity. Neither of these options presents a way to preserve what the author calls "the lighthouse" of American capitalism. Zingales argues that the way forward is pro-market populism, a fostering of truly free and open competition for the good of the people -- not for the good of big business. Drawing on the historical record of American populism at the turn of the twentieth century, Zingales illustrates how our current circumstances aren't all that different. People in the middle and at the bottom are getting squeezed, while people at the top are only growing richer. The solutions now, as then, are reforms to economic policy that level the playing field. Reforms that may be anti-business (specifically anti-big business), but are squarely pro-market. The question is whether we can once again muster the courage to confront the powers that be.

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337

Publisher

Basic Books

Published Date

ISBN 10

0465038700

ISBN 13

9780465038701

Saving Capitalism from the Capitalists

Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity

By: Raghuram G. Rajan,Luigi Zingales

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Saving Capitalism from the Capitalists

Unleashing the Power of Financial Markets to Create Wealth and Spread Opportunity

By: Raghuram G. Rajan,Luigi Zingales

In the wake of recent business scandals, financial markets are often thought of as parasitic institutions that feed off the blood, sweat, and tears of human endeavor. This guide shows that such markets in fact supply the fuel of a vital economy.

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388

Publisher

Princeton University Press

Published Date

ISBN 10

0691121281

ISBN 13

9780691121284

Saving Capitalism from the Capitalists

How Open Financial Markets Challenge the Establishment and Spread Prosperity to Rich and Poor Alike

By: Raghuram Rajan,Luigi Zingales

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Saving Capitalism from the Capitalists

How Open Financial Markets Challenge the Establishment and Spread Prosperity to Rich and Poor Alike

By: Raghuram Rajan,Luigi Zingales

Capitalism’s biggest problem is the executive in pinstripes who extols the virtues of competitive markets with every breath while attempting to extinguish them with every action. Saving Capitalism from the Capitalists is a groundbreaking book that will radically change our understanding of the capitalist system, particularly the role of financial markets. They are the catalyst for inspiring human ingenuity and spreading prosperity. The perception of many, especially in the wake of never-ending corporate scandals, is that financial markets are parasitic institutions that feed off the blood, sweat, and tears of the rest of us. The reality is far different. •Vibrant financial markets threaten the sclerotic corporate establishment and increase corporate mobility and opportunity. They are the reason why entrepreneurship flourishes and companies like The Home Depot and Wal-Mart—mere fly specks a quarter of a century ago—have surged as they have. •They mean personal freedom and economic development for more people. Throughout history, and in most of the world today, the record is one of financial oppression. Elites restrict access to capital and severely limit not only general economic development but that of individuals as well. •Open borders help check the political and economic elites and preserve competitive markets. The greatest danger of the antiglobalization movement is that it will keep the rich rich and the poor poor. Globalization forces countries to do what is necessary to make their economies productive, not what is best for incumbent elites. Open borders limit the ability of domestic politics to close down competition and to retard financial and economic growth. •Markets are especially susceptible in economic downturns when the establishment can exploit public anger to restrict competition and access to capital. While markets must be free to practice “creative destruction,” Rajan and Zingales demonstrate the political and economic importance of a sustainable distribution of wealth and a baseline safety net. Capitalism needs a heart for its own good! There are no iron laws of economics that condemn countries like Bangladesh to perpetual poverty or the United States to perpetual prosperity. The early years of the twentieth century saw vibrant, open financial markets that were creating widespread prosperity. Then came the “Great Reversal” during the Great Depression. It can—and will—happen again, unless there is greater understanding of what markets do, who benefits, and who really wants to either limit them or shut them down. Saving Capitalism from the Capitalists breaks free of traditional ideological arguments of the right and left and points to a new way of understanding and spreading the extraordinary wealth-generating capabilities of capitalism.

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384

Publisher

Crown Currency

Published Date

ISBN 10

1400049164

ISBN 13

9781400049165

A Capitalism for the People

Recapturing the Lost Genius of American Prosperity

By: Luigi Zingales

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A Capitalism for the People

Recapturing the Lost Genius of American Prosperity

By: Luigi Zingales

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337

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Basic Books

Published Date

ISBN 10

0465038700

ISBN 13

9780465038701

The Liberation of Italy, 1943-1947

By: Dr. Luigi Villari

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The Liberation of Italy, 1943-1947

By: Dr. Luigi Villari

As both an observer and a participant in the stirring events during the period of the so-called Liberation of Italy, Dr. Villari describes the leading developments and personalities, from the plot to depose Mussolini to the harsh peace treaty imposed on Italy in 1947.

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446

Publisher

Pickle Partners Publishing

Published Date

ISBN 10

1787205908

ISBN 13

9781787205901

Labor Market Reforms and Earnings Dynamics: the Italian Case

By: International Monetary Fund

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Labor Market Reforms and Earnings Dynamics: the Italian Case

By: International Monetary Fund

This paper summarizes statistics on the key aspects of the distribution of earnings levels and earnings changes using administrative (social security) data from Italy between 1985 and 2016. During the time covered by our data, earnings inequality and earnings volatility increased, while earnings mobility did not change significantly. We connect these trends with some salient facts about the Italian labor market, in particular the labor market reforms of the 1990s and 2000s which induced a substantial rise in fixedterm and part-time employment. The rise in parttime work explains much of the rise in earnings inequality, while the rise in fixed-term contracts explains much of the rise in volatility. Both these trends affect the earnings distribution through hours worked: part-time jobs reduce hours worked within a week, while fixed-term contracts reduce the number of weeks worked during the year as well as increase their volatility. We find weak evidence that fixed-term contracts represent a "stepping-stone" to permanent employment. Finally, we offer suggestive evidence that the labor market reforms contributed to the slowdown in labor productivity in Italy by delaying human capital accumulation (in the form of general and firm-specific experience) of recent cohorts.

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International Monetary Fund

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1513573748

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9781513573748

Book's by Luigi Zingales

A Capitalism for the People

A Capitalism for the People

Saving Capitalism from the Capitalists

Saving Capitalism from the Capitalists

Saving Capitalism from the Capitalists

Saving Capitalism from the Capitalists

A Capitalism for the People

A Capitalism for the People

The Liberation of Italy, 1943-1947

The Liberation of Italy, 1943-1947

Labor Market Reforms and Earnings Dynamics: the Italian Case

Labor Market Reforms and Earnings Dynamics: the Italian Case

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