A sweeping history of the legendary private investment firm Brown Brothers Harriman, exploring its central role in the story of American wealth and its rise to global power Conspiracy theories have always swirled around Brown Brothers Harriman, and not without reason. Throughout the nineteenth century, when America was convulsed by a devastating financial panic essentially every twenty years, Brown Brothers quietly went from strength to strength, propping up the U.S. financial system at crucial moments and catalyzing successive booms, from the cotton trade and the steamship to the railroad, while largely managing to avoid the unwelcome attention that plagued some of its competitors. By the turn of the twentieth century, Brown Brothers was unquestionably at the heart of what was meant by an American Establishment. As America's reach extended beyond its shores, Brown Brothers worked hand in glove with the State Department, notably in Nicaragua in the early twentieth century, where the firm essentially took over the country's economy. To the Brown family, the virtue of their dealings was a given; their form of muscular Protestantism, forged on the playing fields of Groton and Yale, was the acme of civilization, and it was their duty to import that civilization to the world. When, during the Great Depression, Brown Brothers ensured their strength by merging with Averell Harriman's investment bank to form Brown Brothers Harriman, the die was cast for the role the firm would play on the global stage during World War II and thereafter, as its partners served at the highest levels of government to shape the international system that defines the world to this day. In Inside Money, acclaimed historian, commentator, and former financial executive Zachary Karabell offers the first full and frank look inside this institution against the backdrop of American history. Blessed with complete access to the company's archives, as well as a thrilling understanding of the larger forces at play, Karabell has created an X-ray of American power--financial, political, cultural--as it has evolved from the early 1800s to the present. Today, unlike many of its competitors, Brown Brothers Harriman remains a private partnership and a beacon of sustainable capitalism, having forgone the heady speculative upsides of the past thirty years but also having avoided any role in the devastating downsides. The firm is no longer in the command capsule of the American economy, but, arguably, that is to its credit. If its partners cleaved to any one adage over the generations, it is that a relentless pursuit of more can destroy more than it creates.
In this penetrating volume, Zachary Karabell examines the continuous thread that runs through the tapestry of the American experience -- the belief that we can create a perfect society -- and envisions what the next great era will be. Just as the Puritan vision of a city on a hill was supplanted by the Founding Fathers' vision of individuality, just as the expansive vision of a government-led Great Society was eclipsed by the New Economy of the 1990s, so too is the New Economy being replaced by what Karabell contends will be a period when community and spirituality occupy center stage.
Now in paperback, Zachary Karabell argues that the intertwined economic relationship between China and the U.S. will affect our long-term prosperity more than any other contemporary issue. As the world continues the slow work of repairing the damage of the financial crisis, it is crucial that the U.S. understands that it cannot go it alone. Its mutuality with China is permanent, essential, and defining. Zachary Karabell’s brilliant book lays out this complex and important economic story. “Karabell excels at weaving in glitzy tales of the brave new China against the larger backdrop of the Middle Kingdom’s forceful but cautious economic liberalization and the often tortuous, frequently saber-rattling politics of U.S.-China relations….A provocative argument.” —Los Angeles Times “The question at the heart of Superfusion is a pressing one: What will happen next? Mr. Karabell says that the U.S. must turn its thinking away from the military and security challenges of the twentieth century and focus more on the economic challenges of the twenty-first.” —The Wall Street Journal “A compelling brief on the unlikely convergence of the U.S. and Chinese economies….Essential reading for anyone curious about the increasing economic integration and interdependence between China and America, the public opposition in both nations, and the implication for the U.S. as it faces competition from a nation it cannot coerce.” —Publishers Weekly (starred review)
Award-winning historian Zachary Karabell tells the epic story of the greatest engineering feat of the nineteenth century--the building of the Suez Canal-- and shows how it changed the world. The dream was a waterway that would unite the East and the West, and the ambitious, energetic French diplomat and entrepreneur Ferdinand de Lesseps was the mastermind behind the project. Lesseps saw the project through fifteen years of financial challenges, technical obstacles, and political intrigues. He convinced ordinary French citizens to invest their money, and he won the backing of Napoleon III and of Egypt's prince Muhammad Said. But the triumph was far from perfect: the construction relied heavily on forced labor and technical and diplomatic obstacles constantly threatened completion. The inauguration in 1869 captured the imagination of the world. The Suez Canal was heralded as a symbol of progress that would unite nations, but its legacy is mixed. Parting the Desert is both a transporting narrative and a meditation on the origins of the modern Middle East.
A history and critical assessment of leading indicators reveals their indelible impact on the economy, public policy, and other critical decisions, discussing their shortcomings while making suggestions for reducing dependence on them.
How the world's most influential companies are building business strategies that tackle the biggest global challenges. Today's business landscape is changing in fundamental ways: Natural resources are growing ever more scarce and expensive. Technology and changing consumer expectations are making transparency a fact of life. The rise of emerging economies creates vast market opportunities for companies--and better living standards for hundreds of millions. In Sustainable Excellence, Aron Cramer and Zachary Karabell tell the stories of the companies who are transforming themselves by responding to these paradigm shifts and in the process shaping the future. From their work with these Global 1000 companies, Cramer and Karabell know firsthand how business can successfully grapple with big-picture issues like resource scarcity, supply chain complexities, and the diverse expectations of government and the public. In Sustainable Excellence, they tell the story of how Coca-Cola and Greenpeace collaborated on a refrigerator that fights climate change. They show how companies like Best Buy and Nike are transforming the very products they sell to deliver more value to consumers with less waste. They recount how GE and Google created an innovative partnership that is developing "smart grids" that radically reduce energy use. And they show how business leaders like Starbucks' founder and CEO Howard Schultz put sustainable excellence at the center of his company's business strategy. Through these and other fascinating stories, Sustainable Excellence makes the case for a different way of doing business--one that will define both business success and economic vitality in the 21st century.
Chester Arthur may be largely forgotten today, but Zachary Karabell eloquently shows how this unexpected president-of whom so little was expected-rose to the occasion when fate placed him in the White House.
In The Last Campaign, Zachary Karabell rescues the 1948 presidential campaign from the annals of political folklore ("Dewey Defeats Truman," the Chicago Tribune memorably and erroneously heralded), to give us a fresh look at perhaps the last time the American people could truly distinguish what the candidates stood for. In 1948, Harry Truman, the feisty working-class Democratic incumbent was one of the most unpopular presidents the country had ever known. His Republican rival, the aloof Thomas Dewey, was widely thought to be a shoe-in. These two major party candidates were flanked on the far left by the Progressive Henry Wallace, and on the far right by white supremacist Dixiecrat Strom Thurmond. The Last Campaign exposes the fascinating story behind Truman’s legendary victory and turns a probing eye toward a by-gone era of political earnestness, when, for “the last time in this century, an entire spectrum of ideologies was represented,” a time before television fundamentally altered the political landscape.
In a narrative that is at once thoughtful and passionate, an award-winning historian reveals the history of peaceful coexistence between Muslims, Christians, and Jews over the course of fourteen centuries until the present day. The harsh reality of religious conflict is daily news, and the rising tensions between the West and Islam show no signs of abating. However, the relationship between Muslims, Christians, and Jews has not always been marked with animosity; there is also a deep and nuanced history of peace. From the court of caliphs in ancient Baghdad, where scholars engaged in spirited debate, to present-day Dubai, where members of each faith work side by side, Karabell traces the forgotten legacy of tolerance and cooperation these three monotheistic religions have enjoyed—a legacy that will be vital in any attempt to find common ground and reestablish peace.
A sweeping history of the legendary private investment firm Brown Brothers Harriman, exploring its central role in the story of American wealth and its rise to global power Conspiracy theories have always swirled around Brown Brothers Harriman, and not without reason. Throughout the nineteenth century, when America was convulsed by a devastating financial panic essentially every twenty years, Brown Brothers quietly went from strength to strength, propping up the U.S. financial system at crucial moments and catalyzing successive booms, from the cotton trade and the steamship to the railroad, while largely managing to avoid the unwelcome attention that plagued some of its competitors. By the turn of the twentieth century, Brown Brothers was unquestionably at the heart of what was meant by an American Establishment. As America's reach extended beyond its shores, Brown Brothers worked hand in glove with the State Department, notably in Nicaragua in the early twentieth century, where the firm essentially took over the country's economy. To the Brown family, the virtue of their dealings was a given; their form of muscular Protestantism, forged on the playing fields of Groton and Yale, was the acme of civilization, and it was their duty to import that civilization to the world. When, during the Great Depression, Brown Brothers ensured their strength by merging with Averell Harriman's investment bank to form Brown Brothers Harriman, the die was cast for the role the firm would play on the global stage during World War II and thereafter, as its partners served at the highest levels of government to shape the international system that defines the world to this day. In Inside Money, acclaimed historian, commentator, and former financial executive Zachary Karabell offers the first full and frank look inside this institution against the backdrop of American history. Blessed with complete access to the company's archives, as well as a thrilling understanding of the larger forces at play, Karabell has created an X-ray of American power--financial, political, cultural--as it has evolved from the early 1800s to the present. Today, unlike many of its competitors, Brown Brothers Harriman remains a private partnership and a beacon of sustainable capitalism, having forgone the heady speculative upsides of the past thirty years but also having avoided any role in the devastating downsides. The firm is no longer in the command capsule of the American economy, but, arguably, that is to its credit. If its partners cleaved to any one adage over the generations, it is that a relentless pursuit of more can destroy more than it creates.
In The Last Campaign, Zachary Karabell rescues the 1948 presidential campaign from the annals of political folklore ("Dewey Defeats Truman," the Chicago Tribune memorably and erroneously heralded), to give us a fresh look at perhaps the last time the American people could truly distinguish what the candidates stood for. In 1948, Harry Truman, the feisty working-class Democratic incumbent was one of the most unpopular presidents the country had ever known. His Republican rival, the aloof Thomas Dewey, was widely thought to be a shoe-in. These two major party candidates were flanked on the far left by the Progressive Henry Wallace, and on the far right by white supremacist Dixiecrat Strom Thurmond. The Last Campaign exposes the fascinating story behind Truman’s legendary victory and turns a probing eye toward a by-gone era of political earnestness, when, for “the last time in this century, an entire spectrum of ideologies was represented,” a time before television fundamentally altered the political landscape.
In a narrative that is at once thoughtful and passionate, an award-winning historian reveals the history of peaceful coexistence between Muslims, Christians, and Jews over the course of fourteen centuries until the present day. The harsh reality of religious conflict is daily news, and the rising tensions between the West and Islam show no signs of abating. However, the relationship between Muslims, Christians, and Jews has not always been marked with animosity; there is also a deep and nuanced history of peace. From the court of caliphs in ancient Baghdad, where scholars engaged in spirited debate, to present-day Dubai, where members of each faith work side by side, Karabell traces the forgotten legacy of tolerance and cooperation these three monotheistic religions have enjoyed—a legacy that will be vital in any attempt to find common ground and reestablish peace.
Chester Arthur may be largely forgotten today, but Zachary Karabell eloquently shows how this unexpected president-of whom so little was expected-rose to the occasion when fate placed him in the White House.
Award-winning historian Zachary Karabell tells the epic story of the greatest engineering feat of the nineteenth century--the building of the Suez Canal-- and shows how it changed the world. The dream was a waterway that would unite the East and the West, and the ambitious, energetic French diplomat and entrepreneur Ferdinand de Lesseps was the mastermind behind the project. Lesseps saw the project through fifteen years of financial challenges, technical obstacles, and political intrigues. He convinced ordinary French citizens to invest their money, and he won the backing of Napoleon III and of Egypt's prince Muhammad Said. But the triumph was far from perfect: the construction relied heavily on forced labor and technical and diplomatic obstacles constantly threatened completion. The inauguration in 1869 captured the imagination of the world. The Suez Canal was heralded as a symbol of progress that would unite nations, but its legacy is mixed. Parting the Desert is both a transporting narrative and a meditation on the origins of the modern Middle East.
Now in paperback, Zachary Karabell argues that the intertwined economic relationship between China and the U.S. will affect our long-term prosperity more than any other contemporary issue. As the world continues the slow work of repairing the damage of the financial crisis, it is crucial that the U.S. understands that it cannot go it alone. Its mutuality with China is permanent, essential, and defining. Zachary Karabell’s brilliant book lays out this complex and important economic story. “Karabell excels at weaving in glitzy tales of the brave new China against the larger backdrop of the Middle Kingdom’s forceful but cautious economic liberalization and the often tortuous, frequently saber-rattling politics of U.S.-China relations….A provocative argument.” —Los Angeles Times “The question at the heart of Superfusion is a pressing one: What will happen next? Mr. Karabell says that the U.S. must turn its thinking away from the military and security challenges of the twentieth century and focus more on the economic challenges of the twenty-first.” —The Wall Street Journal “A compelling brief on the unlikely convergence of the U.S. and Chinese economies….Essential reading for anyone curious about the increasing economic integration and interdependence between China and America, the public opposition in both nations, and the implication for the U.S. as it faces competition from a nation it cannot coerce.” —Publishers Weekly (starred review)
A history and critical assessment of leading indicators reveals their indelible impact on the economy, public policy, and other critical decisions, discussing their shortcomings while making suggestions for reducing dependence on them.
Do presidents matter for America's economic performance? We tend to stereotype the Gilded Age presidents of the late nineteenth century as weak. We also assume that the American people were intellectually misguided about the economy and the government's role in it during this era. And we generally dismiss the Gilded Age macro-economy as boring--little interesting or important happened. Instead, the micro-economics of the business world was where the action was located. More broadly, many economists and political scientists believe that individual presidents do not matter much, even in the twenty-first century. Institutional constraints and historical circumstance dictate success or failure; the White House is just along for the ride. In Presidential Leadership in Feeble Times, Mark Zachary Taylor shows that all of this is mistaken. Taylor tells the story of three decades of Gilded Age economic upheaval with a focus on presidential leadership--why did some presidents crash and burn, while others prospered? It turns out that neither education nor experience mattered much. Nor did brains, personal ethics, or party affiliation. Instead, differences in presidential vision and leadership style had dramatic consequences. And even in this unlikely period, presidents powerfully affected national economic performance and their success came from surprising sources, with important lessons for us today.
A prodigiously researched biography of Vannevar Bush, one of America’s most awe-inspiring polymaths and the secret force behind the biggest technological breakthroughs of the twentieth century. As the inventor and public entrepreneur who launched the Manhattan Project, helped to create the military-industrial complex, conceived a permanent system of government support for science and engineering, and anticipated both the personal computer and the Internet, Vannevar Bush is the twentieth century’s Ben Franklin. In this engaging look at one of America’s most awe-inspiring polymaths, writer G. Pascal Zachary brings to life an American original—a man of his time, ours, and beyond. Zachary details how Bush cofounded Raytheon and helped build one of the most powerful early computers in the world at MIT. During World War II, he served as Roosevelt’s adviser and chief contact on all matters of military technology, including the atomic bomb. He launched the Manhattan Project and oversaw a collection of 6,000 civilian scientists who designed scores of new weapons. After the war, his attention turned to the future. He wrote essays that anticipated the rise of the Internet and boldly equated national security with research strength, outlining a system of permanent federal funding for university research that endures to this day. However, Bush’s hopeful vision of science and technology was leavened by an understanding of the darker possibilities. While cheering after witnessing the Trinity atomic test, he warned against the perils of a nuclear arms race. He led a secret appeal to convince President Truman not to test the Hydrogen Bomb and campaigned against the Red Scare. Elegantly and expertly relayed by Zachary, Vannevar’s story is a grand tour of the digital leviathan we know as the modern American life.
President Clinton declares that a two-year education should be the right of all Americans. Congress passes a 40 billion package of tax breaks and scholarships aimed at making a degree accessible to everyone. Almost two–thirds of high school graduates now go on to some form of higher education, and yet at the same time, those colleges and universities, inundated with a new kind of student, have been slow to respond to this revolutionary change.Zachary Karabell spent over a year traveling the country interviewing students, graduate students, faculty, and adjunct teachers, and the result is a portrait of American higher education that is neither conservative nor liberal and that needs to be taken seriously. There is a quiet revolution occurring that will—that is—changing the nature of education in this country.”Higher education is becoming mass education,” writes Karabell. The crucial clash on today's campuses is not between traditionalists, multiculturalists, and tenured radicals, but between the competing needs and desires of students, professors, administrators, and the larger society.The overwhelming majority of today's students are working-class people seeking education to get a job; they are not seeking a liberal education, nor planning to go on to graduate school. Most faculty members, products of the elite graduate schools that have insulated them from the needs of real-world people, are often profoundly ill-equipped to handle this changing student body. By exploring the myriad perspectives of these conflicting expectations Karabell concludes that a radical democratization of higher education is not only inevitable, it is desirable, and it will require dramatic changes in the structure and presumptions about education beyond the high school level.Topping 175 billion a year, spending for American higher education will join health care and welfare as one of the top national issues, yet there is precious little real or broad-based understanding of the issues and social forces at work. Eschewing any political agenda, yet unafraid to ask as many questions as he answers, Zachary Karabell has provided the first reasoned examination of what has become a national concern. Sure to spark intense debate, What's College For? is a clarion call for reform.
This volume is composed of transcripts from the secret recordings that Presidents Kennedy and Johnson made of White House meetings and phone conversations about the violent Civil Rights crisis. As fly-on-the-wall history, this book gives an unprecedented grasp of the way the White House affected civil rights history and consequently transformed America.
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