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Capital in the Twenty-First Century, by Thomas Piketty

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Review

A New York Times #1 BestsellerAn Amazon #1 BestsellerA Wall Street Journal #1 BestsellerA USA Today BestsellerA Sunday Times BestsellerWinner of the Financial Times and McKinsey Business Book of the Year AwardWinner of the British Academy MedalFinalist, National Book Critics Circle Award“It is a great work, a fearsome beast of analysis stuffed with an awesome amount of empirical data, and will surely be a landmark study in economics.” —The Week“It seems safe to say that Capital in the Twenty-First Century, the magnum opus of the French economist Thomas Piketty, will be the most important economics book of the year—and maybe of the decade. Piketty, arguably the world’s leading expert on income and wealth inequality, does more than document the growing concentration of income in the hands of a small economic elite. He also makes a powerful case that we’re on the way back to ‘patrimonial capitalism,’ in which the commanding heights of the economy are dominated not just by wealth, but also by inherited wealth, in which birth matters more than effort and talent.” —New York Times“Over the last decade or so, economist Thomas Piketty has made his name central to serious discussions of inequality…. Piketty expands upon his empirical work of the last 10 years, while also setting forth a political theory of inequality. This last element of the book gives special attention to tax policy and makes some provocative suggestions—new and higher taxes on the very rich.” —Forbes“Essential reading for citizens of the here and now.” —Kirkus, starred review“An extraordinary sweep of history backed by remarkably detailed data and analysis… Piketty’s economic analysis and historical proofs are breathtaking.” ―The Guardian“What makes Thomas Piketty’s Capital in the Twenty-First Century such a triumph is that it seems to have been written specifically to demolish the great economic shibboleths of our time…. Piketty’s magnum opus.”―Salon“[A] 700-page punch in the plutocracy’s pampered gut… It’s been half a century since a book of economic history broke out of its academic silo with such fireworks.” ―The Times“Thomas Piketty of the Paris School of Economics has done the definitive comparative historical research on income inequality in his Capital in the Twenty-First Century.” ―New York Review of Books“The book aims to revolutionize the way people think about the economic history of the past two centuries. It may well manage the feat.” ―The Economist“Piketty’s Capital in the Twenty-First Century is an intellectual tour de force, a triumph of economic history over the theoretical, mathematical modeling that has come to dominate the economics profession in recent years.” ―Washington Post“Piketty has written an extraordinarily important book…. In its scale and sweep it brings us back to the founders of political economy.” ―Financial Times“A sweeping account of rising inequality… Piketty has written a book that nobody interested in a defining issue of our era can afford to ignore.” ―New Yorker“Stands a fair chance of becoming the most influential work of economics yet published in our young century. It is the most important study of inequality in over fifty years.” ―The Nation

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About the Author

Thomas Piketty is Professor at the Paris School of Economics and at the École des Hautes Études en Sciences Sociales (EHESS).

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MP3 CD

Publisher: Brilliance Audio; Unabridged edition (February 17, 2015)

Language: English

ISBN-10: 1491591617

ISBN-13: 978-1491591611

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Thomas Piketty's book, "Capital in the Twenty First Century," has been resoundingly endorsed by Nobel Prize winning economist Paul Krugman. Since the reactionaries were freaking out, I couldn't resist reading it and finding out for myself what the hoopla was all about. The reason for the reactionary freak out is explained below.Anyone who has bothered to read this book must admit that the writer is rigorous in his analyses and my impression was the writer eschews prejudgment. Piketty provides exhaustive data throughout in a fascinating historical analysis of capital and the inevitable pitfalls of indecent inequality of wealth ("...the `first globalization of finance and trade (1870-1914) is in many ways similar to the `second globalization' which has been underway since the 1970's." and, "...capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.") There were reasons for the financial shocks and the world wars of the 20th century, and if we're not paying attention...Piketty notes that, "Economists are all too often preoccupied with petty mathematical problems of interest only to themselves." Nevertheless, the essential economic equations and trend analyses are sufficiently addressed and easily understandable by all. He notes that economics should be considered a branch of social science, i.e., "...politics is ubiquitous and...economic and political changes are inextricably intertwined and must be studies together."If nothing else, the reader is warned, "...all citizens should take a serious interest in money, its measurement, the facts surrounding it, and its history. Those who have a lot of it [money] never fail to defend their interests. Refusing to deal with numbers rarely serves the interests of the least well-off."So why are reactionaries freaking out over this book? Piketty concludes that national debt can only be reduced by: repudiation (bad), inflation (horrible), austerity (really horrible), or a progressive tax on capital (reasonable). Further, he recommends that the only reasonable way to address indecent wealth inequality is a progressive global tax on wealth, which in turn requires global transparency of accounts and an end to foreign tax havens; he goes on to say none of these measures will be easy, but does offer practical suggestions. Clearly, the plutocrats would panic over popularization of such a suggestion, and it only takes a word or two from them to spin up their PACs and puppet organizations (I won't name names) into blindly trashing these rational suggestions. Thus the one-star reviews from those who haven't read the book.Other specifics of note:* His rational explanation of what central banks do and why they are necessary is excellent and should be understood by all.* His discussion of past and recent European economic issues, the creation the Euro, and administration by the ECB and European Committee should be of great interest to most Americans.* The fact that income taxes were not invented by Woodrow Wilson and had been used successfully in Europe for many decades before that is probably news to most Americans.* The real reasons why the gold standard had to be abandoned and is no longer feasible should be better understood by many.* His explanation of what "rentiers" are (i.e. those with sufficient wealth to live off dividends, rents, and other financial instruments) is something that should be better understood by all. At some point, wealth takes on a life of it's own whenever r>g and this and what amounts to regressive taxation at the top of the pyramid, are the driving force behind income inequality.* His explanation of the recent phenomenon of "super managers" who demand salaries in the tens of millions (the ones that piss everyone off), and how it was a result of the conservative revolution of the 1980s' is something that should be understood by all.Though it's a tough slog for me, but I highly recommend this book be read be all. I recommend someone write a "Reader's Digest" version that could reference the original, since the average reader may struggle with it.

Brilliant! Most reviews have touched upon its contents. I would say two things:One, everyone should read it. This is not a book just for economists. This is a book for everyone no matter your profession or stage in life because it illuminates the arch of wealth and where we are now. We are at a pivotal point in history and what we do could lead to WWIII or huge leap forward for mankind.Two, to truly understand you need a basic understanding of macro economics (and some micro). If you already have that, great. Otherwise, just google the terms and study as you go along.Not an easy read but surprisingly not a difficult one either. Compared to other economic books this one is very accessible.

In his introduction to this book, Piketty states, “When the rate of return on capital exceeds the rate of growth of output and income, as it did in the nineteenth century and seems quite likely to do again in the twenty-first, capitalism automatically generates arbitrary and unsustainable inequalities that radically undermine the meritocratic values on which democratic societies are based.” He further states that “Intellectual and political debate about the distribution of wealth has long been based on an abundance of prejudice and a paucity of fact.” He then addresses this paucity with the presentation and analysis of the results the project he led to acquire an enormous volume of historical data about global income and wealth.In the introduction, he briefly reviews the contributions but also the errors of earlier debate without data. These included Malthus’s concern with overpopulation and the need to end all welfare, Ricardo’s principle of scarcity with population and production growing as land becomes increasingly scarce, and Marx’s principle of infinite accumulation with the industrial revolution leading to no limit on the accumulation of capital (which did not consider coming social democracy, technological progress, and how to organize society without private capital). The Kuznets Curve of 1955 introduced data from US tax returns and Kuznets’s own estimates of national income to conclude that inequality increased in the early phase but declined in the later phases of industrialization. Unfortunately, this curve greatly understated the roles of the World Wars and violent economic and political shocks that led to the reduction in inequality between 1914 and 1945 and failed to explain the rising inequality after 1970.Piketty seeks to contribute “to the debate about the best way to organize society…to achieve a just social order….achieved effectively under rule of law…subject to democratic debate.” He states he has “no interest in denouncing inequality or capitalism per se…as long as they are justified.” He worked briefly in the US and found the work of US economists unconvincing. “There had been no significant effort to collect historical data on the dynamics of inequality since Kuznets, yet the profession continued to churn out purely theoretical results without even knowing (the) facts.” He found that “the discipline of economics has yet to get over its childish passion for mathematics and the purely theoretical and often highly ideological speculation.” Subsequently, he returned to France and set out to collect the missing data.He gathered data in two main categories: 1) inequality in distribution of income and 2) inequality in the distribution of wealth and the relation of wealth to income. For income, he built the World Top Incomes Database (WTID), which is based on the joint work of some thirty researchers around the world. This data series begins in each country when an income tax was established (usually 1910-1920 but as early as the 1880s in Japan and Germany). For wealth his sources included estate tax returns (usually dating back to the 1920s, but in a few cases as far back as the French Revolution), the relative contributions of inherited wealth and savings, and measures of the total stock of national wealth. In collecting as complete and consistent a set of historical sources as possible, he had two advantages over previous authors—a longer historical perspective (now including data from the 2000s) and advances in computer technology.Piketty reports two major conclusions from his study. “The first is that one should be wary of any economic determinism in regard to inequalities of wealth and income (that they emerge according to immutable natural laws). The history of the distribution of wealth has always been deeply political and it cannot be reduced to purely economic mechanisms. In particular, the reduction of inequality…between 1910 and 1950 was above all a consequence of war and of policies adopted to cope with the shocks of war.” “The resurgence of inequality after 1980 is due largely to political shifts…especially in regard to taxation and finance. The history of inequality is shaped by the way…actors view what is just…as well as the relative power of those actors.”The second conclusion is “that the dynamics of wealth distribution reveal powerful mechanisms pushing alternately toward convergence (equality) and divergence (inequality)….There is no natural, spontaneous process to prevent destabilizing ineqalitarian forces from prevailing permanently.” “Over a long period of time, the main force in favor of greater equality (convergence) has been the diffusion of knowledge and skills.” Other proposed forces for greater equality, such as advanced technology creating a need for greater skills or class warfare giving way to less divisive generational warfare as the population ages, appear to be largely illusory.“No matter how potent a force the diffusion of knowledge and skills may be, it can nevertheless be thwarted and overwhelmed by powerful forces pushing…toward greater inequality (divergence).” With respect to income, the spectacular increase in inequality from labor income, particularly in the US and UK, largely reflects the recent marked separation of the top managers of large firms from the rest of the population, not because of increased productivity, but because they can set their own remuneration. This separation is amplified by marginal tax rates that actually decrease for the highest incomes. Capital income from large fortunes also contributes to income inequality but may be understated due to hidden off-shore accounts and by producing only the relatively small portion of income needed for expenses while the rest remains within the fortune. (Fig. I.1 shows income inequality in the US from 1910 to 2010.)With respect to wealth, inequality (divergence) is increased when the rate of return on capital significantly exceeds the growth rate of the economy (r > g) as it did until the nineteenth century and is likely to in the twenty-first century. “Under such conditions it is inevitable that inherited wealth will dominate wealth amassed from a lifetime’s labor by a wide margin” and lead to extreme inequality. This increasing inequality of wealth is greatly amplified by structural factors leading to higher rates of increase for the largest fortunes that are no longer related to whatever entrepreneurial activities were at the onset of their origin. (Fig. I.2 shows wealth inequality in Europe from 1870 to 2010.) This analysis also shows a major shift in the main components of wealth from land, slaves (in the US), and colonies (in Europe) to domestic capital and housing.Historically, the rate of return on capital was 4.5-5% from antiquity to 1913, fell to 1.5% by 1950, and is rising again to 4% or more by 2012 and beyond. During the same period, the global rate of growth was close to zero before the industrial revolution, rose to 1.5% by 1913 and to 3.5% in the mid to late twentieth century (due to catch-up after World War II and in the developing world), and is now falling and projected to be 1-1.5% in the twenty-first century. Thus the unusual fall of the return on capital (r) below growth (g) in the mid twentieth century was associated with a temporary reduction in the rate of increasing inequality. (Fig 10.10 shows a comparison of the return on capital [r] to growth [g] from antiquity to 2100.)This review barely scratches the surface of the core contribution of this book, which is the enormous volume of data and analysis it provides. The numerical information is presented in a very well developed series of 97 illustrations and 18 tables. This information is used as support for extensive analysis and discussion of the many aspects of historical, present, and likely future inequality that often contradict positions related to ideology and simplistic models. An excellent 22 page overview of “A Social State for the Twenty-First Century” is provided at the beginning of the fourth and final part of the book. This is followed by “Rethinking the Progressive Income Tax,” “The Question of the Public Debt,” the author’s preference for “A Global Tax on Capital,” and finally, the conclusion.The conclusion reiterates that the principal destabilizing force leading to ever-increasing inequality is a return on capital (r) significantly higher than the rate of growth of income and output (g) for long periods of time. Hence wealth accumulated in the past grows more rapidly than output and wages, and the entrepreneur inevitably tends to become a rentier no longer of use in promoting growth. A progressive annual tax on capital would be the right solution to this problem, although it would require a high level of international cooperation. Piketty objects to the expression “economic science” which implies little to do with the logic of politics or culture in conclusions about inequality. He prefers the expression “political economy” which considers economics as a sub discipline of the social sciences, alongside history, sociology, anthropology, and political science. He insists that economic and political changes are inextricably entwined and must be studied together.This review is supplemented by a relatively random selection of multiple comments and assertions from the book: “The nature of capital has changed: it once was mainly land but has become primarily housing plus industrial and financial assets.”“Capital…is always risk-oriented and entrepreneurial, at least at its inception; yet it always tends to transform itself into rents as it accumulates….”With respect to global inequality, the industrial revolution led to growth of Europe and America’s share of global output to two to three times their share of population. This share is now rapidly decreasing due to higher growth in developing economies in the “catch-up” phase than in mature economies.Europe and America’s share of global production of goods and services rose from about 30-35% in 1700 to 70-80% from 1900 to 1980, fell to 50% by 2010, and may go as low as 20-30% later in the twenty-first century.European and American national inequality rose to record heights in 1910, decreased markedly by the 1940s due to the world wars and Great Depression, then began a rapid return to high levels after the 1970s, particularly in the US.The share of national income for the top 10% in Europe was over 45% in 1910, under 25% in 1970, and about 30% in 2010. In the US it was over 40% in 1910, under 30% in 1970, and nearly 50% in 2010.“Numerous studies mention a significant increase in the share of national income in the rich countries going to profits and capital after 1970, along with the concomitant decrease in the share going to wages and labor.”In the past several decades, the share of national income for the top 0.1% increased from 2 to 10% in the US, from 1.5 to 2.5% in France and Japan, and from 1 to 2% in Sweden.“It is important to note the considerable transfer of US national income—on the order of 15 points—from the poorest 90% to the richest 10% since 1980”— 5 to 7 times greater than the 2 to 3 points in Europe and Japan.“The vast majority (60 to 70%)…of the top 0.1% of the income hierarchy in 2000-2010 consists of top managers. By comparison, athletes, actors, and artists of all kinds make up less than 5% of this group.”“At the very highest levels salaries are set by the executives themselves or by corporate compensation committees whose members usually earn comparable salaries….”“It is when sales and profits increase for external reasons that executive pay rises most rapidly. This is particularly clear in the case of US corporations…pay for luck.”Global inequality of wealth in the early 2010s is comparable to that of Europe in 1900-1919. The top 0.1% own nearly 20%, the top 1% about 50%, the top 10% between 80 and 90%, and the bottom half less than 5%.The share of national wealth ownership in Europe for the top 10% and top 1% was 90% and over 50% in 1910, 60% and 20% in 1970, and about 63% and 24% in 2010. During this time, the share for the 50th to the 90th percentile increased from 5% to 40%, creating a middle class, but the share for the bottom 50% remained at 5%.In the US, shares for the top 10% and top 1% were about 80% and 45% in 1910, 64% and 30% in 1970, and about 70% and 34% in 2010—with a much more rapid increase after 1970 than in Europe, reaching 70% and 34% versus 63% and 24% by 2010 (while the bottom half claim just 2%).Inherited wealth is estimated to account for 60-70% of the largest fortunes worldwide. This figure is lower than the 80-90% reached during the belle Epoque, but trending strongly toward a return to that level.Forbes magazine divides billionaires into three groups—pure heirs, heirs who subsequently grow their wealth, and pure entrepreneurs, with each of these groups representing about a third of the total.Due to increased life expectancy, the average age of heirs at the age of inheritance has increased from thirty in the nineteenth century to fifty in the twenty-first century, although with larger inheritances.Today, transmission of capital by gift is nearly as important as transmission by inheritance. This change counters increased life expectancy and accounts for almost half of the present inheritance flows.“No matter how justified inequalities of wealth may be initially, fortunes can grow and perpetuate themselves beyond all reasonable limits and beyond any possible rational justification in terms of social utility.”Large fortunes experience increasing rates of growth related to size alone independent of their origins—10% from $15-30 billion, about 9% from $1-15 billion, about 8% from$500 million to $1 billion, about 7% from $100-500 million, and about 6% below $100 million for university endowments.From 1990 to 2010, the fortune of Bill Gates, the Microsoft genius, grew from $4 billion to $50 billion, while that of Liliane Bettencourt, a cosmetics heiress who never worked a day in her life, grew at a similar rate from $2 billion to $25 billion.In 2013, sovereign wealth funds were worth $5.3 trillion ($3.2 trillion from petroleum exporting states and 2.1 trillion from nonpetroleum states like China, Hong Kong, and Singapore), similar to the total of $5.4 trillion for Forbes billionaires. Together, these sources account for 3% of global wealth.Large amounts of unreported financial assets are held in tax havens—approximately 10% according to the negative global balance of payments (more money leaves countries than enters them).In the US, parents’ income has become an almost perfect predictor of university access—average income of parents of Harvard students is currently about $450,000.“Broadly speaking, the US and British policies of economic liberalization (after 1980)…neither increased growth nor decreased it.”The US economy was much more innovative in 1950-1970 than in 1990-2010….Productivity growth was nearly twice as high in the former period as in the latter.In most countries taxes have (or will soon) become regressive at the top of the income hierarchy.”The optimal tax rate in the developed countries is probably above 80%.One of the most important reforms (is) to establish a unified retirement scheme based on individual accounts with equal rights for everyone, no matter how complex one’s career path.Debt often becomes a backhanded form of redistribution of wealth from the poor to the rich (who as a general rule ought to be paying taxes rather than lending).Inflation is at best a very imperfect substitute for a progressive tax on capital. It is hard to control, and much of the desired effect disappears once it becomes embedded in expectations.Defining the meaning of inequality and justifying the position of the winners is a matter of vital importance, and one can expect to see all sorts of misrepresentations of the facts in service of the cause. No hypocrisy is too great when economic and financial elites are obliged to defend their interests—and that includes economists, who currently occupy an enviable place the US income hierarchy.“Modern meritocratic society, especially in the United States, is much harder on the losers, because it seeks to justify domination on the grounds of justice, virtue, and merit, to say nothing of the insufficient productivity of those at the bottom.”The history of the progressive tax over the course of the twentieth century suggests that the risk of a drift toward oligarchy is real and gives little reason for optimism about where the United States is headed.

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Download Ad Nauseam: Newsprint Nightmares from the 1980s

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Ad Nauseam: Newsprint Nightmares from the 1980s

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Review

As featured in Entertainment Weekly, The New York Times, and Mental Floss.2018 Gift Guide Mentions: Blumhouse, Birth! Movies! Death!, Famous Monsters of Filmland, and Daily Dead."Ad Nauseam recreates the vanished world of the grindhouses and the drive ins by emphasizing the foreplay of the experience. We were virgins, and this is how we were seduced!" --Joe Bob Briggs "Horror fans who enjoyed Paperbacks from Hell by Grady Hendrix might thrill to Michael Gingold's Ad Nauseam.” -- Library Journal "A must for fans of the [horror] genre!" -- MovieWeb "Gloriously lowbrow…a fascinating look into the genre’s past." - Birth.Movies.Death "It’s more than a mere coffee table book filled with retro horror movie ads from the go-go 80s. It also features prominent reviews from the time (many of which were ridiculously off-track) as well as Gingold’s personal remembrances of seeing these films in the grindhouse palaces of The Big Apple." -- ComingSoon.net "Highly entertaining.” - The Cleveland Plain Dealer "A love letter to the heyday of ’80s horror. If you have fond memories of sifting through newspapers in the ’80s to look at artwork for new movies, we highly recommend this read…it preserves a cherished era of the horror genre.” - Daily Dead "An amazing collection of classic horror trash film ads.” - Dangerous Minds “Ad Nauseam bombards us with nostalgia, and each of the 248 pages is a delight. 9.7/10!” - Horreur Québec "The Holy Grail of '80s horror newsprints. A must-have centerpiece for your coffee table.” - Nightmare Nostalgia "It’s easy to fall in love with Ad Nauseam’s historical window through the weird, outlandish takes on promoting horror movies at the peak of their popularity….a delightful treat!" - MovieMaker Magazine "One of my favorite books in recent memory, Ad Nauseam brings back my adolescence in full force collecting off-forgotten newspaper ads that I used to pore over.” - Forces of Geek "What better way to get yourself in the mood for Halloween than browsing a selection of macabre and often over-the-top '80s horror movie print ads?" - The Wall Street Journal "Things we love" column - Shudder

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About the Author

Michael Gingold first began reproducing newspaper ads for 1980s horror films in his Xerox fanzine Scareaphanalia, and went on to become a longtime editor and writer for Fangoria magazine and on-line. He also currently contributes to Rue Morgue, Birth.Movies.Death, Time Out New York, Scream, and others. Michael is the author of The FrightFest Guide to Monster Movies and Shark Movie Mania, and has created featurettes and written liner notes for numerous Blu-ray and DVD releases.

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Product details

Hardcover: 248 pages

Publisher: 1984 Publishing (October 9, 2018)

Language: English

ISBN-10: 1948221055

ISBN-13: 978-1948221054

Product Dimensions:

8.8 x 1 x 11.2 inches

Shipping Weight: 3.1 pounds (View shipping rates and policies)

Average Customer Review:

4.9 out of 5 stars

12 customer reviews

Amazon Best Sellers Rank:

#77,102 in Books (See Top 100 in Books)

This book arrived today (fitting for Halloween) and is an absolute pleasure to leaf through. I haven't felt that I am going to get so much mileage out of a book since "Cult Movies" by Danny Peary in the early 1980s, and that was an oversized paperback! My obsession with horror film newspaper print ads lasted from about 1979 to 1982 so I am right in the sweet spot. I used to grab the "Arts and Leisure" section of the NY Times on Sunday and the "Weekend" section of the NY Times on Friday and gorge on these ads. It was as close as I could get to seeing movies which were mostly verboten to me. I vividly recall many in the book including the over-the-top "Mother's Day" ad. A lot of these movies did not have accompanying trailers on TV, so this was as close as you could get to a preview. (Except for an excerpt on Siskel and Ebert, which was usually extremely negative.) I probably saved some of the ads but not anywhere near the level of the author. The accompanying text is top-notch, too, and it's arranged by year which is a great format. It's rare to find a great balance of copy and illustration but this succeeds on all counts! Finally, It's also a very high quality hard cover publication with wonderful paper stock and, of course, the ample illustrations, so many per page. Great book and I cannot wait to dig into it, again and again. If you're a fan of horror movies, movie poster art, and this lost era of movie marketing, get this book.

If you are a horror film fan like I am you too will remember when Hollywood used to create incredible ad campaigns that were often better and more enticing than the films themselves. Michael Gingold certainly was an avid fan and this book proves it as he meticulously cut out and preserved these ads from the 80's newspapers. Here is a blast from the past as you see the ads for what would soon become classic splatter films such as Friday the 13th, Halloween, Nightmare on Elm Street and lesser known gems such as Street Trash and Don't Answer the Phone. Selling the sizzle instead of the steak, these ads proved that a great campaign would mean box office cash! A trip down memory lane once again as I re-lived my teenage years vicariously again! There's nothing like this stuff nowadays! A great book that fans should devour!

I devoured this book when I got it. Brought back so many memories of horror movie print ads which are sadly now a bygone practice, but excellently archived in Gingold's book. The ads he clipped are in amazingly readable condition for the most part. His introduction and commentary are great, and the closing essay about the business of grindhouse & drive-in cinema in the 1980s is very interesting. It's cool to see how reviewers dealt with these films when they were fresh.I am only withholding a full five stars because I could see some readers feeling like a lot of space is taken up by where the movie opened in the tri-state (NJ, NY, CT) area at the time (Gingold included this in his clippings). Personally, I loved seeing this, because I'm from New Jersey and recognized many of the theaters, but if you're outside the tri-state area it may not be as interesting to you, and I understand that. Also, as Gingold readily admits, his book is not a complete atlas of all grindhouse/drive-in/horror films of the 80s, just the ones he clipped, but he did an amazing, thorough, ten-year (!) job.I knew a lot of these films not from seeing in the theater (I was too young for many of them that were R) but from them going to video. I also learned of some new gems, such as 1983's Scalps.A great coffee table book for general interest/discussion, a great book if you're Gen X, a great book for cinephiles, journalists, etc -- just a great book all-around. I was excited to get this before it arrived and it lives up to its promise. Thank you, Michael!

Wow, what a great book. As a child of the 80s, memories came flooding back with each newspaper as I had seen as a child. Terrific concept!One one want, I won’t call it complaint, is I wish the author discussed far more of the movies. We are all familiar with the major releases but darn it, as the author well knows, these ads are supposed to inspire curiosity and I wish there was a write-up on each movie. Maybe a second companion book can address this want? Please. ;)

love this book so much. leafing through it i remember seeing the movie listnings in the paper when i was younger. So many of the old cheesy horror movie's were familiar. It reminded me of movies i had forgotten about. Great fun if you loves horror movies in the 80s.

This collection of the author’s own collection of newsprint ads from the 80’s is incredible. Worth the purchase for sure!

So, I too cut out film newspaper ads every Friday. Basically for the ones that either I intended to see as a kid or *wanted* to see when I qualified for the R-rating. The difference is that author Michael Gingold had the foresight to save *every* horror ad.This book is brilliant. Aside from the sheer number of memory-jogging ads (including over 100 horror films that probably never even made VHS), the book is peppered with fun facts from Michael and a slew of *hilarious* reviews of the time. It seemed like a competition among reviewers to see who would be able to write **the** most over-the-top reviews. I think it was Siskel who referred to "Cujo" as a film that should be wrapped like a dead fish and thrown in the trash. And don't miss the reviews of "Silent Night, Deadly Night," which are a whole new class of jaw-dropping.And, of course, now we look at many of these '80s films as classics, cult classics, or "so bad they're good" classics. Time heals all wounds.Get this book!

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Publisher: Vintage (January 4, 2012)

Publication Date: January 4, 2012

Sold by: Random House LLC

Language: English

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Professor Hofstadter sets the standard for the dissection of many facets of U.S. history. Here he tells the tale of the intertwining factors of American culture and politics that lead to prevalent anti-intellectualism. Although published in 1963, this remains the definitive work on the distrust of elites and experts and is sadly relevant to the present day. Hofstadter writes with a storyteller's style that does not skip or gloss over details but invites the reader to enjoy the experience of learning. He also often displays a wry sense of humor. If you want to understand why those most qualified to address issues -- whether they be foreign policy, law, running government, social sciences, etc. -- are often considered suspect sources of information while talking heads with no knowledge but loud voices are embraced, this book explains the framework for that culture. Personally, I found the writing so smooth and the subject so engrossing I could hardly take breaks between devouring the book.Hofstadter combines both painstaking detail and sweeping themes. I cannot imagine even the most learned people not learning new details about American history and the forces that have shaped our nation. Hofstadter's analysis is very persuasive -- analytical but with passion and new insights. Even events or people from American history that one knows about, one will be shown new perspectives. For example, one might not have considered how American democratic principles can encourage anti-intellectualism. Or how our economic system and intelligentsia themselves can sometimes encourage expertise and other times discourage it. It shouldn't need to be said that a Pulitzer Prize winning book is a must read, but I'll say it anyway.

Recent political development in this country, in which gossip, hearsay, "alternative facts," wishful thinking, invective, and shaming the intellectual class have become (again) coin of the realm at the highest levels of government all remind us that this is an enduring (though thankfully not always dominant) theme in our culture. Richard Hofstadter's 1964 masterwork thus points backward to the formation of these themes in American history, and points to the present and future with concern. People who worry about such things should definitely read this book, and the fact that it's now over 50 years old is of little consequence because of the way it helps us understand trends and events.

First, let me say what this book is not. It's not a book that can be understood only by deep and brilliant minds. The style is clear and readable, and anyone who can read and understand a newspaper editorial can understand what is said here. It's not a peevish rant about how everyone below a certain IQ level, or everyone of a certain political persuasion, or everyone who goes to church, must be mentally dull. The author goes out of his way to be fair and even-handed to all points of view, perhaps especially those with which he doesn't agree.Finally, even though it was published when John F. Kennedy was President, it is decidedly not out of date. In fact, anyone reading it will be amazed how the problems described here, from 50, 150, or even 200 years ago, may still crop up today.What is an intellectual? It is not necessarily someone with a genius-level IQ, or someone who speaks 5 languages, or even necessarily someone who discovers a new theory in physics.An intellectual is simply someone who takes the same pleasure in the exercise of his or her mind, in exploring ideas, as healthy and physically fit people do when they're out throwing a Frisbee or playing touch football. The pleasure is in the activity itself.Imagine a small child trying to see how many blocks she can stack up on top of each other before they fall. On the one hand, the child is playing--that is, doing something for no reason but that she enjoys it. On the other hand, she is perfectly serious and focused on her goal. If the stack of blocks falls down, she simply tries again.The intellectual is the person who shows this combination of play and seriousness towards ideas. To use the analogy of blocks again, the intellectual takes each block and turns it over to look at it from all sides, stacks the blocks up, arranges them in various shapes, and so forth.Of course this activity can have a serious purpose--e.g., thinking through the ethics of cloning--but to be a specifically intellectual pursuit, it must be done out of the love of the activity itself.America has often had a love-hate relationship with intellectualism, and still does today. Ironically, one of the ages that prized the intellect most was the Puritan era, because Puritans valued a learned ministry; after all, it was they who founded Harvard. Later, many of the Founding Fathers, such as Jefferson and Franklin, had wide intellectual interests, from philosophy, to science and the arts. Up to the middle of the 19th century, even many businessmen were cultured and well-educated--indeed, the goal of that day was to make one's fortune in trade and then retire at a relatively early age to a life of culture and philanthropy.Despite these notable periods of favor for the intellectual, it is equally true that something about American civilization has often worked against intellectualism. Part of it was that America, which began as pioneer settlements, always had to be very practical. Another aspect was the idea that cultured and educated elites were undemocratic--resentment of "the elites" didn't begin with today's Tea Party but was always an undercurrent of American life. A third aspect was that Americans tended to see the past as something dark and backward to be improved upon and then abandoned by American know-how and self-reliance.In politics, the Jeffersonian philosopher type went out with the age of Andrew Jackson. For the rest of the 19th century, intellectuals were mostly ineffectual reform types, criticizing from the sidelines, in magazine articles; they were not consulted in public life again until the turn of the 20th century. Their favor was high during the age of Wilson, perhaps even higher with Franklin D. Roosevelt's "Brain Trust," only to come under suspicion once more during the McCarthy era of the early 1950s.In business, the shift from trade to railroad building and, later, manufacturing, left the businessman less leisure for intellectual pursuits, nor was he particularly interested in having men work for him who were preoccupied with theory and speculation--enough education to read, write, and handle business math was satisfactory. In religion, the scholarly minister was replaced by the barely literate circuit rider, who rode the mountains and forests for miles to preach in log cabins to backwoods settlers. Later, it was felt that too much education might undermine religious faith, and we had the spectacle of the Scopes trial. Meanwhile, practical businessmen of that day didn't care to know about theological ideas so much as the idea of religion as a "power source" that could be turned on at will.Even literature and the arts suffered. America, unlike Europe, had no ruins of the Parthenon or medieval castles, nor did it have the same traditions of civilization. Artists and writers could certainly portray what they found here and did, but there was still a tension between merely celebrating this new land and achieving the critical distance with which the intellectual examines everything.Even education itself was not without its challenges. If you think that "the good old days" of education, when every child had 3 years of foreign language, 3 years of math, 3 years of science, and 2 years of U.S. history, lasted continuously until a couple of decades ago, read chapters 13 and 14 of this book, and they will startle you. In the name of progressive educational theories, traditional education underwent such radical changes beginning in 1910, culminating in the "life adjustment" movement of the 1940s and 1950s, that the U.S. Navy found that many of its World War II recruits required remedial math, and the president of Yale wrote, in 1954, about a high school graduate who seemed intelligent enough to attend Yale but whose high school transcript showed mostly electives in subjects like school choir, social adjustment, etc., with just a smattering of English, history, and the more traditional academic subjects.Hofstadter's final chapter addresses the tension between intellectuals who are willing to apply their knowledge and abilities to the service of institutions, including government and industry and those, on the other hand, who fear that they will "sell out" and be co-opted by conventional norms if they cooperate too much with society. Hofstadter was optimistic that it was possible for intellectuals to adopt a balanced outlook, cooperating with society and using their talents for its benefit, while always remaining independent-minded enough to apply their own original thinking to society's problems and not simply go along with the crowd.Hofstadter's untimely death from leukemia at 55, in 1970, certainly deprived America of one of her foremost thinkers. This book, one of about 6 major works that he wrote, is around 450 pages, arranged in chapters of about 30 pages apiece, with notes at the end of each chapter. I highly recommend it for anyone who wants to understand how the world's most advanced society can sometimes seem, at the same time, to contain knuckleheads and dunces--some, unfortunately, in positions of power. Again, this is not new--the only question is how we will respond and what kind of society we wish to have.

Hofstadter's characterization of Eisenhower has some kind of low brow anti-intellectual is not accurate. When Ike attended war college graduate school he was first in his class. It is true that Ike was a person of enormous practical accomplishmentin the roles he played in WWII, NATO, and as President, but he was not an anti-intellectual by any means. Many people who say his election as president over Adlai Stevenson as anti-intellectualism, but later changed their minds in retrospect. People like Arthur Schlesinger, Jr.The Korean War was halted shortly after Ike was inaugurated as President, after 3 years of conflict and stalemate. Ike avoided getting involved in Vietnam and Indochina, and Ike's tenure was generally marked by progress in Civil Rights,relative peace and prosperity. This is in contrast with the prior 8 years and the subsequent 8 years. America did not fight the disastrous Vietnam War during the time Eisenhower was President.We will never know how Stevenson would have done in these areas had he been elected President.

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