The Federal Reserve, created nearly a century ago, is the most powerful central bank in the world. The Fed's power, which derives from its ability to alter the money supply and move interest rates, weighs heavily not only on the US economy, but on the world economy as well. Not surprisingly, most scholarship on the Fed has focused on its economic role; however, the Fed's power isn't merely economic but is also political. Since its decisions benefit some economic sectors (and hence interest groups) and not others, it effectively makes political choices when shaping economic policy. Lawrence R. Jacobs and Desmond King's Fed Power is the first sustained synthesis of the Fed's political role-especially the way in which it uses its power to benefit some interest groups and not others-since the 2008 financial crisis. The book closely examines the Fed's unilateral actions during the 2008-2009 financial crisis when it leveraged half of the country's net worth without a congressional vote or presidential authorization. While the country was spared a second depression, the Fed's actions doled out lopsided benefits to finance. The Fed's favoritism and unprecedented assertions of power provoked public unease and a bipartisan congressional backlash to restrain it. Fed Power concludes with bold proposals to reform America's financial management to prevent future crises and to restore democratic accountability. A powerful critique of how the Federal Reserve governs the American economy, Fed Power will be essential reading for anyone interested in how inequality has increased since 2009, even throughout a liberal presidency committed to reducing inequality.

Fed Power: How Finance Wins

Business & Money

Jacobs, Lawrence

King, Desmond

Economics

Oxford University Press

Harry S. Truman once said, "Ours is a nation of many different groups, of different races, of different national origins." And yet, the debate over what it means--and what it takes--to be an American remains contentious. Nationalist solidarity, many claim, requires a willful blending into the assimilationist alloy of these United States. Others argue that the interests of both nation and individual are best served by allowing multiple traditions to flourish--a salad bowl of identities and allegiances, rather than a melting pot. Tracing how Americans have confronted and relinquished, but mostly clung to group identities over the past century, Desmond King here debunks one of the guiding assumptions of American nationhood, namely that group distinction and identification would gradually dissolve over time, creating a "postethnic" nation. Over the course of the twentieth century, King shows, the divisions in American society arising from group loyalties have consistently proven themselves too strong to dissolve. For better or for worse, the often-disparaged politics of multiculturalism are here to stay, with profound implications for America's democracy. Americans have now entered a post-multiculturalist settlement in which the renewal of democracy continues to depend on groups battling it out in political trenches, yet the process is ruled by a newly invigorated and strengthened state. But Americans' resolute embrace of their distinctive identities has ramifications not just internally and domestically but on the world stage as well. The image of one-people American nationhood so commonly projected abroad camouflages the country's sprawling, often messy diversity: a lesson that nation-builders worldwide cannot afford to ignore as they attempt to accommodate ever-evolving group needs and the demands of individuals to be treated equally. Spanning the entire twentieth century and encompassing immigration policies, the nationalistic fallout from both world wars, the civil rights movement, and nation-building efforts in the postcolonial era, The Liberty of Strangers advances a major new interpretation of American nationalism and the future prospects for diverse democracies.

The Liberty of Strangers: Making the American Nation

History

Americas

Spanning the entire twentieth century and encompassing immigration policies, the nationalistic fallout from both world wars, the civil rights movement, and nation-building efforts in the postcolonial era, The Liberty of Strangers advances a major new interpretation of American nationalism and the future prospects for diverse democracies. Tracing how Americans have confronted and relinquished, but mostly clung to group identities over the past century, Desmond King here debunks one of the guiding assumptions of American nationhood, namely that group distinction and identification would gradually dissolve over time, creating a "postethnic" nation. The divisions in American society have consistently proven themselves too strong to dissolve and, for better or for worse, the often-disparaged politics of multiculturalism are here to stay, with profound implications for America's democracy.

"In this landmark book, Desmond King reveals and corrects a glaring gap at the epicenter of studies of racial inequality and political development in the United States: their blindness to the pivotal role of the state in making race. With historical precision and analytic rigor, he demonstrates how, for seven decades following the legal affirmation of the doctrine 'separate and equal' in 1896, the federal government both bolstered and expanded racial separation, in effect nationalizing the pattern of black subordination elaborated by Southern segregationists in the aftermath of abolition. The abiding social and symbolic marginality of the African American community in US society thus emerges, not as an inert legacy of slavery or a result of its alleged cultural failings, but as a creature of state policies studiously enforced by the federal bureaucracy until the 1960s. Enriched by a postscript that reviews and revises its core argument, this new edition of Separate and Unequal is one that every serious student of racial domination and comparative politics will want to read and engage."--Loïc Wacquant, University of California, Berkeley, and Centre de sociologie européenne, Paris Despite major strides in combating racial segregation and oppression since the Civil Rights movement, racial inequality remains a persistent and vexing problem in America today. At the forefront of recent scholarship highlighting the central influence of the US federal government on race relations well before the 1960s, Separate and Unequal uncovers, through archival research, how the federal government used its power to impose a segregated pattern of race relations among its employees and, through its programs, upon the whole of American society. In a new postscript to this revised edition, Desmond King places his original, groundbreaking analysis in the context of recent studies and connects the legacy of exclusionary programs and policies to current racial disparities in welfare reform, prisons, and education.

Separate and Unequal: African Americans and the US Federal Government

Politics & Social Sciences

Government and Professorial Fellow

Social Sciences

A powerful dissection of one of the fundamental problems in American governance today: the clash between presidents determined to redirect the nation through ever-tighter control of administration and an executive branch still organized to promote shared interests in steady hands, duedeliberation, and expertise.As the nation's chief executive, Donald Trump pitted himself repeatedly against the institutions and personnel of the executive branch. In the process, two once-obscure concepts came center stage in an eerie faceoff. On one side was the specter of a "Deep State" conspiracy-administrators threateningto thwart the will of the people and undercut the constitutional authority of the president they elected to lead them. On the other side was a raw personalization of presidential power, one that a theory of "the unitary executive" gussied up and allowed to run roughshod over reason and the rule oflaw. The Deep State and the unitary executive framed every major contest of the Trump presidency. Like phantom twins, they drew each other out and wrestled to light basic issues of governance long suppressed.Though this conflict reached a fever pitch during the Trump presidency, it is not new. Stephen Skowronek, John A. Dearborn, and Desmond King trace the tensions between presidential power and the depth of the American state back through the decades and forward through the various settlements arrivedat in previous eras. Phantoms of a Beleaguered Republic is about the breakdown of settlements and the abiding vulnerabilities of a Constitution that gave scant attention to administrative power. Rather than simply dump on Trump, the authors provide a richly historical perspective on the conflictsthat rocked his presidency, and they explain why, if left untamed, the phantom twins will continue to pull the American government apart.

Phantoms of a Beleaguered Republic: The Deep State and The Unitary Executive

Skowronek, Stephen

Dearborn, John A.

Legal Theory & Systems

An eye-opening analysis of the Federal Reserve's massive and unwarranted power in American life and how it favors the financial sector over everyone else.\nThe Federal Reserve, created more than a century ago, is the most powerful central bank in the world. The Fed's power, which derives from its ability to alter the money supply and move interest rates, weighs heavily not only on the US economy, but on the world economy as well. Lawrence R. Jacobs and Desmond King's Fed Power is the first sustained synthesis of the Fed's political role--especially the way in which it uses its power to benefit some interest groups and not others--since the 2008 financial crisis. In this fully updated and revised second edition, Fed Power addresses new developments during Trump's presidency--particularly the Fed's massive and unprecedented injection of liquidity into the US economy following the COVID epidemic-and offers fresh insights on the Fed's outsized role in picking winners and losers in the American economy. King and Jacobs conclude with bold proposals to reform America's financial management to prevent future crises and to restore democratic 
accountability. A powerful critique of how the Federal Reserve governs the American economy, Fed Power will be essential reading for anyone interested in the role that the Fed's policies have played in increasing economic and racial inequality across both the Obama and Trump presidencies and the new directions pursued by the Biden administration and progressive activists.

An eye-opening analysis of the Federal Reserve's massive and unwarranted power in American life and how it favors the financial sector over everyone else.The Federal Reserve, created more than a century ago, is the most powerful central bank in the world. The Fed's power, which derives from its ability to alter the money supply and move interest rates, weighs heavily not only on the US economy, but on the world economy as well. Lawrence R. Jacobs andDesmond King's Fed Power is the first sustained synthesis of the Fed's political role - especially the way in which it uses its power to benefit some interest groups and not others - since the 2008 financial crisis. In this fully updated and revised second edition, Fed Power addresses newdevelopments during Trump's presidency - particularly the Fed's massive and unprecedented injection of liquidity into the US economy following the COVID epidemic - and offers fresh insights on the Fed's outsized role in picking winners and losers in the American economy.King and Jacobs conclude with bold proposals to reform America's financial management to prevent future crises and to restore democratic accountability. A powerful critique of how the Federal Reserve governs the American economy, Fed Power will be essential reading for anyone interested in the rolethat the Fed's policies have played in increasing economic and racial inequality across both the Obama and Trump presidencies and the new directions pursued by the Biden administration and progressive activists.

A powerful dissection of one of the fundamental problems in American governance today: the clash between presidents determined to redirect the nation through ever-tighter control of administration and an executive branch still organized to promote shared interests in steady hands, due deliberation, and expertise. President Trump pitted himself repeatedly against the institutions and personnel of the executive branch. In the process, two once-obscure concepts came center stage in an eerie faceoff. On one side was the specter of a "Deep State" conspiracy--administrators threatening to thwart the will of the people and undercut the constitutional authority of the president they elected to lead them. On the other side was a raw personalization of presidential power, one that a theory of "the unitary executive" gussied up and allowed to run roughshod over reason and the rule of law. The Deep State and the unitary executive framed every major contest of the Trump presidency. Like phantom twins, they drew each other out. These conflicts are not new. Stephen Skowronek, John A. Dearborn, and Desmond King trace the tensions between presidential power and the depth of the American state back through the decades and forward through the various settlements arrived at in previous eras. Phantoms of a Beleaguered Republic is about the breakdown of settlements and the abiding vulnerabilities of a Constitution that gave scant attention to administrative power. Rather than simply dump on Trump, the authors provide a richly historical perspective on the conflicts that rocked his presidency, and they explain why, if left untamed, the phantom twins will continue to pull the American government apart. Now, in this expanded paperback edition, they address the tumultuous Trump-Biden transition and reflect more broadly on the problems of presidential democracy in America today.

Segregation in Federal government agencies and programs has been little appreciated as a key trait of American race relations in the decades before the Civil Rights Act of 1964. The Federal government used its power to impose a segregated pattern of race relations among its employees and, through its programs, upon the whole of American society well beyond the Mason-Dixon line. This pattern structured the relationship between black Americans and the United States Federal government--whether as employees in government agencies, inmates or officers in federal prisons, inductees in the armed services, consumers of federally-guaranteed mortgages, jobseekers in United States Employment Service offices, or visitors to National Parks in which the facilities were segregated (or, in some cases, non-existent for Black American visitors). In all these instances, segregation did not simply imply separation, but also profound inequality. In this work, King documents how instead of thwarting segregated race relations, the Federal government participated in their maintenance and diffusion.

Separate and Unequal: Black Americans and the US Federal Government

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Books by King, Desmond

See the best price to sell, buy, or rent books by King, Desmond. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Fed Power: How Finance Wins

The Liberty of Strangers: Making the American Nation

The Liberty of Strangers: Making the American Nation

Separate and Unequal: African Americans and the US Federal Government

Phantoms of a Beleaguered Republic: The Deep State and The Unitary Executive

Fed Power: How Finance Wins

Fed Power: How Finance Wins

Phantoms of a Beleaguered Republic: The Deep State and The Unitary Executive

Separate and Unequal: Black Americans and the US Federal Government

Separate and Unequal: Black Americans and the US Federal Government