One Market Under God

Starred review from October 2, 2000
An incisive and incendiary survey of today's cultural, political and economic landscape, social critic Frank's latest salvo conclude, that the New Economy is a fraud, management literature and theory are nothing but self-serving forms of public relations, and that, despite its self-congratulatory commercials, business is not cool. During the recent economic boom, he argues, our nation's hallowed tradition of political populism has morphed into market populism, a reverence for financial success in the marketplace as the ultimate authority of all that is good and true. Frank, founding editor of the Baffler magazine and author of The Conquest of Cool, thinks he knows who is to blame and he names names. The list is long and makes irresistible reading. Distilling vast research into highly readable volleys, he backs up his rage against the received orthodoxies of the New Economy, globalization and free markets with hard facts. He shows the resemblance between the banking crisis of the 1930s and present banking practices and demonstrates that income inequality is on the rise with the richest 10% controlling over 70% of the nation's wealth. Heaping contempt on those he views as old-fashioned hucksters turned out in hipsters' clothing, he nominates such self-proclaimed pundits as George Gilder, the Motley Fools, best-selling author Spencer Johnson and the Body Shop's Anita Roddick to his personal Hall of Shame. A fierce and informed advocate for core American political values, Frank offers a critique of the way business has taken over American society that is especially resonant in this election year.