The Age of Selfishness: Ayn Rand, Morality, and the Financial Crisis
by
Tracing the emergence of Ayn Rand’s philosophy of objectivism in the 1940s to her present-day influence, Darryl Cunningham’s latest work of graphic-nonfiction investigation leads readers to the heart of the global financial crisis of 2008. Cunningham uses Rand’s biography to illuminate the policies that led to the economic crash in the U.S. and in Europe, and how her philosophy continues to affect today’s politics and policies, starting with her most noted disciple, economist Alan Greenspan (former chairman of the Federal Reserve). Cunningham also shows how right-wing conservatives, libertarians, and the Tea Party movement have co-opted Rand’s teachings (and inherent contradictions) to promote personal gain and profit at the expense of the middle class. Tackling the complexities of economics by distilling them down to a series of concepts accessible to all age groups, Cunningham ultimately delivers a devastating analysis of our current economic world. (less)
Hardcover, 240 pages
Published March 31st 2015 by Harry N. Abrams (first published January 1st 2014)
| Shelves | to-read ( 16th ) | |
| Status | September 2, 2018 – Shelved as: to-read (Kindle Edition) September 2, 2018 – Shelved (Kindle Edition) | |
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Major takeaway: “Ayn Rand was wrong. Selfishness is not a virtue.Altruism is not a moral weakness. Taxation is the price we pay for civilization. It’s time we rejected this selfish philosophy”--Cunningham
“I made a mistake in presuming that the self-interests of organizations, specifically of banks and others, were such that they were capable of protecting their own shareholders and their equity in the firms”--Alan Greenspan, before a 2008 US House Committee
This book is terrific. For those of you who skip over the business section of the newspaper as I most often do, this comics non-fiction book provides a concise explanation in entertaining and yet thoughtful fashion, (not as nasty as he might write it today) of how we got to where we are, with a major stop at one of the most serious recessions in recent history. Brit Cunningham takes a particular look at the American (but simultaneously British) turn to the Far Right thirty years or so ago and asks how it got its jump start. The short answer: Ayn Rand, a novelist and author of popular books such as Atlas Shrugged. There’s a through line from Rand to her disciple Alan Greenspan to the unbridled deregulatory “spirit” embraced by Paul Ryan/Mitch McConnell/Donald Trump?koch Bros. Or, Rand helped them justify and articulate their rapacious greed and for the rest of the 1%.
So you wonder why environmental protections are going away? Why there are hundreds of parents separated from babies now incarcerated at the US/Mexican.border? Why thereis so much open,disdain for non-white races by white people? Well, it didn’t start with Rand, but it really took off when politicians and corporate “leaders” began to embrace Rand’s simple “theory” of selfishness (or anti-altruism) as a way of living life and creating less government (in order to give more money to the rich and the military (who, with the police, are expected to protect the wealth of the very rich from the starving poor and desperate immigrants).
Shame. Great and concise and clear book.
(less)
“I made a mistake in presuming that the self-interests of organizations, specifically of banks and others, were such that they were capable of protecting their own shareholders and their equity in the firms”--Alan Greenspan, before a 2008 US House Committee
This book is terrific. For those of you who skip over the business section of the newspaper as I most often do, this comics non-fiction book provides a concise explanation in entertaining and yet thoughtful fashion, (not as nasty as he might write it today) of how we got to where we are, with a major stop at one of the most serious recessions in recent history. Brit Cunningham takes a particular look at the American (but simultaneously British) turn to the Far Right thirty years or so ago and asks how it got its jump start. The short answer: Ayn Rand, a novelist and author of popular books such as Atlas Shrugged. There’s a through line from Rand to her disciple Alan Greenspan to the unbridled deregulatory “spirit” embraced by Paul Ryan/Mitch McConnell/Donald Trump?koch Bros. Or, Rand helped them justify and articulate their rapacious greed and for the rest of the 1%.
So you wonder why environmental protections are going away? Why there are hundreds of parents separated from babies now incarcerated at the US/Mexican.border? Why thereis so much open,disdain for non-white races by white people? Well, it didn’t start with Rand, but it really took off when politicians and corporate “leaders” began to embrace Rand’s simple “theory” of selfishness (or anti-altruism) as a way of living life and creating less government (in order to give more money to the rich and the military (who, with the police, are expected to protect the wealth of the very rich from the starving poor and desperate immigrants).
Shame. Great and concise and clear book.
(less)
My high rating of this book partially reflects the fact that I agree with it. Somewhere down the line we, as a society, became so profit obsessed that we turned a blind eye to the fact we were building a financial house of cards. The book lays the blame on the criminals; those who perpetrated fraud by passing off stinky junk debt as secure, mortgaged-backed investments. The truth is the crime was systemic and we all, lefties and righties alike, allowed it to happen.
I like the way the book explains complicated financial stuff like collaterized debt obligations in an understandable way. I also like the focus on the psychological characteristics of conservatives and liberals, which, while certainly more approving of liberalism, does attempt to humanize the right instead of simply demonizing them. This is where Ayn Rand, the voice of unfettered capitalism, comes in. The book exposes the flaws in Rand's worldview, but it also shows her in a somewhat sympathetic way. She was shaped by her environment after all - even though she would have denied that.
I would hope many people will read this book. It shows the importance of having regulation in our financial institutions, but also the importance of having kindness in our hearts.
(less)
I like the way the book explains complicated financial stuff like collaterized debt obligations in an understandable way. I also like the focus on the psychological characteristics of conservatives and liberals, which, while certainly more approving of liberalism, does attempt to humanize the right instead of simply demonizing them. This is where Ayn Rand, the voice of unfettered capitalism, comes in. The book exposes the flaws in Rand's worldview, but it also shows her in a somewhat sympathetic way. She was shaped by her environment after all - even though she would have denied that.
I would hope many people will read this book. It shows the importance of having regulation in our financial institutions, but also the importance of having kindness in our hearts.
(less)
The Age of Selfishness is a graphic novel that illustrates (of all things) the life of Ayn Rand, her influence on acolytes like Alan Greenspan, the rise of deregulation and free market fundamentalism and the economic collapse of 2008. The book is illustrated with simple, angular line drawings and connects the dots between Rand’s philosophy of objectivism and the morally bankrupt, short-sighted, winner-take-all mentality that nearly destroyed the global economy.
Rand possessed the personality of a cult leader and created an insular environment where she was able to foment her ideas without risk of dissent. This is the only environment in which objectivism could ever be taken seriously, since it fails to hold up to the mildest scrutiny (it’s telling that no modern scholars give credence to her ideas). The obvious flaw in Rand’s dime-store philosophy is routed in human nature. “Enlightened self-interest” always degenerates into corrupt, sociopathic, insatiable greed unless checked by a higher power (usually the state, in the form of laws, a mechanism of enforcement and the criminal justice system).
This explains why ‘small government’ is so important to right-wing Randian ideologues. While they may frame their arguments in terms of increased personal liberty that would be achieved by reducing governmental ‘interference’. Their true, blatantly transparent aim is simply to remove every obstacle that seeks to restrain their inexhaustible avarice. Rand’s stunted world-view is embodied in Gordon Gekko (i.e. “greed is good”) and is the practical equivalent of the moral philosophy of a 2-year old who is incapable of thinking beyond their own selfish desires.
Although libertarianism is childishly impractical (which, of course, is why no government founded on libertarian principles has ever existed, anywhere in the world, at any time in history) some of its precepts have taken hold in the minds of small-government, free-market fetishists who push for deregulation and an end to corporate transparency and regulatory oversight. When bad ideas are put into practice, tragedy and failure inevitably result … and of course that is exactly what occurred in 2008 (the worst economic disaster since the Great Depression of 1929).
Alan Greenspan has been quoted as saying, "I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms." Of course, this ‘mistake’ was obvious to many economists who warned of the destabilizing effects that deregulation would have on the economy. Taking stock of Greenspan’s little error:
- The financial crisis cost the U.S. an estimated $648 billion due to slower economic growth.
- Government spending to mitigate the damage cost taxpayers $73 billion.
- The U.S. lost $3.4 trillion in real estate wealth from July 2008 to March 2009.
- The U.S. lost $7.4 trillion in stock wealth from July 2008 to March 2009.
- 5.5 million American jobs were lost due to slower economic growth.
{* Analysis by the Pew Charitable Trusts}
Mistakes occur when decisions are based on ideological grounds instead of facts and evidence. However, in a world where bad ideas exist in abundance, there are few ideologies so tragically flawed as to create consequences of the magnitude summarized above. Randianism just happens to be one of them.
Though I’m not a graphic novel fan I found The Age of Selfishness: Ayn Rand, Morality, and the Financial Crisis to be a fascinating little book that does a great job explaining the 2008 economic crisis for those that have a few hours to spare. (less)
Rand possessed the personality of a cult leader and created an insular environment where she was able to foment her ideas without risk of dissent. This is the only environment in which objectivism could ever be taken seriously, since it fails to hold up to the mildest scrutiny (it’s telling that no modern scholars give credence to her ideas). The obvious flaw in Rand’s dime-store philosophy is routed in human nature. “Enlightened self-interest” always degenerates into corrupt, sociopathic, insatiable greed unless checked by a higher power (usually the state, in the form of laws, a mechanism of enforcement and the criminal justice system).
This explains why ‘small government’ is so important to right-wing Randian ideologues. While they may frame their arguments in terms of increased personal liberty that would be achieved by reducing governmental ‘interference’. Their true, blatantly transparent aim is simply to remove every obstacle that seeks to restrain their inexhaustible avarice. Rand’s stunted world-view is embodied in Gordon Gekko (i.e. “greed is good”) and is the practical equivalent of the moral philosophy of a 2-year old who is incapable of thinking beyond their own selfish desires.
Although libertarianism is childishly impractical (which, of course, is why no government founded on libertarian principles has ever existed, anywhere in the world, at any time in history) some of its precepts have taken hold in the minds of small-government, free-market fetishists who push for deregulation and an end to corporate transparency and regulatory oversight. When bad ideas are put into practice, tragedy and failure inevitably result … and of course that is exactly what occurred in 2008 (the worst economic disaster since the Great Depression of 1929).
Alan Greenspan has been quoted as saying, "I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms." Of course, this ‘mistake’ was obvious to many economists who warned of the destabilizing effects that deregulation would have on the economy. Taking stock of Greenspan’s little error:
- The financial crisis cost the U.S. an estimated $648 billion due to slower economic growth.
- Government spending to mitigate the damage cost taxpayers $73 billion.
- The U.S. lost $3.4 trillion in real estate wealth from July 2008 to March 2009.
- The U.S. lost $7.4 trillion in stock wealth from July 2008 to March 2009.
- 5.5 million American jobs were lost due to slower economic growth.
{* Analysis by the Pew Charitable Trusts}
Mistakes occur when decisions are based on ideological grounds instead of facts and evidence. However, in a world where bad ideas exist in abundance, there are few ideologies so tragically flawed as to create consequences of the magnitude summarized above. Randianism just happens to be one of them.
Though I’m not a graphic novel fan I found The Age of Selfishness: Ayn Rand, Morality, and the Financial Crisis to be a fascinating little book that does a great job explaining the 2008 economic crisis for those that have a few hours to spare. (less)
I especially enjoyed the first two sections and wasn't familiar with Rand's biography. It explains a lot and helps explain Greenspan's role in setting up the 2008 crash described in the second section. I was also surprised at how much the art added to the story. I felt the third section lost focus and fell into a false equivalence trap when it tried to describe the positive side of the conservative mindset. In the end, the third section in particular is clearly written from a certain political perspective (one that I happen to be sympathetic with), but fumbles when it tries to pretend that it's not. On the other hand, the attempt to come to a sympathetic understanding how the mind of a conservative works is admirable (and typical of a liberal--a real conservative would never go to the trouble). (less)
When I think of Ayn Rand devotees, what jumps to mind are people who pretend to be far richer than they actually are and who attempt to find philosophical meaning in cheating on their spouses. This book is divided into three sections: a biography of Rand herself, an examination of the factors leading to the 21st-century financial crisis/housing collapse, and an examination of the psychological differences between liberals and conservatives.
The illustrations are the weakest link in this book. Seriously, they are bad. The people tended to be squarish doodles with no sense of form or perspective.
Rand was what one may have expected: a tyrannical narcissist. The financial crisis, despite being explained in an elementary fashion, is still difficult to grasp, like most concepts in economics. The psychological look at liberals and conservatives was most interesting to me, if oversimplified.
Surprisingly, research indicates that political leanings actually develop in childhood, long before a child has much concept of politics. Children who prefer rules and order tend to grow into conservatives, whereas those with a more free-form, less structured approach tend toward liberalism. I remember observing this in my own art classes in elementary school. (Art was always my favorite and best subject.) Some kids would make their art project exactly like the teacher's example with no deviation. Others would follow the basic idea, but would add their own creative touches, to which the more conservative kids would usually respond with "I'm telling." I can't tell you how many times I got "told on" for doing things like perching a bee on a pilgrim's shoulder or making cats in clown costumes instead of straight-up clowns.
P.S. My husband (who wasn't wearing his glasses at the time) glanced at the cover of this book and asked me why I was reading a book about "selfies." I'm thinking that the current obsession with selfies is just another example of our selfishness! (less)
The illustrations are the weakest link in this book. Seriously, they are bad. The people tended to be squarish doodles with no sense of form or perspective.
Rand was what one may have expected: a tyrannical narcissist. The financial crisis, despite being explained in an elementary fashion, is still difficult to grasp, like most concepts in economics. The psychological look at liberals and conservatives was most interesting to me, if oversimplified.
Surprisingly, research indicates that political leanings actually develop in childhood, long before a child has much concept of politics. Children who prefer rules and order tend to grow into conservatives, whereas those with a more free-form, less structured approach tend toward liberalism. I remember observing this in my own art classes in elementary school. (Art was always my favorite and best subject.) Some kids would make their art project exactly like the teacher's example with no deviation. Others would follow the basic idea, but would add their own creative touches, to which the more conservative kids would usually respond with "I'm telling." I can't tell you how many times I got "told on" for doing things like perching a bee on a pilgrim's shoulder or making cats in clown costumes instead of straight-up clowns.
P.S. My husband (who wasn't wearing his glasses at the time) glanced at the cover of this book and asked me why I was reading a book about "selfies." I'm thinking that the current obsession with selfies is just another example of our selfishness! (less)
Ouch! So the book I read before starting this one was a collection of LOLcat memes. I think I got mental whiplash. This is an excellent book! It begins with Ayn Rand and her disciples, and ultimately takes us through deregulation all the way up to Obamacare and beyond. Cunningham lays everything out with elegant simplicity. This is some of the most easy-to-follow economics I've ever read, not that I've had a wide experience reading such. I admire his ability to talk politics without belittling the side he's arguing against. Indeed, one of my favorite parts of the book is his discussion of the differences between liberal and conservative mindsets, and the strengths of each. This is definitely a book worth reading. (less)
A fantastic book--the artwork complements the text perfectly, in that in this case, it enhances the subject rather than detracting from the prose. Because the history of Ayn Rand and her Objectivism, especially in connection with U.S. (and world--author is English and connects the dots between this predatory capitalism and UKIP), this is more relevant than ever, which is depressing since this book was written a few years ago.
It's not a huge revelation the hypocrisy behind a lot of what Ayn Rand wrote--the amount of help and loans she got in America, how she died friendless and in denial on Social Security, her demand for her acolytes' total obedience (it did feel like a cult), and her positions on a number of things (anti-draft, anti-Vietnam War, pro-choice, atheist, anti-Native American, anti-feminism) . When Atlas Shrugged came out, it flopped. Even conservative National Review's take on it: "From almost any page of "Atlas Shrugged," a voice can be heard commanding 'to a gas chamber--GO!'"
Now of course, people read her books over and over and long for the Galtian life of isolated splendor I guess over the parasites--I personally found Atlas Shrugged both dull and mean spirited with a random romance shoehorned in and it's firmly in the column of "What is all the fuss about?" along with a lot of other books and movies. for me But Ayn Rand, you have to hand it to her, is still poisonously influential (Cunningham does a good job though of making you feel a little sorry for her)--through her "constant," Alan Greenspan and now newer fans Paul Ryan and the Koch Brothers.
And here I was very happy this was a graphic novel, because it did help to illustrate just exactly what mortgage tranches are and Credit Default Swaps and just how the deregulation of the banking industry, paired with lax and basically complicit enforcement, has led to the economic state we are in now. (less)
It's not a huge revelation the hypocrisy behind a lot of what Ayn Rand wrote--the amount of help and loans she got in America, how she died friendless and in denial on Social Security, her demand for her acolytes' total obedience (it did feel like a cult), and her positions on a number of things (anti-draft, anti-Vietnam War, pro-choice, atheist, anti-Native American, anti-feminism) . When Atlas Shrugged came out, it flopped. Even conservative National Review's take on it: "From almost any page of "Atlas Shrugged," a voice can be heard commanding 'to a gas chamber--GO!'"
Now of course, people read her books over and over and long for the Galtian life of isolated splendor I guess over the parasites--I personally found Atlas Shrugged both dull and mean spirited with a random romance shoehorned in and it's firmly in the column of "What is all the fuss about?" along with a lot of other books and movies. for me But Ayn Rand, you have to hand it to her, is still poisonously influential (Cunningham does a good job though of making you feel a little sorry for her)--through her "constant," Alan Greenspan and now newer fans Paul Ryan and the Koch Brothers.
And here I was very happy this was a graphic novel, because it did help to illustrate just exactly what mortgage tranches are and Credit Default Swaps and just how the deregulation of the banking industry, paired with lax and basically complicit enforcement, has led to the economic state we are in now. (less)
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