{"product_id":"the-myth-that-made-us-isbn-9780262552851","title":"The Myth That Made Us","description":"\u003cb\u003eHow our false narratives about post-racism and meritocracy have been used to condone egregious economic outcomes—and what we can do to fix the system.\u003cbr\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003ci\u003eThe Myth That Made Us\u003c\/i\u003e exposes how false narratives—of a supposedly post-racist nation, of the self-made man, of the primacy of profit- and shareholder value-maximizing for businesses, and of minimal government interference—have been used to excuse gross inequities and to shape and sustain the US economic system that delivers them. Jeff Fuhrer argues that systemic racism continues to produce vastly disparate outcomes and that our brand of capitalism favors doing little to reduce disparities. Evidence from other developed capitalist economies shows it doesn’t have to be that way. We broke this (mean-spirited) economy. We can fix it.\u003cbr\u003e\u003cbr\u003eRather than merely laying blame at the feet of both conservatives and liberals for aiding and abetting an unjust system, Fuhrer charts a way forward. He supplements evidence from data with insights from community voices and outlines a system that provides more equal opportunity to accumulate both human and financial capital. His key areas of focus include universal access to high-quality early childhood education; more effective use of our community college system as a pathway to stable employment; restructuring key aspects of the low-wage workplace; providing affordable housing and transit links; supporting people of color by serving as mentors, coaches, and allies; and implementing Baby Bonds and Reparations programs to address the accumulated loss of wealth among Black people due to the legacy of enslavement and institutional discrimination. Fuhrer emphasizes embracing humility, research-based approaches, and community involvement as ways to improve economic opportunity.TOC:\u003cbr\u003eA Note from Eastern Bank Foundation\u003cbr\u003ePreface: A Mainstream Economist Discovers His Blind Spots\u003cbr\u003eAcknowledgments\u003cbr\u003eIntroduction: Like Dives Before Lazarus\u003cbr\u003ePart I: The Myth\u003cbr\u003e1 Our National Economic Mythology\u003cbr\u003e2 Public belief in The Myth: A survey of polling results\u003cbr\u003e3 An Origin Story for The Myth\u003cbr\u003ePart II: The Facts\u003cbr\u003e4 How Broken Are We? The distribution of income\u003cbr\u003e5 How Broken Are We? The distribution of wealth\u003cbr\u003e6 How Broken Are We? The prevalence and characteristics of “low-quality” jobs\u003cbr\u003e7 The Rest of the Story: Other Signs of Brokenness\u003cbr\u003ePart III: The Facts versus The Myth: Individual Effort versus Luck; Saving the Deserving; Inevitability versus Choice\u003cbr\u003e8 Evidence Against The Myth\u003cbr\u003e9 This is Not the Only Way: International Comparisons.\u003cbr\u003ePart IV: Broken By Design: How we have chosen to create and sustain our broken system\u003cbr\u003e10 The History of Systems That Have Been Shaped By the Myth\u003cbr\u003ePart V: The Wreckage\u003cbr\u003e11 Losses Looking Backward\u003cbr\u003e12 Losses Looking Forward\u003cbr\u003ePart VI: What Are You Prepared to Do? The Way Forward\u003cbr\u003e13 Changing the Narrative\u003cbr\u003e14 How to Get There: A Program to Build Human and Financial Capital\u003cbr\u003e15 The Other Half of the Battle: Implementation Matters\u003cbr\u003eConclusion\u003cbr\u003eNotes\u003cbr\u003eReferences\u003cb\u003eIncluded in Publishers Weekly's Fall 2023 Adult Announcements Business and Economics Top 10 List\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e\u003cbr\u003e\"A thoughtful call for equality of economic opportunity, both provocative and, in the end, eminently practical.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003eKirkus Reviews\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“Economist Fuhrer carefully deconstructs this myth and discusses discriminatory policies designed to disadvantage people of color, such as the exclusion of domestic and agricultural workers, who were disproportionately likely to be people of color, from New Deal minimum wage and overtime pay requirements…The troubling interviews and statistics underscore the difficulty of “making it” in America, and the proposed solutions are pragmatic and well considered. Readers will be outraged by this scathing indictment of America’s failure to live up to its meritocratic ideals.”\u003cbr\u003e—\u003cb\u003e\u003ci\u003ePublishers Weekly\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“I have a book to recommend. It’s called “The Myth That Made Us.” It’s by Jeff Fuhrer, an economist and former director of research at the Federal Reserve of Boston, and it’s really good. In it, he examines some of our sacred truths: That success goes to those who work hard; that we live in a land of opportunity, and in a meritocracy where individual effort is appropriately rewarded; that we should keep government out of the way and let markets work their magic; that racism never existed, or no longer affects outcomes for people of color. Fuhrer, now a fellow at the Eastern Bank Foundation, used to buy into parts of that myth himself. But then, some 15 years ago, the Fed in Boston began looking closely at what was going on in former industrial cities in Massachusetts, and he got the chance to have long conversations with many people who were doing everything they were supposed to but were still struggling.”\u003cbr\u003e—\u003ci\u003e\u003cb\u003eThe Boston Globe\u003c\/b\u003e\u003c\/i\u003e, columnist Yvonne Abraham\u003cbr\u003e\u003cbr\u003e\"Fuhrer’s 30+ years of experience at the Federal Reserve also affords unique insights and evidence. First, we get an insider’s view into the myth related to certain roles of the government. The discussion of the Great Recession is one such compelling story; not only does this illustrate that government intervention is sometimes necessary, but it also points out who received the most (and least) support. Second, Fuhrer notes how his involvement with a community development initiative at the Fed led to his recognition of “gaps in mainstream economics.” The self-described change of heart may put readers in a more open mindset at the start, which is how this book should be approached. Finally, unique, especially for economists, is the inclusion of portions of interviews with economically disadvantaged individuals, which humanizes not only the detrimental consequences of the myth but also the potential solutions...This book is a nice addition to the discourse on inequality in the United States. One does not need any particular training to understand it, but interest and an open mind will help one to appreciate it fully.\"\u003cbr\u003e—\u003cb\u003e\u003ci\u003e Journal of Economic Literature\u003c\/i\u003e\u003c\/b\u003e\u003cbr\u003e\u003cbr\u003e“I welcome Fuhrer adding his voice to those challenging the massive rise in inequality that we have seen in the last half century. If we are ever to make serious progress we need to have a lot people follow his path.”\u003cbr\u003e—\u003cb\u003eDean Baker\u003c\/b\u003eJeff Fuhrer is a Non-Resident Fellow at the Brookings Institution and a Foundation Fellow at the Eastern Bank Foundation. He was previously Executive Vice President and Director of Research at the Federal Reserve Bank of Boston, where he was also responsible for the bank’s diversity and inclusion functions.","brand":"The MIT Press","offers":[{"title":"Default Title","offer_id":46301040148709,"sku":"NP9780262552851","price":27.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780262552851.jpg?v=1767740620","url":"https:\/\/k12savings.com\/products\/the-myth-that-made-us-isbn-9780262552851","provider":"K12savings","version":"1.0","type":"link"}