Books

For whom the boom busts

by Ben Geman

Whether the Dow is up or down this week, let's just all agree that it's a great time to be a CEO. After all, the average CEO salary, which was 42 times as much as the average factory worker's pay in 1980, grew to 419 times as much in 1998.

Meanwhile, the average worker hasn't benefited much from the country's sustained economic growth. While those in the top tier get rich, most of us are standing still or even losing ground. That's the message of Economic Apartheid in America: A Primer on Economic Inequality & Insecurity, a new book by the co-directors of Boston-based United for a Fair Economy.

"We are becoming two Americas divided by race and class," says Chuck Collins, who co-authored the book with UMass Amherst professor Felice Yeskel. "Two of the biggest industries are prison construction and the growth of gated residential communities. The top fifth [of the population] has sort of de-linked and is off on a rocket."

Economic Apartheid in America, which is just starting to hit bookstores, argues that democracy is in big trouble as long as the economic boom ignores so many. Collins, quoting Justice Louis Brandeis, notes: "You can have wealth concentrated in the hands of a few, or democracy. But you cannot have both." The 40-year-old Collins has done his part to reverse that concentration: he gave away a $500,000 inheritance, which came from the Oscar Mayer hot-dog business, 16 years ago.

As lefty manifestoes go, the book is damn user-friendly. The analysis is peppered with cartoons, graphics, and sidebars. "Action boxes" provide information on organizations that work on issues such as corporate-driven globalization, tax policy, and income inequality. The message is clear: do something. "The rules of the game have been changed to benefit large asset holders and corporations," says Collins, "and the rules can be changed to make the economy work for everyone."

The book's messages about American wealth are a lot different from what you'll get at this summer's political conventions. But Collins and United for a Fair Economy will be participating in the Arianna Huffington-planned "shadow conventions," which are designed to address issues that are off the table for both the Democrats and the Republicans. Economic Apartheid in America is a good way to learn more about what Collins and others -- but not George W. Bush and Al Gore -- will be talking about this summer.

To find out how to get a copy of the book, visit www.ufenet.org or call United for a Fair Economy at (877) 564-6833.