A masterly feat of reporting.

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FACTORY MAN

HOW ONE FURNITURE MAKER BATTLED OFFSHORING, STAYED LOCAL--AND HELPED SAVE AN AMERICAN TOWN

The story of one man’s fight to save American furniture manufacturing jobs in the face of a deluge of cheap Chinese imports.

In this welcome debut, winner of the 2013 J. Anthony Lukas Work-in-Progress Award, Roanoke Times reporter Macy brings to life the rise of family-owned Bassett Furniture Company as the world’s largest producer of wooden furniture and John Bassett III’s epic struggle to keep his company in business amid unfair overseas business practices that forced many U.S. manufacturers to move their factories abroad. A brash, patriotic charmer fond of quoting George Patton (“When in doubt, ATTACK”), Bassett came from a long line of wealthy Virginians with “sawdust” in their veins. “The ‘fucking Chi-Comms’ were not going to tell him how to make furniture!” remarked one retailer. Drawing on prodigious research and interviews with a wide range of subjects, including babysitters, retired workers and Chinese executives, Macy recounts how Bassett, now in his mid-70s, mobilized the majority of American furniture manufacturers to join him in seeking U.S. government redress for unfair Chinese trade practices. The author’s brightly written, richly detailed narrative not only illuminates globalization and the issue of offshoring, but succeeds brilliantly in conveying the human costs borne by low-income people displaced from a way of life—i.e., factory jobs that their Appalachian families had worked for generations. Writing with much empathy, Macy gives voice to former workers who must now scrape by on odd jobs, disability payments and, in some cases, thievery of copper wire from closed factories. Her book is also a revealing account of the paternalistic Bassett dynasty, whose infighting was a constant diversion for everyone living in the company town. Ultimately, Bassett’s efforts saved some 700 jobs and his Vaughan-Bassett company, the nation’s largest wood bedroom furniture maker.

A masterly feat of reporting.

Pub Date: July 15, 2014

ISBN: 978-0-316-23143-5

Page Count: 368

Publisher: Little, Brown

Review Posted Online: June 15, 2014

Kirkus Reviews Issue: July 1, 2014

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BEATING THE STREET

More uncommonly sensible investment guidance from a master of the game. Drawing on his experience at Fidelity's Magellan Fund, a high- profile vehicle he quit at age 46 in 1990 after a spectacularly successful 13-year tenure as managing director, Lynch (One Up on Wall Street, 1988) makes a strong case for common stocks over bonds, CDs, or other forms of debt. In breezy, anecdotal fashion, the author also encourages individuals to go it alone in the market rather than to bank on money managers whose performance seldom justifies their generous compensation. With the caveat that there's as much art as science to picking issues with upside potential, Lynch commends legwork and observation. ``Spending more time at the mall,'' he argues, invariably is a better way to unearth appreciation candidates than relying on technical, timing, or other costly divining services prized by professionals. The author provides detailed briefings on how he researches industries, special situations, and mutual funds. Particularly instructive are his candid discussions of where he went wrong as well as right in his search for undervalued securities. Throughout the genial text, Lynch offers wry, on-target advisories under the rubric of ``Peter's Principles.'' Commenting on the profits that have accrued to those acquiring shares in enterprises privatized by the British government, he notes: ``Whatever the Queen is selling, buy it.'' In praise of corporate parsimony, the author suggests that, ``all else being equal, invest in the company with the fewest photos in the annual report.'' Another bull's-eye for a consummate pro, with appeal for market veterans and rookies alike. (Charts and tabular material— not seen.)

Pub Date: March 1, 1993

ISBN: 0-671-75915-9

Page Count: 320

Publisher: Simon & Schuster

Review Posted Online: May 20, 2010

Kirkus Reviews Issue: Jan. 1, 1993

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Essential reading for citizens of the here and now. Other economists should marvel at how that plain language can be put to...

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CAPITAL IN THE TWENTY-FIRST CENTURY

A French academic serves up a long, rigorous critique, dense with historical data, of American-style predatory capitalism—and offers remedies that Karl Marx might applaud.

Economist Piketty considers capital, in the monetary sense, from the vantage of what he considers the capital of the world, namely Paris; at times, his discussions of how capital works, and especially public capital, befit Locke-ian France and not Hobbesian America, a source of some controversy in the wide discussion surrounding his book. At heart, though, his argument turns on well-founded economic principles, notably r > g, meaning that the “rate of return on capital significantly exceeds the growth rate of the economy,” in Piketty’s gloss. It logically follows that when such conditions prevail, then wealth will accumulate in a few hands faster than it can be broadly distributed. By the author’s reckoning, the United States is one of the leading nations in the “high inequality” camp, though it was not always so. In the colonial era, Piketty likens the inequality quotient in New England to be about that of Scandinavia today, with few abject poor and few mega-rich. The difference is that the rich now—who are mostly the “supermanagers” of business rather than the “superstars” of sports and entertainment—have surrounded themselves with political shields that keep them safe from the specter of paying more in taxes and adding to the fund of public wealth. The author’s data is unassailable. His policy recommendations are considerably more controversial, including his call for a global tax on wealth. From start to finish, the discussion is written in plainspoken prose that, though punctuated by formulas, also draws on a wide range of cultural references.

Essential reading for citizens of the here and now. Other economists should marvel at how that plain language can be put to work explaining the most complex of ideas, foremost among them the fact that economic inequality is at an all-time high—and is only bound to grow worse.

Pub Date: March 10, 2014

ISBN: 978-0-674-43000-6

Page Count: 640

Publisher: Belknap/Harvard Univ.

Review Posted Online: April 30, 2014

Kirkus Reviews Issue: May 15, 2014

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