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Land of the Fee: Hidden Costs and the Decline of the American Middle Class

Land of the Fee: Hidden Costs and the Decline of the American Middle Class

Autorzy
Wydawnictwo Oxford University Press Inc
Data wydania 2018
Liczba stron 264
Forma publikacji książka w twardej oprawie
Poziom zaawansowania Literatura popularna
Język angielski
ISBN 9780199970162
Kategorie Wpływ klęsk na społeczeństwo
133.35 PLN (z VAT)
$30.00 / €28.59 / £24.82 /
Produkt na zamówienie
Dostawa 5-6 tygodni
Ilość
Do schowka

Opis książki

Politicians, economists, and the media have put forth no shortage of explanations for the mounting problem of wealth inequality - a loss of working class jobs, a rise in finance-driven speculative capitalism, and a surge of tax policy decisions that benefit the ultra-rich, among others. While these arguments focus on the macro problems that contribute to growing inequality, they overlook one innocuous but substantial contributor to the widening divide: the explosion
of fees accompanying virtually every transaction that people make.

As Devin Fergus shows in Land of the Fee, these perfectly legal fees are buried deep within the verbose agreements between vendors and consumers - agreements that few people fully read or comprehend. The end effect, Fergus argues, is a massive transfer of wealth from the many to the few: large banking corporations, airlines, corporate hotel chains, and other entities of vast wealth. Fergus traces the fee system from its origins in the deregulatory wave of the late 1970s to the present,
placing the development within the larger context of escalating income inequality. He organizes the book around four of the basics of existence: housing, work, transportation, and schooling. In each category, industry lobbyists successfully influenced legislatures into transforming the law until
surreptitious fees became the norm.

The average consumer is now subject to a dizzying array of charges in areas like mortgage contracts, banking transactions, auto insurance rates, college payments, and payday loans. The fees that accompany these transactions are not subject to usury laws and have effectively redistributed wealth from the lower and middle classes to ultra-wealthy corporations and the individuals at their pinnacles. By exposing this predatory and nearly invisible system of fees, Land of the Fee will
reshape our understanding of wealth inequality in America. This book is an outstanding primary text and faculty resource for upper-division and graduate classes in public and taxation policy and financial markets, regulation, and ethics * CHOICE *

Land of the Fee: Hidden Costs and the Decline of the American Middle Class

Spis treści

List of Figures

Acknowledgements

Introduction

1. House Money: The Story of Subprime in Three Acts

2. Tax Eaters: The Origins of the Student Debt Bubble

3. Driving While Broke: How Auto Insurance Drives the Wealth Gap

4. Shadow Bankers and the Great Wage Stagnation: The Story of Payday Lending

Epilogue

Notes

Index

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