unpaid internship

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pages: 172 words: 48,747

The View From Flyover Country: Dispatches From the Forgotten America by Sarah Kendzior

"side hustle", Affordable Care Act / Obamacare, American ideology, barriers to entry, clean water, corporate personhood, crowdsourcing, David Brooks, David Graeber, Donald Trump, Edward Snowden, George Santayana, glass ceiling, income inequality, low skilled workers, Lyft, Marshall McLuhan, Mohammed Bouazizi, new economy, obamacare, Occupy movement, payday loans, pink-collar, post-work, publish or perish, Richard Florida, ride hailing / ride sharing, Silicon Valley, the medium is the message, trickle-down economics, Uber and Lyft, uber lyft, unpaid internship, Upton Sinclair, urban decay, War on Poverty, WikiLeaks, women in the workforce

Through the auction website Charitybuzz, bidders could compete for a variety of prizes: a visit to the set of Teenage Mutant Ninja Turtles, a personal meeting with Ryan Seacrest, a tour of Jay Leno’s car collection. Or a six-week unpaid internship at the United Nations, where the recipient will “gain inside knowledge of just how the UN really operates.” The listed current bid? Twenty-two thousand dollars. “This truly is the ultimate internship opportunity for any college or graduate student looking to get their foot in the door,” the website proclaimed. For more than what many colleges cost in annual tuition, the highest bidder would receive “tremendous opportunities to make invaluable connections.” One would suspect that a college student who can pay $22,000 to work twenty-five hours a week for free in one of the most expensive cities in the world needs little help making connections. But that misconstrues the goal of unpaid internships: transforming personal wealth into professional credentials.

Most human rights, policy, and development organizations pay interns nothing, but will not hire someone for a job if he or she lacks the kind of experience an internship provides. Privilege is recast as perseverance. The end result hurts individuals struggling in the labor market but also restructures the market itself. Unpaid internships lock out millions of talented young people based on class alone. They send the message that work is not labor to be compensated with a living wage, but an act of charity to the powerful, who reward the unpaid worker with “exposure” and “experience.” The promotion of unpaid labor has already eroded opportunity—and quality—in fields like journalism and politics. A false meritocracy breeds mediocrity. Worst of all, unpaid internships in policy and human rights send the message that fighting poverty, inequality, and other issues of injustice is something that only rich people should do. Qualities that should be encouraged in society—like empathy and the willingness to stand up for others—are devalued when ordinary people are told that they literally cannot afford to care.

., and worked as a waitress—one could once afford to live in D.C. on a waitress’s salary—and then got a clerical job at the Washington Daily News, which led to a job with the United Press Service. Helen Thomas worked her way up from the bottom. She did not buy her opportunities, because exorbitant journalism schools and unpaid internships did not exist. Her time in the service industry was not perceived as indicative of her abilities or her future path. Today, a reporter of Thomas’s modest background is out of luck. Journalist David Dennis argues that requiring unpaid internships shuts out voices from poor communities by denying those who hail from them the ability to work: “Opinions or perspectives reflecting my own come few and far between. How many journalists can say they have firsthand knowledge of the mentality of someone from the inner-city?


pages: 198 words: 52,089

Dream Hoarders: How the American Upper Middle Class Is Leaving Everyone Else in the Dust, Why That Is a Problem, and What to Do About It by Richard V. Reeves

affirmative action, Affordable Care Act / Obamacare, assortative mating, Bernie Sanders, Branko Milanovic, Capital in the Twenty-First Century by Thomas Piketty, circulation of elites, cognitive dissonance, desegregation, Donald Trump, Downton Abbey, full employment, ghettoisation, glass ceiling, helicopter parent, Home mortgage interest deduction, housing crisis, income inequality, knowledge economy, land value tax, longitudinal study, mortgage tax deduction, obamacare, Occupy movement, plutocrats, Plutocrats, positional goods, race to the bottom, randomized controlled trial, unpaid internship, upwardly mobile, War on Poverty, We are the 99%, working-age population, zero-sum game

Court of Appeals for the Second Circuit declared that private companies (in this particular case, Fox Searchlight) were permitted to continue with unpaid internships so long as the intern derived more value from the arrangement than the employer.57 This decision is a setback for attempts to rein in internships, effectively inaugurating a new and weaker legal framework, not least by diluting the previous legal standard that employers should gain no “immediate benefit” from the intern. Some observers wish we could be rid of unpaid internships altogether. The thoughtful Atlantic writer Derek Thompson wrestled at length with this question and came to a stark conclusion: “Unpaid internships aren’t morally defensible.”58 Thompson makes a good argument. I suspect that society would be fairer without unpaid internships. But abolition would be too draconian, illiberal, in fact. At least for the foreseeable future, then, unpaid internships will be with us. The challenge is to bring them within reach of less-affluent young adults. Government has a role to play here. One promising idea is to extend student financial aid to cover internship opportunities, as proposed by Congresswoman Suzanne Bonamici in 2013 in the shape of the Opportunities for Success Act.

Legally, a simple but important step would be to increase the regulatory oversight of internships, to prevent abuse and to ensure that minimum wage and fair employment laws are properly enforced. This may reduce the number of unpaid internships, but that would be no bad thing given that they are generally of worse quality than paid internships.55 The protection of interns under the Fair Labor Standards Act is ambiguous and weak.56 Neither the law nor the resources required to enforce it have kept pace with the mushrooming market for interns. The Labor Department is trying to do more but lacks the resources to do it. Meanwhile the justice system is not helping much. In 2015, the U.S. Court of Appeals for the Second Circuit declared that private companies (in this particular case, Fox Searchlight) were permitted to continue with unpaid internships so long as the intern derived more value from the arrangement than the employer.57 This decision is a setback for attempts to rein in internships, effectively inaugurating a new and weaker legal framework, not least by diluting the previous legal standard that employers should gain no “immediate benefit” from the intern.

Charles Murray, The Curmudgeon’s Guide to Getting Ahead: Dos and Don’ts of Right Behavior, Tough Thinking, Clear Writing, and Living a Good Life (New York: Crown Business Publishing, 2014). 35. National Association of Colleges and Employers, The Class of 2014 Student Survey Report (Bethlehem, Pa.: NACE, September 2014) (http://career.sa.ucsb.edu/files/docs/handouts/2014-student-survey.pdf). 36. Ibid. 37. Quoted in Amy Scott, “Why the Unpaid Internship May Be on its Way Out,” Marketplace, May 5, 2014 (www.marketplace.org/2014/05/05/education/why-unpaid-internship-may-be-its-way-out). 38. “The Role of Higher Education in Career Development: Employer Perceptions,” Report presentation prepared for The Chronicle of Higher Education and Marketplace, December 2012 (www.chronicle.com/items/biz/pdf/Employers%20Survey.pdf). 39. “Generation i,” The Economist, September 4, 2014. 40. Lindsey Gerdes, “Best Places to Intern,” Bloomberg News, December 10, 2009 (www.bloomberg.com/news/articles/2009-12-10/best-places-to-internbusinessweek-business-news-stock-market-and-financial-advice). 41.


pages: 82 words: 21,414

The Myth of Meritocracy: Why Working-Class Kids Still Get Working-Class Jobs (Provocations Series) by James Bloodworth

Berlin Wall, Bernie Sanders, Bob Geldof, Boris Johnson, cognitive dissonance, Downton Abbey, gender pay gap, glass ceiling, income inequality, light touch regulation, precariat, The Bell Curve by Richard Herrnstein and Charles Murray, The Wealth of Nations by Adam Smith, unpaid internship, upwardly mobile, We are the 99%, zero-sum game

White males are certainly over-represented in many of the most prestigious professions in both Britain and the United States. However, this is an over-representation of a very particular class of white male. White men from the working class are not – by a long stretch – ubiquitous in the elite. In fact, they encounter economic hurdles at least as difficult to surmount as the barriers of gender and racial equality faced by their contemporaries. A six-month unpaid internship at a prestigious newspaper – or an unpaid internship in any job, for that matter – is as off limits to a white working-class boy as it is to anyone else who lacks the sufficient funds. Professor Savage’s analysis of the British Class Survey found evidence of a social class pay gap comparable to the gender pay gap that rightly induces so much opprobrium in liberals. Those from the most elite backgrounds were often paid as much as 25 per cent more than those from more modest backgrounds for doing the same work.111 Equality of opportunity along the lines envisioned by proponents of identity politics would be an unquestionable improvement on the status quo.

A number of factors explain the transformation of journalism into a largely middle-class pursuit – factors which might equally apply to other professions. More and more, the newspapers rely on free labour for their content, including unpaid interns and impressionable young people willing to write copy for nothing on the promise of supposedly career-benefiting ‘exposure’. This gives an in-built advantage to those from middle-class and wealthy backgrounds who can afford to take unpaid internships and spend time churning out articles for nothing. London is now the unpaid intern capital of Europe, and in journalism it shows. According to a recent survey by the National Council for the Training of Journalists, 83 per cent of journalists who started work in the three years prior to the survey did some sort of work experience or an internship before getting their first job, 92 per cent of which were unpaid.


pages: 135 words: 49,109

Hand to Mouth: Living in Bootstrap America by Linda Tirado

payday loans, plutocrats, Plutocrats, quantitative easing, telemarketer, unpaid internship

Mostly, I found myself perpetually stuck on the bottom rung, watching people I’d started out with vault above me because they weren’t doing anything but this and they could afford to take the financial hits while they were paying their dues. Here’s another thing the poor can’t afford: unpaid internships. I’ve had to turn down offers that might have improved my circumstances in the long run because I just couldn’t afford to work for nothing. Again, the people who can afford unpaid internships are getting help from home—in my world, everyone else has to work for a living. And this means that we’re being cut out of all that potential networking too. That’s at least one reason why I’ve never had much of a professional network—I never had the chance to build one. Accepting an unpaid internship, or one of those internships that basically pays you lunch money, is for people who don’t have to pay the rent. Because I’ve always been in a take-what-you-can-get situation, I’ve wound up working the sorts of jobs that people consider beneath them.


pages: 336 words: 83,903

The Refusal of Work: The Theory and Practice of Resistance to Work by David Frayne

anti-work, basic income, Bertrand Russell: In Praise of Idleness, call centre, clockwatching, David Graeber, deindustrialization, deskilling, future of work, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, Kickstarter, knowledge economy, knowledge worker, low skilled workers, McJob, means of production, moral panic, new economy, post-work, profit motive, Silicon Valley, Silicon Valley ideology, Skype, unpaid internship, working poor, young professional

Holehouse, M. (2012) ‘Iain Duncan Smith: It’s Better to Be a Shelf Stacker Than a Job Snob’, Telegraph Online, 21 February (available at: www.telegraph.co.uk/news/politics/9095050/Iain-Duncan-Smith-its-better-to-be-a-shelf-stacker-than-a-job-snob.html). Honneth, A. (1995) The Struggle for Recognition, Oxford, Cambridge: Blackwell. Honoré, C. (2004) In Praise of Slowness, New York: Harper Collins. Horkheimer, M. (1974) Critique of Instrumental Reason, New York: Continuum. HR Review (2014) ‘Most Graduates Happy to Take on Unpaid Internships, Even With No Job Guarantee’, HR Review website, 30 July (available at: www.hrreview.co.uk/hr-news/l-d-news/graduates-happy-to-take-on-unpaid-internships/52291). HSE (2014) ‘Health and Safety Statistics: Annual Report for Great Britain’ (available at: www.hse.gov.uk/statistics/overall/hssh1314.pdf). Huffington Post (2013) ‘Benefit Reforms Are Putting Fairness Back at the Heart of Britain’, 6 April (available at: www.huffingtonpost.co.uk/2013/04/06/benefit-reforms-cameron-welfare-_n_3029737.html).

Predictions suggest that in the UK, students who started courses in 2011 will have an average debt of £23,000 by the time they graduate, with this figure rising to as much as £53,000 for 2012 entrants in England, given the latest rise in tuition fees.4 Berardi compares the student loan to Faust’s pact with the devil. In exchange for knowledge and credentials, students agree to a debt that will end up regulating their actions and shackling them to a future obligation to work (Berardi, 2009). Like the competitive graduate, the indebted graduate is more easily cajoled into doing more for less, making him ideal fodder for the thousands of unpaid internships available in today’s labour market, many of which offer no guarantee of skills development or future employment (Perlin, 2012).5 Ultimately, the pressures of employability are bringing to fruition Max Horkheimer’s lamentation on the ‘loss of interiority’ in advanced capitalist societies: societies in which ‘the wings of the imagination have been clipped too soon’, as individuals are increasingly forced to adopt a more practical and instrumental orientation to the world and others (Horkheimer, 1974: 25).

Russell’s own words resist this trend and are a joy to read in their own right. Return to text. 4. These figures are based on projections from the student debt survey by Push. The survey was conducted with 2,808 students at 115 UK universities, and accounts for the money owed to parents, banks, and student loan providers. See www.push.co.uk Return to text. 5. A 2014 survey by savoo.co.uk asked 1,505 graduates whether they would be willing to work in an unpaid internship to gain experience. Some 85% said they would, with 65% saying that they would do so even if there was no job guarantee at the end (HR Review, 2014). Return to text. 6. Figures from the Economic History Association, ‘Hours of work in US history’ (available at http://eh.net/encyclopedia/hours-of-work-in-u-s-history/). Return to text. 7. Figures from eMarketer Digital Intelligence, ‘Mobile Shines Amid Rising Digital Ad Spending’, 13 October 2011 (available at www.emarketer.com/Article.aspx?


pages: 636 words: 140,406

The Case Against Education: Why the Education System Is a Waste of Time and Money by Bryan Caplan

affirmative action, Affordable Care Act / Obamacare, assortative mating, conceptual framework, correlation does not imply causation, deliberate practice, deskilling, disruptive innovation, en.wikipedia.org, endogenous growth, experimental subject, fear of failure, Flynn Effect, future of work, George Akerlof, ghettoisation, hive mind, job satisfaction, Kenneth Arrow, Khan Academy, labor-force participation, longitudinal study, low skilled workers, market bubble, mass incarceration, meta analysis, meta-analysis, Peter Thiel, price discrimination, profit maximization, publication bias, risk tolerance, Robert Gordon, Ronald Coase, school choice, selection bias, Silicon Valley, statistical model, Steven Pinker, The Bell Curve by Richard Herrnstein and Charles Murray, the scientific method, The Wisdom of Crowds, trickle-down economics, twin studies, unpaid internship, upwardly mobile, women in the workforce, yield curve, zero-sum game

We should worry that youths—especially Poor Students—won’t be hired at all.30 Under current law, untrained workers must produce the cost of their training plus $7.25 an hour to be profitably employed.31 Quite a catch-22, especially for slow learners: you need training to become a productive worker, but firms won’t train you unless you already are a productive worker. Aren’t unpaid internships a massive loophole? Not taking the law literally. In the for-profit sector, the U.S. Department of Labor allows unpaid internships only if “the employer that provides the training derives no immediate advantage from the activities of the intern.”32 A bizarre rule. Why would a for-profit firm bother hiring workers from whom it derives zero immediate advantage? If you sought to convince a CEO to start an internship program, your pitch wouldn’t be, “Let’s hire a bunch of inexperienced workers to provide our firm with no immediate benefits whatsoever.” Unpaid internships survive because authorities hypocritically fail to enforce the letter of the law. As long as interns are college students or recent college grads learning a college-like job, government turns a blind eye.

Full-time workers earn full-time income and full-time benefits—unless, of course, they’re unemployed. Is full-time compensation times probability of employment a fair measure of everything a student fails to earn? Almost. Main doubt: many full-time students have part-time jobs. We should subtract their pay from foregone full-time earnings. Still, part-time workers’ low pay—not to mention the prevalence of unpaid internships—calls for only a modest adjustment—say 10% of full-time compensation. Accounting for experience. When you have a job, you don’t just earn income. Job experience improves your job skills—and the labor market rewards these extra skills with higher pay—also known as the “experience premium.” The longer you stay in school, the longer you wait to learn skills on the job—and the longer you postpone the attendant raises.

Judging either activity by long-gone creepy abuses is folly. In modern times, is there any decent reason to discourage kids from getting jobs and learning job skills? The silliest objection is that businesses “exploit” our children, handing them a pittance for their toil. No one expects schools to pay their students; the training kids receive is payment enough. Why hold firms to a higher standard? College students ferociously compete for unpaid internships because training is valuable compensation—and total compensation, not cash alone, is what counts.22 In any case, if the young were really grossly underpaid, employing them would be extraordinarily profitable—and thanks to competition, few business models stay extraordinarily profitable for long. Another complaint is that children are too immature to know a bad deal when they see it. As a father of four, I don’t demur.


Financing Basic Income: Addressing the Cost Objection by Richard Pereira

banks create money, basic income, income inequality, job automation, Lyft, new economy, offshore financial centre, Paul Buchheit, quantitative easing, sovereign wealth fund, Tobin tax, transfer pricing, uber lyft, universal basic income, unpaid internship, Wall-E

As David Suzuki (2008) and James Hansen (2009) have argued, exacting a proper levy on the use of the commons can mitigate such destructive activity and bring it down to a sustainable level while generating large revenues for a “green dividend” or green component to basic income.27 New forms of free labour being extracted from populations, especially younger demographics entering the workforce, in the form of unpaid overtime work, unpaid internships, excessive hours worked without premium pay previously associated with overtime, deliberate misclassification of employees as self-employed, etc. all represent social dumping (Perlin 2012; Pereira 2009; Standing 2009). Even more extreme versions of it involve the horrible vision of suicide nets placed outside the factory of mobile phone producer Foxconn (Trenholm 2012) as a twenty-first century solution to degrading labour.

.), Financing Basic Income, Exploring the Basic Income Guarantee, DOI 10.1007/978-3-319-54268-3 113 114 INDEX F Fee and dividend, 4, 34, 104 Food banks, 28 Forget, Evelyn, 103 France, 50–52 Free-riding, 10, 15, 31–34, 35 G GDP, 12, 20, 21, 51, 52, 68, 91, 93 Germany, 50, 51, 52, 59, 60 GFC (Global Financial Crisis), 72, 78 H Healthcare, 2, 19, 23, 24, 41n25, 51, 57, 102, 103 Land rent, 79, 82, 84–85, 94 Liberal theory of rent, economic rent, 79, 82, 93 LICO (Low income cut-off), 12, 13, 38n6 Liquidity rent, 87 Locke, John, 79 M Maternity, paternity leave, benefits, 20, 21 Mill, John Stuart, 78 Mincome, 103 Monopoly (rent), 89 Multiple jobholding, multiple job workers, 21 Murray, Charles, 2, 5n1, 81 I Individual Savings Account program (UK), 19 Internal Revenue Service (IRS), 111n8 International Telecommunication Union (ITU), 92, 93 N Negative Income Tax (NIT), 3, 5, 20, 24–28, 31, 34, 35, 41n23, 41n28, 67, 102–104, 106 Norway, 5, 83, 85, 104, 105n4 J Japan, 78, 94 O Oil fund, 83 K Keynes, Maynard John, 78 P Paine, Thomas, 79 Pension(s) AHV – Switzerland, 53, 55, 58, 67, 71 Canada Pension Plan (CPP)/ Quebec Pension Plan (QPP), 16, 36 Old Age Security (OAS) – Canada, 54–55, 73n11 Philanthropy, 83 L Labour (forms of free labour being extracted), 32 Labour income, 10, 25, 32 Labour-market, 2, 13, 20, 31, 33, 34, 65, 67, 71 Labour standards, 40 INDEX Precarious jobs, employment, precarity, 17, 22, 32, 102 Pregnancy, pregnant women and job dismissals, 21 Public trust resource, 88 R Registered Retirement Savings Plan, 16 See also Tax shelters Regressive taxation, 38–39n7 See also Taxes Royalties, 78, 82, 104 S Scarcity (rent), 89, 93 Social housing, 4, 20, 22, 23, 28, 40n21 Sovereign Wealth Funds, see Norway; Alaska; Oil fund Speculation, 15, 32, 33, 60, 82 speculative activity, 64 T Taxes carbon tax, 4, 95; carbon fee, 4; carbon levy, 4; fee and dividend, 4 corporate taxes, 4, 85; cuts, 4; multinational companies, 27, 105; reductions, 4 evasion, 4, 25, 26, 27 personal income tax, 4–5, 10, 14, 15, 25–28, 32, 34, 102, 105n1 regressive, 17, 38n7, 60, 104 tax cuts, 4, 34, 35, 105; to corporate rates, 4; by implementing basic income, 4; neo-liberalism, 27, 52, 78 115 tobin tax, 33(speculation tax[es]) unearned vs. earned income, 17, 39n10, 82, 103, 104 VAT, sales taxes, 38n4 Tax exemptions, 4, 60–61, 103 Tax-Free Savings Accounts (TFSA), 17, 19 See also Tax shelters Tax havens, offshore tax havens, 26, 27, 103 Tax shelters, 4, 17, 39n12, 102, 104, 105n2 Transfer pricing, 26, 27 U Underemployment, 17 Underground economy, 37n2 Unearned income (vs. earned income), 17, 18, 31, 39n10, 78, 82, 83, 103, 104 Unemployment, 53, 67, 81 United Kingdom (UK), 19, 27, 50, 88 United States (US), 4, 5n1, 22, 24, 34, 41n25, 78, 81, 87, 88, 93, 94, 95 Universal Basic Income (UBI), 3, 4, 9–28, 30–34, 38n4, 38n6, 39n10, 39n11, 40n19 See also Basic Income Universal dividend, 3, 5, 101, 103, 104, 105n4 Universal public health care (or universal health care), 2, 23 Unjust dismissal, dismissal (pregnant women and employers), 21 Unpaid internships, 32 Unpaid overtime, 21, 32 Unpaid work, unpaid labour, 21, 32, 38n4 116 INDEX V Van Parijs, Philippe, 11, 12, 25, 67, 82 Vermont (and public trust resources), 83, 88, 90, 95 W Whistleblower protection, 106n1 White, Stuart, 11, 25 Windfall profits, 103, 104, 105n4 See also Economic rent WITB (Working Income Tax Benefit) See also EITC [US] Workplace culture(s), 21 Workplace disability (and costs), 33 Workplace mental health, 33 Workplace standards violations, 40n17 See also Labour standards


pages: 336 words: 95,773

The Theft of a Decade: How the Baby Boomers Stole the Millennials' Economic Future by Joseph C. Sternberg

Affordable Care Act / Obamacare, Airbnb, American Legislative Exchange Council, Asian financial crisis, banking crisis, Basel III, Bernie Sanders, blue-collar work, centre right, corporate raider, Detroit bankruptcy, Donald Trump, Edward Glaeser, employer provided health coverage, Erik Brynjolfsson, eurozone crisis, future of work, gig economy, Gordon Gekko, hiring and firing, Home mortgage interest deduction, housing crisis, job satisfaction, job-hopping, labor-force participation, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, minimum wage unemployment, mortgage debt, mortgage tax deduction, Nate Silver, new economy, obamacare, oil shock, payday loans, pension reform, quantitative easing, Richard Florida, Ronald Reagan, Saturday Night Live, Second Machine Age, sharing economy, Silicon Valley, sovereign wealth fund, TaskRabbit, total factor productivity, Tyler Cowen: Great Stagnation, uber lyft, unpaid internship, women in the workforce

But this method does filter out Millennials’ own biases about work to show that plenty of traditional jobs, in their modern form, can satisfy Millennial career goals. ‡ Born 1982–1991. § I ran some calculations in an Excel spreadsheet and expanded the net to include Millennials born 1983–1997. ¶ Born 1983–1994. * I have to confess to a certain amount of confusion on this myself. In 2010, a colleague at the Wall Street Journal and I wrote an op-ed about how we had benefited earlier in our careers from opportunities to take unpaid internships. Those “jobs” had given us a foot in the door in a competitive field, and had reduced the element of financial risk for employers in hiring us temporarily. I still believe that argument was correct as far as it went, but with the benefit of more experience and knowledge I’d wonder why it is that employers are now more reluctant to take risks on training paid entry-level employees than they used to be—a subject for Chapter 2

Boomer politicians and policymakers aren’t unaware of the consequences of gig work and intern employment for younger workers, but those leaders are seriously blinkered when it comes to what has caused these phenomena and what to do about it. Too often, the response has been to extend to gig platforms such as Uber the same expensive employment regulations that apply to other companies—and that have helped push more and more investment into the gig economy in the first place. And in 2010, the Obama administration cracked down on unpaid internships by imposing a strict new legal standard that made it almost impossible for employers to avoid paying interns. That might have prevented some of the worst abuses in the internship job market, but none of these measures fundamentally improve the incentives for companies to invest in productivity enhancements and training for workers, instead of trying to replace as much labor as possible. Talk about a major theft.

., 165 Murphy, Patrick, 212 National Center for Education Statistics data analysis, 92–93 National Football League union refs lockout (2012), 49n National Home-ownership Strategy (1995), 123 navigator Millennials, 21–23 NEETs (youths “not in employment, education, or training”), 181 Netherlands minimum wage, 184 New Deal/regulations, 52–53, 148–149 Obama, Barack Boomers and, 64 education policy and, 93–94, 97–101 financial crisis/Great Recession and, 129, 131–132, 132n, 137, 162–164, 223–234 Millennials and, 64, 218–219, 224 policies and, 18, 19, 24, 64, 73, 93–94, 97–101 regulation and, 229 unpaid internships and, 73 See also Affordable Care Act/Obamacare Obamacare. See Affordable Care Act/Obamacare Ocasio-Cortez, Alexandria election to Congress, 211 as Millennial, 211, 219 policy positions/views, 211, 222 taxes and, 195, 197 Occupy Wall Street movement, 130, 214 Ohio Public Employee Retirement Systems (OPERS), 175 Once and Future Worker, The (Cass), 58 Operation Twist, 134 Organization for Economic Cooperation and Development, 61 O’Rourke, Beto, 214 Patel, Suraj, 219 Paul, Ron, 222 Paulson, Hank, 129, 131 peace dividend, 151 Pell Grant program, 97, 99, 100 pension/plans Boomers and, 121, 159, 221 Detroit city government example, 175 European countries, 183, 196, 198, 199, 200 Germany/Millennials and, 199, 200 Japan and, 203, 205, 208n mid-twentieth century, 49 Millennials (US) and, 79–80, 81, 81n, 82 Ohio example, 175 problems with state/local government plans, 150, 158–159, 175 trend in private work, 158 Perot, Ross, 217 politics and Millennials 2018 midterm elections, 213 first nationally-elected officials, 211–212 fixing problems and, 213–214 House Member age statistics, 212 interns and, 213 party support/political views and, 214–216, 217–219, 222–223 political influence and, 213 state offices, 212 stereotypes, 214 trade policy, 217–218 voting and, 213 wants, 220–223, 232–236 working economy, 220–221 Powell, Jerome, 231–232 productivity by the 1970s, 48 investment and, 16, 49 measuring, 48n “qualified mortgage” (QM) standard, 139–140 quantitative easing description, 133 Federal Reserve and, 18–19, 60 housing/global financial crisis, 133, 135, 136, 137 Reagan, Ronald economic policies, 24, 52–54 fixed investment, 53 supply-side economics and, 52, 54–55, 58 support for, 20 taxes and, 52 recession postwar period, 62 See also financial crisis/Great Recession regulation (financial) changes/consequences, 56–57 during Reagan administration, 52, 54 regulations and Trump, 229–230, 234 religion and Millennials, 216–217 Resolution Foundation think tank, 178 retirement finances 401 (k) plans, 80 Millennials as “retirement plans” for parents, 145 Millennials/savings and, 79, 80–81 See also pension/plans; Social Security Revolutionary War/state debts, 147, 147n Romney, Mitt as candidate, 215, 225 manufacturing background, 232n youth vote, 215 Rubin, Robert, 54–55 “Rubinomics” program, 54–55, 124 Ryan, Paul, 231 S&P 500, 10 Sanders, Bernie description/political party and, 219, 222 Millennial support, 195, 214, 219 taxes, 173, 195, 197 savings/Millennials college-educated Millennials and, 78–79 debt and, 81n, 82 defined-contribution plans, 80 description/overview, 77–83 emergency-lending facility use and, 78 job market and, 79 obsession and, 79 parents vs., 77 pension plans and, 79–80 retirement finances and, 79, 80–81 Social Security benefits and, 82–83 statistics on, 78–79, 80–83, 83n Wall Street payback and, 83 worries about, 81–82 Say, Jean-Baptiste, 50n Say’s Law, 50n Schock, Aaron, 211–212 Second Machine Age, The (Brynjolfsson and McAfee), 41 self-employment trends (since 2000), 71 See also gig economy September 11 terror attacks/consequences, 57, 152 Shapiro, Ben, 215, 224–225 “sheepskin effect,” 90 Sixteenth Amendment, 148 Smith, Brad, 71–72 SNAP (Supplement Nutrition Assistance Program), 164 social capital, 22 social programs/benefits consequences/Mulligan and, 165–166 financial crisis and, 163–165 Social Security beginnings, 149 financial problems/Millennials and, 153–161 housing and, 114n insurance comparisons, 154, 157–158 Millennial expectations, 82–83 Millennial resources and, 142 taxes and, 150n, 196 See also entitlements for elderly solar panels installation, 28 Spain and financial crisis, 180 steel industry (1970s to 1990s), 50–51 stock market crash (1929), 10 financial crisis, 10 Strauss, William, 6–7 “structural deficits,” 150–151, 151n Supplement Nutrition Assistance Program (SNAP), 164 supply-side economics, 52, 54–55, 58 TANF, 164 TARP (Troubled-Asset Relief Program), 59, 130, 130n taxes on capital/consequences, 53 Clinton and, 55, 152 cuts with Great Recession, 163 inflation as, 207 myth on, 195 national consumption tax and, 173–174 politicians in Germany/US and, 197 Reagan and, 52 Republicans and, 174 Sixteenth Amendment, 148 tax wedge, 183 Trump and, 227–228 Tea Party movement, 130, 231 technology labor and (mid-twentieth century), 49 role in economic problems, 234–235 See also computer/information technology Thatcher, Margaret, 189 “total-factor productivity,” 48n total number of hours worked in 1970s, 47 as measure of labor market, 47 trade policy and Millennials, 217–218 training investing less, 17, 69, 88 investing more, 228 Millennials wanting, 29, 72 See also internships/Millennials Troubled-Asset Relief Program (TARP), 59, 130, 130n Trump, Donald Affordable Care Act and, 68 description, 19 entitlements and, 231 immigration and, 225–226 interest rates/Federal Reserve and, 19, 231–232 Japan/foreign competition and, 202, 217–218, 225 Millennials and, 214, 215, 217, 224, 225–232 real estate background and, 232n regulations and, 229–230, 234 taxes, 227–228, 234 traits/character, 224 unemployment rate and, 226 Uber, 70, 70n unemployment Britain/Millennials and, 189 NEETs, 181 unemployment-assistance programs (US) creation, 149 financial crisis and, 164 unemployment rate (US) in 1950s and 1960s, 47 in 1970s, 47 in 1980s, 54 changes post-2008 decade, 30, 33 description, 30 global financial crisis/recovery and, 11, 12, 13 Millennials and, 42 Trump and, 226 See also labor-force participation rate union power other countries and, 186 in US, 49, 49n United Kingdom minimum wage, 184 Urban Institute, 139 US Bureau of Labor Statistics, 28, 30, 37, 47 Vance, J.


pages: 388 words: 125,472

The Establishment: And How They Get Away With It by Owen Jones

anti-communist, Asian financial crisis, bank run, battle of ideas, Big bang: deregulation of the City of London, bonus culture, Boris Johnson, Bretton Woods, British Empire, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, centre right, citizen journalism, collapse of Lehman Brothers, collective bargaining, don't be evil, Edward Snowden, Etonian, eurozone crisis, falling living standards, Francis Fukuyama: the end of history, full employment, G4S, glass ceiling, hiring and firing, housing crisis, inflation targeting, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, James Dyson, laissez-faire capitalism, light touch regulation, market fundamentalism, mass immigration, Monroe Doctrine, Mont Pelerin Society, moral hazard, Neil Kinnock, night-watchman state, Northern Rock, Occupy movement, offshore financial centre, old-boy network, open borders, plutocrats, Plutocrats, popular capitalism, profit motive, quantitative easing, race to the bottom, rent control, road to serfdom, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, stakhanovite, statistical model, The Wealth of Nations by Adam Smith, transfer pricing, union organizing, unpaid internship, Washington Consensus, wealth creators, Winter of Discontent

‘Being a candidate cost me thousands of pounds over 10 years of my own money,’ says Tory MP Robert Halfon. ‘At one time I got into massive debt which, thank God, is now all gone.’ But there are other reasons, too. Trade unions and local government used to be avenues for aspiring working-class candidates, helping to give them political training and a support base – but now, trade unions have been drastically weakened. Unpaid internships that only the well-off can afford to do have become ever more widespread in Parliament, think tanks, and other significant points of entry into the political world. It is not just that politicians are so unrepresentative of those they serve. MPs themselves are often treated as little more than voting fodder by governments that have huge amounts of power. Except for some of the chairs, members of Select Committees that scrutinize government policies are appointed by party leaderships.

She was hired, broadly, because Murdoch knew she would be effective at ensuring the News of the World projected his own views. It’s not just who owns the media that ensures newspapers toe the Establishment line. Media outlets have increasingly become a closed shop for those from privileged backgrounds. The less well-off are filtered out for a number of reasons. First, there’s the proliferation of unpaid internships, which force aspiring journalists to work for free for long periods, often with little prospect of a paid job. Generally, only those able to live off the Bank of Mum and Dad can afford such exploitation, particularly in London, one of the world’s most expensive cities. Another barrier is the rise of costly postgraduate qualifications, which are often now prerequisites for getting a foot in the door of the industry.

Any reform of the media has to be undertaken with care to avoid imperilling press freedom and infringing on journalists’ independence from the state. To begin with, there should be limits on how many national media outlets one individual can own, restricting the power and influence that oligarchs can wield in a democracy. Barriers in the path of non-privileged aspiring journalists should be torn away, for example by scrapping unpaid internships. After all, such internships help to ensure that only those with prosperous parents can afford to be exploited and enter the media – or, for that matter, a whole range of other professions from politics to law. Mandating all media organizations to include a ‘conscience clause’ in their contracts would allow journalists to turn down work that was either unethical or illegal. Stronger trade unions, too, would shift the balance of power away form media barong and editors to journalists.


pages: 409 words: 125,611

The Great Divide: Unequal Societies and What We Can Do About Them by Joseph E. Stiglitz

"Robert Solow", accounting loophole / creative accounting, affirmative action, Affordable Care Act / Obamacare, agricultural Revolution, Asian financial crisis, banking crisis, Berlin Wall, Bernie Madoff, Branko Milanovic, Bretton Woods, business cycle, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, carried interest, clean water, collapse of Lehman Brothers, collective bargaining, computer age, corporate governance, credit crunch, Credit Default Swap, deindustrialization, Detroit bankruptcy, discovery of DNA, Doha Development Round, everywhere but in the productivity statistics, Fall of the Berlin Wall, financial deregulation, financial innovation, full employment, George Akerlof, ghettoisation, Gini coefficient, glass ceiling, global supply chain, Home mortgage interest deduction, housing crisis, income inequality, income per capita, information asymmetry, job automation, Kenneth Rogoff, Kickstarter, labor-force participation, light touch regulation, Long Term Capital Management, manufacturing employment, market fundamentalism, mass incarceration, moral hazard, mortgage debt, mortgage tax deduction, new economy, obamacare, offshore financial centre, oil shale / tar sands, Paul Samuelson, plutocrats, Plutocrats, purchasing power parity, quantitative easing, race to the bottom, rent-seeking, rising living standards, Ronald Reagan, school vouchers, secular stagnation, Silicon Valley, Simon Kuznets, The Chicago School, the payments system, Tim Cook: Apple, too big to fail, trade liberalization, transaction costs, transfer pricing, trickle-down economics, Turing machine, unpaid internship, upwardly mobile, urban renewal, urban sprawl, very high income, War on Poverty, Washington Consensus, We are the 99%, white flight, winner-take-all economy, working poor, working-age population

Economic segregation has become the order of the day, so much so that even those well-off and well-intentioned selective colleges that instituted programs of economic affirmative action—explicitly trying to increase the fraction of their student body from lower socioeconomic groups—have struggled to do so. The children of the poor can afford neither the advanced degrees that are increasingly required for employment nor the unpaid internships that provide the alternative route to “good” jobs. Similar stories could be told about each of the dimensions of America’s outsized inequality. Take health care. America is unique among the advanced countries in not recognizing access to health care as a basic human right. And that means if you are a poor American, your prospects of getting adequate, let alone good, medical care are worse than in other advanced countries.

This is happening at the same time that a college education is more important than ever for getting a good job. Young people from families of modest means face a Catch-22: without a college education, they are condemned to a life of poor prospects; with a college education, they may be condemned to a lifetime of living at the brink. And increasingly even a college degree isn’t enough; one needs either a graduate degree or a series of (often unpaid) internships. Those at the top have the connections and social capital to get those opportunities. Those in the middle and bottom don’t. The point is that no one makes it on his or her own. And those at the top get more help from their families than do those lower down on the ladder. Government should help to level the playing field. Americans are coming to realize that their cherished narrative of social and economic mobility is a myth.

We could have enabled homeowners who were “underwater”—those who owe more money on their homes than the homes are worth—to get a fresh start, by writing down principal, in exchange for giving banks a share of the gains if and when home prices recovered. We could have recognized that when young people are jobless, their skills atrophy. We could have made sure that every young person was either in school, in a training program, or on a job. Instead, we let youth unemployment rise to twice the national average. The children of the rich can stay in college or attend graduate school, without accumulating enormous debt, or take unpaid internships to beef up their résumés. Not so for those in the middle and bottom. We are sowing the seeds of ever more inequality in the coming years. The Obama administration does not, of course, bear the sole blame. President George W. Bush’s steep tax cuts in 2001 and 2003 and his multitrillion-dollar wars in Iraq and Afghanistan emptied the piggy bank while exacerbating the great divide. His party’s new-found commitment to fiscal discipline—in the form of insisting on low taxes for the rich while slashing services for the poor—is the height of hypocrisy.


pages: 229 words: 72,431

Shadow Work: The Unpaid, Unseen Jobs That Fill Your Day by Craig Lambert

airline deregulation, Asperger Syndrome, banking crisis, Barry Marshall: ulcers, big-box store, business cycle, carbon footprint, cashless society, Clayton Christensen, cognitive dissonance, collective bargaining, Community Supported Agriculture, corporate governance, crowdsourcing, disintermediation, disruptive innovation, financial independence, Galaxy Zoo, ghettoisation, gig economy, global village, helicopter parent, IKEA effect, industrial robot, informal economy, Jeff Bezos, job automation, John Maynard Keynes: Economic Possibilities for our Grandchildren, Mark Zuckerberg, new economy, pattern recognition, plutocrats, Plutocrats, recommendation engine, Schrödinger's Cat, Silicon Valley, single-payer health, statistical model, Thorstein Veblen, Turing test, unpaid internship, Vanguard fund, Vilfredo Pareto, zero-sum game, Zipcar

If these bankers had gone out on hundreds of mortgage appraisals like my dad did, seeing the actual houses for which they were lending money and meeting real, live borrowers, would the 2008 banking crisis have happened? Starter positions, including summer and part-time gigs, are where young people learn how to hold down a real job. (That means a job with wages—not a volunteer job, not an unpaid internship, not an NGO project in a developing country.) This is where they learn to show up on time, appropriately dressed and groomed, with a professional attitude, and learn habits like cooperation, punching a clock, and service with a smile. But how does an aspiring banker work his way up from the teller’s window if ATMs and shadow-working customers have displaced tellers? How does a secretary become the office manager and later an executive if shadow work eliminates support staff—so there are no secretaries?

The advantage of internships for employers is obvious: free, or very cheap, labor. They recruit a throng of healthy, energetic, young shadow workers who collect very little in either salaries or benefits. The world economic recession that began in 2008 strengthened the intern trend. Managers economized by replacing full-time jobs with internships, solidifying unemployment in some areas. They also cut expenses by substituting unpaid internships for paid ones. Internships can become little more than a way for employers to sidestep labor laws. For their part, the interns supposedly learn something meaningful about the field they are trying out, and in the best case they jump-start a career. Sadly, it rarely turns out quite that way. “Focused training and mentoring are vanishingly rare, as interns soon discover,” Perlin writes. “[M]ost ultimately learn the ropes on their own if at all, on the sly if necessary.”


pages: 255 words: 92,719

All Day Long: A Portrait of Britain at Work by Joanna Biggs

Anton Chekhov, bank run, banking crisis, call centre, Chelsea Manning, credit crunch, David Graeber, Desert Island Discs, Downton Abbey, Erik Brynjolfsson, financial independence, future of work, G4S, glass ceiling, industrial robot, job automation, land reform, low skilled workers, mittelstand, Northern Rock, payday loans, Right to Buy, Second Machine Age, six sigma, Steve Jobs, trickle-down economics, unpaid internship, wages for housework, Wall-E

A rectangle of sea-blue fabric was pinned to the wall and a PowerPoint slide with the slogan ‘LONDON SYMPHONY ORCHESTRA – YOUR POLICIES ARE OUT OF TUNE – PAY YOUR INTERNS’ was projected on to it, so that the letters could be traced with black paint. I sat with C at the silver MacBook, whose job it was to keep pressing the space bar so that the projection wouldn’t disappear. C had found the Future Interns online. She had spent the two years since graduating from a prestigious South Asian university going from unpaid internship to unpaid internship at international NGOs across the world. She was now 23. After South-East Asia and Scotland, the UK appealed: ‘I wanted to experience something new, I wanted to go out of my comfort zone.’ She was ‘impressed’ by what the Future Interns did at the Serpentine after reading about it online. During one internship, she had written an article about an NGO’s programme to help young people get work in the developing world; the biographical note didn’t say the writer was unpaid.


pages: 297 words: 89,206

Social Class in the 21st Century by Mike Savage

call centre, Capital in the Twenty-First Century by Thomas Piketty, Clapham omnibus, Corn Laws, deindustrialization, deskilling, Downton Abbey, financial independence, gender pay gap, Gini coefficient, income inequality, liberal capitalism, Mark Zuckerberg, megacity, moral panic, New Urbanism, Occupy movement, old-boy network, precariat, psychological pricing, Sloane Ranger, The Spirit Level, unpaid internship, upwardly mobile, very high income, winner-take-all economy, young professional

This feeling of deficit appeared in seemingly banal ways, in the cultural minutiae of Alan being advised on the ‘correct’ way to have his steak cooked (rare, not well done), or in Jeremy’s panic at having to take part in ‘intellectual conversation’ at the dinner table with his middle class boyfriend’s parents. But it also sometimes manifested itself as a more overt and concrete disadvantage, such as when George reflected on the powerful social connections wielded by his public school-educated colleagues in law, or when Samantha explained her difficulties in ‘getting ahead’ in political lobbying because she couldn’t afford to take the unpaid internships that helped propel her colleagues forward in their careers. To recap, stable members of the elite tend to have higher levels of all three types of capital than those who have recently gained entry into this group. This provides them with advantages in the competitive race to the top of the highest peaks. As Figure 6.2 illustrates, those from more humble backgrounds earn less, have less expensive properties, have fewer influential social contacts, and have less highbrow cultural capital than their more privileged peers, even when they are in the same job.

Being willing and prepared to work in London or the south-east seems very important to this, and the capital acts as a vortex which sucks up the energies of those drawn into it. There is no evidence that native Londoners are advantaged over those who migrate to the city. Some of our interviewees saw this process very clearly. George explained how his ability to enter his profession had hinged largely on a pivotal period after graduation, when he was able to work in a number of unpaid internships whilst living at home with his parents (just outside London). While George obviously worked hard to establish himself during this period, his ability to get a foothold up in his career was dependent on both the financial support and geographical positioning of his parents. In the case of John, a retired IT director, the pull of London was also intimately connected to how he narrated his career success.


Hiding in Plain Sight: The Invention of Donald Trump and the Erosion of America by Sarah Kendzior

"side hustle", 4chan, Berlin Wall, Bernie Sanders, borderless world, Chelsea Manning, Columbine, corporate raider, desegregation, don't be evil, Donald Trump, drone strike, Edward Snowden, Ferguson, Missouri, Francis Fukuyama: the end of history, hiring and firing, illegal immigration, income inequality, Jaron Lanier, Jeff Bezos, Jeffrey Epstein, Julian Assange, Mohammed Bouazizi, Naomi Klein, Nelson Mandela, new economy, payday loans, plutocrats, Plutocrats, QAnon, Robert Hanssen: Double agent, Ronald Reagan, Silicon Valley, Skype, Thomas L Friedman, trickle-down economics, unpaid internship, white flight, WikiLeaks, Y2K, zero-sum game

The Great Recession that followed led to a massive restructuring in the industry. With the economy tanking, media outlets transformed full-time jobs into contract work and entry-level positions into unpaid internships, and changed worker expectations along the way. Told that advanced degrees would help them keep their jobs, my former coworkers shelled out tens of thousands of dollars for journalism school, where they were taught skills they already knew or that technology would soon render obsolete. In the end, it did not matter—the layoffs came anyway. By 2010, my old Daily News job had been converted into an unpaid internship. My old Astoria apartment rented for over $2,000 per month. The cost of living in New York had skyrocketed, while wages remained stagnant or even decreased as desperate writers took pay cuts to stay in the profession.


pages: 353 words: 98,267

The Price of Everything: And the Hidden Logic of Value by Eduardo Porter

Alvin Roth, Asian financial crisis, Ayatollah Khomeini, banking crisis, barriers to entry, Berlin Wall, British Empire, capital controls, Carmen Reinhart, Cass Sunstein, clean water, Credit Default Swap, Deng Xiaoping, Edward Glaeser, European colonialism, Fall of the Berlin Wall, financial deregulation, Ford paid five dollars a day, full employment, George Akerlof, Gordon Gekko, guest worker program, happiness index / gross national happiness, housing crisis, illegal immigration, immigration reform, income inequality, income per capita, informal economy, Intergovernmental Panel on Climate Change (IPCC), invisible hand, Jean Tirole, John Maynard Keynes: technological unemployment, Joshua Gans and Andrew Leigh, Kenneth Rogoff, labor-force participation, laissez-faire capitalism, longitudinal study, loss aversion, low skilled workers, Martin Wolf, means of production, Menlo Park, Mexican peso crisis / tequila crisis, Monkeys Reject Unequal Pay, new economy, New Urbanism, peer-to-peer, pension reform, Peter Singer: altruism, pets.com, placebo effect, price discrimination, price stability, rent-seeking, Richard Thaler, rising living standards, risk tolerance, Robert Shiller, Robert Shiller, Ronald Reagan, Silicon Valley, stem cell, Steve Jobs, Stewart Brand, superstar cities, The Spirit Level, The Wealth of Nations by Adam Smith, Thomas Malthus, Thorstein Veblen, trade route, transatlantic slave trade, ultimatum game, unpaid internship, urban planning, Veblen good, women in the workforce, World Values Survey, Yom Kippur War, young professional, zero-sum game

. , accessed 07/18/2010). 149-152 Stealing Sneakers: Stan Liebowitz’s analysis of the economics of copyright is found on his Web site at the University of Texas at Dallas (at www.utdallas.edu/~liebowit/, accessed 07/18/2010); Stan Liebowitz, “Testing File-Sharing’s Impact by Examining Record Sales in Cities,” University of Texas at Dallas School of Management, Department of Finance and Managerial Economics Working Paper, April 2006; Stan Liebowitz, “Economists’ Topsy-Turvy View of Piracy,” Review of Economic Research on Copyright Issues, Vol. 2, No. 1, 2005, pp. 5-17. Artists’ reactions to Google’s request for free art is found in Andrew Adam Newman, “Use Their Work Free? Some Artists Say No to Google,” New York Times, June 15, 2009. The story about free lawyers is in Elie Mystal, “It’s Come to This: Unpaid Internships for Lawyers with One-Three Years Experience,” Above the Law, September 30, 2009 (abovethelaw.com/2009/09/its-come-to-this-unpaid-internships-for-lawyers-with-one-three-years-experience/, accessed 07/18/2010). Hal Varian’s suggestion on how newspapers can make money is in Hal R. Varian, “Versioning Information Goods,” University of California Berkeley Working Paper, March 13, 1997. The online pricing strategy of the Newport Daily News in Rhode Island is described in Joseph Tartakoff, “Taking the Plunge: How Newspaper Sites That Charge Are Faring,” Paid Content. org, September 2, 2009 (paidcontent.org/article/419-taking-the-plunge-how-newspaper-sites-that-charge-are-faring/, accessed on 08/16/2010). 152-154 Where Information Goes to Die: Data on music sales in France is in IFPI, “Digital Music Report,” 2009.


pages: 317 words: 101,475

Chavs: The Demonization of the Working Class by Owen Jones

Asperger Syndrome, banking crisis, Berlin Wall, Boris Johnson, British Empire, call centre, collapse of Lehman Brothers, credit crunch, deindustrialization, Etonian, facts on the ground, falling living standards, first-past-the-post, ghettoisation, Gini coefficient, hiring and firing, housing crisis, illegal immigration, income inequality, informal economy, low skilled workers, low-wage service sector, mass immigration, Neil Kinnock, Occupy movement, pension reform, place-making, plutocrats, Plutocrats, race to the bottom, Right to Buy, rising living standards, The Bell Curve by Richard Herrnstein and Charles Murray, The Spirit Level, too big to fail, unpaid internship, upwardly mobile, We are the 99%, wealth creators, Winter of Discontent, women in the workforce, working-age population

MPs swan in and out of meet- ings with lobbyists and constituents, occasionally popping to the Chamber to speak or vote when called by the piercing division bell. Overwhelmingly from middle-class, professional backgrounds, the combined salary and expenses of the average backbencher comfortably puts them in the top 4 per cent of the population. Scurrying around after them, or gossiping over lattes in Portcullis House, is an army of fresh-faced, ambitious parliamentary researchers. With unpaid internships (often, quite unlike their bosses, without even expenses provided) almost always a prerequisite for making it on to an MP's staff rolls, Parliament is a middle-class closed shop. Only those able to live off the financial generosity of their parents can get their foot in the door. At the service of MPs and hacks alike are the cleaners and catering staff. Many of them trek across London on night buses to arrive in the House at the crack of dawn.

Kids from privileged backgrounds also disproportionately benefit from their parents' networks and contacts. Many get into desirable jobs as much through recommenda- tions and friends of friends as through their qualifications. Could a working-class kid from Liverpool or Glasgow even dream of this kind of leg-up? But nothing has done more to tum major professions into a closed shop for the middle classes as the rise of the intern. Unpaid internships are thriving, particularly in professions like politics, law, the media and fashion. According to a recent survey of 1,500 students and graduates, two-thirds of young people feel obliged to work for free because of the recession. For many, internship can follow internship, with paid jobs dangled like carrots but never offered. This is not just exploitation. It means that only well-heeled youngsters living off mum and dad can take this first step in the hunt for a paid job.


pages: 194 words: 36,223

Smart and Gets Things Done: Joel Spolsky's Concise Guide to Finding the Best Technical Talent by Joel Spolsky

Build a better mousetrap, David Heinemeier Hansson, knowledge worker, linear programming, nuclear winter, Ruby on Rails, Sand Hill Road, Silicon Valley, sorting algorithm, Superbowl ad, the scientific method, type inference, unpaid internship

Sometimes they want to leave their options open, but the outstanding offer from Fog Creek ensures that the first time they have to wake up at 8:00 a.m. and put on a suit for an interview with Oracle, when the alarm goes off, there’s a good chance that they’ll say “Why the heck am I getting up at 8:00 a.m. and putting on a suit for an interview with Oracle when I already have an excellent job waiting for me at Fog Creek?” And, my hope is, they won’t even bother going to that interview. By the way, before I move on, I need to clarify something about internships in computer science and software development. In this day and age, in this country, it is totally expected that these are paid internships, and the salaries Finding Great Developers are usually pretty competitive. Although unpaid internships are common in other fields from publishing to music, we pay $750 a week, plus free housing, plus free lunch, plus free subway passes, not to mention relocation expenses and all the benefits. The dollar amount is a little bit lower than average, but it includes the free housing so it works out being a little bit better than average. I thought I’d mention that because every time I’ve talked about internships on my website, somebody inevitably gets confused and thinks I’m taking advantage of slave labor or something.


Fortunes of Change: The Rise of the Liberal Rich and the Remaking of America by David Callahan

affirmative action, Albert Einstein, American Legislative Exchange Council, automated trading system, Bernie Sanders, Bonfire of the Vanities, carbon footprint, carried interest, clean water, corporate social responsibility, David Brooks, demographic transition, desegregation, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Edward Thorp, financial deregulation, financial independence, global village, Gordon Gekko, greed is good, high net worth, income inequality, Irwin Jacobs: Qualcomm, Jeff Bezos, John Markoff, Kickstarter, knowledge economy, knowledge worker, Marc Andreessen, Mark Zuckerberg, market fundamentalism, medical malpractice, mega-rich, Mitch Kapor, Naomi Klein, NetJets, new economy, offshore financial centre, Peter Thiel, plutocrats, Plutocrats, profit maximization, quantitative trading / quantitative finance, Ralph Nader, Renaissance Technologies, Richard Florida, Robert Bork, rolodex, Ronald Reagan, school vouchers, short selling, Silicon Valley, Social Responsibility of Business Is to Increase Its Profits, stem cell, Steve Ballmer, Steve Jobs, unpaid internship, Upton Sinclair, Vanguard fund, War on Poverty, working poor, World Values Survey

Inevitably, the growing flood of such heirs into social justice work will have a crowding effect on ordinary people who are already in that civic space. Just as self-financed politicians can block the upward movement of lifelong public servants, so, too, can trustfund activists use their superior resources and connections to snag plum positions within nonprofits. We are used to this phenomenon in other sectors—the way that rich kids can afford to take prestigious unpaid internships in publishing or Hollywood or finance that burnish their résumés or can use Daddy’s Rolodex to get their foot in the door of elite institutions. But it is different when these same advantages come into play in a sector that is explicitly aimed at democratizing U.S. society and reducing inequalities. The leaders of Resource Generation, like the founders of Haymarket and Vanguard decades earlier, suggest that social change c12.indd 266 5/11/10 6:28:19 AM the heirs 267 philanthropy is all about putting grassroots activists and low-income communities in the driver’s seat.

Anywhere the rich get involved in civic life, they inevitably bring more resources to the table than ordinary Americans can, and they speak with a louder voice. This is true at every level. It is a good thing, for instance, that more wealthy heirs are doing community service in prep schools and choosing careers in the nonprofit sector, but it’s a bad thing when these young people use their superior both.indd 279 5/11/10 6:27:57 AM 280 fortunes of change resources to gain an edge by taking unpaid internships or low-paid entry-level jobs. Rich kids, as it happens, can more easily afford to save the world than can middle-class kids, and guess who ends up with the better résumés? In the Republic, Plato imagined a leadership group called the Guardians who could govern society in a totally selfless fashion. That ideal has long fascinated liberal elites, stretching back to the early days of an Establishment filled with Dean Acheson types who had grown up studying the Greek philosophers at places such as the Groton School.


pages: 168 words: 50,647

The End of Jobs: Money, Meaning and Freedom Without the 9-To-5 by Taylor Pearson

"side hustle", Airbnb, barriers to entry, Ben Horowitz, Black Swan, call centre, cloud computing, commoditize, creative destruction, David Heinemeier Hansson, Elon Musk, en.wikipedia.org, Frederick Winslow Taylor, future of work, Google Hangouts, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, loss aversion, low skilled workers, Lyft, Marc Andreessen, Mark Zuckerberg, market fragmentation, means of production, Oculus Rift, passive income, passive investing, Peter Thiel, remote working, Ronald Reagan: Tear down this wall, sharing economy, side project, Silicon Valley, Skype, software as a service, software is eating the world, Startup school, Steve Jobs, Steve Wozniak, Stewart Brand, telemarketer, Thomas Malthus, Uber and Lyft, uber lyft, unpaid internship, Watson beat the top human players on Jeopardy!, web application, Whole Earth Catalog

No one can teach that, but an apprenticeship lets you stare, and fiddle, with the market on someone else’s dime. 3. Better Value AKA Play with House Money Instead of paying six figures to go to law school or get a MBA, you can get paid to learn skills and build relationships valued by the marketplace. Apprenticeships are also an astoundingly good value right now. Many people think free work or unpaid internships are exploitative, but find the idea of someone taking out a quarter million in debt to get a college degree and a MBA a smart investment. That may be a legacy of the knowledge economy that we haven’t adapted to yet. Advantages of Apprenticeships to Entrepreneurial Companies It’s certainly important to have tight hiring practices, as many applicants fall into the camp of people who like the idea of being an entrepreneur, but may not be willing to make the sacrifices.


pages: 223 words: 58,732

The Retreat of Western Liberalism by Edward Luce

"Robert Solow", 3D printing, affirmative action, Airbnb, basic income, Berlin Wall, Bernie Sanders, Boris Johnson, Branko Milanovic, Bretton Woods, business cycle, call centre, carried interest, centre right, Charles Lindbergh, cognitive dissonance, colonial exploitation, colonial rule, computer age, corporate raider, cuban missile crisis, currency manipulation / currency intervention, Dissolution of the Soviet Union, Doha Development Round, Donald Trump, double entry bookkeeping, Erik Brynjolfsson, European colonialism, everywhere but in the productivity statistics, Fall of the Berlin Wall, Francis Fukuyama: the end of history, future of work, George Santayana, gig economy, Gini coefficient, global pandemic, global supply chain, illegal immigration, imperial preference, income inequality, informal economy, Internet of things, Jaron Lanier, knowledge economy, lateral thinking, liberal capitalism, Marc Andreessen, Mark Zuckerberg, Martin Wolf, mass immigration, means of production, Monroe Doctrine, moral panic, more computing power than Apollo, mutually assured destruction, new economy, New Urbanism, Norman Mailer, offshore financial centre, one-China policy, Peace of Westphalia, Peter Thiel, plutocrats, Plutocrats, precariat, purchasing power parity, reserve currency, reshoring, Richard Florida, Robert Gordon, Ronald Reagan, Second Machine Age, self-driving car, sharing economy, Silicon Valley, Skype, Snapchat, software is eating the world, South China Sea, Steve Jobs, superstar cities, telepresence, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, Thomas L Friedman, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, Washington Consensus, We are the 99%, We wanted flying cars, instead we got 140 characters, white flight, World Values Survey, Yogi Berra

Imagine, also, that the meritocrats are too enamoured of their just rewards to see it. Sooner or later something will give. An exaggeration? About a third of legacy applicants – those whose parent attended – are accepted into Harvard. Richard Reeves of the Brookings Institution calls them ‘dream hoarders’.33 Judged by aptitude, almost half those in America’s top two-fifths income bracket are there because of the luck of family background. Think of the value of those unpaid internships and family connections. Think of what those pricy weekend tutors did for your prospects. A big share of those in the bottom fifth would be in the top if they had the same life chances. According to one Harvard study, more students attended America’s elite universities from the top 1 per cent of income backgrounds than from the bottom 60 per cent.34 About one in four of the richest Americans attended an elite university, compared with less than half of 1 per cent of the bottom fifth.


pages: 216 words: 61,061

Without Their Permission: How the 21st Century Will Be Made, Not Managed by Alexis Ohanian

Airbnb, barriers to entry, carbon-based life, cloud computing, crowdsourcing, en.wikipedia.org, Hans Rosling, hiring and firing, Internet Archive, Justin.tv, Kickstarter, Marc Andreessen, Mark Zuckerberg, means of production, Menlo Park, minimum viable product, Occupy movement, Paul Graham, Silicon Valley, Skype, slashdot, social web, software is eating the world, Startup school, Tony Hsieh, unpaid internship, Y Combinator

The previous year, I’d spent a formative summer in Singapore, competing on behalf of UVA at an international technopreneurship conference (oh, bless the Singaporeans and their technopreneurship conferences). One of my favorite teachers, Professor Mark White, had invited me to go on this all-expenses-paid trip. I’d even turned down an internship at Ogilvy because I like free travel even more than I like unpaid internships in the most expensive city in America. It was there in Singapore on our first night that I pitched Mark the idea Steve and I had cooked up. Mark’s was the first unbiased feedback I’d gotten on the idea (my parents had always been ludicrously supportive of whatever I told them I was up to), and he thought we’d be able to pull it off. His optimism may’ve just been a combination of the jet lag and the Singapore slings, but I was thrilled.


pages: 236 words: 62,158

Marx at the Arcade: Consoles, Controllers, and Class Struggle by Jamie Woodcock

4chan, Alexey Pajitnov wrote Tetris, anti-work, augmented reality, barriers to entry, battle of ideas, Boris Johnson, Build a better mousetrap, butterfly effect, call centre, collective bargaining, Columbine, conceptual framework, cuban missile crisis, David Graeber, deindustrialization, deskilling, Donald Trump, game design, gig economy, glass ceiling, global supply chain, global value chain, Hacker Ethic, Howard Zinn, John Conway, Kickstarter, Landlord’s Game, late capitalism, Marshall McLuhan, means of production, Minecraft, mutually assured destruction, Naomi Klein, Oculus Rift, pink-collar, sexual politics, Silicon Valley, union organizing, unpaid internship, V2 rocket

As one journalist reflected at the time, “It’s a small but symbolic labor dispute in one of the country’s most often praised economic sectors that could have ramifications for workers at other studios.”15 The strike, which Habert described as “a very spontaneous movement,” ended in the second week of April, even though the strikers’ demands were not met. Some then chose to take legal action against the studio.16 The STJV has continued to build from this strike, representing not only workers in the industry, but also students and unemployed workers. The union has since focused on campaigns against unpaid internships, low wages for starting workers, and precarious contracts.17 These initial struggles of voice actors in the US and videogame workers in France foreshadowed the emergence of a new organization. This is not to say that videogame workers in studios across the world have been passive—rather, that these were some of the few open moments of class struggle. Nevertheless, there are likely to have been countless moments of less publicized resistance from frustrated or angry workers in studios across the world, the overwhelming majority of which would never have made the news.


pages: 239 words: 62,005

Don't Burn This Book: Thinking for Yourself in an Age of Unreason by Dave Rubin

Affordable Care Act / Obamacare, battle of ideas, Bernie Sanders, Burning Man, butterfly effect, centre right, cognitive dissonance, Columbine, Donald Trump, failed state, gender pay gap, illegal immigration, immigration reform, job automation, low skilled workers, mutually assured destruction, obamacare, Peter Thiel, pre–internet, Ronald Reagan, Saturday Night Live, school choice, Silicon Valley, Steven Pinker, Tim Cook: Apple, unpaid internship, War on Poverty, women in the workforce, zero-sum game

., 70, 131–32 Buttigieg, Pete, 159 BuzzFeed, 9, 21–22, 60, 149 Cain, Caleb, 159, 161, 162 cancel culture, 85 Capehart, Jonathan, 154 capitalism, 141–42 Carlson, Tucker, 122–24 Carnevale, Anthony, 104 “Cashing in on the Rise of the Alt-Right” (Harkinson), 77 catastrophizing, 196–97 CBD (cannabidiol), 33 CBS, 149–50 Chabloz, Alison, 52 character assassination, 16–17 Charlesworth, Tessa, 98 Charlie Hebdo terrorist attack, 20–21 China, 139–40 Churchill, Winston, 203 Civil Rights Act of 1964, 38, 112 Clarkson, Kelly, 198 classical liberalism, 7–8, 28, 29–71 abortion and, 45–49 definition, 30 drugs and, 32–36 economics and, 62–67 foreign policy and, 67–71 free speech and, 50–54 gay marriage and, 37–39 gun control and, 54–58 historical proponents of, 30–31 immigration and, 39–45 individual rights, protection of, 30–31 political language of, 96 stereotypes, neutralization of, 31 tolerance of opposing viewpoints and, 37–39 trans issues and, 59–62 class warfare, 65 Clinton, Hillary, 42, 113 CNN, 10, 21–22, 148–49, 150 Covington story and, 153, 155 Jussie Smollett news story and, 157 Russian Hoax and, 158 college professors, left-wing political brainwashing by, 151 comedy, 187–90 coming out, 3–5 Confederate flag, 112 conservatives political language of, 96 pro-life position of, 49 Cook, Tim, 146 Covington story scandal, 152–55 crack, 34–35 Cruz, Nikolas, 58 culture war, 197–201 Cuomo, Andrew, 156 Daily Beast, The, 149 Daily Show, The (TV show), 62–63, 134–35 Daily Signal, The, 92 Damore, James, 25–26 Daniels, Jessie, 92 Darcy, Oliver, 161 David and Goliath story, 183 debt, government, 66 Declaration of Independence, 31, 144 Deconstructing Harry (film), 4 defensive gun use, lives saved from, 106 DeFranco, Philip, 159, 160–61 DeGeneres, Ellen, 146 Democratic Party, historical background of Civil Rights Act, opposition to, 112 Confederate flag, creation of, 112 Dred Scott ruling and, 111 Ku Klux Klan, formation of, 111–12 Lincoln assassination and, 112 opposition to Thirteenth, Fourteenth and Fifteenth Amendments, 112 school choice, opposition to, 113 War on Poverty and, 112 Democrats = good, Republicans = bad myth, 111–13 Demos, 101 denial, 12 digital journalism, 151 discrimination, 83 Dred Scott ruling, 111 dressing as the person you want to be, 175–79 drugs, 32–36 alcohol, 33–34 government role, 34–36 marijuana, 33 nicotine, 33 Schedule I controlled substances, 34–35 state versus federal issue, 36 taxation and, 35 Dunham, Lena, 127 economic issues, 62–67 government debt, 66 government size and spending, 64 minimum wage, 62, 65–66 tax rates, 64–65 unpaid internships, 62–63 welfare, 66 Economist, The, 80 Ehrlich, Paul, 108 Elder, Larry, 87–95 “An Empirical Analysis of Racial Differences in Police Use of Force” (Fryer), 98 environmental issues, 108–10 extreme weather, 109 food shortage, 108–9 polar bears, 110 Equality Act of 1974, 38 Evans, Chris, 127 Evergreen State College, 22, 23 extreme weather, 109 Facebook, speech guidelines of, 53 fact checking, 8, 87–113 Democrats = good, Republicans = bad myth, 111–13 Elder interview and, 87–95 environmental issues, 108–10 gun control, 105–6 hate crimes, 107–8 learning and growing when faced with new facts, 94–95 nuclear family, importance of, 91–93 political languages, recognizing, 95–97 slow thinking, practicing, 96–97 systemic racism, 89–92, 97–100 wage gap, 103–5 war on women, 100–103 fake news, 9–10, 148–65 algorithmic manipulation of news intake, 163 blatant falsehoods, 163 categories of, 162–63 college professors, left-wing political brainwashing by, 151 Covington story scandal, 152–55 curating list of trusted journalists who operate in good faith, 163–64 distrust of media, 162 gut instinct, following your, 164 historical background, 149–51 institutional, 163 Jussie Smollett news story, 155–57 narrative-driven, 162 political activism and propagandism by journalists, 151–52 proprietors of, examples of, 148–49 Roose’s hit piece blaming Rubin and others for radicalizing youth, 159–62 Russian Hoax and, 157–58 family, 91–93, 112–13 Family Guy (TV show), 189 fatherless children, 91–92 Feinstein, Dianne, 44 Ferguson, Niall, 134 Field of Dreams (film), 177 Fifteenth Amendment, 112 First Amendment free speech rights, 14, 50–54 Fonda, Jane, 103 food shortage, 108–9 foreign policy, 67–71 peace through strength strategy, 67–68 red line in Syria, failure to enforce, 68 troop withdrawals, 70 Ukraine, NATO’s failure to help, 69 Forrest, Nathan Bedford, 111–12 Fourteenth Amendment, 112 Fox News, 150 France, 69, 141 free speech, 50–54, 207 combating conspiracy theories and bad ideas with, 50–51 comedy and, 189 as essential to civilized society, 52 exceptions specified by Supreme Court, 50 hate speech laws and, 52 Kaepernick’s kneeling for national anthem and, 53–54 progressive policing of, 52–53 free thinking, 7–8, 28, 29–71.


pages: 317 words: 71,776

Inequality and the 1% by Danny Dorling

Affordable Care Act / Obamacare, banking crisis, battle of ideas, Bernie Madoff, Big bang: deregulation of the City of London, Boris Johnson, Branko Milanovic, buy and hold, call centre, Capital in the Twenty-First Century by Thomas Piketty, centre right, collective bargaining, conceptual framework, corporate governance, credit crunch, David Attenborough, David Graeber, delayed gratification, Dominic Cummings, double helix, Downton Abbey, en.wikipedia.org, Etonian, family office, financial deregulation, full employment, Gini coefficient, high net worth, housing crisis, income inequality, land value tax, longitudinal study, low skilled workers, lump of labour, mega-rich, Monkeys Reject Unequal Pay, Mont Pelerin Society, mortgage debt, negative equity, Neil Kinnock, Occupy movement, offshore financial centre, plutocrats, Plutocrats, precariat, quantitative easing, race to the bottom, Robert Shiller, Robert Shiller, TaskRabbit, The Spirit Level, The Wealth of Nations by Adam Smith, trickle-down economics, unpaid internship, very high income, We are the 99%, wealth creators, working poor

As inequality rises, growing numbers of people turn a blind eye to the suffering of others, while they become increasingly concerned about themselves and how they are seen. That is why charity fundraising events involving the superrich are public spectacles, with the press often invited along. In the same year that the Eton exam paper came to light, Westminster School was ridiculed for holding an auction for unpaid internships. These included a chance to work in the investment office of the private bank Coutts, or a week with the master jeweller Fabergé, or with retail communications agency Portas, or with a premier investment services advisory firm established by a man who has ‘more than 14 years experience in private banking and wealth management’.29 Parents bid huge sums of money so that their children could work unpaid; the connections they would gain were clearly seen as worthwhile.


pages: 222 words: 70,132

Move Fast and Break Things: How Facebook, Google, and Amazon Cornered Culture and Undermined Democracy by Jonathan Taplin

1960s counterculture, affirmative action, Affordable Care Act / Obamacare, Airbnb, Amazon Mechanical Turk, American Legislative Exchange Council, Apple's 1984 Super Bowl advert, back-to-the-land, barriers to entry, basic income, battle of ideas, big data - Walmart - Pop Tarts, bitcoin, Brewster Kahle, Buckminster Fuller, Burning Man, Clayton Christensen, commoditize, creative destruction, crony capitalism, crowdsourcing, data is the new oil, David Brooks, David Graeber, don't be evil, Donald Trump, Douglas Engelbart, Douglas Engelbart, Dynabook, Edward Snowden, Elon Musk, equal pay for equal work, Erik Brynjolfsson, future of journalism, future of work, George Akerlof, George Gilder, Google bus, Hacker Ethic, Howard Rheingold, income inequality, informal economy, information asymmetry, information retrieval, Internet Archive, Internet of things, invisible hand, Jaron Lanier, Jeff Bezos, job automation, John Markoff, John Maynard Keynes: technological unemployment, John von Neumann, Joseph Schumpeter, Kevin Kelly, Kickstarter, labor-force participation, life extension, Marc Andreessen, Mark Zuckerberg, Menlo Park, Metcalfe’s law, Mother of all demos, move fast and break things, move fast and break things, natural language processing, Network effects, new economy, Norbert Wiener, offshore financial centre, packet switching, Paul Graham, paypal mafia, Peter Thiel, plutocrats, Plutocrats, pre–internet, Ray Kurzweil, recommendation engine, rent-seeking, revision control, Robert Bork, Robert Gordon, Robert Metcalfe, Ronald Reagan, Ross Ulbricht, Sam Altman, Sand Hill Road, secular stagnation, self-driving car, sharing economy, Silicon Valley, Silicon Valley ideology, smart grid, Snapchat, software is eating the world, Steve Jobs, Stewart Brand, technoutopianism, The Chicago School, The Market for Lemons, The Rise and Fall of American Growth, Tim Cook: Apple, trade route, transfer pricing, Travis Kalanick, trickle-down economics, Tyler Cowen: Great Stagnation, universal basic income, unpaid internship, We wanted flying cars, instead we got 140 characters, web application, Whole Earth Catalog, winner-take-all economy, women in the workforce, Y Combinator

In 1970 the University of California raised the tuition for in-state students to $150 a year. Today the in-state tuition is $13,500. The effect of the average student debt of $30,000 upon graduation is to increase the pressure to get a good job. As economist Joseph Stiglitz has written, “On average, many college graduates will search for months before they find a job—often only after having taken one or two unpaid internships. And they count themselves lucky, because they know that their poorer counterparts, some of whom did better in school, cannot afford to spend a year or two without income, and do not have the connections to get an internship in the first place.” And at least from the vantage point of a California college, getting a job seems to mean work in the technology sector. Back East, that probably means a job on Wall Street.


pages: 192 words: 75,440

Getting a Job in Hedge Funds: An Inside Look at How Funds Hire by Adam Zoia, Aaron Finkel

backtesting, barriers to entry, collateralized debt obligation, commodity trading advisor, Credit Default Swap, credit default swaps / collateralized debt obligations, discounted cash flows, family office, fixed income, high net worth, interest rate derivative, interest rate swap, Long Term Capital Management, merger arbitrage, offshore financial centre, random walk, Renaissance Technologies, risk-adjusted returns, rolodex, short selling, side project, statistical arbitrage, stocks for the long run, systematic trading, unpaid internship, value at risk, yield curve, yield management

I graduated from an Ivy League college in 2003 with a degree in business administration and was thinking of a career in the hospitality industry, perhaps in a restaurant or hotel. After graduation I spent two and a half months traveling in Europe. My life-altering moment came when I was staying with a cousin who runs a hedge fund in Europe. I ended up not only staying with him, but shadowing him to work for a month. It became a type of unpaid internship during which time I watched how he traded. I also went on, and listened to, client and investment calls with him. By sitting at the trading desk and observing the fund’s senior currency trader, I learned the basic principles of momentum trading as well as the overall principles of foreign exchange and futures trading. The fund was small enough—five investment professionals and a small operations staff—that I basically learned how the entire operation functioned.


Animals by Emma Jane Unsworth

call centre, dark matter, fear of failure, Google Earth, rolodex, unpaid internship

How he could have over-estimated that situation quite so much is beyond me, Tyler had said. It’s enough to make you never get on a plane again. I looked to my side and saw a glass I’d somehow had the sense to fill and place there before I collapsed. I reached for it, gulped one twice three times. My gunky mouth made the liquid milky. Swallowing was an effort. I drank water like it was a job to do, an unpaid internship at my own inner (highly corrupt) Ministry of Health. Getting the whole pint down was hard work. As soon as the water was in me it wanted to come out. I ran along the thin hall to the bathroom, left tight-leg trailing. Slammed the door. The tiles were blissfully cool under my feet. Bathrooms were the best kind of room. You knew that whatever happened in there, you were going to be all right.


pages: 256 words: 75,139

Divided: Why We're Living in an Age of Walls by Tim Marshall

affirmative action, Ayatollah Khomeini, Berlin Wall, bitcoin, cryptocurrency, Deng Xiaoping, Donald Trump, end world poverty, facts on the ground, illegal immigration, immigration reform, income inequality, Mahatma Gandhi, Mark Zuckerberg, mass immigration, megacity, Mikhail Gorbachev, Nelson Mandela, New Urbanism, open borders, openstreetmap, profit motive, Ronald Reagan, Ronald Reagan: Tear down this wall, Scramble for Africa, Silicon Valley, South China Sea, the built environment, trade route, unpaid internship, urban planning

For example, 55 per cent of the civil service’s permanent secretaries are privately educated, as are 71 per cent of the top judges. About half of the UK’s newspaper columnists are privately educated. A 2014 Social Mobility and Child Poverty Commission report found that on the BBC’s influential Question Time programme, 43 per cent of guests had attended Oxford or Cambridge University. And there are other factors at play that help perpetuate the imbalance across society. Many major companies offer only unpaid internships, effectively barring a young person from applying unless their parents can subsidize their living costs. Consequently the better off, many of them privately educated, gain the experience and contacts that help them succeed in the world of work. With both politics and the media disproportionately packed with the privately educated, the latter tend to dominate public discourse, which can have a huge impact on influencing public opinion.


pages: 254 words: 76,064

Whiplash: How to Survive Our Faster Future by Joi Ito, Jeff Howe

3D printing, Albert Michelson, Amazon Web Services, artificial general intelligence, basic income, Bernie Sanders, bitcoin, Black Swan, blockchain, Burning Man, buy low sell high, Claude Shannon: information theory, cloud computing, Computer Numeric Control, conceptual framework, crowdsourcing, cryptocurrency, data acquisition, disruptive innovation, Donald Trump, double helix, Edward Snowden, Elon Musk, Ferguson, Missouri, fiat currency, financial innovation, Flash crash, frictionless, game design, Gerolamo Cardano, informal economy, interchangeable parts, Internet Archive, Internet of things, Isaac Newton, Jeff Bezos, John Harrison: Longitude, Joi Ito, Khan Academy, Kickstarter, Mark Zuckerberg, microbiome, Nate Silver, Network effects, neurotypical, Oculus Rift, pattern recognition, peer-to-peer, pirate software, pre–internet, prisoner's dilemma, Productivity paradox, race to the bottom, RAND corporation, random walk, Ray Kurzweil, Ronald Coase, Ross Ulbricht, Satoshi Nakamoto, self-driving car, SETI@home, side project, Silicon Valley, Silicon Valley startup, Simon Singh, Singularitarianism, Skype, slashdot, smart contracts, Steve Ballmer, Steve Jobs, Steven Levy, Stewart Brand, Stuxnet, supply-chain management, technological singularity, technoutopianism, The Nature of the Firm, the scientific method, The Signal and the Noise by Nate Silver, There's no reason for any individual to have a computer in his home - Ken Olsen, Thomas Kuhn: the structure of scientific revolutions, universal basic income, unpaid internship, uranium enrichment, urban planning, WikiLeaks

Two statistics suffice: Between 1934 and 1962, the federal government backed $120 billion in home mortgages. It was, as Melvin L. Oliver and Thomas M. Shapiro write in their 1995 book, Black Wealth/White Wealth, “the greatest mass-based opportunity for wealth accumulation in American history,” and it generated trillions of dollars in equity that would eventually be converted into choices: the choice to go to a better college, or to take an unpaid internship, or to hire a better lawyer to keep a promising-but-occasionally-foolish adolescent out of prison. Ninety-eight percent of those loans went to white families. By 1984 the median white family in the United States had a net worth of over ninety thousand dollars. The median black family had less than six thousand dollars. Real estate continued to appreciate in the subsequent decades, causing the wealth gap to increase.


pages: 237 words: 74,109

Uncanny Valley: A Memoir by Anna Wiener

autonomous vehicles, back-to-the-land, basic income, blockchain, Burning Man, call centre, charter city, cloud computing, cognitive bias, cognitive dissonance, commoditize, crowdsourcing, cryptocurrency, Extropian, future of work, Golden Gate Park, housing crisis, Jane Jacobs, job automation, knowledge worker, Lean Startup, means of production, medical residency, new economy, New Urbanism, passive income, pull request, rent control, ride hailing / ride sharing, Sand Hill Road, self-driving car, sharing economy, side project, Silicon Valley, Silicon Valley startup, social web, South of Market, San Francisco, special economic zone, technoutopianism, telepresence, telepresence robot, union organizing, universal basic income, unpaid internship, urban planning, urban renewal, women in the workforce, Y2K, young professional

“I maintain that San Francisco is the best place to be a young person,” he told me. “You should really try to get out there before too long.” I wanted to tell him that I thought I was still young: I was only twenty-five. Instead, I told him I would try. Everyone I knew in San Francisco had already left. Our college class had graduated straight into a recession, and while most of us trudged to New York or Boston to compete for unpaid internships and other scraps of a ravaged economy, those who moved west refused to bend to despair. They chose instead to hide out for a while, work on their art. They lived in sun-flooded apartments, took part-time service jobs, and had complicated, consuming social lives. They freely experimented with hallucinogens and polyamory; smoked weed and slept in and day-drank; went to BDSM parties and wolfed burritos afterward.


pages: 227 words: 76,850

Scarred: The True Story of How I Escaped NXIVM, the Cult That Bound My Life by Sarah Edmondson

Albert Einstein, dark matter, financial independence, Mason jar, Skype, Steve Jobs, unpaid internship, upwardly mobile, young professional

At that stage, my mother’s fear was that I was being sucked into a black hole of coercion and lies. “Just be careful,” she said. “I don’t think any one person can be credited with having all the answers.” But she was forgetting: Keith Raniere was known to be one of the smartest men in the world. “Who says that about themselves? Only a megalomaniac,” she said under her breath. I ignored her. I was on my way in NXIVM. Now that they’d made me a yellow sash, this would be like an unpaid internship, but now I could attend intensives for free. I’d also be shadowing the highly skilled trainers, which, I was told, would help me move up the Stripe Path quickly to reach proctor status as a full, legitimate coach. When the upper levels determined you were ready to become a proctor, then you could officially start on one of the career paths within the company and finally get paid for all the time you put in.


pages: 254 words: 14,795

Poorly Made in China: An Insider's Account of the Tactics Behind China's Production Game by Paul Midler

barriers to entry, corporate social responsibility, currency peg, Deng Xiaoping, disintermediation, full employment, illegal immigration, Kickstarter, new economy, out of africa, price discrimination, unpaid internship, urban planning

One of the key challenges that new manufacturers faced was that importers preferred to work with suppliers that had experience. In this regard, Chinese manufacturers faced the same paradox as college graduates. Experience was needed to land a good job, but without a prior job there was no experience to be had. The factory agreed to produce merchandise at close to cost in order to prove its expertise. For the manufacturer, Johnson Carter’s account was the equivalent of an unpaid internship. Once the factory learned how to make a product line that was up to export standards, the factory owners could convince other importers to take a chance with them. King Chemical’s showroom was filled with examples of products that the factory had made for Johnson Carter. Along a single wall in the showroom, Johnson Carter’s modest product line appeared rather impressive, especially to those importers who came from the second market.


pages: 212 words: 80,393

Getting By: Estates, Class and Culture in Austerity Britain by Lisa McKenzie

British Empire, call centre, credit crunch, delayed gratification, falling living standards, financial exclusion, full employment, income inequality, low skilled workers, moral panic, Nelson Mandela, New Urbanism, The Bell Curve by Richard Herrnstein and Charles Murray, unpaid internship, urban renewal, working poor

And yet, as working-class Britain was expected to pay for a crisis caused by powerful elites, the voices of those punished by austerity were all but airbrushed from existence. No wonder: according to a government report published in August 2014, over half of the top 100 media professionals are privately educated, while the number of working-class MPs shrinks with every general election. The rise of unpaid internships and the weakening of trade unions and local government have helped turn the media and political worlds into closed shops for the privileged, ensuring that working-class voices are ever harder to come by. That’s why a book like this is so important: because it allows intentionally ignored people to speak on their own terms about their experiences and their lives. It is not simply that large swathes of Britain have been airbrushed out of existence, of course.


pages: 292 words: 81,699

More Joel on Software by Joel Spolsky

a long time ago in a galaxy far, far away, barriers to entry, Black Swan, Build a better mousetrap, business process, call centre, Danny Hillis, David Heinemeier Hansson, failed state, Firefox, fixed income, George Gilder, Larry Wall, low cost airline, low cost carrier, Mars Rover, Network effects, Paul Graham, performance metric, place-making, price discrimination, prisoner's dilemma, Ray Oldenburg, Ruby on Rails, Sand Hill Road, Silicon Valley, slashdot, social software, Steve Ballmer, Steve Jobs, Superbowl ad, The Great Good Place, type inference, unpaid internship, wage slave, web application, Y Combinator

Sometimes they want to leave their options open, but the outstanding offer from Fog Creek ensures that the first time they have to wake up at 8:00 a.m. and put on a suit for an interview with Oracle, when the alarm goes off, there’s a good chance that they’ll say “Why the heck am I getting up at 8:00 a.m. and putting on a suit for an interview with Oracle when I already have an excellent job waiting for me at Fog Creek?” And, my hope is, they won’t even bother going to that interview. By the way, before I move on, I need to clarify something about internships in computer science and software development. In this day and age, in this country, it is totally expected that these are paid internships, and the salaries are usually pretty competitive. Although unpaid internships are common in other fields from publishing to music, we pay $750 a week, plus free housing, plus free lunch, plus free subway passes, not to mention relocation expenses and all the benefits. The dollar amount is a little bit lower than average, but it includes the free housing, so it works out being a little bit better than average. I thought I’d mention that because every time I’ve talked about internships on my website somebody inevitably gets confused and thinks I’m taking advantage of slave labor or something.


pages: 284 words: 92,387

The Democracy Project: A History, a Crisis, a Movement by David Graeber

Bretton Woods, British Empire, corporate personhood, David Graeber, deindustrialization, dumpster diving, East Village, feminist movement, financial innovation, George Gilder, John Markoff, Lao Tzu, late fees, Occupy movement, payday loans, planetary scale, plutocrats, Plutocrats, Ralph Nader, reserve currency, Ronald Reagan, seigniorage, too big to fail, trickle-down economics, unpaid internship, We are the 99%, working poor

Most obviously, if you wish to pursue a career that isn’t simply for the money—a career in the arts, in politics, social welfare, journalism, that is, a life dedicated to pursuing some value other than money, whether that be the pursuit of truth, beauty, charity—for the first year or two, your employers will simply refuse to pay you. As I myself discovered on graduating college, an impenetrable bastion of unpaid internships places any such careers permanently outside the reach of anyone who can’t fund several years’ free residence in a city like New York or San Francisco—which, most obviously, immediately eliminates any child of the working class. What this means in practice is that not only do the children of this (increasingly in-marrying, exclusive) class of sophisticates see most working-class Americans as so many knuckle-dragging cavemen, which is infuriating enough, but that they have developed a clever system to monopolize, for their own children, all lines of work where one can both earn a decent living and also pursue something selfless or noble.


pages: 209 words: 89,619

The Precariat: The New Dangerous Class by Guy Standing

8-hour work day, banking crisis, barriers to entry, basic income, Bertrand Russell: In Praise of Idleness, call centre, Cass Sunstein, centre right, collective bargaining, corporate governance, crony capitalism, deindustrialization, deskilling, fear of failure, full employment, hiring and firing, Honoré de Balzac, housing crisis, illegal immigration, immigration reform, income inequality, labour market flexibility, labour mobility, land reform, libertarian paternalism, low skilled workers, lump of labour, marginal employment, Mark Zuckerberg, mass immigration, means of production, mini-job, moral hazard, Naomi Klein, nudge unit, old age dependency ratio, Panopticon Jeremy Bentham, pensions crisis, placebo effect, post-industrial society, precariat, presumed consent, quantitative easing, remote working, rent-seeking, Richard Thaler, rising living standards, Ronald Coase, Ronald Reagan, science of happiness, shareholder value, Silicon Valley, The Market for Lemons, The Nature of the Firm, The Spirit Level, Tobin tax, transaction costs, universal basic income, unpaid internship, winner-take-all economy, working poor, working-age population, young professional

Mouer, R. and Kawanishi, H. (2005), A Sociology of Work in Japan, Cambridge, UK: Cambridge University Press. Nairn, G. (2009), ‘Telework Cuts Office Costs’, FT Report - Digital Business, 12 March, p. 4. National Equality Panel (2010), An Anatomy of Economic Inequality in the UK: Report of the National Equality Panel, London: Centre for Analysis of Social Exclusion and the Government Equalities Office. Needleman, S. (2009), ‘Starting Fresh with an Unpaid Internship’, Wall Street Journal, 16 July, p. D1. Nink, M. (2009), ‘It’s Always about the Boss’, Gallup Management Journal, 25 November. Obinger, J. (2009), ‘Working on the Margins: Japan’s Precariat and Working Poor’, Electronic Journal of Contemporary Japanese Studies, 25 February. OECD (2010a), International Migration Outlook 2010, Paris: OECD. OECD (2010b), A Profile of Immigrant Populations in the 21st Century: Data from OECD Countries, Paris: OECD.


pages: 353 words: 91,520

Most Likely to Succeed: Preparing Our Kids for the Innovation Era by Tony Wagner, Ted Dintersmith

affirmative action, Airbnb, Albert Einstein, Bernie Sanders, Clayton Christensen, creative destruction, David Brooks, en.wikipedia.org, Frederick Winslow Taylor, future of work, immigration reform, income inequality, index card, Jeff Bezos, jimmy wales, Joi Ito, Khan Academy, Kickstarter, knowledge economy, knowledge worker, low skilled workers, Lyft, Mark Zuckerberg, means of production, new economy, pattern recognition, Paul Graham, Peter Thiel, Ponzi scheme, pre–internet, school choice, Silicon Valley, Skype, Steven Pinker, TaskRabbit, the scientific method, uber lyft, unpaid internship, Y Combinator

Despite his efforts, though, finding even an entry-level position proved to be incredibly difficult. Two of the top talent agencies had just merged and there was an abundance of talented people with years of experience looking for work. He considered going back to school in order to postpone the job hunt for a few more years, but his parents wouldn’t pay for it. Not wanting to take out loans, Jacob accepted an unpaid internship and moved back home. After nine months of internships, during which time his parents generously supported him, Jacob finally got a break, even if it was not the one he had been waiting for: He took a job delivering mail at a talent agency for $7 an hour. The college degree, which had once seemed like the key to his success, was beginning to seem more like a joke. Five years out of college, Jacob has worked his way up from the mailroom and is now a successful talent manager in Los Angeles.


pages: 327 words: 90,542

The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril by Satyajit Das

"Robert Solow", 9 dash line, accounting loophole / creative accounting, additive manufacturing, Airbnb, Albert Einstein, Alfred Russel Wallace, Anton Chekhov, Asian financial crisis, banking crisis, Berlin Wall, bitcoin, Bretton Woods, BRICs, British Empire, business cycle, business process, business process outsourcing, call centre, capital controls, Capital in the Twenty-First Century by Thomas Piketty, Carmen Reinhart, Clayton Christensen, cloud computing, collaborative economy, colonial exploitation, computer age, creative destruction, cryptocurrency, currency manipulation / currency intervention, David Ricardo: comparative advantage, declining real wages, Deng Xiaoping, deskilling, disintermediation, disruptive innovation, Downton Abbey, Emanuel Derman, energy security, energy transition, eurozone crisis, financial innovation, financial repression, forward guidance, Francis Fukuyama: the end of history, full employment, gig economy, Gini coefficient, global reserve currency, global supply chain, Goldman Sachs: Vampire Squid, happiness index / gross national happiness, Honoré de Balzac, hydraulic fracturing, Hyman Minsky, illegal immigration, income inequality, income per capita, indoor plumbing, informal economy, Innovator's Dilemma, intangible asset, Intergovernmental Panel on Climate Change (IPCC), Jane Jacobs, John Maynard Keynes: technological unemployment, Kenneth Rogoff, knowledge economy, knowledge worker, light touch regulation, liquidity trap, Long Term Capital Management, low skilled workers, Lyft, Mahatma Gandhi, margin call, market design, Marshall McLuhan, Martin Wolf, Mikhail Gorbachev, mortgage debt, mortgage tax deduction, new economy, New Urbanism, offshore financial centre, oil shale / tar sands, oil shock, old age dependency ratio, open economy, passive income, peak oil, peer-to-peer lending, pension reform, plutocrats, Plutocrats, Ponzi scheme, Potemkin village, precariat, price stability, profit maximization, pushing on a string, quantitative easing, race to the bottom, Ralph Nader, Rana Plaza, rent control, rent-seeking, reserve currency, ride hailing / ride sharing, rising living standards, risk/return, Robert Gordon, Ronald Reagan, Satyajit Das, savings glut, secular stagnation, seigniorage, sharing economy, Silicon Valley, Simon Kuznets, Slavoj Žižek, South China Sea, sovereign wealth fund, TaskRabbit, The Chicago School, The Great Moderation, The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, the market place, the payments system, The Spirit Level, Thorstein Veblen, Tim Cook: Apple, too big to fail, total factor productivity, trade route, transaction costs, uber lyft, unpaid internship, Unsafe at Any Speed, Upton Sinclair, Washington Consensus, We are the 99%, WikiLeaks, Y2K, Yom Kippur War, zero-coupon bond, zero-sum game

The balance for doctors, engineers, lawyers, and business graduates is much higher. Overall, US student loan balances are more than US$1.1 trillion, having almost quadrupled since 2003. This compares to increases of 65 percent in mortgage debt (to over US$8 trillion) and a decline in credit card debt of around 4 percent (to US$660 billion) over the same period. Even with qualifications, there may be no jobs. Paid apprenticeships and training have been replaced by unpaid internships to gain work experience. The employment-to-population ratios for 25–34-year-olds globally has declined more than for older workers. Youth unemployment is high throughout the world, with levels of up to 60 percent in some developed countries. Young workers face increased competition from older workers, who are deferring retirement or reentering the workforce because of inadequate retirement savings and low returns on investments.


pages: 284 words: 95,029

How to Fail: Everything I’ve Ever Learned From Things Going Wrong by Elizabeth Day

Airbnb, Desert Island Discs, disintermediation, fear of failure, financial independence, gender pay gap, Mikhail Gorbachev, pre–internet, Rosa Parks, stem cell, unpaid internship

He was taken aback, but also very kind to me and understood my reasons. I could have stayed and waited for the next round of voluntary redundancies but I didn’t want to hang around and it seemed slightly dishonest. I’d rather they saved the money and spent it on hiring a junior feature writer who could bring enthusiasm and fresh ideas to the newspaper and who might not otherwise be able to afford the endless string of unpaid internships now required to bag a job in media. I had no plan in place. I simply knew I had to leave. Something would work out, I told myself. I’d built up enough of a reputation to get some freelance commissions and I was nearing completion of my fourth novel. But it was still a terrifying risk to take. And yet, it felt so good to take it. Over the following year, I accepted almost every commission that came my way.


pages: 366 words: 94,209

Throwing Rocks at the Google Bus: How Growth Became the Enemy of Prosperity by Douglas Rushkoff

activist fund / activist shareholder / activist investor, Airbnb, algorithmic trading, Amazon Mechanical Turk, Andrew Keen, bank run, banking crisis, barriers to entry, bitcoin, blockchain, Burning Man, business process, buy and hold, buy low sell high, California gold rush, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, centralized clearinghouse, citizen journalism, clean water, cloud computing, collaborative economy, collective bargaining, colonial exploitation, Community Supported Agriculture, corporate personhood, corporate raider, creative destruction, crowdsourcing, cryptocurrency, disintermediation, diversified portfolio, Elon Musk, Erik Brynjolfsson, Ethereum, ethereum blockchain, fiat currency, Firefox, Flash crash, full employment, future of work, gig economy, Gini coefficient, global supply chain, global village, Google bus, Howard Rheingold, IBM and the Holocaust, impulse control, income inequality, index fund, iterative process, Jaron Lanier, Jeff Bezos, jimmy wales, job automation, Joseph Schumpeter, Kickstarter, loss aversion, Lyft, Marc Andreessen, Mark Zuckerberg, market bubble, market fundamentalism, Marshall McLuhan, means of production, medical bankruptcy, minimum viable product, Mitch Kapor, Naomi Klein, Network effects, new economy, Norbert Wiener, Oculus Rift, passive investing, payday loans, peer-to-peer lending, Peter Thiel, post-industrial society, profit motive, quantitative easing, race to the bottom, recommendation engine, reserve currency, RFID, Richard Stallman, ride hailing / ride sharing, Ronald Reagan, Satoshi Nakamoto, Second Machine Age, shareholder value, sharing economy, Silicon Valley, Snapchat, social graph, software patent, Steve Jobs, TaskRabbit, The Future of Employment, trade route, transportation-network company, Turing test, Uber and Lyft, Uber for X, uber lyft, unpaid internship, Y Combinator, young professional, zero-sum game, Zipcar

Leftists use the same figures to show that corporate capitalism has reached its endpoint: investors make money in the stock market while real people earn less income, if they can find jobs at all. The seemingly endless “jobless recovery” makes no sense at all, particularly at a time when many of us are working longer hours as overextended freelancers or the nominally unemployed than we did when we had real jobs. It’s hard to imagine how this all looks to young people just graduating college, who now chase unpaid internships with more energy than those in previous generations sought paying work. But what if joblessness were less of a bug than a feature of the new digital economy? We may, in fact, be reaching a stage of technological efficiency once imagined only by science-fiction writers and early cyberneticists: an era when robots really can till the fields, build our houses, pave our roads, and drive our cars.


Alpha Girls: The Women Upstarts Who Took on Silicon Valley's Male Culture and Made the Deals of a Lifetime by Julian Guthrie

Airbnb, Apple II, barriers to entry, blockchain, Bob Noyce, call centre, cloud computing, credit crunch, disruptive innovation, Elon Musk, equal pay for equal work, fear of failure, game design, glass ceiling, hiring and firing, Jeff Bezos, Louis Pasteur, Lyft, Mark Zuckerberg, Menlo Park, Mitch Kapor, new economy, PageRank, peer-to-peer, pets.com, phenotype, place-making, Ronald Reagan, Rosa Parks, Sand Hill Road, Silicon Valley, Silicon Valley startup, Skype, Snapchat, software as a service, South of Market, San Francisco, stealth mode startup, Steve Jobs, Steve Wozniak, TaskRabbit, Tim Cook: Apple, Travis Kalanick, uber lyft, unpaid internship, upwardly mobile, urban decay, web application, William Shockley: the traitorous eight, women in the workforce

Sonja told Kim the bits and pieces she’d learned about Morby during their business trips together. Morby had been married to a successful banker and had two children when she decided she wanted more out of life. At forty, Morby enrolled in the all-women’s Simmons College Management School, taking classes at night. A few months shy of graduation, she interviewed with an investment banker from Paine Webber in Boston for an unpaid internship. After a lengthy talk that seemed to be going well, the banker leaned in and told Morby, “We think you’d be great, but you have two small children.” Before Morby could reply, he went on, “Your husband works at the Bank of Boston. He needs you at home.” The banker added, “My wife couldn’t do this.” Kim rolled her eyes at the story. * * * Morby had started at TA Associates as an unpaid intern in the late 1970s, when The Mary Tyler Moore Show had caused a stir with its touching depiction of a single, independent, and empowered working woman.


pages: 321 words: 92,828

Late Bloomers: The Power of Patience in a World Obsessed With Early Achievement by Rich Karlgaard

Airbnb, Albert Einstein, Amazon Web Services, Apple's 1984 Super Bowl advert, Bernie Madoff, Bob Noyce, Brownian motion, Captain Sullenberger Hudson, cloud computing, cognitive dissonance, Daniel Kahneman / Amos Tversky, deliberate practice, Electric Kool-Aid Acid Test, Elon Musk, en.wikipedia.org, experimental economics, fear of failure, financial independence, follow your passion, Frederick Winslow Taylor, hiring and firing, Internet of things, Isaac Newton, Jeff Bezos, job satisfaction, knowledge economy, labor-force participation, longitudinal study, low skilled workers, Mark Zuckerberg, meta analysis, meta-analysis, Moneyball by Michael Lewis explains big data, move fast and break things, move fast and break things, pattern recognition, Peter Thiel, Sand Hill Road, science of happiness, shareholder value, Silicon Valley, Silicon Valley startup, Snapchat, Steve Jobs, Steve Wozniak, theory of mind, Tim Cook: Apple, Toyota Production System, unpaid internship, upwardly mobile, women in the workforce, working poor

This question pops up everywhere, underlying familiar parental concerns about their children’s “failure to launch” and the increase in “boomerang kids”—kids who return home. The traditional cycle seems to have gone off course. As more young people remain untethered to romantic partners or to permanent homes, they go back to school for lack of better options. Others travel, avoid commitments, compete ferociously for unpaid internships or temporary (and often grueling) gigs, and otherwise forestall the beginning of adult life. The median age for a first marriage in the early 1970s, when the baby boomers were coming of age, was twenty-one for women and twenty-three for men. By 2009, it had risen to twenty-six for women and twenty-eight for men. Because the brain continues developing well into our twenties—or even early thirties—it appears that what we would generally call adulthood is happening later than ever.


pages: 241 words: 90,538

Unequal Britain: Equalities in Britain Since 1945 by Pat Thane

Ayatollah Khomeini, British Empire, call centre, collective bargaining, equal pay for equal work, full employment, gender pay gap, longitudinal study, mass immigration, moral panic, Neil Kinnock, old-boy network, pensions crisis, sexual politics, Stephen Hawking, unpaid internship, women in the workforce

The growth of commercially successful ethnic minority media in the 1980s and 1990s may have been a factor in the increasing ability of minority communities to influence the language used to describe them. Publications like The Voice and Asian Age have also provided ethnic minority journalists with a route into the mainstream media, although research suggests that ‘low-level racism’ still pervades the culture of the newsroom.33 A heavy reliance on unpaid internships and personal contacts as ways into the media tends to exclude those who are outside the ‘old boys’ network’ and those with fewer financial resources. Television has a better record than newspapers, with the success of pioneers such as Trevor MacDonald and Moira Stewart in the 1970s, replicated by Krishnan Guru-Murthy and Zeinab Badawi since the 1990s, although minority ethnic groups remain under-represented in the mainstream media.


Work Less, Live More: The Way to Semi-Retirement by Robert Clyatt

asset allocation, backtesting, buy and hold, delayed gratification, diversification, diversified portfolio, employer provided health coverage, estate planning, Eugene Fama: efficient market hypothesis, financial independence, fixed income, future of work, index arbitrage, index fund, lateral thinking, Mahatma Gandhi, McMansion, merger arbitrage, money market fund, mortgage tax deduction, passive income, rising living standards, risk/return, Silicon Valley, Thorstein Veblen, transaction costs, unpaid internship, upwardly mobile, Vanguard fund, working poor, zero-sum game

See if you can negotiate or obtain the right to send a single email message to the relevant database of your employer’s clients telling them how to contact you. With this preparation, it is quite possible that your own employer or another industry player will agree to hire you on a part-time basis. If you know you are going to switch gears to a new profession or avocation, you can lay groundwork for that, too. Whether through networking and attending conferences or taking on unpaid internships or projects, you’ll begin building momentum and confidence about your decision to change work domains. Kicking around in a new area for a few years allows you to build contacts, understand your personal fit and aptitude, and think through where and how to make some income in this area. Once you stop working full time in your old career, you’ll have the time to progress in the new one. But the more time you have to make the transition, discovering if your heart is really in it and confirming the fit, the better.


Mindf*ck: Cambridge Analytica and the Plot to Break America by Christopher Wylie

4chan, affirmative action, Affordable Care Act / Obamacare, availability heuristic, Berlin Wall, Bernie Sanders, big-box store, Boris Johnson, British Empire, call centre, Chelsea Manning, chief data officer, cognitive bias, cognitive dissonance, colonial rule, computer vision, conceptual framework, cryptocurrency, Daniel Kahneman / Amos Tversky, desegregation, Dominic Cummings, Donald Trump, Downton Abbey, Edward Snowden, Elon Musk, Etonian, first-past-the-post, Google Earth, housing crisis, income inequality, indoor plumbing, information asymmetry, Internet of things, Julian Assange, Lyft, Marc Andreessen, Mark Zuckerberg, Menlo Park, move fast and break things, move fast and break things, Network effects, new economy, obamacare, Peter Thiel, Potemkin village, recommendation engine, Renaissance Technologies, Robert Mercer, Ronald Reagan, Rosa Parks, Sand Hill Road, Scientific racism, Shoshana Zuboff, side project, Silicon Valley, Skype, uber lyft, unpaid internship, Valery Gerasimov, web application, WikiLeaks, zero-sum game

For people like Sanni, Brexit was a story of marginalization and of Britain’s unaddressed legacy of colonialism—an attempt to right the wrong of denying immigrants and people of color access to the very country that had plundered them for centuries. And it was by identifying this bubbling resentment that the pro-Brexit movement managed to create a counterintuitive alliance between some sections of immigrant communities and cohorts of jingoist Brexiteers who wanted them all to “go home.” * * * — PARKINSON GAVE SANNI AN unpaid internship. He started in the spring of 2016 as a volunteer. Because the outreach team was so small, his duties quickly multiplied. Much of his work was focused on minority and queer communities. He would visit impoverished neighborhoods to ask residents how they were planning to vote and why. On Sanni’s first day at the office, he noticed a dandy in a green blazer and pink pants: Mark Gettleson, in his full homosexual plumage.


pages: 393 words: 91,257

The Coming of Neo-Feudalism: A Warning to the Global Middle Class by Joel Kotkin

Admiral Zheng, Andy Kessler, autonomous vehicles, basic income, Bernie Sanders, call centre, Capital in the Twenty-First Century by Thomas Piketty, carbon footprint, Cass Sunstein, clean water, creative destruction, deindustrialization, demographic transition, don't be evil, Donald Trump, edge city, Elon Musk, European colonialism, financial independence, Francis Fukuyama: the end of history, gig economy, Gini coefficient, Google bus, guest worker program, Hans Rosling, housing crisis, income inequality, informal economy, Jane Jacobs, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, Joseph Schumpeter, land reform, liberal capitalism, life extension, low skilled workers, Lyft, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, megacity, Nate Silver, new economy, New Urbanism, Occupy movement, Parag Khanna, Peter Thiel, plutocrats, Plutocrats, post-industrial society, post-work, postindustrial economy, postnationalism / post nation state, precariat, profit motive, RAND corporation, Ray Kurzweil, rent control, Richard Florida, road to serfdom, Robert Gordon, Sam Altman, Satyajit Das, sharing economy, Silicon Valley, smart cities, Steve Jobs, Stewart Brand, superstar cities, The Death and Life of Great American Cities, The Future of Employment, The Rise and Fall of American Growth, Thomas L Friedman, too big to fail, trade route, Travis Kalanick, Uber and Lyft, uber lyft, universal basic income, unpaid internship, upwardly mobile, We are the 99%, Wolfgang Streeck, women in the workforce, working-age population, Y Combinator

The elite universities have grown richer both in their endowments and in the academic qualifications of the students they admit, relative to less well-positioned institutions.11 Harvard, Princeton, Stanford, and Yale collectively enroll more students from households in the top 1 percent of the income distribution than from households in the bottom 60 percent.12 Well-to-do families can better afford not only the high tuition costs of elite universities but also the expense of excellent primary and secondary schools. Only 2.2 percent of the nation’s students graduate from nonsectarian private high schools, yet these graduates account for 26 percent of students at Harvard and 28 percent at Princeton.13 High-income parents can also give their children such advantages as museum trips, SAT coaching classes, and unpaid internships. Robert Reich, a lion of the left and a former Harvard professor, characterizes the modern elite universities as being designed mainly “to educate children of the wealthy and upper-middle class.”14 Today’s leading universities are filling the role envisioned by Charles Eliot, who became Harvard’s president in 1869: taking the lead in creating an enlightened national ruling class—the Alphas, if you will.15 A National Journal survey of 250 top American public sector decision makers found that 40 percent of them were Ivy League graduates.


pages: 352 words: 107,280

Good Times, Bad Times: The Welfare Myth of Them and Us by John Hills

Capital in the Twenty-First Century by Thomas Piketty, credit crunch, Donald Trump, falling living standards, full employment, Gini coefficient, income inequality, income per capita, longitudinal study, mortgage debt, pension reform, plutocrats, Plutocrats, precariat, quantitative easing, Right to Buy, unpaid internship, very high income, We are the 99%, working-age population, World Values Survey

It is easy to see how that might make a difference, and why the research evidence suggests that ‘money matters’ on top of all the other factors that later outcomes might be associated with.42 While there are, of course, many things that ‘money can’t buy’ (in the words of the title of Susan Mayer’s book43), there are lots of things that money can buy, such as: • high-quality pre-school care • houses in the catchment areas of the best-regarded state schools (which then command a significant premium) • after-school activities, private tutors, etc • private schooling • parental support in going on to tertiary education (and reduction in the worries associated with student loans) • support in taking a Master’s degree (for many better-paid careers this now represents the same basic required qualification that a first degree did a generation ago).44 Parents, if they can afford it and choose to do so, can also provide support with living costs at the start of careers, including during the unpaid internships that often act as an entry barrier into particular professions. The Social Mobility and Child Poverty Commission reports that, ‘Graduates who have completed internships are three times more likely to get a job than those with no work experience, but 90 per cent of placements are unpaid in professions such as journalism.’45 Beyond that, parents (and grandparents) may provide substantial help with housing costs – allowing their children to afford to live in the areas where there are jobs, including help with deposits for house purchase, without which few young adults now become owner-occupiers.


Sam Friedman and Daniel Laurison by The Class Ceiling Why it Pays to be Privileged (2019, Policy Press)

affirmative action, Boris Johnson, discrete time, Donald Trump, Downton Abbey, equal pay for equal work, gender pay gap, gig economy, Gini coefficient, glass ceiling, Hyperloop, if you build it, they will come, income inequality, invisible hand, job satisfaction, knowledge economy, longitudinal study, meta analysis, meta-analysis, nudge unit, old-boy network, performance metric, psychological pricing, school choice, Skype, starchitect, The Spirit Level, unpaid internship, upwardly mobile

-C. 306n23, 308n14 Bourdieusian approach 186–8, 195 Breen, R. and Goldthorpe, J.H. 294n2 Bridge Group 229, 231, 235, 236 Socio-economic diversity in the Civil Service Fast Stream 230 British Broadcasting Corporation see BBC British Social Attitudes survey 2016 286n31 Britton, J. et al 295n18 C capital (Bourdieu) Bourdieu on 186–7 class as total 196–7 cultural 14–17, 162, 164, 197, 199–203 dimensions of 194 economic 14, 24, 90, 93, 105–6, 197 embodied cultural 154, 187, 197, 199–208 ‘field-specific’ 199, 201–3 social 14, 110, 149, 162, 164 technical 141, 187, 203–8 Carter, C. and Spence, C. 159 Casciaro, T. and Lobo, M.S. 301n18 CCIs see cultural and creative industries CEOs (Chief Executive Officers) 33fig, 35fig, 40, 41fig, 42fig, 53fig Charlesworth, S.J. 314n71 Chetty, R. 192 Chinese ethnic group 42–3, 49fig, 51, 52fig Civil Service, Opportunity Network 237 ‘Clarendon Schools’ 148 class ‘death of ’ 5–6 origins and destinations 10–17 as multidimensional 196 class pay gap 7–9, 47–55, 57–70 within companies 85 company size and 67–9 demographic differences 59–60 drivers of 70fig, 86fig, 217fig education and 61–5 and elite occupations 52–5 and gender pay gap 50–1 and racial-ethnic pay gap 51–2 class-structural approach 189 client matching 147, 158–64 comportment 14, 132, 200 confidence cultural 154 fallacy of 23–7 and fitting in 124, 130, 151 misinterpretation of 102 and progression 19 and sponsorship 114 and typecasting 99 confidentiality 274 contest mobility 109 Coopers (architects) 81–3, 105–7 belonging 174–5 culture of 164–8 and embodied cultural capital 206 female representation 82, 120–1 fitting in 140–3 glass ceiling 143, 207 hierarchy 83 internal and external culture 164–8 merit 225–6 opting out 175 parental financial support 105–7 privilege 82, 83fig 361 The Class Ceiling racial-ethnic representation 82 researching 246–7 and sponsored mobility 118–21 working-class 82, 83fig Corbyn, J. 287n39 corporate senior management 33fig, 35fig, 41fig, 42fig, 53fig Crawford, C. et al 295n21 Crenshaw, K. 289n75 cultural affinity 111, 116, 122, 214 cultural and creative industries (CCIs), precarity of 91 ‘EGP’ (Erikson, Goldthorpe and Portocarero) approach 288n53 Elias, N. 302n3 elite signals 148, 156 Ellis, A.J. 306n20 embodied cultural capital 154, 187, 197, 199–208 emotional cost 173–4, 175, 178–83 engineering 33fig, 35fig, 40, 41fig, 42fig, 53fig, 54 Equality Act 2010 237, 296n1 The Equality Trust 238 Erickson, B.H. 307n38 ‘cultural competency’ 126 ‘cultural guides’ 120 F failure, anticipation of 173 ‘Fairer Scotland Duty’ 237 fairness 8, 9–10 feeding back 219–20, 273 Feinstein, L. 294n5 field (Bourdieu) 186–7, 198–9 ‘field-specific capital’ 199, 201–3 film and television industry access to 33fig class pay gap 53fig, 54–5 education 136 female representation 40, 42fig, 73 micro-class reproduction 34, 35fig racial-ethnic representation 40, 41fig, 73 social exclusivity 40, 74fig finance 33fig, 35fig, 41fig, 42fig, 53fig, 54 fire service chiefs 33fig, 35fig, 40, 41fig, 42fig, 53fig first class degree, earnings premium 38, 39fig, 64 fitting in 123–44 behavioural codes 134–40 ‘glass slipper’ 125–7 merit 144 polish 127–34 technical skill 140–3 cultural capital 14–17, 162, 164, 197, 199–203 D decomposition 58, 269 degree classification 63–4 deregulation 7, 246 disability 39–40, 41–2, 49, 51 discrimination 17, 40, 45, 57, 144, 224–5, 276 domestic migration 66–7 Dorling, D. 299n22 double disadvantage 50–2, 191, 218, 302n30 dress codes 126, 128–9, 134–5 Durkheimian approach 311n34 E Eagly, A.H. and Carli, L.L. 289n71 education and access to elite occupations 35–9 Bourdieu on 172–3 and embodied cultural capital 199–200 as ‘equaliser’ 61–5 grammar schools 6, 166 private 46, 78–81, 94, 104, 121, 123, 157, 159, 162, 172 public (elite private) 148–9 362 Index Fleming, P. 125–6 France, class pay gap 47 Friedman, S. 308n14 Future Leaders scheme 123–4, 244 G gatekeepers 114, 132, 144, 147–8, 166, 187 gender anxiety and 180–2 and dress 129 and merit 226 and technical capital 207 and tradition 39–40 under-representation of females 42fig see also double disadvantage; glass ceiling; intersectionality gender pay gap 45–6, 49, 61, 143, 221 ‘gig economy’ 91, 241, 270 glass ceiling 17–19, 45, 120, 143, 186, 190–1, 218 glass escalator 310n24 glass slipper 124–7, 128, 132, 133, 136, 142–3 globalisation 7, 286n17 Goldthorpe, J. 6, 8, 10, 189, 311n31 Goldthorpe, J. et al 309n7, 311n30 Goodall, L. 46 grammar schools 6, 166 Granovetter, M. 110 gravitas 159–60 H habitus (Bourdieu) 14–15, 186, 194, 198 Bourdieu on 288n69, 307n9, 308n1, 308n18, 314n80, 314n81 Hall, T. 45–6 Harman, H. 237 Heath, A.F. 310n20 hexis 200, 202 highbrow culture at 6TV 145–7, 150–6, 206, 219 as barrier 149–50, 164, 167 Bourdieu on 200 and privileged networks 168 Ho, K. 306n28 Hoggart, R. 307n35 homophily 214–15 and glass ceiling 17, 190 sponsorships and 113–14, 119, 120, 121 horizontal segregation 69, 272 Hout, M. 61 human capital 88, 90 I imposter syndrome 179 Indian ethnic group 42, 43, 49fig, 52fig individualisation 6, 26, 114, 144, 162 industry, decline in 6 Ingram, N. and Allen, K. 126 insecurity economic 91, 93 emotional 120, 139, 173, 179–83 institutionalised cultural capital 199, 315n92 intergenerational transfer 9, 15, 192, 193, 222 internships 149, 234 intersectionality 18–19, 40–4, 139, 190–1, 223, 233, 293n17 see also double disadvantage intra-generational mobility 193 IQ (intelligence quotient) 57, 61 isolation 181–2 IT 33fig, 35fig, 41fig, 42fig, 53fig J Jencks, C. et al 290n83, 311n29 Johnson, B. 57 Jones, D. 306n20 journalism class pay gap 53fig, 294n19 363 The Class Ceiling female representation 42fig Labour Force Survey (LFS) 264t micro-class reproduction 35fig privilege and 32, 33fig, 205 racial-ethnic representation 41fig and social mobility 30fig Just Fair 238 Lizardo, O. 149 ‘locus of control’ 23 London City of 19, 132, 212 parental financial support 24 privileged employment 22, 66, 69, 80, 106, 212 salary 66–7 senior positions 77 K Kitagawa, E 320n23 Koppman, S. 305n18, 313n58 KPMG 78, 230 Kuhn, A. 17 Kynaston, D. 132 M Macron, E. 29 management consultancy 33fig, 35fig, 41fig, 42fig, 53fig Matthew, M. 304n30 May, T. 7, 29 measurement of class background 230–2 medicine 33fig, 35fig, 41fig, 42fig, 53fig ‘merit’ measures 67fig, 68fig meritocracy 232–3 City of London 132, 133 and cultural similarity 111, 168–9 as driver 58, 62, 65 education 21–2, 61–3 and fitting in 144, 212–14, 215–19, 220–2 justification 88 ‘occupational effects’ and 198–9 and popular culture 179 and privilege 102, 103, 226–7 and progression 4–5 and sponsorship 118, 122 and technical capital 204 in UK 5, 7, 38–9 Weber on 4 meritocratic ideal 209, 210, 298n4 meritocratic legitimacy 8, 104 methodology 239–83 6TV 242–4 confidentiality 274 Coopers 246–7 elite occupation definition 265–6 L Labour Force Survey see LFS Lamont, M. and Lareau, A. 315n88 language 15, 128, 137–9, 151, 155–8, 306n23 see also speech Lareau, A. 15–16, 120 law class pay gap 53fig education 37 female representation 42fig micro-class reproduction 34, 35fig privilege 32, 33fig, 54, 85 progression in 19 racial-ethnic representation 41fig unpaid internships 234 Lawler, S. 18, 51, 308n15 Lawler, S. and Payne, G. 302n6 legal protection 237–8 Lexmond, J. and Reeves, R. 302n11 LFS (Labour Force Survey) 10, 30–1, 65, 72, 189–90, 240–3, 263–8, 271 life sciences 33fig, 35fig, 41fig, 42fig, 53fig linearity of career 196 Lineker, G. 45 ‘linguistic capital’ 306n23 364 Index feeding back 219–20, 273 interviews 247, 248t–60t measurement of social mobility 262–5 Turner Clarke (TC) 244–6 see also LFS (Labour Force Survey) microaggressions 17, 190, 224–5, 304n29 micro-class reproduction 34–5, 192 middle-class socialisation 126 Mijs, J.J.B. 298n4 Milburn, A. 9, 29–30 Miller, N. 229 Mills, C.W. 132, 148, 319n16 mixed race ethnic group 42, 43fig, 49fig, 51, 52fig Morrissey, D. 84 Mosca, G. 319n16 multiple race ethnic group 42 Murray, C. 57 N ‘neo-institutional theory’ 301n21, 303n26 networks and highbrow culture 149–50, 168 and inequality 121–2 old boys’ network 17, 109, 132, 211 and sponsorship 110, 115, 118 Norway, class pay gap 47 NS-SEC (National Statistics Socio-Economic Classification) 11, 222, 263–5 nudge theory 307n37 O objectified cultural capital 199 ‘objective merit’ 2, 168, 212, 214, 221 O’Brien, D. 241 ‘occupational effects’ 198–9 ‘old boys’ network’ 17, 109, 132, 211 ‘opportunity cost’ 182 ‘opportunity hoarding’ 148, 164 other Asian ethnic group 43fig, 49fig, 52fig otherness 146 Oxbridge 2, 3, 62, 63, 148, 155 P PACT (Producers Alliance for Cinema and Television) 243, 297n5 Paired Peers project 299n18 Pakistani ethnic group 40, 41fig, 42fig, 43–4, 49, 51, 52fig parental financial support 87–107 for actors 87–105 at Coopers 105–7 at Turner Clarke (TC) 105–7 parental occupation 31–2, 231–2, 240, 263 performing arts 33fig, 41fig, 42fig, 53fig Pfeffer, J. 290n83, 320n28 Piketty, T. 286n25 police service chiefs 33fig, 35fig, 40, 41fig, 42fig, 53fig Policy Exchange 286n31 polish 19, 127–34, 142, 159, 161, 180 popular culture 149, 202, 219, 307n38 primary socialisation 153–4, 194, 199, 202 private sector pay 68 Producers Alliance for Cinema and Television see PACT professional and managerial sector, increase in 6, 59 professionalism 159 progress in career 19–20, 45–55 class pay gap 47–55 cultural barriers 164 and education 62 female 143, 167 fitting in 124–5, 129 and merit 4, 102–3, 109, 111, 210 365 The Class Ceiling and parental financial support 90, 101, 106 and polish 127–34 self-elimination 173 sponsorship 113, 115, 118, 121 technical capital and 203 public assets, sale of 7 public sector access to 32, 33fig, 34 class pay gap 53fig, 68 female representation 42fig micro-class approach 35fig racial-ethnic representation 41fig public spending cuts 7 Puwar, N. 158 R racial-ethnic minorities at 6TV 139 access to elite occupations 20–1, 43fig at Coopers 82 and glass ceiling 190 and higher education 280fig, 281fig and IQ 57 pay gap 49–50, 283fig progression 21 at Turner Clarke (TC) 114 and upward social mobility 18 see also double disadvantage; intersectionality Received Pronunciation see RP Reeves, A. and de Vries, R. 315n91 Reeves, R. 149 regional differences 66–7, 80, 106 regression analysis 58, 268–9 Reith, Lord 306n21 RIBA (Royal Institute of British Architects) 175 Rivera, L. 19, 113, 129, 131, 223 Rollock, N. 289n80 Royal Institute of British Architects see RIBA RP (Received Pronunciation) 128, 156–8 Russell Group universities 38, 39fig, 62, 63fig, 100 S Saunders, P. 294n2 Savage, M. 205, 207 Sayer, A. 299n20 science, career in 33fig, 35fig, 41fig, 42fig, 53fig self-elimination 171–83 cultural mimicry 177–8 emotional self-protection 175 opting out 174–5 playing safe 175–7 self-worth 173 service-based economy 7 Sherman, R. 103 Skeggs, B. 18 SMC (Social Mobility Commission) 9, 57 social bridging 149 social capital 14–15, 110, 149, 162, 164 social closure 147–50, 189 social mobility, measurement of 30fig, 262–5 Social Mobility Business Compact 230 Social Mobility Commission see SMC Social Mobility Employer Index 230 Social Mobility Index 2017 305n3 Socioeconomic Duty 237–8 ‘sociology of elite recruitment’ 188–9 space, egalitarian organisation of 79 speech 126, 128, 156–8 see also language speed of career 176, 196 Spence, C. and Carter, C. 298n16 sponsorship 109–21 at 6TV 115–18 366 Index at Coopers 118–21 formalisation of 235–6 at Turner Clarke (TC) 111–15 standard mobility analysis 186, 198 standard mobility tables 188, 191–2 stereotyping 17, 218, 225, 303n28 studied informality 134–40, 142, 150 Sweden, class pay gap 47 ‘symbolic capital’ 201 ‘symbolic mastery’ 15, 16, 200 traditional/technical divide 32–4 Trump, D. 29 Turner, R.


pages: 504 words: 126,835

The Innovation Illusion: How So Little Is Created by So Many Working So Hard by Fredrik Erixon, Bjorn Weigel

"Robert Solow", Airbnb, Albert Einstein, American ideology, asset allocation, autonomous vehicles, barriers to entry, Basel III, Bernie Madoff, bitcoin, Black Swan, blockchain, BRICs, Burning Man, business cycle, Capital in the Twenty-First Century by Thomas Piketty, Cass Sunstein, Clayton Christensen, Colonization of Mars, commoditize, corporate governance, corporate social responsibility, creative destruction, crony capitalism, dark matter, David Graeber, David Ricardo: comparative advantage, discounted cash flows, distributed ledger, Donald Trump, Elon Musk, Erik Brynjolfsson, fear of failure, first square of the chessboard / second half of the chessboard, Francis Fukuyama: the end of history, George Gilder, global supply chain, global value chain, Google Glasses, Google X / Alphabet X, Gordon Gekko, high net worth, hiring and firing, Hyman Minsky, income inequality, income per capita, index fund, industrial robot, Internet of things, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, John Maynard Keynes: technological unemployment, joint-stock company, Joseph Schumpeter, Just-in-time delivery, Kevin Kelly, knowledge economy, laissez-faire capitalism, Lyft, manufacturing employment, Mark Zuckerberg, market design, Martin Wolf, mass affluent, means of production, Mont Pelerin Society, Network effects, new economy, offshore financial centre, pensions crisis, Peter Thiel, Potemkin village, price mechanism, principal–agent problem, Productivity paradox, QWERTY keyboard, RAND corporation, Ray Kurzweil, rent-seeking, risk tolerance, risk/return, Robert Gordon, Ronald Coase, Ronald Reagan, savings glut, Second Machine Age, secular stagnation, Silicon Valley, Silicon Valley startup, Skype, sovereign wealth fund, Steve Ballmer, Steve Jobs, Steve Wozniak, technological singularity, telemarketer, The Chicago School, The Future of Employment, The Nature of the Firm, The Rise and Fall of American Growth, The Wealth of Nations by Adam Smith, too big to fail, total factor productivity, transaction costs, transportation-network company, tulip mania, Tyler Cowen: Great Stagnation, uber lyft, University of East Anglia, unpaid internship, Vanguard fund, Yogi Berra

In countries such as Germany, the United Kingdom and the United States, according to a YouGov poll, the dominant opinion is that the next generation is less likely to be richer, safer, or healthier than the last.23 In Western families, bambinos all too often stay bambinos, and then become what Italians call bamboccioni (big babies), as they cannot afford to leave the nest. For millennials, the job market has become increasingly difficult to navigate with many having to jump from one low-paid job to the next whilst others can only find poorly paid or unpaid internships. Those who begin their careers out of work are more likely to face lower wages over the course of their working lives along with bouts of unemployment. The future looks bleak. But it is not just the young who feel trapped. Job creation and destruction have been on a slowing trend for decades, and those unhappy at work have greater problems in finding a new job. Inside organizations the bureaucratic mindset will continue to spread and increasingly define their ethos.


pages: 385 words: 123,168

Bullshit Jobs: A Theory by David Graeber

1960s counterculture, active measures, basic income, Berlin Wall, Bernie Sanders, Bertrand Russell: In Praise of Idleness, Bretton Woods, Buckminster Fuller, call centre, cognitive dissonance, collateralized debt obligation, David Graeber, Donald Trump, equal pay for equal work, full employment, global supply chain, High speed trading, hiring and firing, informal economy, Jarndyce and Jarndyce, Jarndyce and Jarndyce, job automation, John Maynard Keynes: technological unemployment, knowledge worker, moral panic, post-work, precariat, Silicon Valley, Silicon Valley startup, single-payer health, software as a service, telemarketer, The Future of Employment, Thorstein Veblen, too big to fail, Travis Kalanick, universal basic income, unpaid internship, wage slave, wages for housework, women in the workforce, working poor, Works Progress Administration, young professional, éminence grise

A truck driver’s daughter from Nebraska might not have very much chance of becoming a millionaire—America now has the lowest social mobility in the developed world—but it could happen. There’s virtually no way that same daughter will ever become an international human rights lawyer, or drama critic for the New York Times. Even if she could get into the right schools, there would certainly be no possible way for her to then go on to live in New York or San Francisco for the requisite years of unpaid internships.5 Even if the son of glazier got a toehold in a well-positioned bullshit job, he would likely, like Eric, be unable or unwilling to transform it into a platform for the obligatory networking. There are a thousand invisible barriers. If we return to the opposition of “value” versus “values” laid out in the last chapter, we might put it this way: if you just want to make a lot of money, there might be a way to do it; on the other hand, if your aim is to pursue any other sort of value—whether that be truth (journalism, academia), beauty (the art world, publishing), justice (activism, human rights), charity, and so forth—and you actually want to be paid a living wage for it, then if you do not possess a certain degree of family wealth, social networks, and cultural capital, there’s simply no way in.


pages: 419 words: 119,476

Posh Boys: How English Public Schools Ruin Britain by Robert Verkaik

accounting loophole / creative accounting, Alistair Cooke, banking crisis, Berlin Wall, Boris Johnson, British Empire, Brixton riot, Dominic Cummings, Donald Trump, Etonian, G4S, gender pay gap, God and Mammon, income inequality, Khartoum Gordon, Kickstarter, knowledge economy, Livingstone, I presume, loadsamoney, mega-rich, Neil Kinnock, offshore financial centre, old-boy network, place-making, plutocrats, Plutocrats, Robert Gordon, Robert Mercer, school vouchers, The Bell Curve by Richard Herrnstein and Charles Murray, trade route, traveling salesman, unpaid internship

But Osborne didn’t bother waiting for permission from either the Cabinet Office or the Advisory Committee on Business Appointments (ACOBA).6 For Owen Jones, Osborne’s seamless switch from Westminster to Fleet Street reflected the gulf between the unconnected working class and the wealthy elite. Talented working-class aspiring journalists are discriminated against because they can’t live off the Bank of Mum and Dad. With few exceptions, only the well-to-do can afford to do the unpaid internships and expensive journalism masters’ degrees that increasingly must adorn the CVs of those with hopes of making it into journalism. Having parents with connections has helped multiple journalists, too. And yet a man with precious little experience in journalism – other than being rejected by the Times’s graduate scheme – can get parachuted into the editor’s seat of a major newspaper because of who he is and who he knows.


pages: 497 words: 130,817

Pedigree: How Elite Students Get Elite Jobs by Lauren A. Rivera

affirmative action, availability heuristic, barriers to entry, Donald Trump, fundamental attribution error, glass ceiling, income inequality, job satisfaction, knowledge economy, meta analysis, meta-analysis, new economy, performance metric, profit maximization, profit motive, school choice, Silicon Valley, Silicon Valley startup, The Wisdom of Crowds, unpaid internship, women in the workforce, young professional

Others had difficulty obtaining the extensive documentation required for financial aid applications.26 By contrast, students from affluent families in Radford’s study made their college choices based on noneconomic factors, such as academic or extracurricular offerings, or feelings of personal “fit” with a university or its student body.27 Once on campus, parental financial support can help offset the cost of children’s college tuition and living expenses. Freed from the need for paid employment, students from well-off families can concentrate on academic and social activities and accept unpaid internships, all of which can facilitate college success, valuable social connections, and future employment opportunities.28 Those who have to work part- or full-time to pay tuition bills or to send money to family members do not have this luxury. To summarize, parents with more economic capital can more easily help their children receive better-quality schooling, cultivate the types of academic and extracurricular profiles desired by selective college admissions offices, and participate fully in the life of the college they attend.


pages: 504 words: 129,087

The Ones We've Been Waiting For: How a New Generation of Leaders Will Transform America by Charlotte Alter

"side hustle", 4chan, affirmative action, Affordable Care Act / Obamacare, basic income, Berlin Wall, Bernie Sanders, carbon footprint, clean water, collective bargaining, Columbine, corporate personhood, correlation does not imply causation, Credit Default Swap, crowdsourcing, David Brooks, Donald Trump, double helix, East Village, ending welfare as we know it, Fall of the Berlin Wall, feminist movement, Ferguson, Missouri, financial deregulation, Francis Fukuyama: the end of history, gig economy, glass ceiling, Google Hangouts, housing crisis, illegal immigration, immigration reform, income inequality, Intergovernmental Panel on Climate Change (IPCC), job-hopping, Kevin Kelly, knowledge economy, Lyft, mandatory minimum, Marc Andreessen, Mark Zuckerberg, mass incarceration, McMansion, medical bankruptcy, move fast and break things, move fast and break things, Nate Silver, obamacare, Occupy movement, passive income, pre–internet, race to the bottom, RAND corporation, Ronald Reagan, sexual politics, Silicon Valley, single-payer health, Snapchat, TaskRabbit, too big to fail, Uber and Lyft, uber lyft, universal basic income, unpaid internship, We are the 99%, white picket fence, working poor, Works Progress Administration

Unemployment for people in their early twenties spiked to nearly 20 percent, and was especially high for those without high school diplomas. For young African Americans, it was more than 30 percent. Millennials with college degrees did much better than those without them, but even graduates of good colleges had trouble finding work that paid them enough to manage their loans. Underemployment became a significant social problem, even among the highly educated. They scraped together unpaid internships, gig work, and freelance assignments, and many of them ended up moving back in with their parents to make ends meet. By 2012, when the economy was inching its way back toward stability, the class of 2009 had already been left behind. Many employers preferred the fresh college graduates over ones who graduated three years earlier and might expect higher wages for the same work. Nobody gets to press pause on their life just because they graduated into an economic crisis.


pages: 520 words: 134,627

Unacceptable: Privilege, Deceit & the Making of the College Admissions Scandal by Melissa Korn, Jennifer Levitz

"side hustle", affirmative action, barriers to entry, blockchain, call centre, Donald Trump, Gordon Gekko, helicopter parent, high net worth, Jeffrey Epstein, Maui Hawaii, medical residency, Menlo Park, performance metric, rolodex, Ronald Reagan, Sand Hill Road, Saturday Night Live, side project, Silicon Valley, Snapchat, stealth mode startup, Steve Jobs, telemarketer, Thorstein Veblen, unpaid internship, upwardly mobile, yield management, young professional, zero-sum game

“We must strive for a level playing field in the college admissions process, so there can be equal opportunity for all,” said Assemblymember Phil Ting, who authored one of the bills. But there isn’t equal opportunity for all. Because if colleges post figures on who got in because of a rich dad or grandmother, or even stopped giving extra weight to candidates with the “recruited athlete” tag, privilege would still course through the admissions system. Wealthy students would still have more opportunities to burnish their résumés with volunteer trips and unpaid internships, and they’d still have influential family connections who can put in a good word at a particular university. They can continue to afford SAT or ACT tutoring, private coaches to brainstorm and polish essays. They can pay private school tuition to attend schools like Buckley and Brentwood. And as long as admissions offices leave open the gaping holes in their verification processes for regular applicants, little incentive will exist for high school seniors—or whoever’s filling out their applications—to think twice before signing an affirmation on the Common Application that submitted material “is my own work, factually true, and honestly presented


pages: 543 words: 147,357

Them And Us: Politics, Greed And Inequality - Why We Need A Fair Society by Will Hutton

Andrei Shleifer, asset-backed security, bank run, banking crisis, Benoit Mandelbrot, Berlin Wall, Bernie Madoff, Big bang: deregulation of the City of London, Blythe Masters, Boris Johnson, Bretton Woods, business cycle, capital controls, carbon footprint, Carmen Reinhart, Cass Sunstein, centre right, choice architecture, cloud computing, collective bargaining, conceptual framework, Corn Laws, corporate governance, creative destruction, credit crunch, Credit Default Swap, debt deflation, decarbonisation, Deng Xiaoping, discovery of DNA, discovery of the americas, discrete time, diversification, double helix, Edward Glaeser, financial deregulation, financial innovation, financial intermediation, first-past-the-post, floating exchange rates, Francis Fukuyama: the end of history, Frank Levy and Richard Murnane: The New Division of Labor, full employment, George Akerlof, Gini coefficient, global supply chain, Growth in a Time of Debt, Hyman Minsky, I think there is a world market for maybe five computers, income inequality, inflation targeting, interest rate swap, invisible hand, Isaac Newton, James Dyson, James Watt: steam engine, joint-stock company, Joseph Schumpeter, Kenneth Rogoff, knowledge economy, knowledge worker, labour market flexibility, liberal capitalism, light touch regulation, Long Term Capital Management, Louis Pasteur, low cost airline, low-wage service sector, mandelbrot fractal, margin call, market fundamentalism, Martin Wolf, mass immigration, means of production, Mikhail Gorbachev, millennium bug, money market fund, moral hazard, moral panic, mortgage debt, Myron Scholes, Neil Kinnock, new economy, Northern Rock, offshore financial centre, open economy, plutocrats, Plutocrats, price discrimination, private sector deleveraging, purchasing power parity, quantitative easing, race to the bottom, railway mania, random walk, rent-seeking, reserve currency, Richard Thaler, Right to Buy, rising living standards, Robert Shiller, Robert Shiller, Ronald Reagan, Rory Sutherland, Satyajit Das, shareholder value, short selling, Silicon Valley, Skype, South Sea Bubble, Steve Jobs, The Market for Lemons, the market place, The Myth of the Rational Market, the payments system, the scientific method, The Wealth of Nations by Adam Smith, too big to fail, unpaid internship, value at risk, Vilfredo Pareto, Washington Consensus, wealth creators, working poor, zero-sum game, éminence grise

Perhaps most importantly, assets allow the holder to take risks, to be entrepreneurial with their life and business. Few entrepreneurs get it right first time: for instance, Henry Ford’s first company, the Detroit Automobile Company, went bust; as did Henry John Heinz’s. But both had the assets to relaunch and succeed the second time.55 The big, expensive, one-off jumps that people have to make – especially early in their lives – in terms of acquiring education or building a portfolio of unpaid internships to secure their first job are more feasible if they are underwritten by assets. Assets therefore provide ways out of Lynsey Hanley’s concrete people-lockers. This was the inspiration for New Labour’s child trust fund – whose almost gleeful abolition was one of the coalition government’s most unthinking acts. Fairer asset distribution would have enormously beneficial effects. But Conservatives are anxious not to redistribute assets from rich to poor via inheritance and wealth taxes because, in their view, it is the rich’s due desert that they enjoy unqualified rights over their own property: building up assets to give them to one’s children is a powerful incentive and a natural right.


pages: 504 words: 143,303

Why We Can't Afford the Rich by Andrew Sayer

accounting loophole / creative accounting, Albert Einstein, anti-globalists, asset-backed security, banking crisis, banks create money, basic income, Boris Johnson, Bretton Woods, British Empire, business cycle, call centre, capital controls, carbon footprint, collective bargaining, corporate raider, corporate social responsibility, creative destruction, credit crunch, Credit Default Swap, crony capitalism, David Graeber, David Ricardo: comparative advantage, debt deflation, decarbonisation, declining real wages, deglobalization, deindustrialization, delayed gratification, demand response, don't be evil, Double Irish / Dutch Sandwich, en.wikipedia.org, Etonian, financial innovation, financial intermediation, Fractional reserve banking, full employment, G4S, Goldman Sachs: Vampire Squid, high net worth, income inequality, information asymmetry, Intergovernmental Panel on Climate Change (IPCC), investor state dispute settlement, Isaac Newton, James Dyson, job automation, Julian Assange, Kickstarter, labour market flexibility, laissez-faire capitalism, land value tax, low skilled workers, Mark Zuckerberg, market fundamentalism, Martin Wolf, mass immigration, means of production, moral hazard, mortgage debt, negative equity, neoliberal agenda, new economy, New Urbanism, Northern Rock, Occupy movement, offshore financial centre, oil shale / tar sands, patent troll, payday loans, Philip Mirowski, plutocrats, Plutocrats, popular capitalism, predatory finance, price stability, pushing on a string, quantitative easing, race to the bottom, rent-seeking, Ronald Reagan, shareholder value, short selling, sovereign wealth fund, Steve Jobs, The Nature of the Firm, The Spirit Level, The Wealth of Nations by Adam Smith, Thorstein Veblen, too big to fail, transfer pricing, trickle-down economics, universal basic income, unpaid internship, upwardly mobile, Washington Consensus, wealth creators, WikiLeaks, Winter of Discontent, working poor, Yom Kippur War, zero-sum game

You don’t have to accept Marx’s theory of value to recognise that the systematic generation of profit depends on the production of a surplus. For capitalists, it’s what this fetches in money when it’s sold that matters. 87 Marx, K. (1996) [1867] Capital, vol I, ch 13, London: Lawrence and Wishart, pp 448–9. 88 Marx, K. (1998) [1894] Capital, vol III, ch 23, London: Lawrence and Wishart, p 545. 89 Though in several professional occupations, unpaid internships are becoming a precondition of subsequent employment. 90 As in the case of Apple, highly profitable companies may decide they do not need to pay dividends; their shareholders are nevertheless happy as long as the value of their shares is increasing. Arthur, C. (2012) ‘One year on, Apple after Jobs has a new, more ethical flavour’, Guardian, 5 October. 91 The secondary market in shares is generally defended as necessary for encouraging people to buy shares in the primary or initial public offering market; ‘investors’ will be more confident about buying new shares if they know they may be able to profit from a rise in their market price, or offload them if they are dissatisfied with their returns.


pages: 527 words: 147,690

Terms of Service: Social Media and the Price of Constant Connection by Jacob Silverman

23andMe, 4chan, A Declaration of the Independence of Cyberspace, Airbnb, airport security, Amazon Mechanical Turk, augmented reality, basic income, Brian Krebs, California gold rush, call centre, cloud computing, cognitive dissonance, commoditize, correlation does not imply causation, Credit Default Swap, crowdsourcing, don't be evil, drone strike, Edward Snowden, feminist movement, Filter Bubble, Firefox, Flash crash, game design, global village, Google Chrome, Google Glasses, hive mind, income inequality, informal economy, information retrieval, Internet of things, Jaron Lanier, jimmy wales, Kevin Kelly, Kickstarter, knowledge economy, knowledge worker, late capitalism, license plate recognition, life extension, lifelogging, Lyft, Mark Zuckerberg, Mars Rover, Marshall McLuhan, mass incarceration, meta analysis, meta-analysis, Minecraft, move fast and break things, move fast and break things, national security letter, Network effects, new economy, Nicholas Carr, Occupy movement, optical character recognition, payday loans, Peter Thiel, postindustrial economy, prediction markets, pre–internet, price discrimination, price stability, profit motive, quantitative hedge fund, race to the bottom, Ray Kurzweil, recommendation engine, rent control, RFID, ride hailing / ride sharing, self-driving car, sentiment analysis, shareholder value, sharing economy, Silicon Valley, Silicon Valley ideology, Snapchat, social graph, social intelligence, social web, sorting algorithm, Steve Ballmer, Steve Jobs, Steven Levy, TaskRabbit, technoutopianism, telemarketer, transportation-network company, Travis Kalanick, Turing test, Uber and Lyft, Uber for X, uber lyft, universal basic income, unpaid internship, women in the workforce, Y Combinator, Zipcar

The company promised exposure—the consistent refrain now offered to creative types, as if by constantly deferring compensation they can somehow, someday land a big payday, or perhaps just a job. When this might be, no one can quite say, but it’s similar to the philosophy that social media’s exercises in self-branding and self-promotion will eventually pay off for enterprising users. (Many white-collar workers, especially recent college graduates, know another form of this treatment: unpaid internships, which cater to those who can afford to work for free.) For years, AOL relied on its Community Leader Program, comprising thousands of remote volunteers charged with moderating message boards and chat rooms, enforcing the terms of service, serving as chat room hosts, or writing content. The staffers were unpaid but received modest discounts on their AOL memberships. The program, at its most expansive, involved 30,000 community leaders who saved the company an estimated $7 million per month.


pages: 501 words: 145,943

If Mayors Ruled the World: Dysfunctional Nations, Rising Cities by Benjamin R. Barber

Affordable Care Act / Obamacare, American Legislative Exchange Council, Berlin Wall, bike sharing scheme, borderless world, Boris Johnson, Bretton Woods, British Empire, car-free, carbon footprint, Cass Sunstein, Celebration, Florida, clean water, corporate governance, crowdsourcing, David Brooks, desegregation, Detroit bankruptcy, digital Maoism, disintermediation, edge city, Edward Glaeser, Edward Snowden, Etonian, failed state, Fall of the Berlin Wall, feminist movement, Filter Bubble, George Gilder, ghettoisation, global pandemic, global village, Hernando de Soto, Howard Zinn, illegal immigration, In Cold Blood by Truman Capote, income inequality, informal economy, information retrieval, Jane Jacobs, Jaron Lanier, Jeff Bezos, London Interbank Offered Rate, Mark Zuckerberg, market fundamentalism, Marshall McLuhan, Masdar, megacity, microcredit, Mikhail Gorbachev, mortgage debt, mutually assured destruction, new economy, New Urbanism, Nicholas Carr, Norman Mailer, nuclear winter, obamacare, Occupy movement, Panopticon Jeremy Bentham, Peace of Westphalia, Pearl River Delta, peer-to-peer, planetary scale, plutocrats, Plutocrats, profit motive, Ralph Waldo Emerson, RFID, Richard Florida, Ronald Reagan, self-driving car, Silicon Valley, Skype, smart cities, smart meter, Steve Jobs, Stewart Brand, Telecommunications Act of 1996, The Death and Life of Great American Cities, The Fortune at the Bottom of the Pyramid, The Wealth of Nations by Adam Smith, Tobin tax, Tony Hsieh, trade route, UNCLOS, UNCLOS, unpaid internship, urban sprawl, War on Poverty, zero-sum game

Pure artists are, in any case, today everywhere subordinated to the market and its pursuit of private profits. Today’s creativity crisis is unfolding in the shadow of the financial meltdown and an economic climate where public jobs are being cut from Athens and São Paulo to Chicago and Stockton, where persistent recession undercuts private job growth and rationalizes minimum wage jobs, and where unpaid internships and other inequities hostile to the development of a creative class proliferate. The persistence of economic segregation walls off too many from the advantages of urban generativity. Cities are not merely creative but capable of generating and nurturing hope, innovation, and a sense of possibility and hence of breaking the vicious circle in which segregation, poverty, and inequality feed off one another.


pages: 561 words: 163,916

The History of the Future: Oculus, Facebook, and the Revolution That Swept Virtual Reality by Blake J. Harris

4chan, airport security, Anne Wojcicki, Asian financial crisis, augmented reality, barriers to entry, Bernie Sanders, bitcoin, call centre, computer vision, cryptocurrency, disruptive innovation, Donald Trump, drone strike, Elon Musk, financial independence, game design, Grace Hopper, illegal immigration, invisible hand, Jaron Lanier, Jony Ive, Kickstarter, Marc Andreessen, Mark Zuckerberg, Menlo Park, Minecraft, move fast and break things, move fast and break things, Network effects, Oculus Rift, Peter Thiel, QR code, sensor fusion, side project, Silicon Valley, skunkworks, Skype, slashdot, Snapchat, software patent, stealth mode startup, Steve Jobs, unpaid internship, white picket fence

“I have several ideas which could be very easily and cheaply implemented,” Luckey wrote, and then described a prototype he had already built that did exactly that. It was a bit awkward, offering to try and help one of the very few VR experts in the world, but Luckey hoped that Bolas was the type of guy who would appreciate that kind of gumption. Especially because of the big ask that bookended his email: “I would love a low pay or unpaid internship at somewhere where I could get some experience,” Luckey wrote. “If there is anything you can do to help me out, or point me in the right direction, I would greatly appreciate it.” Luckey knew that this was a long shot. But by the time he reached out to Bolas, he was beginning to suspect that those were the only kind of shots that he would get. Because the VR industry was tiny and, for what few jobs existed, Luckey was competing against much older applicants whose walls were adorned with prestigious college degrees.


pages: 676 words: 203,386

The Platinum Age of Television: From I Love Lucy to the Walking Dead, How TV Became Terrific by David Bianculli

affirmative action, Albert Einstein, Alistair Cooke, Berlin Wall, Bernie Sanders, cuban missile crisis, desegregation, Donald Trump, Downton Abbey, feminist movement, friendly fire, global village, Mark Zuckerberg, medical residency, period drama, pre–internet, Ronald Reagan, Saturday Night Live, Steve Jobs, trickle-down economics, unpaid internship

And part of what we found fun about it, at the start, was writing about people that don’t have their shit together in any aspect, personally or professionally. People who are lost. So at the start, what Lena saw it as was that moment when you’ve been out of school for a few years, and things should be beginning to fall together properly, and they’re just not.” He points to the plot of the premiere episode, which begins with Hannah asking her parents for money to support her while she continues an unpaid internship in New York and ends with her reading samples of her writing to them in hopes of persuading them to invest in her future. Both times, they refuse. “And then the pilot’s over,” Apatow says, laughing. “That’s the whole pilot. ‘Can I have money?’ ‘No.’ Then, at the end, ‘Can I have money?’ ‘No.’ And that’s what we thought set it apart from all of those other shows, which is: This is a generation of people who are both very smart, but a lot of them are very spoiled.


pages: 976 words: 235,576

The Meritocracy Trap: How America's Foundational Myth Feeds Inequality, Dismantles the Middle Class, and Devours the Elite by Daniel Markovits

"Robert Solow", 8-hour work day, activist fund / activist shareholder / activist investor, affirmative action, Anton Chekhov, asset-backed security, assortative mating, basic income, Bernie Sanders, big-box store, business cycle, capital asset pricing model, Capital in the Twenty-First Century by Thomas Piketty, carried interest, collateralized debt obligation, collective bargaining, computer age, corporate governance, corporate raider, crony capitalism, David Brooks, deskilling, Detroit bankruptcy, disruptive innovation, Donald Trump, Edward Glaeser, Emanuel Derman, equity premium, European colonialism, everywhere but in the productivity statistics, fear of failure, financial innovation, financial intermediation, fixed income, Ford paid five dollars a day, Frederick Winslow Taylor, full employment, future of work, gender pay gap, George Akerlof, Gini coefficient, glass ceiling, helicopter parent, high net worth, hiring and firing, income inequality, industrial robot, interchangeable parts, invention of agriculture, Jaron Lanier, Jeff Bezos, job automation, job satisfaction, John Maynard Keynes: Economic Possibilities for our Grandchildren, knowledge economy, knowledge worker, Kodak vs Instagram, labor-force participation, longitudinal study, low skilled workers, manufacturing employment, Mark Zuckerberg, Martin Wolf, mass incarceration, medical residency, minimum wage unemployment, Myron Scholes, Nate Silver, New Economic Geography, new economy, offshore financial centre, Paul Samuelson, payday loans, plutocrats, Plutocrats, Plutonomy: Buying Luxury, Explaining Global Imbalances, precariat, purchasing power parity, rent-seeking, Richard Florida, Robert Gordon, Robert Shiller, Robert Shiller, Ronald Reagan, savings glut, school choice, shareholder value, Silicon Valley, Simon Kuznets, six sigma, Skype, stakhanovite, stem cell, Steve Jobs, supply-chain management, telemarketer, The Bell Curve by Richard Herrnstein and Charles Murray, Thomas Davenport, Thorstein Veblen, too big to fail, total factor productivity, transaction costs, traveling salesman, universal basic income, unpaid internship, Vanguard fund, War on Poverty, Winter of Discontent, women in the workforce, working poor, young professional, zero-sum game

Employer-provided training likely always skewed somewhat toward wealth, as the better entry-level jobs, which provided the most training, went to applicants from more elite colleges and therefore from richer families. But university-based professional training skews dramatically toward wealth, as the disproportion of rich students at elite graduate and professional schools matches and even exceeds the socioeconomic imbalance among elite college students. (The one form of workplace training that survives and indeed thrives today—the unpaid internship—similarly favors young workers from wealthy backgrounds, who are disproportionately able to afford working for free.) This should not come as any surprise. Most immediately, graduate and professional schools are academically competitive, and the most elite schools are immensely competitive—indeed, more competitive than even the most elite colleges. The median student at Yale Law School, for example, earned effectively straight As in college (for a 3.9 GPA) and scored above the 99th percentile on the LSAT.


Rough Guide to San Francisco and the Bay Area by Nick Edwards, Mark Ellwood

1960s counterculture, airport security, back-to-the-land, Bay Area Rapid Transit, British Empire, Burning Man, California gold rush, carbon footprint, City Beautiful movement, El Camino Real, Electric Kool-Aid Acid Test, glass ceiling, Golden Gate Park, Haight Ashbury, haute cuisine, Joan Didion, Kickstarter, Loma Prieta earthquake, Menlo Park, Nelson Mandela, period drama, pez dispenser, Port of Oakland, rent control, Ronald Reagan, Rosa Parks, Sand Hill Road, Silicon Valley, South of Market, San Francisco, Steve Jobs, Steve Wozniak, strikebreaker, transcontinental railway, unpaid internship, upwardly mobile, urban decay, urban planning, urban renewal, white picket fence, Works Progress Administration, young professional

Epic weepy based on the bestselling novel about first-generation Chinese women’s struggle to make it in America. Murder in the First (Marc Rocco 1995). Draining courtroom drama based on the true story of an The Pursuit of Happyness (Gabriele Muccino 2006). This drama tells the real-life story of Chris Gardner (Will Smith), a downon-his-luck salesman who ends up homeless with a young son. Gardner keeps his child fed by hitting the soup kitchen at Glide Memorial Church every night while he works an unpaid internship at a brokerage firm. Shoot the Moon (Alan Parker 1981). Albert Finney and Diane Keaton star in this strained tale of self-obsessed Marin County trauma and heartbreak that’s sadly about as affecting as an episode of Dallas. Star Trek IV – The Voyage Home (Leonard Nimoy 1986). In a surprising twist, this warm-hearted comic installment of the sci-fi series sends Kirk and company back in time to contemporary San Francisco in order to save some whales.


Reaganland: America's Right Turn 1976-1980 by Rick Perlstein

"Robert Solow", 8-hour work day, affirmative action, airline deregulation, Alistair Cooke, American Legislative Exchange Council, anti-communist, Ayatollah Khomeini, Berlin Wall, Bernie Sanders, Brewster Kahle, business climate, clean water, collective bargaining, colonial rule, COVID-19, Covid-19, creative destruction, crowdsourcing, cuban missile crisis, currency peg, death of newspapers, defense in depth, Deng Xiaoping, desegregation, Donald Trump, energy security, equal pay for equal work, facts on the ground, feminist movement, financial deregulation, full employment, global village, Golden Gate Park, illegal immigration, In Cold Blood by Truman Capote, index card, indoor plumbing, Internet Archive, invisible hand, Julian Assange, Kitchen Debate, kremlinology, land reform, Marshall McLuhan, mass immigration, MITM: man-in-the-middle, Monroe Doctrine, moral panic, mutually assured destruction, New Journalism, oil shock, open borders, Potemkin village, price stability, Ralph Nader, RAND corporation, rent control, road to serfdom, Robert Bork, rolodex, Ronald Reagan, Rosa Parks, Saturday Night Live, Silicon Valley, traveling salesman, unemployed young men, union organizing, unpaid internship, Unsafe at Any Speed, Upton Sinclair, upwardly mobile, urban decay, urban planning, urban renewal, wages for housework, walking around money, War on Poverty, white flight, WikiLeaks, Winter of Discontent, yellow journalism, Yom Kippur War, zero-sum game

Stanton Evans’s National Journalism Center trained conservative college newspaper staffers. The Institute for Educational Affairs, established the previous year by William Simon and Irving Kristol with gifts of $100,000 each from Bechtel, Coca-Cola, Dow Chemical, Mobil, and Nestlé, began distributing grants to promising conservative undergraduates and PhD candidates, and subsidized conservatives to take otherwise unpaid internships at activist organizations, periodicals—and even unsuspecting federal agencies. Organizations for grown-ups were thriving, too—like the American Legislative Exchange Council, which, along with what New Right Report called a “coalition of pro-life, pro-Right-to-Work, pro-Defense, pro-gun, pro-free-enterprise, pro-balanced-budget, pro-tax-limitation, pro-farmer, and anti-left activists,” helped crush a constitutional amendment granting statehood to the heavily Democratic District of Columbia.