THE QUIET COUP

An insightful examination of how neoliberalism created widespread inequality and injustice in America.

The current economic landscape suffers from skyrocketing student debt, predatory lending, and stark income inequality. Baradaran, a law professor specializing in financial regulation and the author of The Color of Money and How the Other Half Banks, shows us how neoliberalism’s emphasis on corporations over people has “augment[ed] the power of corporations and capital over that of national governments,” creating an economic system that everyday citizens (and even lawyers and government officials) cannot navigate effectively. The transformation has unfolded slowly over decades and passed through countless hands, making it difficult to trace. Baradaran builds a carefully sourced, intricate narrative tapestry, moving from neoliberalism’s beginning as political propaganda, which allowed Nixon a seemingly “race-neutral” approach to maintaining the status quo in the wake of the civil rights movements, to the current situation in the U.S., in which seemingly everyone but the top earners grapples with inflation, a lack of affordable health care, and mountains of debt. “Neoliberalism transformed every level of the judicial process, from the courts to the way that laws are made in legislatures to agency rule making,” writes the author. “The result is the society we live in today.” Employing prose that is both accessible and intellectually rich, Baradaran deftly weaves key events in the history of neoliberalism into a complete picture. Using a keen, critical eye, she walks readers through pivotal Supreme Court cases, the dominance of the religious right within modern conservatism, and the removal of usury caps that used to prevent the institution of loans with extreme interest. Rather than a clear, quick power shift, the “quiet coup” has been just that: a series of small, often imperceptible shifts with radical repercussions for legal and economic policy.

Essential reading to understand the economic state of the nation.