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Even after slavery, these schools continued to oppress Black people by not allowing them to enroll as students.

Even though the nation’s 100 or so HBCUs represent less than 3% of the nation’s 4,360 colleges and universities, they graduated 13% of Black undergraduate college students nationally in the 2017-2018 school year.

The disparities transcend higher education. White families, on average, tend to have 10 times the wealth of Black families.

Yet scholars and economists studying racial economic inequality, such as William A. Darity Jr., point to the need for federal action. This action could range from economic reparations and endowment-building at HBCUs to debt forgiveness for Black students.

Botton’s central obsession is the insane ways bourgeois postmoderns try to live, namely in a perpetual upward swing of ambition and achievement, where failure indicates character deficiency despite an almost total lack of social infrastructure to help us navigate careers, relationships, parenting, and death. But he seems uninterested in how those structures were destroyed or what it might take to rebuild them

Botton wants to keep bourgeois secularism and add a few new quasi-religious social routines. Quasi-religious social routines may indeed be a part of the solution, as we shall see, but they cannot be simply flung atop a regime as indifferent to human values as liberal capitalism.

Citizens see the structure behind the façade and lose faith in the myth of the state as a dispassionate, egalitarian arbiter of conflict. Once theological passions can no longer be sublimated in material affluence and the fiction of representative democracy, it is little surprise to see them break out in movements that are, on both the left and the right, explicitly hostile to the liberal state.

Western politics have an auto-immune disorder: they are structured to pretend that their notions of reason, right, and sovereignty are detached from a deeply theological heritage. When pressed by war and economic dysfunction, liberal ideas prove as compatible with zealotry and domination as any others.

Secularism is not strictly speaking a religion, but it represents an orientation toward religion that serves the theological purpose of establishing a hierarchy of legitimate social values. Religion must be “privatized” in liberal societies to keep it out of the way of economic functioning. In this view, legitimate politics is about making the trains run on time and reducing the federal deficit; everything else is radicalism. A surprising number of American intellectuals are able to persuade themselves that this vision of politics is sufficient, even though the train tracks are crumbling, the deficit continues to gain on the GDP, and millions of citizens are sinking into the dark mire of debt and permanent unemployment.

Critchley has made a career forging a philosophical account of human ethical responsibility and political motivation. His question is: after the rational hopes of the Enlightenment corroded into nihilism, how do humans write a believable story about what their existence means in the world? After the death of God, how do we account for our feelings of moral responsibility, and how might that account motivate us to resist the deadening political system we face?

The question is what to do in the face of the unmistakable religious and political nihilism currently besetting Western democracies.

both Botton and Critchley believe the solution involves what Derrida called a “religion without religion”—for Critchley a “faith of the faithless,” for Botton a “religion for atheists.”

a new political becoming will require a complete break with the status quo, a new political sphere that we understand as our own deliberate creation, uncoupled from the theological fictions of natural law or God-given rights

Critchley proposes as the foundation of politics “the poetic construction of a supreme fiction … a fiction that we know to be a fiction and yet in which we believe nonetheless.” Following the French philosopher Alain Badiou and the Apostle Paul, Critchley conceives political “truth” as something like fidelity: a radical loyalty to the historical moment where true politics came to life.

But unlike an evangelist, Critchley understands that attempting to fill the void with traditional religion is to slip back into a slumber that reinforces institutions desperate to maintain the political and economic status quo. Only in our condition of brokenness and finitude, uncomforted by promises of divine salvation, can we be open to a connection with others that might mark the birth of political resistance

This is the crux of the difference between Critchley’s radical faithless faith and Botton’s bourgeois secularism. Botton has imagined religion as little more than a coping mechanism for the “terrifying degrees of pain which arise from our vulnerability,” seemingly unaware that the pain and vulnerability may intensify many times over. It won’t be enough to simply to sublimate our terror in confessional restaurants and atheist temples. The recognition of finitude, the weight of our nothingness, can hollow us into a different kind of self: one without illusions or reputations or private property, one with nothing but radical openness to others. Only then can there be the possibility of meaning, of politics, of hope.

Other big thinkers believed that if people are left perfectly free to follow their desires, their baser ones will end up dominating their nobler ones. For these writers, the goal in life is not primarily to be free but to be good. Being virtuous often means thwarting your inclinations, obeying a power outside yourself. It means maintaining a balance between liberty and restraint, restricting freedom for the sake of an ordered existence.

Recently, the balance between freedom and restraint has been thrown out of whack. People no longer even have a language to explain why freedom should sometimes be limited. The results are as predicted. A decaying social fabric, especially among the less fortunate. Decline in marriage. More children raised in unsteady homes. Higher debt levels as people spend to satisfy their cravings.

who knows, maybe we’ll see other spheres in life where restraints are placed on maximum personal choice. Maybe there will be sumptuary codes that will make lavish spending and C.E.O. salaries unseemly. Maybe there will be social codes so that people understand that the act of creating a child includes a lifetime commitment to give him or her an organized home. Maybe voters will restrain their appetite for their grandchildren’s money. Maybe more straight people will marry.

The proponents of same-sex marriage used the language of equality and rights in promoting their cause, because that is the language we have floating around. But, if it wins, same-sex marriage will be a victory for the good life, which is about living in a society that induces you to narrow your choices and embrace your obligations.

Blame the much-documented rise of the “hookup culture” among young people, characterized by spontaneous, commitment-free (and often, alcohol-fueled) romantic flings. Many students today have never been on a traditional date,

Hookups may be fine for college students, but what about after, when they start to build an adult life? The problem is that “young people today don’t know how to get out of hookup culture,”

In interviews with students, many graduating seniors did not know the first thing about the basic mechanics of a traditional date. “They’re wondering, ‘If you like someone, how would you walk up to them? What would you say? What words would you use?’ ”

Traditional courtship — picking up the telephone and asking someone on a date — required courage, strategic planning and a considerable investment of ego (by telephone, rejection stings). Not so with texting, e-mail, Twitter or other forms of “asynchronous communication,” as techies call it. In the context of dating, it removes much of the need for charm; it’s more like dropping a line in the water and hoping for a nibble.

“I’ve seen men put more effort into finding a movie to watch on Netflix Instant than composing a coherent message to ask a woman out,” said Anna Goldfarb, 34, an author and blogger in Moorestown, N.J. A typical, annoying query is the last-minute: “Is anything fun going on tonight?” More annoying still are the men who simply ping, “Hey” or “ ’sup.”

Online dating services, which have gained mainstream acceptance, reinforce the hyper-casual approach by greatly expanding the number of potential dates. Faced with a never-ending stream of singles to choose from, many feel a sense of “FOMO” (fear of missing out), so they opt for a speed-dating approach — cycle through lots of suitors quickly.

The mass-mailer approach necessitates “cost-cutting, going to bars, meeting for coffee the first time,” he added, “because you only want to invest in a mate you’re going to get more out of.”

in  a world where “courtship” is quickly being redefined, women must recognize a flirtatious exchange of tweets, or a lingering glance at a company softball game, as legitimate opportunities for romance, too.

THERE’S another reason Web-enabled singles are rendering traditional dates obsolete. If the purpose of the first date was to learn about someone’s background, education, politics and cultural tastes, Google and Facebook have taken care of that.

Dodgy economic prospects facing millennials also help torpedo the old, formal dating rituals. Faced with a lingering recession, a stagnant job market, and mountains of student debt, many young people — particularly victims of the “mancession” — simply cannot afford to invest a fancy dinner or show in someone they may or may not click with.

“Maybe there’s still a sense of a man taking care of a woman, but our ideology is aligning with the reality of our finances,” Ms. Rosin said. As a man, you might “convince yourself that dating is passé, a relic of a paternalistic era, because you can’t afford to take a woman to a restaurant.”

“A lot of men in their 20s are reluctant to take the girl to the French restaurant, or buy them jewelry, because those steps tend to lead to ‘eventually, we’re going to get married,’ ” Mr. Edness, 27, said. In a tight economy, where everyone is grinding away to build a career, most men cannot fathom supporting a family until at least 30 or 35, he said.

Even in an era of ingrained ambivalence about gender roles, however, some women keep the old dating traditions alive by refusing to accept anything less. Cheryl Yeoh, a tech entrepreneur in San Francisco, said that she has been on many formal dates of late — plays, fancy restaurants. One suitor even presented her with red roses. For her, the old traditions are alive simply because she refuses to put up with anything less. She generally refuses to go on any date that is not set up a week in advance, involving a degree of forethought. “If he really wants you,” Ms. Yeoh, 29, said, “he has to put in some effort.”

He sums up his key points about how to keep models from going bad by quoting excerpts from his "Financial Modeler's Manifesto" (written with Paul Wilmott), a paper he published a couple of years ago. Among its admonitions: "I will always look over my shoulder and never forget that the model is not the world"; "I will not be overly impressed with mathematics"; "I will never sacrifice reality for elegance"; "I will not give the people who use my models false comfort about their accuracy"; "I understand that my work may have enormous effects on society and the economy, many beyond my apprehension."

As the collapse of the subprime collateralized debt market in 2008 made clear, it is a terrible mistake to put too much faith in models purporting to value financial instruments. "In crises," Mr. Derman writes, "the behavior of people changes and normal models fail. While quantum electrodynamics is a genuine theory of all reality, financial models are only mediocre metaphors for a part of it."

Although financial models employ the mathematics and style of physics, they are fundamentally different from the models that science produces. Physical models can provide an accurate description of reality. Financial models, despite their mathematical sophistication, can at best provide a vast oversimplification of reality. In the universe of finance, the behavior of individuals determines value—and, as he says, "people change their minds."

Bringing ethics into his analysis, Mr. Derman has no patience for coddling the folly of individuals and institutions who over-rely on faulty models and then seek to escape the consequences. He laments the aftermath of the 2008 financial meltdown, when banks rebounded "to record profits and bonuses" thanks to taxpayer bailouts. If you want to benefit from the seven fat years, he writes, "you must suffer the seven lean years too, even the catastrophically lean ones. We need free markets, but we need them to be principled."

Losing one election wasn't nearly enough to wake Republican voters up to this problem. Ted Cruz isn't alone on his strange planet; much of the Republican Party is right there with him. And that's likely to be true for a long time

It’s not that young women aren’t feminists, or don’t care about sexism. For college-age women — Mr. Sanders’s female base — sexism tends to be linked to sex.

Young women are neither ungrateful to their feminist foremothers nor complacent; rather, they are activists for feminist causes that reflect their needs.

College-educated women see only a tiny pay gap in their early- and mid-20s, making 97 cents for every dollar earned by their male colleagues.

That experience starts to change a few more years into the work force. By 35, those same college-educated women are making 15 percent less than their male peers. Women’s earnings peak between ages 35 and 44 and then plateau, while men’s continue to rise.

When women have children, they’re penalized: They’re considered less competent, they’re less likely to be hired for a new job and they’re paid less

one of the few female partners always seemed to be in charge of ordering lunch

For the many women who live at the center of that time crush, Mrs. Clinton’s emphasis on the wage gap, paid family leave and universal prekindergarten may be particularly appealing. Mr. Sanders, who also supports paid leave and universal pre-K, takes a different rhetorical tone, usually stressing affordable higher education and universal health care.

I watched as men with little or irrelevant experience were hired and promoted, because they had such great ideas, or they fit in better. “We want a woman,” the conclusion seemed to be, “just not this woman.”

in the now-common refrain about Hillary Clinton: “I want a woman president, just not this woman president.”

a 19-year-old aspiring lawyer who is volunteering for Mr. Sanders today will work for firms with more female partners and live in a world where the wage gap has shrunk. But the trends show that her experience in a decade is unlikely to be that different from mine.

Many more women over 25 are in the work force than those under, and women over 25 also do about twice as much unpaid domestic work as their younger counterparts.

I listened as some of my male colleagues opined on the need to marry a woman who would stay home with the children — that wasn’t sexist, they insisted, because it wasn’t that they thought only women should stay home; it was just that somebody had to, and the years in which they planned on having children would be crucial ones for their own careers.

Child care is just as expensive in many places as sending a kid to public university, but a college kid can get a part-time job. A toddler can’t.”

There are many other reasons women in the 30-and-over cohort may lean toward Mrs. Clinton. They’ve already seen promises of revolutionary change fall short. They may prefer a candidate with a progressive ideology but a more restrained, and potentially more effective, strategy for putting that ideology in place.

If it’s not this woman, this year, then who and when?

There was no guarantee that the economy’s downward spiral wouldn’t continue, as frightened businesses and consumers curbed spending and, in the process, increased unemployment. The CEA presents a series of charts comparing the 2008-2009 slump with the Great Depression. In every instance, the 2008-2009 downturn was as bad as — or worse than — the first year of the Great Depression: employment loss, drop in global trade and change in households’ net worth.

The starkest of these was the fall in households’ net worth (people’s assets, such as homes and stock, minus their debts, such as mortgages and credit-card balances). It dropped by $13 trillion, about a fifth, from its high point in 2007 to its trough in 2009. This decline, the CEA notes, “was far larger than the reduction [adjusted for inflation] . . . at the onset of the Great Depression.”

What separates then from now is that, after 18 months or so, spending turned up in 2009 while it continued declining in the 1930s. This difference reflected, at least in part, the aggressive policies adopted to blunt the downturn. The Fed cut short-term interest rates to zero and provided other avenues of cheap credit; the Troubled Asset Relief Program (TARP), enacted in the final months of the Bush administration, poured money into major banks to reassure the public of their solvency.

Still, Obama’s role was crucial. Against opposition, he decided to rescue General Motors and Chrysler. Throwing them onto the tender mercies of the market would have been a huge blow to the industrial Midwest and to national psychology. He also championed a sizable budget “stimulus.” Advertised originally as $787 billion, it was actually $2.6 trillion over four years when the initial program was combined with later proposals and so-called “automatic stabilizers” are included, the CEA says

More generally, Obama projected reason and calm when much of the nation was fearful and frazzled. Of course, he didn’t single-handedly restore confidence, but he made a big contribution

the recovery from the Great Recession is mostly complete. This seems plausible. Since the low point, employment is up 15.6 million jobs. Rising home and stock prices have boosted inflation-adjusted household net worth by 16 percent. Gross domestic product — the economy — is nearly 12 percent higher than before the financial crisis

his impact is underestimated. Suppose we had had a second Great Depression with, say, peak unemployment of 15 percent. Almost all our problems — from poverty to political polarization — would have worsened. Obama’s influence must be considered in this context. When historians do, they may be more impressed.

The 2004 campaign was the year of the “Web log,” or blog, when mainstream reporters and campaigns officially began losing any control they may have had over political new

Marco Rubio’s campaign marched into the election season ready to fight the usual news-cycle-by-news-cycle skirmishes. It was surprised to learn that, lo and behold, “There was no news cycle — everything was one big fire hose,” Alex Conant, a senior Rubio strategist, told me. “News was constantly breaking and at the end of the day hardly anything mattered. Things would happen; 24 hours later, everyone was talking about something else.”

Snapchat represents a change to something else: the longevity of news, how durably it keeps in our brain cells and our servers.

Snapchat is recording the here and the now, playing for today. Tomorrow will bring something new that renders today obsolete. It’s a digital Tibetan sand painting made in the image of the millennial mind.

Snapchat executives say they set up the app this way because this is what their tens of millions of younger users want; it’s how they live.

They can’t possibly have enough bandwidth to process all the incoming information and still dwell on what already was, can they?

Experienced strategists and their candidates, who could always work through their election plans methodically — promoting their candidacies one foot in front of the other, adjusting here and there for the unexpected — suddenly found that they couldn’t operate the way they always did.

The question this year has been whether 2016 will be the “Snapchat election,

Then there was Jeb Bush, expecting to press ahead by presenting what he saw as leading-edge policy proposals that would set off a prolonged back-and-forth. When Mr. Bush rolled out a fairly sweeping plan to upend the college loan system, the poor guy thought this was going to become a big thing.

It drew only modest coverage and was quickly buried by the latest bit from Donald Trump.

In this “hit refresh” political culture, damaging news does not have to stick around for long, either. The next development, good or bad, replaces it almost immediately.

Mr. Miller pointed to a recent episode in which Mr. Trump said a protester at a rally had “ties to ISIS,” after that protester charged the stage. No such ties existed. “He says ‘ISIS is attacking me’; this was debunked in eight minutes by Twitter,” Mr. Miller said. “Cable talked about it for three hours and it went away.”

“Hillary Clinton said that she was under sniper fire in Bosnia” — she wasn’t — “and that has stuck with her for 20 years,”

Mr. Trump has mastered this era of short attention spans in politics by realizing that if you’re the one regularly feeding the stream, you can forever move past your latest trouble, and hasten the mass amnesia.

It was with this in mind that The Washington Post ran an editorial late last week reminding its readers of some of Mr. Trump’s more outlandish statements and policy positions

The Post urged its readers to “remember” more than two dozen items from Mr. Trump’s record, including that he promised “to round up 11 million undocumented immigrants and deport them,” and “lied about President Obama’s birth certificate.”

as the media habits of the young drive everybody else’s, I’m reminded of that old saw about those who forget history. Now, what was I saying?

According to the S.E.C.’s complaint, by April 2010 Mr. Davis was in “desperate” financial straits. He owed the I.R.S. $78,000. His brokerage account was heavily margined, and he had run up tens of thousands in credit card debt. He owed $550,000 to one of his investment funds.

The government has shed little light on Mr. Davis’s motive, other than that he needed money. The S.E.C. said he did little to adjust his expensive lifestyle after leaving Credit Suisse in 2001. He experienced a sharp drop in his income, went through an expensive divorce soon after and suffered big investment reversals during the 2008 financial crisis.

Mr. Davis is hardly alone in trying to maintain the illusion of wealth and prosperity even as his personal finances veered out of control.

But after a lifetime of success, Mr. Davis was too proud and too embarrassed to admit any of this and turn to his wealthy friends and fellow golf club members, though many would have been willing to help, according to a person close to him

“Some people would risk anything rather than suffer that kind of personal embarrassment,” Professor Coffee said. “And once you’ve decided you’re willing to risk anything, you can get into deep, deep trouble.”

the leaders agreed to provide an additional 200 billion euros to the International Monetary Fund to help increase a “firewall” of money in European bailout funds to help cover Italy and Spain. He also said a permanent 500 billion euro European Stability Mechanism would be put into effect a year early, by July 2012, and for a year, would run alongside the existing and temporary 440 billion euro European Financial Stability Facility, thus also increasing funds for the firewall. The leaders also agreed that private-sector lenders to euro zone nations would not automatically face losses, as had been the plan in the event of another future bailout. When Greece’s debt was finally restructured, the private sector suffered, making investors more anxious about other vulnerable economies.

Occupy Language might also support the campaign to stop the media from using the word “illegal” to refer to “undocumented” immigrants. From the campaign’s perspective, only inanimate objects and actions are labeled illegal in English; therefore the use of “illegals” to refer to human beings is dehumanizing.

the F.B.I.’s annual Hate Crime Statistics show that Latinos comprised two thirds of the victims of ethnically motivated hate crimes in 2010. When someone is repeatedly described as something, language has quietly paved the way for violent action.

By occupying language, we can expose how educational, political, and social institutions use language to further marginalize oppressed groups; resist colonizing language practices that elevate certain languages over others; resist attempts to define people with terms rooted in negative stereotypes; and begin to reshape the public discourse about our communities, and about the central role of language in racism and discrimination.

History: from 18.5 percent to 10.7 percent

But the deeper explanation resides not in something that has happened to it, but in what it has done to itself. English has become less and less coherent as a discipline and, worse, has come near exhaustion as a scholarly pursuit.

The twin focus, then, was on the philological nature of the enterprise and the canon of great works to be studied in their historical evolution.

Studying English taught us how to write and think better, and to make articulate many of the inchoate impulses and confusions of our post-adolescent minds. We began to see, as we had not before, how such books could shape and refine our thinking. We began to understand why generations of people coming before us had kept them in libraries and bookstores and in classes such as ours. There was, we got to know, a tradition, a historical culture, that had been assembled around these books. Shakespeare had indeed made a difference—to people before us, now to us, and forever to the language of English-speaking people.

today there are stunning changes in the student population: there are more and more gifted and enterprising students coming from immigrant backgrounds, students with only slender connections to Western culture and to the assumption that the “great books” of England and the United States should enjoy a fixed centrality in the world. What was once the heart of the matter now seems provincial. Why throw yourself into a study of something not emblematic of the world but representative of a special national interest? As the campus reflects the cultural, racial, and religious complexities of the world around it, reading British and American literature looks more and more marginal. From a global perspective, the books look smaller.

With the cost of a college degree surging upward during the last quarter century—tuition itself increasing far beyond any measure of inflation—and with consequent growth in loan debt after graduation, parents have become anxious about the relative earning power of a humanities degree. Their college-age children doubtless share such anxiety. When college costs were lower, anxiety could be kept at bay. (Berkeley in the early ’60s cost me about $100 a year, about $700 in today’s dollars.)

Economists, chemists, biologists, psychologists, computer scientists, and almost everyone in the medical sciences win sponsored research, grants, and federal dollars. By and large, humanists don’t, and so they find themselves as direct employees of the institution, consuming money in salaries, pensions, and operating needs—not external money but institutional money.

These, then, are some of the external causes of the decline of English: the rise of public education; the relative youth and instability (despite its apparent mature solidity) of English as a discipline; the impact of money; and the pressures upon departments within the modern university to attract financial resources rather than simply use them up.

several of my colleagues around the country have called for a return to the aesthetic wellsprings of literature, the rock-solid fact, often neglected, that it can indeed amuse, delight, and educate. They urge the teaching of English, or French, or Russian literature, and the like, in terms of the intrinsic value of the works themselves, in all their range and multiplicity, as well-crafted and appealing artifacts of human wisdom. Second, we should redefine our own standards for granting tenure, placing more emphasis on the classroom and less on published research, and we should prepare to contest our decisions with administrators whose science-based model is not an appropriate means of evaluation.

“It may be that what has happened to the profession is not the consequence of social or philosophical changes, but simply the consequence of a tank now empty.” His homely metaphor pointed to the absence of genuinely new frontiers of knowledge and understanding for English professors to explore.

In this country and in England, the study of English literature began in the latter part of the 19th century as an exercise in the scientific pursuit of philological research, and those who taught it subscribed to the notion that literature was best understood as a product of language.

no one has come forward in years to assert that the study of English (or comparative literature or similar undertakings in other languages) is coherent, does have self-limiting boundaries, and can be described as this but not that.

to teach English today is to do, intellectually, what one pleases. No sense of duty remains toward works of English or American literature; amateur sociology or anthropology or philosophy or comic books or studies of trauma among soldiers or survivors of the Holocaust will do. You need not even believe that works of literature have intelligible meaning; you can announce that they bear no relationship at all to the world beyond the text.

With everything on the table, and with foundational principles abandoned, everyone is free, in the classroom or in prose, to exercise intellectual laissez-faire in the largest possible way—I won’t interfere with what you do and am happy to see that you will return the favor

Consider the English department at Harvard University. It has now agreed to remove its survey of English literature for undergraduates, replacing it and much else with four new “affinity groups”

there would be no one book, or family of books, that every English major at Harvard would have read by the time he or she graduates. The direction to which Harvard would lead its students in this “clean slate” or “trickle down” experiment is to suspend literary history, thrusting into the hands of undergraduates the job of cobbling together intellectual coherence for themselves

Those who once strove to give order to the curriculum will have learned, from Harvard, that terms like core knowledge and foundational experience only trigger acrimony, turf protection, and faculty mutinies. No one has the stomach anymore to refight the Western culture wars. Let the students find their own way to knowledge.

In English, the average number of years spent earning a doctoral degree is almost 11. After passing that milestone, only half of new Ph.D.’s find teaching jobs, the number of new positions having declined over the last year by more than 20 percent; many of those jobs are part-time or come with no possibility of tenure. News like that, moving through student networks, can be matched against, at least until recently, the reputed earning power of recent graduates of business schools, law schools, and medical schools. The comparison is akin to what young people growing up in Rust Belt cities are forced to see: the work isn’t here anymore; our technology is obsolete.

unlike other members of the university community, they might well have been plying their trade without proper credentials: “Whereas economists or physicists, geologists or climatologists, physicians or lawyers must master a body of knowledge before they can even think of being licensed to practice,” she said, “we literary scholars, it is tacitly assumed, have no definable expertise.”

English departments need not refight the Western culture wars. But they need to fight their own book wars. They must agree on which texts to teach and argue out the choices and the principles of making them if they are to claim the respect due a department of study.

They can teach their students to write well, to use rhetoric. They should place their courses in composition and rhetoric at the forefront of their activities. They should announce that the teaching of composition is a skill their instructors have mastered and that students majoring in English will be certified, upon graduation, as possessing rigorously tested competence in prose expression.

The study of literature will then take on the profile now held, with moderate dignity, by the study of the classics, Greek and Latin.

But we can, we must, do better. At stake are the books themselves and what they can mean to the young. Yes, it is just a literary tradition. That’s all. But without such traditions, civil societies have no compass to guide them.

it’s impossible to know for sure, but, according to one publisher’s estimate, book sales in the U.S. now make up no more than seven per cent of the company’s roughly seventy-five billion dollars in annual revenue.

A monopoly is dangerous because it concentrates so much economic power, but in the book business the prospect of a single owner of both the means of production and the modes of distribution is especially worrisome: it would give Amazon more control over the exchange of ideas than any company in U.S. history.

“The key to understanding Amazon is the hiring process,” one former employee said. “You’re not hired to do a particular job—you’re hired to be an Amazonian. Lots of managers had to take the Myers-Briggs personality tests. Eighty per cent of them came in two or three similar categories, and Bezos is the same: introverted, detail-oriented, engineer-type personality. Not musicians, designers, salesmen. The vast majority fall within the same personality type—people who graduate at the top of their class at M.I.T. and have no idea what to say to a woman in a bar.”

According to Marcus, Amazon executives considered publishing people “antediluvian losers with rotary phones and inventory systems designed in 1968 and warehouses full of crap.” Publishers kept no data on customers, making their bets on books a matter of instinct rather than metrics. They were full of inefficiences, starting with overpriced Manhattan offices.

For a smaller house, Amazon’s total discount can go as high as sixty per cent, which cuts deeply into already slim profit margins. Because Amazon manages its inventory so well, it often buys books from small publishers with the understanding that it can’t return them, for an even deeper discount

According to one insider, around 2008—when the company was selling far more than books, and was making twenty billion dollars a year in revenue, more than the combined sales of all other American bookstores—Amazon began thinking of content as central to its business. Authors started to be considered among the company’s most important customers. By then, Amazon had lost much of the market in selling music and videos to Apple and Netflix, and its relations with publishers were deteriorating

In its drive for profitability, Amazon did not raise retail prices; it simply squeezed its suppliers harder, much as Walmart had done with manufacturers. Amazon demanded ever-larger co-op fees and better shipping terms; publishers knew that they would stop being favored by the site’s recommendation algorithms if they didn’t comply. Eventually, they all did.

Brad Stone describes one campaign to pressure the most vulnerable publishers for better terms: internally, it was known as the Gazelle Project, after Bezos suggested “that Amazon should approach these small publishers the way a cheetah would pursue a sickly gazelle.”

ithout dropping co-op fees entirely, Amazon simplified its system: publishers were asked to hand over a percentage of their previous year’s sales on the site, as “marketing development funds.”

The figure keeps rising, though less for the giant pachyderms than for the sickly gazelles. According to the marketing executive, the larger houses, which used to pay two or three per cent of their net sales through Amazon, now relinquish five to seven per cent of gross sales, pushing Amazon’s percentage discount on books into the mid-fifties. Random House currently gives Amazon an effective discount of around fifty-three per cent.

In December, 1999, at the height of the dot-com mania, Time named Bezos its Person of the Year. “Amazon isn’t about technology or even commerce,” the breathless cover article announced. “Amazon is, like every other site on the Web, a content play.” Yet this was the moment, Marcus said, when “content” people were “on the way out.”

By 2010, Amazon controlled ninety per cent of the market in digital books—a dominance that almost no company, in any industry, could claim. Its prohibitively low prices warded off competition

In 2004, he set up a lab in Silicon Valley that would build Amazon’s first piece of consumer hardware: a device for reading digital books. According to Stone’s book, Bezos told the executive running the project, “Proceed as if your goal is to put everyone selling physical books out of a job.”

Lately, digital titles have levelled off at about thirty per cent of book sales.

The literary agent Andrew Wylie (whose firm represents me) says, “What Bezos wants is to drag the retail price down as low as he can get it—a dollar-ninety-nine, even ninety-nine cents. That’s the Apple play—‘What we want is traffic through our device, and we’ll do anything to get there.’ ” If customers grew used to paying just a few dollars for an e-book, how long before publishers would have to slash the cover price of all their titles?

As Apple and the publishers see it, the ruling ignored the context of the case: when the key events occurred, Amazon effectively had a monopoly in digital books and was selling them so cheaply that it resembled predatory pricing—a barrier to entry for potential competitors. Since then, Amazon’s share of the e-book market has dropped, levelling off at about sixty-five per cent, with the rest going largely to Apple and to Barnes & Noble, which sells the Nook e-reader. In other words, before the feds stepped in, the agency model introduced competition to the market

But the court’s decision reflected a trend in legal thinking among liberals and conservatives alike, going back to the seventies, that looks at antitrust cases from the perspective of consumers, not producers: what matters is lowering prices, even if that goal comes at the expense of competition. Barry Lynn, a market-policy expert at the New America Foundation, said, “It’s one of the main factors that’s led to massive consolidation.”

Publishers sometimes pass on this cost to authors, by redefining royalties as a percentage of the publisher’s receipts, not of the book’s list price. Recently, publishers say, Amazon began demanding an additional payment, amounting to approximately one per cent of net sales

brick-and-mortar retailers employ forty-seven people for every ten million dollars in revenue earned; Amazon employs fourteen.

Since the arrival of the Kindle, the tension between Amazon and the publishers has become an open battle. The conflict reflects not only business antagonism amid technological change but a division between the two coasts, with different cultural styles and a philosophical disagreement about what techies call “disruption.”

Bezos told Charlie Rose, “Amazon is not happening to bookselling. The future is happening to bookselling.”

n Grandinetti’s view, the Kindle “has helped the book business make a more orderly transition to a mixed print and digital world than perhaps any other medium.” Compared with people who work in music, movies, and newspapers, he said, authors are well positioned to thrive. The old print world of scarcity—with a limited number of publishers and editors selecting which manuscripts to publish, and a limited number of bookstores selecting which titles to carry—is yielding to a world of digital abundance. Grandinetti told me that, in these new circumstances, a publisher’s job “is to build a megaphone.”

it offers an extremely popular self-publishing platform. Authors become Amazon partners, earning up to seventy per cent in royalties, as opposed to the fifteen per cent that authors typically make on hardcovers. Bezos touts the biggest successes, such as Theresa Ragan, whose self-published thrillers and romances have been downloaded hundreds of thousands of times. But one survey found that half of all self-published authors make less than five hundred dollars a year.

The business term for all this clear-cutting is “disintermediation”: the elimination of the “gatekeepers,” as Bezos calls the professionals who get in the customer’s way. There’s a populist inflection to Amazon’s propaganda, an argument against élitist institutions and for “the democratization of the means of production”—a common line of thought in the West Coast tech world

“Book publishing is a very human business, and Amazon is driven by algorithms and scale,” Sargent told me. When a house gets behind a new book, “well over two hundred people are pushing your book all over the place, handing it to people, talking about it. A mass of humans, all in one place, generating tremendous energy—that’s the magic potion of publishing. . . . That’s pretty hard to replicate in Amazon’s publishing world, where they have hundreds of thousands of titles.”

By producing its own original work, Amazon can sell more devices and sign up more Prime members—a major source of revenue. While the company was building the

Like the publishing venture, Amazon Studios set out to make the old “gatekeepers”—in this case, Hollywood agents and executives—obsolete. “We let the data drive what to put in front of customers,” Carr told the Wall Street Journal. “We don’t have tastemakers deciding what our customers should read, listen to, and watch.”

book publishers have been consolidating for several decades, under the ownership of media conglomerates like News Corporation, which squeeze them for profits, or holding companies such as Rivergroup, which strip them to service debt. The effect of all this corporatization, as with the replacement of independent booksellers by superstores, has been to privilege the blockbuster.

The combination of ceaseless innovation and low-wage drudgery makes Amazon the epitome of a successful New Economy company. It’s hiring as fast as it can—nearly thirty thousand employees last year.

the long-term outlook is discouraging. This is partly because Americans don’t read as many books as they used to—they are too busy doing other things with their devices—but also because of the relentless downward pressure on prices that Amazon enforces.

he digital market is awash with millions of barely edited titles, most of it dreck, while r

Amazon believes that its approach encourages ever more people to tell their stories to ever more people, and turns writers into entrepreneurs; the price per unit might be cheap, but the higher number of units sold, and the accompanying royalties, will make authors wealthier

In Friedman’s view, selling digital books at low prices will democratize reading: “What do you want as an author—to sell books to as few people as possible for as much as possible, or for as little as possible to as many readers as possible?”

The real talent, the people who are writers because they happen to be really good at writing—they aren’t going to be able to afford to do it.”

Seven-figure bidding wars still break out over potential blockbusters, even though these battles often turn out to be follies. The quest for publishing profits in an economy of scarcity drives the money toward a few big books. So does the gradual disappearance of book reviewers and knowledgeable booksellers, whose enthusiasm might have rescued a book from drowning in obscurity. When consumers are overwhelmed with choices, some experts argue, they all tend to buy the same well-known thing.

These trends point toward what the literary agent called “the rich getting richer, the poor getting poorer.” A few brand names at the top, a mass of unwashed titles down below, the middle hollowed out: the book business in the age of Amazon mirrors the widening inequality of the broader economy.

“If they did, in my opinion they would save the industry. They’d lose thirty per cent of their sales, but they would have an additional thirty per cent for every copy they sold, because they’d be selling directly to consumers. The industry thinks of itself as Procter & Gamble*. What gave publishers the idea that this was some big goddam business? It’s not—it’s a tiny little business, selling to a bunch of odd people who read.”

Bezos is right: gatekeepers are inherently élitist, and some of them have been weakened, in no small part, because of their complacency and short-term thinking. But gatekeepers are also barriers against the complete commercialization of ideas, allowing new talent the time to develop and learn to tell difficult truths. When the last gatekeeper but one is gone, will Amazon care whether a book is any good? ♦

up until then I hadn’t thought much about the process of decision making. So in between M.R.I.’s, CT scans and spinal taps, I dove into the academic literature on decision making. Not just in my field but also in neuroscience, psychology, sociology, information science, political science and history.

Physicians do get things wrong, remarkably often. Studies have shown that up to one in five patients are misdiagnosed. In the United States and Canada it is estimated that 50,000 hospital deaths each year could have been prevented if the real cause of illness had been correctly identified.

Yet people are loath to challenge experts.

when confronted with the expert, it was as if the independent decision-making parts of many subjects’ brains pretty much switched off. They simply ceded their power to decide to the expert.

If we are to control our own destinies, we have to switch our brains back on and come to our medical consultations with plenty of research done, able to use the relevant jargon. If we can’t do this ourselves we need to identify someone in our social or family network who can do so on our behalf.

Anxiety, stress and fear — emotions that are part and parcel of serious illness — can distort our choices. Stress makes us prone to tunnel vision, less likely to take in the information we need. Anxiety makes us more risk-averse than we would be regularly and more deferential.

It’s not that we can’t be anxious, it’s that we need to acknowledge to ourselves that we are.

It is also crucial to ask probing questions not only of the experts but of ourselves.

we bring into our decision-making process flaws and errors of our own. All of us show bias when it comes to what information we take in. We typically focus on anything that agrees with the outcome we want.

We need to be aware of our natural born optimism, for that harms good decision making, too.

We need to acknowledge our tendency to incorrectly process challenging news and actively push ourselves to hear the bad as well as the good. It felt great when I stumbled across information that implied I didn’t need any serious treatment at all. When we find data that supports our hopes we appear to get a dopamine rush similar to the one we get if we eat chocolate, have sex or fall in love

But it’s often information that challenges our existing opinions or wishful desires that yields the greatest insights

Eventually Brad Katsuyama came to realize that the most sophisticated investors didn’t know what was going on in their own market. Not the big mutual funds, Fidelity and Vanguard. Not the big money-management firms like T. Rowe Price and Capital Group. Not even the most sophisticated hedge funds.

The deep problem with the system was a kind of moral inertia. So long as it served the narrow self-interests of everyone inside it, no one on the inside would ever seek to change it, no matter how corrupt or sinister it became

Technology had collided with Wall Street in a peculiar way. It had been used to increase efficiency. But it had also been used to introduce a peculiar sort of market inefficiency. Taking advantage of loopholes in some well-meaning regulation introduced in the mid-2000s, some large amount of what Wall Street had been doing with technology was simply so someone inside the financial markets would know something that the outside world did not. The same system that once gave us subprime-mortgage collateralized debt obligations no investor could possibly truly understand now gave us stock-market trades involving fractions of a penny that occurred at unsafe speeds using order types that no investor could possibly truly understand.

The trouble with the stock market — with all of the public and private exchanges — was that they were fantastically gameable, and had been gamed: first by clever guys in small shops, and then by prop traders who moved inside the big Wall Street banks. That was the problem, Puz thought. From the point of view of the most sophisticated traders, the stock market wasn’t a mechanism for channeling capital to productive enterprise but a puzzle to be solved.

As they worked through the order types, the Puzzle Masters created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared as if there were three activities that led to a vast amount of grotesquely unfair trading. The first they called electronic front-running — seeing an investor trying to do something in one place and racing ahead of him to the next (what had happened to Katsuyama when he traded at RBC). The second they called rebate arbitrage — using the new complexity to game the seizing of whatever legal kickbacks, called rebates within the industry, the exchange offered without actually providing the liquidity that the rebate was presumably meant to entice. The third, and probably by far the most widespread, they called slow-market arbitrage. This occurred when a high-frequency trader was able to see the price of a stock change on one exchange and pick off orders sitting on other exchanges before those exchanges were able to react. This happened all day, every day, and very likely generated more billions of dollars a year than the other strategies combined.

IEX had made its point: That to function properly, a financial market didn’t need to be rigged in someone’s favor. It didn’t need payment for order flow and co-location and all sorts of unfair advantages possessed by a small handful of traders. All it needed was for investors to take responsibility for understanding it, and then to seize its controls. “The backbone of the market,” Katsuyama says, “is investors coming together to trade.”

If an investor as large as T. Rowe Price, which acted on behalf of millions of investors, had trouble obtaining the information it needed to determine if its brokers had acted in their interest, what chance did the little guy have?

The stock market really was rigged. Katsuyama often wondered how enterprising politicians and plaintiffs’ lawyers and state attorneys general would respond to that realization. (This March, the New York attorney general, Eric Schneiderman, announced a new investigation of the stock exchanges and the dark pools, and their relationships with high-frequency traders.

only the Republicans are carrying out a primary purification to fit their no-compromise dispositions.

polarization per se is not the current critical crisis – it’s a refusal to compromise, to reach out from one’s ideological end of the spectrum to meet in the middle (where most of us already are), and demanding that one’s representatives refuse to negotiate to get things done and better the country.

A consistently liberal position is fine if you’re prepared to meet the other side halfway – and vice-versa of course. In fact, sometimes a strong position can help facilitate a real deal.

it’s the GOP that is the outlier, and long has been.

Liberals and conservatives are coming to rely on different worldviews motivated by different interpretations of what “reality” is. The Republican party has clearly decided that the only path open to them is to further embrace the resentment exhibited in rural, displaced white voters – people whose concerns have been unconscionably ignored but who have directed their anger at an entirely inappropriate target. They see Obama as the enemy but they vote for the people who are their real enemies.

If you think about it point by point, it becomes even less sensible. The debt? That was a result of Bush’s unfunded wars, irresponsible tax cuts and his corporatist Medicare expansion (which was itself just a subsidy for drug companies). The recession? A logical endpoint of a decades-long abandonment of responsible financial regulation. Immigration? There have been no significant changes to our immigration law since 1986, when Saint Reagan pushed through a bill that provided legal status to many who were undocumented – and the right conveniently proceeded to forget that. Ditto with gun control, since Reagan supported the Brady Bill publicly, and that clearly must be erased from the record.

The left, by contrast, did not throw Democrats out of office for supporting the Bush tax cuts. It did not throw Democrats out of office for opposing cap-and-trade legislation, immigration reform, or for stonewalling Obamacare until the very last minute when Scott Brown’s surprise election made inaction untenable. The left complained about these realities but never pretended that the reality was any different than what it was; we had the best we could get and that while Obama has let us down on specific issues, he has been a wholly underappreciated president – and history will very likely vindicate him