Books

The Cult of We: WeWork, Adam Neumann, and the Great Startup Delusion

by Eliot Brown and Maureen Farrell This is the definitive story of the rise and fall of WeWork by the real-life journalists whose Wall Street Journal reporting rocked the company and exposed a financial system drunk on the elixir of Silicon Valley innovation. The plan was for WeWork to be worth $10 trillion, more than any other company in the world. It wasn’t just an office space provider. It was a tech company—an AI startup, even. Its WeGrow schools and WeLive residences would revolutionise education and housing. One day, mused founder Adam Neumann, a Middle East peace accord would be signed in a WeWork. The company might help colonise Mars. And Neumann would become the world’s first trillionaire. This was the vision of Neumann and his primary cheerleader, SoftBank’s Masayoshi Son. In hindsight, their ambition for the company, whose primary business was subletting desks in slickly designed offices, seems like madness. Why did so many intelligent people—from venture capitalists to Wall Street elite—fall for the hype? And how did WeWork go so wrong? In little more than a decade, Neumann transformed himself from a struggling baby clothes salesman into the charismatic, hard-partying CEO of a company worth $47 billion—on paper. With his long hair and feel-good mantras, the six-foot-five Israeli transplant looked the part of a messianic truth teller. Investors swooned, and billions poured in. Neumann dined with the CEOs of JPMorgan and Goldman Sachs, entertaining a parade of power brokers desperate to get a slice of what he was selling: the country’s most valuable startup, a once-in-a-lifetime opportunity and a generation-defining moment. Soon, however, WeWork was burning through cash faster than Neumann could bring it in. From his private jet, sometimes clouded with marijuana smoke, he scoured the globe for more capital. Then, as WeWork readied a Hail Mary IPO, it all fell apart. Nearly $40 […]

Review: In the Margins

Having read a number of books both by and on the mysterious Elena Ferrante, I’m always intrigued when something new appears. No fiction, alas, but we do get to hear from the reclusive writer on her own literary preferences, as well as being granted some glimpses into the work process. In the Margins: On the Pleasures of Reading and Writing (translated by Ann Goldstein) is a collection of Ferrante’s essays on, reading and writing. The first three, interestingly enough, were written for a series of public lectures at the University of Bologna (the Eco Lectures!), while the fourth is an added bonus, coming from a conference on Dante held in 2021. The performance honours for the first three essays went to actress Manuela Mandracchia, while Tiziana de Rogatis delivered the Dante talk to the conference. Nevertheless, there’s still a lot to like about In the Margins. It consists of four short essays written in a style recognisable to anyone who has tried Ferrante’s other non-fiction work. While light and breezy in places, this belies a keen intellect and a vast knowledge of certain areas of literature, together making for an eminently readable and enjoyable set of texts. The first of the Eco Lectures, ‘Pain and Pen’, starts with childhood anecdotes, in which the writer reflects on school handwriting lessons: But I was easily distracted when I wrote, and while I almost always respected the margin on the left, I often ended up outside the one on the right, whether to finish the word or because I had reached a point where it was difficult to divide the word into syllables and start a new line without going outside the margin. I was punished so often that the sense of the boundary became part of me, and when I write by hand I feel the threat of the vertical red line […]

The Quiet Before: On the Unexpected Origins of Radical Ideas

-Gal Beckerman From intimate conversations grow world-shaking movements, argues this probing intellectual history. New York Times Book Review editor Gal Beckerman (When They Come for Us, We’ll Be Gone) surveys small circles that incubated subversive thinking, including 17th-century French polymath Nicolas Peiresc’s scientific letter-writing network; Britain’s 1839 Chartist campaign for universal suffrage, which galvanised working-class politics; Soviet dissident Natalya Gorbanevskaya’s samizdat journal, the Chronicle, which landed her in a psychiatric hospital; and the 1990s feminist punk scene sparked by the zine Riot Grrrl. He also investigates the internet’s role in modern-day movements: the Facebook page that publicised Egypt’s Tahrir Square demonstration; the Discord chat rooms where alt-right activists organised the 2017 Unite-the-Right rally in Charlottesville, Va.; and the Red Dawn email group of health experts who brainstormed Covid-19 interventions. Drawing on communications theory, Beckerman analyses these intellectual channels for their ability to foster accessible but private conversations that shape innovative ideas, though he’s skeptical of social media as an organising tool because it’s too public, volatile, emotional, and virtual to nurture serious thinking and politics. Beckerman unearths fascinating lore about these ideological hothouses, from the Futurists’ love triangles in early 20th-century Italy to the alt-right’s public-messaging strategies. The result is a timely and stimulating take on how the fringe infiltrates the mainstream.

Who Gets Power and How it Changes Us

By Brian Klaas “Does power corrupt, or are corrupt people drawn to power?” So asks Klaas, a professor of global politics at University College London, at the outset of this absorbing survey. The answer is yes. The author delivers a provocative argument to support that claim, whether discussing the case of an African strongman who cannibalized his political enemies or the martinet president of a homeowners association. Two memorable examples come early: One is a “psychopathic pharmacist” who organised the survivors of a 1629 shipwreck on an Australian island to commit more than 100 murders at his whim. The second is a similar marooning, four centuries later, in which a group of young Tongan men lived for more than a year in a flatly organised shared-power-and-responsibility system. That all survived may have been a fluke given that we tend to create hierarchies in which “upstarts who would’ve previously faced ostracism, humiliation, or death now had a real prospect of becoming genuinely powerful.” Because power thrives on conflict, the rate of violence increases; because people fear violence, powerful people who offer security thrive. Hierarchy itself isn’t bad, writes Klaas; it’s just that it attracts corrupt people who flourish in competition. Today, “much of the world is dominated by systems that attract and promote corruptible people.” Some make no effort to disguise their corruption (Putin, Trump, etc.); others are more sophisticated. Is it nature or nurture? “We don’t know,” writes Klaas. The implications are far-reaching. For example, since police work attracts former soldiers who enjoy exercising power, real police reform will involve not hiring such people. To keep people from abusing power, those with power within a hierarchy must be rotated and kept an eye on, given that “watched people are nice people.

Davos Man: How the Billionaires Devoured the World

by Peter S Goodman From the New York Times’s Global Economics Correspondent, a masterwork of explanatory journalism that exposes how billionaires’ systematic plundering of the world—brazenly accelerated during the pandemic—has transformed 21st-century life and dangerously destabilised democracy. The history of the last half century in America, Europe, and other major economies is in large part the story of wealth flowing upward. The most affluent people emerged from capitalism’s triumph in the Cold War to loot the peace, depriving governments of the resources needed to serve their people, and leaving them tragically unprepared for the worst pandemic in a century. Drawing on decades of experience covering the global economy, award-winning journalist Peter S. Goodman profiles five representative “Davos Men”–members of the billionaire class–chronicling how their shocking exploitation of the global pandemic has hastened a fifty-year trend of wealth centralisation. Alongside this reporting, Goodman delivers textured portraits of those caught in Davos Man’s wake, including a former steelworker in the American Midwest, a Bangladeshi migrant in Qatar, a Seattle doctor on the front lines of the fight against COVID, blue-collar workers in the tenements of Buenos Aires, an African immigrant in Sweden, a textile manufacturer in Italy, an Amazon warehouse employee in New York City, and more. Goodman’s rollicking and revelatory exposé of the global billionaire class reveals their hidden impact on nearly every aspect of modern society: widening wealth inequality, the rise of anti-democratic nationalism, the shrinking opportunity to earn a livable wage, the vulnerabilities of our health-care systems, access to affordable housing, unequal taxation, and even the quality of the shirt on your back. Meticulously reported yet compulsively readable, Davos Man is an essential read for anyone concerned about economic justice, the capacity of societies to grapple with their greatest challenges, and the sanctity of representative government.

Review: The Power Law

Innovations rarely come from “experts.” Elon Musk was not an “electric car person” before he started Tesla. When it comes to improbable innovations, a legendary tech VC told Sebastian Mallaby, the future cannot be predicted, it can only be discovered. It is the nature of the venture-capital game that most attempts at discovery fail, but a very few succeed at such a scale that they more than make up for everything else. That extreme ratio of success and failure is the power law that drives the VC business, all of Silicon Valley, the wider tech sector, and, by extension, the world. In The Power Law, Sebastian Mallaby has parlayed unprecedented access to the most celebrated venture capitalists of all time—the key figures at Sequoia, Kleiner Perkins, Accel, Benchmark, and Andreessen Horowitz, as well as Chinese partnerships such as Qiming and Capital Today—into a riveting blend of storytelling and analysis that unfurls the history of tech incubation, in the Valley and ultimately worldwide. We learn the unvarnished truth, often for the first time, about some of the most iconic triumphs and infamous disasters in Valley history, from the comedy of errors at the birth of Apple to the avalanche of venture money that fostered hubris at WeWork and Uber. VCs’ relentless search for grand slams brews an obsession with the ideal of the lone entrepreneur-genius, and companies seen as potential “unicorns” are given intoxicating amounts of power, with sometimes disastrous results. On a more systemic level, the need to make outsized bets on unproven talent reinforces bias, with women and minorities still represented at woefully low levels. This does not just have social justice implications: as Mallaby relates, China’s homegrown VC sector, having learned at the Valley’s feet, is exploding and now has more women VC luminaries than America has ever had. Still, Silicon Valley VC […]

The Secret History of Wonder Woman

Jill Lepore Ms. Lepore’s lively, surprising and occasionally salacious history is far more than the story of a comic strip. The author, a professor of history at Harvard, places Wonder Woman squarely in the story of women’s rights in America—a cycle of rights won, lost and endlessly fought for again. Like many illuminating histories, this one shows how issues we debate today were under contention just as vigorously decades ago, including birth control, sex education, the ways in which women can combine work and family, and the effects of ‘violent entertainment’ on children. ‘The tragedy of feminism in the twentieth century is the way its history seemed to be forever disappearing,’ Ms. Lepore writes. Her superb narrative brings that history vividly into the present, weaving individual lives into the sweeping changes of the century. Lepore’s brilliance lies in knowing what to do with the material she has. In her hands, the Wonder Woman story unpacks not only a new cultural history of feminism, but a theory of history as well. Lepore specialises in excavating old flashpoints—forgotten or badly misremembered collisions between politics and cultural debates in America’s past. She lays out for our modern sensibility how some event or social problem was fought over by interest groups, reformers, opportunists, and “thought leaders” of the day. The result can look both familiar and disturbing, like our era’s arguments flipped in a funhouse mirror….Besides archives and comics Lepore relies on journalism, notebooks, letters, and traces of memoir left by the principals, as well as interviews with surviving colleagues, children, and extended family. Her discipline is worthy of a first-class detective….Lepore convinces us that we should know more about early feminists whose work Wonder Woman drew on and carried forward….A key spotter of connections, Lepore retrieves a remarkably recognisable feminist through-line, showing us 1920s […]

Too Famous: The Rich, the Powerful, the Wishful, the Notorious, the Damned

by Michael WolffBestselling author of Fire and Fury and The Man Who Owns the News chronicler of the Trump White House Michael Wolff dissects more of the major monsters, media whores, and vainglorious figures of our time. His scalpel opens their lives, careers, and always equivocal endgames with the same vividness and wit he brought to his disemboweling of the former president. These brilliant and biting profiles form a mesmerising portrait of the hubris, overreach, and nearly inevitable self-destruction of some of the most famous faces from the Clinton era through the Trump years. When the mighty fall, they do it with drama and with a dust cloud of gossip. This collection pulls from new and unpublished work—recent reporting about Tucker Carlson, Jared Kushner, Harvey Weinstein, Ronan Farrow, and Jeffrey Epstein—and twenty years of coverage of the most notable egomaniacs of the time—among them, Hillary Clinton, Michael Bloomberg, Andrew Cuomo, Rudy Giuliani, Arianna Huffington, Roger Ailes, Boris Johnson, and Rupert Murdoch—creating a lasting statement on the corrosive influence of fame. Ultimately, this is an examination of how the quest for fame, notoriety, and power became the driving force of culture and politics, the drug that alters all public personalities. And how their need, their desperation, and their ruthlessness became the toxic grease that keeps the world spinning. You know the people here by name and reputation, but it’s guaranteed that after this book you will never see them the same way again or fail to recognise the scorched earth the famous leave behind them.

Fall

In February 1991, the media mogul and former MP Robert Maxwell made a triumphant entrance into Manhattan harbour aboard his yacht, the Lady Ghislaine, to complete his purchase of the ailing New York Daily News. Crowds lined the quayside to watch his arrival, taxi drivers stopped their cabs to shake his hand and children asked for his autograph. But just ten months later, Maxwell disappeared from the same yacht off the Canary Islands, only to be found dead in the water soon afterward. His death was thought to be one of three scenarios: suicide, accidental or foul play. The leaning towards suicide still persists. Maxwell was the embodiment of Britain’s post-war boom. Born an Orthodox Jew, he had escaped the Nazi occupation of Czechoslovakia, fought in World War 2, and was decorated for his heroism with the Military Cross. He went on to become a Labour MP and an astonishingly successful businessman, owning a number of newspapers and publishing companies. But on his death, his empire fell apart, as long-hidden debts and unscrupulous dealings came to light. For example, his use of three hundred and fifty million pounds from his company’s pension scheme. Within a few days, Maxwell was being reviled as the embodiment of greed and corruption. No one had ever fallen so far and so quickly. What went so wrong? How did a war hero and model of society become reduced to a bloated, amoral wreck? In this gripping book, John Preston delivers the definitive account of Maxwell’s extraordinary rise and scandalous fall. Footnote: He had on going challenges with Rupert Murdoch. Whenever Maxwell was close to buying a newspaper, Murdoch would invariable swoop and take the deal from him.

PharmaGreed, Lies, and the Poisoning of America

By Gerald Posner, Paperback, 816 pages Award-winning journalist and New York Times bestselling author Gerald Posner reveals the heroes and villains of the trillion-dollar-a-year pharmaceutical industry and delivers “a withering and encyclopedic indictment of a drug industry that often seems to prioritize profits over patients. Pharmaceutical breakthroughs such as anti biotics and vaccines rank among some of the greatest advancements in human history. Yet exorbitant prices for life-saving drugs, safety recalls affecting tens of millions of Americans, and soaring rates of addiction and overdose on pre scription opioids have caused many to lose faith in drug companies. Now, Americans are demanding a national reckoning with a monolithic industry. Gerald’s dogged reporting, sets Pharma apart from all books on this subject as we are introduced to brilliant scientists, incorruptible government regulators, and brave whistleblowers facing off against company exec utives often blinded by greed. A business that profits from treating ills can create far deadlier problems than it cures. Addictive products are part of the industry’s DNA, from the days when corner drugstores sold morphine, heroin, and cocaine, to the past two decades of dangerously overprescribed opioids. Pharma also uncovers the real story of the Sacklers, the family that became one of America’s wealthiest from the success of OxyContin, their blockbuster narcotic painkiller at the center of the opioid crisis. Relying on thousands of pages of government and corporate archives, dozens of hours of interviews with insiders, and previously classified FBI files, Posner exposes the secrets of the Sacklers’ rise to power-revelations that have long been buried under a byzantine web of interlocking companies with ever-changing names and hidden owners. The unexpected twists and turns of the Sackler family saga are told against the startling chronicle of a powerful industry that sits at the intersection of public health and profits. Explosively, even addictively, readable Pharma reveals how and […]

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