Economic history Books

Book SynopsisThe New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk.If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.Trade Review"A fascinating page-turner....There’s something undeniably gratifying about an elegantly crafted morality tale — and the business reporter Christopher Leonard has written a good one....A fascinating and propulsive story about the Federal Reserve — yes, you read that right. Leonard, in the tradition of Michael Lewis, has taken an arcane subject, rife with the risk of incomprehensibility (or boredom), and built a riveting narrative in which the stakes couldn’t be any clearer."– The New York Times "Skillfully tells the story of how, over several decades, a phalanx of economic sophisticates at the Fed have badly misunderstood the U.S. economy and often come up with policies that fail to produce the intended results." – The Wall Street Jornal "A timely addition—appearing just as inflation is making headlines....Leonard writes vividly about a technical subject....By focusing on a regional banker, Leonard offers a refreshingly non-Washington view....The author is surely correct that many Americans view the Fed as an unelected power aligned with elites, perhaps contributing to the disaffection that exploded on Jan. 6, 2021."– The Washington Post "It’s tough to turn the nuances of monetary policy into personality-driven narrative. But Christopher Leonard has succeeded in doing just that with The Lords of Easy Money....He turns [an] unassuming economist into the protagonist of a compelling tale about how the Federal Reserve changed the entire nature of the American economy... Weaving together narrative non-fiction with big ideas can be difficult. One of the best things about this book is that through Hoenig, Leonard, a business journalist, is able to tell the whole, complicated half-century story of how we got to where we are now in a way that isn’t at all wonky. There are real people here, making real decisions about the real world." – The Financial Times "[A] bracing and closely reported chronicle....Leonard’s book is an indispensable account in many respects—his coverage of the invisible bailout of the repo market alone stands as a bracing case study in how the false pieties of quantitative easing directly stoked ruinous asset bubbles. But Leonard is also that rarest of financial reporters who conscientiously tracks the real-life consequences of the Olympian deliberations undertaken by the paper economy’s gatekeepers....richly reported, accessible, biting, and long-overdue." – The New Republic "The book is a timely read to understand what could happen next through a thorough analysis of what this policy intervention looks like on the ground."– Enterprise: The State of the Nation "We get his point and it is a good one. This has been an era of loose money and the benefits have been very unevenly distributed... The office politics of the Fed are well captured by Leonard, as is the intimidating physical setting." – The New York Times "Leonard is skilled at explaining complicated financial maneuvering in a way normal people can understand... A good reminder of how uncertain a lot of monetary policy is." – The Washington Free Beacon“Leonard's wonderfully readable new book is about one of the most important, yet least covered and least understood, changes in American life. That's the effect of the dramatically increased role in financial markets played by the Federal Reserve. As Leonard convincingly argues, it might be nothing short of catastrophic.” — Bethany McLean, New York Times bestselling co-author of The Smartest Guys in the Room “An essential, engrossing and, above all, human tale featuring the central banker who dared to dissent from the party line and a factory worker whose sufferings are traceable to that dissident’s failure to carry his case. A monetary page-turner? Christopher Leonard has actually produced one.” — James Grant, founder and editor of Interest Rate Observer “Thanks to Leonard's gripping narrative, I now have a new monetary hero: former Fed governor Tom Hoenig. If, like me, you are desperate to understand how we got into this predicament, The Lords of Easy Money is required reading.” — William D. Cohan, New York Times bestselling author of House of Cards “Leonard’s richly reported and provocative exploration will have you reassessing whether the Fed built on a solid foundation or on air.”— Jesse Eisinger, Pulitzer Prize winning author of The Chickenshit Club “An eye-opener. Well-researched and engaging, it brings to life consequential issues that influence the current and future wellbeing of most Americans... How this journey ends has important implications not just for the United States but also globally.” — Mohamed A. El-Erian, New York Times bestselling author of The Only Game in Town and president of Queens’ College, Cambridge University.

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Book SynopsisFrom legendary investor Ray Dalio, author of the international bestseller Principles, who has spent half a century studying global economies and markets, Principles for Dealing with the Changing World Order examines history’s most turbulent economic and political periods to reveal why the times ahead will likely be radically different from those we’ve experienced in our lifetimes - but similar to those that have happened many times before. A few years ago, Ray Dalio noticed a confluence of political and economic conditions he hadn’t encountered before. They included huge debts and zero or near-zero interest rates that led to massive printing of money in the world’s three major reserve currencies; big political and social conflicts within countries, especially the US, due to the largest wealth, political and values disparities in more than 100 years; and the rising of a world power (China) to challenge the existing woTrade Review'Ray Dalio has a special talent for identifying the key questions of our time. In this sweeping new book, he marshals a variety of economic, social and political measures to trace the rise and decline of nations. It is a serious contribution - and an urgent warning to the West.' -- Henry Kissinger'An audacious, practical guide to the rise and fall of empires over the last five hundred years of history - with important lessons for the US and China today.' -- Graham Allison, author of Destined for War'Ray Dalio has a unique talent for making important and complex issues simple. I was riveted by his descriptions of the cause/effect relationships that drove the last five hundred years of history and how they provide practical guidance for dealing with what is happening now. This may well be the most important book of the year if not the decade. A must-read.' -- Arianna Huffington'When Ray Dalio talks, I listen. His new book is remarkable in its scope - shedding new light on the biggest reasons nations win in the global economic and political arenas, and applying it to China and the US today. After reading this book, you probably won’t see the world the same again.' -- Henry Paulson, former US Secretary of the Treasury'History is too important to leave to historians. Only Ray Dalio would have the brilliant audacity to attempt such a synthesis of the financial, economic and political history of the world. Agree or disagree, Dalio’s book is essential reading to understand our times.' -- Lawrence Summers, former US Secretary of the Treasury'How do we learn from history so that we don’t repeat the same mistakes that have led to the downfall of nations? By reading Ray’s book Principles for Dealing with the Changing World Order. Ray shows us how history can provide a template to help guide how we might think about what comes next. And for those of us who might shudder at reading 576 pages, he provides an ingenious highlighted path that makes the book a shockingly easy, yet comprehensive, read.' -- Mark Cuban'Ray does an astounding job of giving us an inspiring and thought-provoking experience by looking at the rises and declines of empires, showing how economics, culture, military prowess, innovation, inequality and other elements interact. He leaves us with an improved perspective for thinking about very vexing issues such as the state of America versus China.' -- Jamie Dimon, CEO of JPMorgan Chase

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Book Synopsis‘A landmark book....A massively reported deep dive into the unparalleled corporate industrial giant Koch Industries....This impressively researched and well-rendered book also serves as a biography of Charles Koch, with Leonard providing an evenhanded treatment of the tycoon. Leonard's work is on par with Steve Coll's Private Empire and even Ida Tarbell's enduring classic The History of the Standard Oil Company.’ Kirkus Reviews   ‘Leonard’s superb investigations and even-handed, clear-eyed reportage stand out....American capitalism at its most successful and domineering is at the center of this sweeping history of a much-vilified company.’Publishers Weekly   ‘Leonard’s intricately developed and extensively researched history of the Koch empire is a colossal corporate biography that sheds important light on this closely guarded enterprise while simTrade Review'Kochland is a dazzling feat of investigative reporting and epic narrative writing, a tour de force that takes the reader deep inside the rise of a vastly powerful family corporation that has come to influence American workers, markets, elections and the very ideas debated in our public square. Leonard’s work is fair and meticulous, even as it reveals the Kochs as industrial Citizens Kane of our time.' -- Steve Coll, Pulitzer Prize-winning author of Private Empire'Christopher Leonard’s visionary, decade-spanning, and heart-rending investigation into the Koch Empire is indispensable not just for understanding the rise of corporate power in America, but for understanding America itself. Leonard’s book will take its place alongside Chernow’s Titan and Coll’s Private Empire as one of the great accounts of American capitalism.' -- Jesse Eisinger, author of The Chickenshit Club'Christopher Leonard’s Kochland is the kind of book that doesn’t come along that often – a mind-blowing feat of reporting about a highly secretive organisation. What’s even more amazing is that it seems destined to further convince both sides about the righteousness of their point of view. Those who believe in unfettered free-market capitalism will find much to feast on, while those concerned with the corrosive effects of growth at all costs will find more than enough to gorge on as well. And if the one side will see promise while the other sees peril, both should be able to agree on what this story is really about, which is power – and a terrifying amount of it at that.' -- Duff McDonald, New York Times bestselling author of The Firm'Christopher Leonard has produced an investigative feat: a hugely readable, entirely original, magisterial work on one of the most important subjects of our time – the weirdly cultish, terrifyingly successful empire built all-but invisibly by the billionaire sphinx Charles Koch.' -- Steve LeVine, author of The Oil and the Glory‘A landmark book....A massively reported deep dive into the unparalleled corporate industrial giant Koch Industries....This impressively researched and well-rendered book also serves as a biography of Charles Koch, with Leonard providing an evenhanded treatment of the tycoon. Leonard's work is on par with Steve Coll's Private Empire and even Ida Tarbell's enduring classic The History of the Standard Oil Company.’ * Kirkus Reviews *‘Leonard’s superb investigations and even-handed, clear-eyed reportage stand out....American capitalism at its most successful and domineering is at the center of this sweeping history of a much-vilified company.’ * Publishers Weekly *‘Leonard’s intricately developed and extensively researched history of the Koch empire is a colossal corporate biography that sheds important light on this closely guarded enterprise while simultaneously scrutinizing the nefarious underpinnings of American economic policies and practices.’ * Booklist *‘This page-turning exposé reveals the full extent of the Koch brothers’ influence on American capitalism.’ * Book Riot *‘If you want a crash course in the evolution of postmodern capitalism over the last five decades read Kochland....Leonard's study is exhaustive and engaging.’ * New York Journal of Books *

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Book SynopsisAll of us have in our minds a cartoon image of what an autocratic state looks like, with a bad man at the top. But in the 21st century, that cartoon bears little resemblance to reality. Nowadays, autocracies are run not by one bad guy, but by sophisticated networks composed of kleptocratic financial structures, security services and professional propagandists. The members of these networks are connected not only within a given country, but among many countries. The corrupt, state-controlled companies in one dictatorship do business with corrupt, state-controlled companies in another. The police in one country can arm, equip, and train the police in another. The propagandists share resourcesthe troll farms that promote one dictator's propaganda can also be used to promote the propaganda of anotherand themes, pounding home the same messages about the weakness of democracy and the evil of America. Unlike military or political alliances from other times and places, this group doesn't operate like a bloc, but rather like an agglomeration of companies: Autocracy, Inc. Their relations are not based on values, but are rather transactional, which is why they operate so easily across ideological, geographical, and cultural lines. In truth, they are in full agreement about only one thing: Their dislike of us, the inhabitants of the democratic world, and their desire to see both our political systems and our values undermine. That shared understanding of the worldwhere it comes from, why it lasts, how it works, how the democratic world has unwittingly helped to consolidate it, and how we can help bring it downis the subject of this book.

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Book SynopsisColonial Americans were enamored with the rich colors and silky surface of mahogany. As this exotic wood became fashionable, demand for it set in motion a dark, hidden story of human and environmental exploitation. Anderson traces the path from source to sale, revealing how prosperity and desire shaped not just people’s lives but the natural world.Trade Review[A] fascinating book about the most coveted wood in early America and, indeed, the 18th-century British Empire… This enlightening…study does for mahogany what others long ago did for sugar and tobacco, chocolate and coffee, rubber and bananas… From an impressive number of archival sources [Anderson] has assembled a vibrant collective portrait of colonial grandees—Benjamin and William Franklin, among them—declaring their social dominance through hard-won mahogany possessions. -- Kirk Davis Swinehart * Wall Street Journal *Anderson details the history of the search for, trade in, and use of mahogany. Though the title directs readers to early America, for Anderson, America is in reality the Atlantic world. Most of the author’s time is spent among the islands of the Caribbean or near the Bay of Honduras in Belize, where mahogany was harvested. Anderson paints a picture of the Atlantic world in which travel and trade were the norm and families lived and worked up and down the coasts of North and Central America as well as on numerous Caribbean islands. -- S. A. Jacobe * Choice *From the 1720s to the mid-19th century, mahogany was the preeminent medium for conspicuous consumption on both sides of the Atlantic… However, as Anderson’s superb [book] makes abundantly clear, the polished luster of these immaculate objects came from exploitative labor practices, ecological devastation, and phenomenal business failures, all of which attested to the commodity’s natural and human cost… Anderson’s is a remarkable contribution to Atlantic history that…will be much enjoyed by anyone interested in the history of trade in colonial America and the Caribbean. -- Brian Odom * Library Journal *Anderson’s evocative and stunning Mahogany reminds us of both the deep ties between humans and trees and the sharp consequences of allowing our passion for beauty to trump nature’s capacity to sustain a species. -- Peter C. Mancall, author of Fatal Journey: The Final Expedition of Henry HudsonAnderson has crafted a rich blend of the cultural history of mahogany, the social history of logging, the economic history of the mahogany timber trade, the environmental history of Caribbean forests, and the history of the natural history of mahogany. The result is an elegant essay in Atlantic history. -- J. R. McNeill, author of Mosquito Empires: Ecology and War in the Greater Caribbean, 1620–1914This superb study of a vital early American commodity focuses on its production, distribution, and consumption from the age of sail to the era of steam. Mahogany’s sumptuousness came at a severe price, somewhat offset by enhanced knowledge of its properties and opportunities in its harvesting. With its highly nuanced and sophisticated argument, this book deserves a wide readership. -- Philip Morgan, author of Slave Counterpoint: Black Culture in the Eighteenth-Century Chesapeake and Lowcountry‘When you drink the water, think of the well-digger,’ is folk wisdom around the world. Anderson wisely adds, when you see elegant mahogany furniture, think of the hard-handed African slave hacking away, under deadly working conditions, at a tall hardwood tree in a hot, dense Caribbean rainforest. Like Sidney Mintz’s classic study of sugar, Sweetness and Power, this book makes us see the familiar in new and disturbing ways. -- Marcus Rediker, author of The Slave Ship: A Human History

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Book Synopsis***THE SUNDAY TIMES BESTSELLER***BOOK OF THE YEAR IN GUARDIAN, ECONOMIST & NEW STATESMAN'Excellent and provocative... a passionate, timely book.' Sunday Times'A fine new book... thoughtful, deeply reported and impeccably even-handed.' The TimesEmerging from a collection of city states 150 years ago, no other country has had as turbulent a history as Germany or enjoyed so much prosperity in such a short time frame. Today, as much of the world succumbs to authoritarianism and democracy is undermined from its heart, Germany stands as a bulwark for decency and stability.Mixing personal journey and anecdote with compelling empirical evidence, this is a critical and entertaining exploration of the country many in the West still love to hate. Raising important questions for our post-Brexit landscape, Kampfner asks why, despite its faults, Germany has become a model for others to emulate, while Britain fails to tackle contemporary challenges. Part memoir, part history, part travelogue, Why the Germans Do It Better is a rich and witty portrait of an eternally fascinating country.Trade ReviewExcellent and provocative... a passionate, timely book. * Sunday Times *A fine new book... One of the best English-language introductions in recent years to modern Germany and its politics: thoughtful, deeply reported and impeccably even-handed. * The Times *A rich guide to modern Germany... For the British readers this book is directed at, the implied contrasts are startling. German conservatism produced Angela Merkel, easily the most respected democratic leader in the world, while the English variety produced Boris Johnson. * Guardian *Highly readable and well-informed... [Kampfner] mixes historical sweep with vivid reporting to celebrate Germany's strengths and achievements. * Financial Times *A revelation of a book... with insights based on painstaking research and evidence gleaned from months crisscrossing the country... Kampfner's analysis is simply peerless. * Literary Review *A nuanced but compelling account... Kampfner marshals a convincing argument that other countries would be foolish to ignore Germany's emotional maturity and solidity. * New Statesman *Authoritative, timely and courageous, this is a compellingly readable book that raises profoundly important questions on history, our times and the future. * Philippe Sands, bestselling author of East West Street and The Ratline *A lively, affectionate portrait... A paeon to Germany. * Irish Times *Passionate yet carefully argued, Why The Germans Do It Better is a must-read. * James Hawes, author of The Shortest History of Germany *A well-argued case for learning from our German cousins. * Prospect *Smart, provocative and entertaining, this is a timely and enthralling love letter to our much misunderstood near neighbour. * Kay Burley *A forensic and highly readable account of Germany's ability to get things right. Kampfner's clear and unanswerable argument should be compulsory reading for every politician, civil servant and commentator in Britain. * John Simpson *We need a great book on Germany as the Merkel era ends: this is that book. It confronts the country's history, and charts with authority and affection its modern course with lessons for us all. * Lyse Doucet, BBC Chief International Correspondent *Kampfner's admiration of what post-war Germany has achieved doesn't blind him to her imperfections. Why the Germans Do It Better abounds with sharp analysis and telling anecdotes. A lively, very readable introduction to a country we ought to understand a lot better than we do. * David Lidington *One of Britain's most distinguished political writers. * Mail on Sunday *Kampfner roams widely in Germany and has a reporter's ear for the telling anecdote. He knows his history too. * Lionel Barber, The Spectator *There is plenty of good material here and the timing is impeccable. * TLS *A fascinating, affectionate and deeply researched portrait of Germany in the modern era -- Kampfner vividly brings Germany's turbulent history to life, and explains its profound influence on Europe today. Why The Germans Do It Better is essential for all who want to understand what Britain should do post-Brexit. * Sir Anthony Seldon, author of May at 10 *Germany's success in tackling the great pandemic of 2020 has surprised many. John Kampfner shows why it should not have done so. This is a compelling account of how, in two generations, a country adopted the principles of liberal democracy, then mastered them, and now has more to teach us than we might wish to admit * Baroness Catherine Ashton, former EU High Representative and former Leader of the House of Lords *Table of Contents1: Rebuilding and Remembering 2: Mutti's Warm Embrace 3: Multikulti 4: No Longer a Child 5: The Wonder 6: The Dog Doesn't Eat the Dog 7: No More Pillepalle

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Book SynopsisTranslation of: Die Verwandlung der Welt.Trade ReviewJurgen Osterhammel, Winner of the 2017 Toynbee Prize, Toynbee Prize Foundation Jurgen Osterhammel, Winner of the 2012 Gerda Henkel Prize, of the Gerda Henkel Foundation One of Choice's Outstanding Academic Titles for 2014 One of Bloomberg Businessweek's Best Books of 2014, chosen by Satiyajit Das One of Marginal Revolution.com's (Tyler Cowen) Best Non-Fiction Books of 2014 "Osterhammel has written one of the most important, consequential works of history to appear in the post-cold war era. It has, rightly, been called an instant classic... [T]his classic book should be indispensable reading for historians and for politically curious world citizens everywhere. It could make us better, more capacious citizens, more aware of the world we live in."--Fritz Stern, The New York Review of Books "A work of tremendous conceptual precision, breadth and insight, a masterpiece that sets a new benchmark for debates on the history of world society."--Benjamin Ziemann, Times Literary Supplement "[A] big book in every sense... An age of such panoramic creations deserves a chronicler with suitably panoramic inclinations. It has found a very able one in Jurgen Osterhammel."--Jeffrey Wasserstrom, Wall Street Journal "A milestone of German historical writing, one of the most important historical books of the last several decades... [A] mosaic-like portrait of an epoch."--Jurgen Kocka, Die Zeit "[W]eighty in every sense of the word... [A]n epic, masterly and sprawling mosaic of the age that built on, if only as reaction, foundations laid down by the Enlightenment... Osterhammel's compelling structuring brings home that the way we understand the world today is largely determined by institutions and innovations of the 19th century--and a peculiarly Eurocentric lens they provide. Alive to the potential for bias that this inevitably brings, the German historian has taken pains to create a genuinely world history of the age... [T]he rendering of such a mind-boggling tapestry of human experience is deft and accessible."--Ben Richardson, South China Morning Post "[A] 1165 pp. German Braudel-like take on the importance of the 19th century."--Tyler Cowen, Marginal Revolution "[V]ast, weighty, original, enthralling, exhausting and intimidating... [I]t is impossible to do it full and adequate justice, even in a lengthy review such as this. Part monster-piece, part masterpiece, its limitations are inescapably those of the global history genre... [I]t is a work of prodigious scholarship and astonishing authorial stamina; within the confines of the subject, it raises the study of global history to a new level of academic sophistication and geographical comprehensiveness; it abounds with memorable phrases and aphorisms, which betoken a lively and playful mind; and it offers wise and original insights about the many ways in which the 19th century made the world that we still, today, inhabit. If you only read one work of history this summer (and, believe me, it will take you all of a very long summer), then The Transformation of the World should definitely be it."--Sir David Cannadine, Financial Times "Massive ... interesting ... impressive... The coverage is in many respects much greater than that of Braudel, not only geographically but also conceptually... Osterhammel's ambition, industry and scale shows up the work of all-too-many other historians. Similar books should be produced for other centuries. Let us hope that British historians can rise to the challenge of writing them."--Jeremy Black, Standpoint "This superb study gives form to a global history that lasts from the late 18th well into the 20th century and it does so without oversimplifying. It is exhilarating to find a system builder with such a feeling for nuance and difference. The only study comparable is Christopher Bayly's The Birth of the Modern World. This thick, dense book will prove most useful for scholars; the history enthusiast will find there is no match for this resource. In it, there is much to appreciate."--Library Journal (starred review) "[A] work of panoramic scope and rare historical imagination."--Tony Barber, Financial Times "Jurgen Osterhammel's fine The Transformation of the World: A Global History of the Nineteenth Century ... swoops, shimmies and carves ellipses and spirals through the facts to give readers an insightful view of the nineteenth century in all its complexity and confusion. In a great work of scholarship, Professor Osterhammel ... and his able translator ... Patrick Camiller have fashioned a remarkable picture of the nineteenth century... [It] brings a new meaning to the term block buster."--Satyajit Das, naked capitalism "Jurgen Osterhammel's rich and thoughtful book The Transformation of the World, skillfully translated by Patrick Camiller, has the great virtue of addressing with careful attention what was and was not transformed over the 19th century."--Frederick Cooper, Public Books "Writing meaningfully about global history is ambitious at best, but this work on the 19th century succeeds... Nearly every page offers new insights about world history and specific countries' global contexts. This book is eminently suitable for advanced general readers and undergraduates and should be mandatory reading for all graduate students of modern history as a way to set their own specializations in a broader context."--Choice "There have been two massive history books published this year that deserve to be widely read. One is the English translation of The Transformation of the World: A Global History of the Nineteenth Century by the German historian Jurgen Osterhammel."--Christopher Sylvester, Financial Times "Professor Jurgen Osterhammel's fine book is anything but a linear recitation of events. Instead, it swoops, shimmies and carves ellipses and spirals through facts to give readers a remarkable picture of the 19th century, which has shaped much of the present world."--Satyajit Das, Bloomberg Businessweek "The patient reader who finishes this 1,000-page tour of the 19th century emerges with a richer, deeper grasp, a better sense of what is truly unique about the global village, and global Asia, of our own times. This is world history at its best."--John Delury, Global Asia "In this sweeping panorama, Osterhammel captures the dramatic shifts in how people lived and understood life during the nineteenth century... Osterhammel offers a rich 'global history' of the century, one that features the West prominently but avoids Eurocentrism with vivid portraits of non-Western peoples and societies."--Foreign Affairs "The Transformation of the World is lavishly reinforced with critical apparatus (that, too, must have been a labor of Hercules to translate--I honestly never expected to see this book in English), but by far its greatest attraction is the intelligence and more important the wisdom of its author. It's a towering achievement no serious reader should miss."--Steve Donoghue, Open Letters Monthly "The Transformation of the World stands as both an essential compendium of knowledge about human civilization on planet Earth in the nineteenth century and a unique monument of historical art."--Matthew Karp, Journal of American History "[A] colossal achievement... The Transformation of the World stands as both an essential compendium of knowledge about human civilization on planet Earth in the nineteenth century and a unique monument of historical art."--Matthew Karp, Journal of American History "A tome that the scholar who exults in original thought will fall in love with. It is a fascinating expose... This is definitely a book for my shelves, reinforced though they will have to be."--Ian Lipke, MediaCulture.org "Osterhammel has given us the densest and arguably the most closely reasoned volume yet on this period."--Patrick Manning, H-Net Reviews "The Transformation of the World is both a pleasure and a necessary education. The present reader, for one, found the book hard to put down--and not on account of its weight."--Mark Gamsa, European History QuarterlyTable of ContentsPreface xi Introduction xv PART ONE: APPROACHES I Memory and Self-Observation: The Perpetuation of the Nineteenth Century 3 1Visibility and Audibility 5 2Treasuries of Memory and Knowledge 7 3Observation, Description, Realism 17 4Numbers 25 5News 29 6Photography 39 II Time: When Was the Nineteenth Century? 45 1Chronology and the Coherence of the Age 45 2Calendar and Periodization 49 3Breaks and Transitions 52 4The Age of Revolution, Victorianism, Fin de Siecle 58 5Clocks and Acceleration 67 III Space: Where Was the Nineteenth Century? 77 1Space and Time 77 2Metageography: Naming Spaces 78 3Mental Maps: The Relativity of Spatial Perspective 86 4Spaces of Interaction: Land and Sea 94 5Ordering and Governing Space 104 6Territoriality, Diaspora, Borders 107 PART TWO: PANORAMAS IV Mobilities 117 1Magnitudes and Tendencies 117 2Population Disasters and the Demographic Transition 124 3The Legacy of Early Modern Migrations: Creoles and Slaves 128 4Penal Colony and Exile 133 5Ethnic Cleansing 139 6I nternal Migration and the Changing Slave Trade 144 7Migration and Capitalism 154 8Global Motives 164 V Living Standards: Risk and Security in Material Life 167 1The Standard of Living and the Quality of Life 167 2Life Expectancy and "Homo hygienicus" 170 3Medical Fears and Prevention 178 4Mobile Perils, Old and New 185 5Natural Disasters 197 6Famine 201 7Agricultural Revolutions 211 8Poverty and Wealth 216 9Globalized Consumption 226 VI Cities: European Models and Worldwide Creativity 241 1The City as Norm and Exception 241 2Urbanization and Urban Systems 249 3Between Deurbanization and Hypergrowth 256 4Specialized Cities, Universal Cities 264 5The Golden Age of Port Cities 275 6Colonial Cities, Treaty Ports, Imperial Metropolises 283 7Internal Spaces and Undergrounds 297 8Symbolism, Aesthetics, Planning 311 VII Frontiers: Subjugation of Space and Challenges to Nomadic Life 322 1Invasions and Frontier Processes 322 2The North American West 331 3South America and South Africa 347 4Eurasia 356 5Settler Colonialism 368 6The Conquest of Nature: Invasions of the Biosphere 375 VIII Imperial Systems and Nation-States: The Persistence of Empires 392 1Great-Power Politics and Imperial Expansion 392 2Paths to the Nation-State 403 3What Holds Empires Together? 419 4Empires: Typology and Comparisons 429 5Central and Marginal Cases 434 6Pax Britannica 450 7Living in Empires 461 IX International Orders, Wars, Transnational Movements: Between Two World Wars 469 1The Thorny Path to a Global System of States 469 2Spaces of Power and Hegemony 475 3Peaceful Europe, Wartorn Asia and Africa 483 4Diplomacy as Political Instrument and Intercultural Art 493 5Internationalisms and the Emergence of Universal Norms 505 X Revolutions: From Philadelphia via Nanjing to Saint Petersburg 514 1Revolutions--from Below, from Above, from Unexpected Directions 514 2The Revolutionary Atlantic 522 3The Great Turbulence in Midcentury 543 4Eurasian Revolutions, Fin de Siecle 558 XI The State: Minimal Government, Performances, and the Iron Cage 572 1Order and Communication: The State and the Political 572 2Reinventions of Monarchy 579 3Democracy 593 4Bureaucracies 605 5Mobilization and Discipline 616 6Self-Strengthening: The Politics of Peripheral Defensive 625 7State and Nationalism 629 PART THREE: THEMES XII Energy and Industry: Who Unbound Prometheus, When, and Where? 637 1Industrialization 638 2Energy Regimes: The Century of Coal 651 3Paths of Economic Development and Nondevelopment 658 4Capitalism 667 XIII Labor: The Physical Basis of Culture 673 1The Weight of Rural Labor 675 2Factory, Construction Site, Office 685 3Toward Emancipation: Slaves, Serfs, Peasants 697 4The Asymmetry of Wage Labor 706 XIV Networks: Extension, Density, Holes 710 1Communications 712 2Trade 724 3Money and Finance 730 XV Hierarchies: The Vertical Dimension of Social Space 744 1Is a Global Social History Possible? 744 2Aristocracies in (Moderate) Decline 750 3Bourgeois and Quasi-bourgeois 761 XVI Knowledge: Growth, Concentration, Distribution 779 1World Languages 781 2Literacy and Schooling 788 3The University as a Cultural Export from Europe 798 4Mobility and Translation 808 5Humanities and the Study of the Other 814 XVII Civilization and Exclusion 826 1The "Civilized World" and Its "Mission" 826 2Slave Emancipation and White Supremacy 837 3Antiforeignism and "Race War" 855 4Anti-Semitism 865 XVIII Religion 873 1Concepts of Religion and the Religious 873 2Secularization 880 3Religion and Empire 887 4Reform and Renewal 894 Conclusion: The Nineteenth Century in History 902 1Self-Diagnostics 902 2Modernity 904 3Again: The Beginning or End of a Century 906 4Five Characteristics of the Century 907 Abbreviations 921 Notes 923 Bibliography 1021 Index 1119

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Book SynopsisNew York Times BestsellerNew York Times reporter and “Corner Office” columnist David Gelles reveals legendary GE CEO Jack Welch to be the root of all that’s wrong with capitalism today and offers advice on how we might right those wrongs. In 1981, Jack Welch took over General Electric and quickly rose to fame as the first celebrity CEO. He golfed with presidents, mingled with movie stars, and was idolized for growing GE into the most valuable company in the world. But Welch’s achievements didn’t stem from some greater intelligence or business prowess. Rather, they were the result of a sustained effort to push GE’s stock price ever higher, often at the expense of workers, consumers, and innovation. In this captivating, revelatory book, David Gelles argues that Welch single-handedly ushered in a new, cutthroat era of American capitalism that continues to this day. Gelles chronicles Welch’s campaign to vaporize hundreds of thousands of jobs in a bid to boost profits, eviscerating the country’s manufacturing base, and destabilizing the middle class. Welch’s obsession with downsizing—he eliminated 10% of employees every year—fundamentally altered GE and inspired generations of imitators who have employed his strategies at other companies around the globe. In his day, Welch was corporate America’s leading proponent of mergers and acquisitions, using deals to gobble up competitors and giving rise to an economy that is more concentrated and less dynamic. And Welch pioneered the dark arts of “financialization,” transforming GE from an admired industrial manufacturer into what was effectively an unregulated bank. The finance business was hugely profitable in the short term and helped Welch keep GE’s stock price ticking up. But ultimately, financialization undermined GE and dozens of other Fortune 500 companies. Gelles shows how Welch’s celebrated emphasis on increasing shareholder value by any means necessary (layoffs, outsourcing, offshoring, acquisitions, and buybacks, to name but a few tactics) became the norm in American business generally. He demonstrates how that approach has led to the greatest socioeconomic inequality since the Great Depression and harmed many of the very companies that have embraced it. And he shows how a generation of Welch acolytes radically transformed companies like Boeing, Home Depot, Kraft Heinz, and more. Finally, Gelles chronicles the change that is now afoot in corporate America, highlighting companies and leaders who have abandoned Welchism and are proving that it is still possible to excel in the business world without destroying livelihoods, gutting communities, and spurning regulation.

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Book SynopsisTrade Review"Winner of the Immanuel Wallerstein Memorial Book Award, Political Economy of the World-System Section of the American Sociological Association""Roos has given us a thought-provoking book that will repay the investment of any reader with an interest in sovereign debt."---Michael Reddell, Central Banking Journal"[A] fresh and painstakingly researched approach that raises vital questions for economists, political scientists and policymakers."---Aleksandr V. Gevorkyan, LSE Review of Books"[A] timely and thoroughly researched book—destined to become an obligatory reference in the field."---Veronica Santarosa, Journal of Economic History"[I've] been reading Why Not Default? at an excruciating pace for the best reason: every page or so I get inspired some subtheme or footnote and go off chasing it down."---Quinn Slobodian"Roos makes a powerful and provocative argument." * Survival: Global Politics and Strategy *"A fantastic contribution to the growing literature on sovereign debt. . . . Why Not Default? will be a mandatory reference for scholars working on financialization, debt, and structural power."---José Tomás Labarca, Finance and Society"[Why Not Default?] does a great service . . . by synthesizing a huge amount of detailed information about these crises in one place, and by clarifying the interlocking effects of a host of social, economic and political changes over the past century."---Shaina Potts, Antipode

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Book SynopsisAdam Smith, the founder of modern economics, believed that our actions stem from self-interest and the world turns because of financial gain. But every night Adam Smith's mother served him his dinner, not out of self-interest but out of love.Today, economics focuses on self-interest and excludes our other motivations. It disregards the unpaid work of mothering, caring, cleaning and cooking and its influence has spread from the market to how we shop, think and date. In this engaging takedown of the economics that has failed us, Katrine Marçal journeys from Adam Smith's dinner table to the recent financial crisis and shows us how different, how much better, things could be.Trade Review[A] spirited and witty manifesto... In commanding rhetoric punctuated with spiky wit... Marçal does not seek to yoke every last aspect of our lives to the tyranny of Homo economicus. Rather, she asks why we have fetishised the myth, and suggests that man denuded of his humanity is not such a figure to aspire to after all -- Caroline Criado-Perez * New Statesman *Polemical and entertaining * Observer *Smart, funny and readable -- Margaret AtwoodA welcome addition to a canon dominated by men. With feminist incisiveness [Marçal] looks at the mess we're in. Witty and perceptive -- Vanessa Baird * New Internationalist *Economics through a wholly different prism - challenging and illuminating -- Will Hutton, author * Them and Us *Incisive and witty, Who Cooked Adam Smith's Dinner? seeks to restore a sense of humanity, empathy and care to our picture of economic and gender relations. Katrine Marçal's book is instructive, angry and funny: economic man has met his match -- Nina Power, author * One Dimensional Woman *[A] wise critique of current economics -- Lesley McDowell * Sunday Herald *Who cooked Adam Smith's dinner? His mother, of course. From this compelling insight, Katrine Marçal builds her critique of economic man, exposing him for the sham he really is. Erudite, furious, and eminently readable, this book will send a great many economists running for cover -- Philip Roscoe, author * I Spend Therefore I Am *Required reading for everyone on the left... buy it as a pledge to change the world -- Caroline Criado-Perez, author * Do It Like A Woman *Thought provoking -- Jessica Abrahams * Prospect *The book skewers "economic man" [...] with admirable wit and lightness of touch -- Nick Spencer * Tablet *

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Book SynopsisCommunist and capitalist states alike were scarred by the economic shocks of the 1970s. Why did only communist governments fall in their wake? Fritz Bartel argues that Western democracies were insulated by neoliberalism. While austerity was fatal to the legitimacy of communism, democratic politicians could win votes by pushing market discipline.Trade ReviewWhat distinguishes the exceptionally well-researched…The Triumph of Broken Promises is [Bartel’s] parallel analysis of how the crisis was handled in the democratic West and the authoritarian East, and how it ultimately led to the end of the Cold War and the fall of communism. It is this unified framework, plus its implications for several eminently political events: the break up of the Soviet Union and other Communist federations, the unification of Germany, etc., that represents, in in my opinion, the book’s greatest strength. -- Branko Milanovic * Global Inequality and More 3.0 *The best structural account yet of the end of the Cold War, the rise of neoliberalism, and the emergence of the current world order. An elegant work of critical historical analysis, the book is essential reading for those invested in building a better, more equitable future. -- Sean T. Byrnes * Jacobin *Striking in its hardheaded realism…[A] tremendously sharp work. -- Alex Hochuli * American Affairs *As the title of the book suggests, the post–Cold War world would be indelibly marked by a retraction of social democratic commitments. Liberal democracy and neoliberal economies prevailed, according to Bartel, because ‘they were the best political and economic systems for breaking promises.’ -- Andre Pagliarini * New Republic *Why did the West win the Cold War? In this powerful new interpretation, Bartel argues that the struggle between democracy and communism was fundamentally a contest over which system of government could best harness industrial modernity to improve the lives of its people…The book’s originality lies in how it weaves together Soviet leader Mikhail Gorbachev’s program of reform, known as perestroika, and the conservative economic turn under U.S. President Ronald Reagan and British Prime Minister Margaret Thatcher. -- G. John Ikenberry * Foreign Affairs *A provocative, incisive, and lucid account of the end of the Cold War and the onset of neoliberalism. -- Melvyn P. Leffler * H-Diplo *Bartel retells the familiar narratives of nuclear and conventional arms control, the collapse of state socialism and Germany’s unification in a context where energy, finance and economic theory played a decisive role. -- John Nilsson-Wright * Global Asia *Challenging conventional narratives that focus on Reagan’s military-ideological assertiveness or Gorbachev’s openness to reform, the book gives a material and structural explanation of Western victory and Eastern defeat. This makes for fascinating history: finance and energy emerge as silent but vital battlegrounds, unlikely connections—like those between Japanese investors and Hungarian central bankers—come to the fore, and several East-West similarities surprise the reader. -- Max Krahé * Phenomenal World *How did the Cold War, which began as a competition to make promises, mutate into a race to break them? And why did the West win? Bartel offers a bold and compelling interpretation that links the history of the Cold War and neoliberalism to dramatic effect. The Triumph of Broken Promises will be essential reading. -- Adam Tooze, author of Crashed: How a Decade of Financial Crises Changed the WorldA pleasure to read with many short stories that illustrate the points being made on a more general level, thus making it more accessible to a broader audience. -- Ludoš Studený * Czech Journal of Contemporary History *If the Cold War began with a competition to provide welfare, it ended as both sides imposed austerity and discipline on their populations. Bartel’s brilliantly conceived and researched study renovates our understanding of how and why the Soviet Union was driven toward collapse precisely as the United States, faced with slowdown after the oil shock, moved toward neoliberal governance. Few books explain the makings of our times as well as this thrilling debut. -- Samuel Moyn, author of The Last Utopia: Human Rights in HistoryA deeply significant history of how the way in which the Cold War ended gave rise to the hegemony of neoliberal capitalism. Bartel traces this trajectory through personal narratives from East and West and through deep archival research. His book is a must-read for anyone interested in how the Cold War and its immediate aftermath produced the world we live in today. -- Odd Arne Westad, author of The Cold War: A World HistoryAn excellent work, attractively written, with a powerful argument that carries a large narrative arc from the oil shocks and international monetary confusion of the 1970s to the end of the Cold War. Promises were broken because governments could not meet the expectations of their populations, generated during the postwar economic miracle, about continuously rising incomes. The result was disaffection, but governments’ hands were tied. Well supported by fascinating archival materials, including from the IMF, this is a compelling story. -- Harold James, author of The Creation and Destruction of Value: The Globalization CycleThe Triumph of Broken Promises is a stimulating book: conceptually sophisticated, full of archival finds, and profoundly illuminating of connections between the Cold War's end and neoliberalism's ascent. -- Gary Gerstle, author of The Rise and Fall of the Neoliberal Order: America and the World in the Free Market Era

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Book SynopsisThe definitive guide to the history of economic thought, fully revised twenty years after first publicationRoger Backhouse's definitive guide takes the story of economic thinking from the ancient world to the present day, with a brand-new chapter on the twenty-first century and updates throughout to reflect the latest scholarship.Covering topics including globalisation, inequality, financial crises and the environment, Backhouse brings his breadth of expertise and a contemporary lens to this original and insightful exploration of economics, revealing how we got to where we are today.

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Book SynopsisThe extraordinary, and largely unchronicled, account of the Cuban people’s struggle for survival in a post-Soviet worldTrade Review“Provides a mass of information missing from most accounts.”—Tony Wood, London Review of Books“[A] propitious new book.”—Dan Carrier, Camden New Journal“An insightful analysis of the political economy of Cuba’s socialist development strategy and the struggle to balance the need for growth with the commitment to social justice that has been a hallmark of the revolution since 1959.”—William LeoGrande, coauthor of Back Channel to Cuba: The Hidden History of Negotiations between Washington and Havana“With her eye for all manner of detail and her ability to read Cuba well, Yaffe has given us a valuable analysis of the recent reforms in Cuba, placing them within their historical and ideological context. . . . It is a welcome contribution to our understanding of it all.”—Antoni Kapcia, author of Cuba: Island of Dreams“Yaffe’s book on the last thirty years of the Cuban Revolution explains why, in the absence of the two Castro brothers, it has not just survived but pioneered new forms of socialism suitable for the 21st century.”—Richard Gott, author of Cuba: A New History“Yaffe has lived in Cuba and shares the experiences, concerns and hopes of the Cuban people. . . . Written with clarity and flair, this book will help you understand how and why Cuba will survive in a post-Trump world.”—Ricardo Alarcón, former president of the Cuban National Assembly and representative at the United Nations“While presenting Cuba’s shortcomings and problems in the same way as she presents its impressive achievements, Yaffe has written the story of a people trying to build a more humane society.”—Al Campbell, Emeritus Professor of Economics, University of Utah

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Book Synopsis**THE SUNDAY TIMES NUMBER ONE BESTSELLER** The most recognisable economist on the planet, Yanis Varoufakis, puts forth his case to reform an EU that currently fails it weakest citizens. In this startling account of Europe’s economic rise and catastrophic fall, Varoufakis pinpoints the flaws in the European Union’s design – a design thought up after the Second World War, and one responsible for Europe’s fragmentation and resurgence of racist extremism. When the financial crisis struck in 2008, the political elite’s response ensured it would be the weakest citizens of the weakest nations that paid the price for the bankers’ mistakes. Drawing on his personal experience of negotiations with the eurozone’s financiers, and offering concrete policies to reform Europe, the former finance minister of Greece shows how we concocted this mess and points our way out of it. And The Weak Suffer What They Must? highlights our history to tell us what we must do to save European capitalism and democracy from the abyss. With the future of Europe under intense scrutiny after Brexit, this is the must-read book to explain Europe's structural flaws and how to fix them. 'If you ever doubt what is at stake in Europe - read Varoufakis's account' GuardianTrade ReviewIf you ever doubt what is at stake in Europe, read Varoufakis’s account * Guardian *An outstanding economist and political analyst. His remarkable talents are fully on display in his recent study of Europe’s crisis, a most revealing and perceptive analysis of the development of the global economy in the past half century and their grim consequences now threatening Western societies -- Noam ChomskyAn absolutely splendid book… What Yanis really shows is that the European project had a democratic deficit from the origin and design… The Thucydides of our time -- Jeffrey SachsOne of my few heroes...his achievements are incredibly important…to save what is worth fighting for in Europe…Yanis tried to do the right thing – to remain within the EU and disturb from within. That is why he was such a threat…wonderfully written, complex, a book which is set to provoke our rage…to make us think, and that’s what we need today. As long as people like Yanis are around, there still is hope -- Slavoj ZizekOne of my few heroes...his achievements are incredibly important…to save what is worth fighting for in Europe…Yanis tried to do the right thing – to remain within the EU and disturb from within. That is why he was such a threat…wonderfully written, complex, a book which is set to provoke our rage…to make us think, and that’s what we need today. As long as people like Yanis are around, there still is hope -- Slavoj ZizekA very, very clever person, and in the basic argument about what’s been going on in Europe I think he’s right -- Martin WolfA devastating account -- Andrew MarrA scholar, writer, philosopher of clarity, insight, generosity and engaging prose, not to mention integrity and courage -- James GalbraithA brilliant economist * Bloomberg *Few finance ministers have such a talent for economics as Yanis Varoufakis -- Joseph Stiglitz, Winner of the Nobel Prize for EconomicsHighly readable. It is also important, outlining a perspective on global economics that influences policy thinking in broader circles than the radical left ... deeply instructive * Financial Times *The most interesting man in the world * Business Insider *The emerging rock star of Europe’s anti-austerity uprising * Telegraph *It is important to take note of the ideas that Varoufakis continues to espouse … the essence of [his] agenda was – and remains – largely correct -- Mohamed El-ErianA man of integrity and intellectual honesty … a superb monetary economist whose credentials outshine those who have bewitched European governmental elites… His economic logic was irrefutable -- Professor Michael BrennerHe writes with great panache ... and in a gripping style … One of the things that makes this book enjoyable is that Varoufakis makes much of the role of personalities * TLS *An account of how the forces of capital have prevailed over the common good ... visionary * The Times *A global celebrity * Economist *The biggest disaster for any of the BBC’s news and current affairs slate would be The Yanis Varoufakis Show on another network -- Mark Lawson * Guardian *While this British Conservative minister might not agree with every single position adopted by this Greek radical socialist, I cannot but admire and applaud his courage and passion on behalf of genuinely progressive causes -- Michael Gove * Sunday Times *The reason Varoufakis seems to have captured the imaginations of so many is that his words about the European crisis speak universal truths about democracy, capitalism and social policy * Guardian *Like all great story tellers, Varoufakis’ literary flair is not just a function of stylistic prowess. He gets right inside the fears, desires and external constraints of the key players in the complex history of the Eurozone … Reading And The Weak Suffer What They Must? is like reading a gripping thriller. It is a page turner because the plot itself is a relentless sequence of astonishing twists and turns driven by the cunning ingenuity and hubristic folly of its key protagonists … This book is not just illuminating. It is a call to moral awakening and to intelligent, determined and humane political action * Open Democracy *

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Book SynopsisWhy did the 1917 American Red Cross Mission to Russia include more financiers than medical doctors? Rather than caring for the victims of war and revolution, its members seemed more intent on negotiating contracts with the Kerensky government, and subsequently the Bolshevik regime. In a courageous investigation, Antony Sutton establishes tangible historical links between US capitalists and Russian communists. Drawing on State Department files, personal papers of key Wall Street figures, biographies and conventional histories, Sutton reveals: the role of Morgan banking executives in funneling illegal Bolshevik gold into the US; the co-option of the American Red Cross by powerful Wall Street forces; the intervention by Wall Street sources to free the Marxist revolutionary Leon Trotsky, whose aim was to topple the Russian government; the deals made by major corporations to capture the huge Russian market a decade and a half before the US recognized the Soviet regime; and, the secret sponsoring of Communism by leading businessmen, who publicly championed free enterprise. "Wall Street and the Bolshevik Revolution" traces the foundations of Western funding of the Soviet Union. Dispassionately, and with overwhelming documentation, the author details a crucial phase in the establishment of Communist Russia. This classic study - first published in 1974 and part of a key trilogy - is reproduced here in its original form. (The other volumes in the series include "Wall Street and the Rise of Hitler" and a study of Franklin D. Roosevelt's "1933 Presidential election in the United States").Trade Review'Sutton comes to conclusions that are uncomfortable for many businessmen and economists. For this reason his work tends to be either dismissed out of hand as 'extreme' or, more often, simply ignored.' - Richard Pipes, Baird Professor Emeritus of History, Harvard University (quoted from Survival Is Not Enough: Soviet Realities and America's Future)Table of ContentsPreface Chapter I: The Actors on the Revolutionary Stage Chapter II: Trotsky Leaves New York to Complete the Revolution Woodrow Wilson and a Passport for Trotsky Canadian Government Documents on Trotsky's Release Canadian Military Intelligence Views Trotsky Trotsky's Intentions and Objectives Chapter III: Lenin and German Assistance for the Bolshevik Revolution The Sisson Documents The Tug-of-War in Washington Chapter IV: Wall Street and the World Revolution American Bankers and Tsarist Loans Olof Aschberg in New York, 1916 Olof Aschberg in the Bolshevik Revolution Nya Banken and Guaranty Trust Join Ruskombank Guaranty Trust and German Espionage in the United States, 1914-1917 The Guaranty Trust-Minotto-Caillaux Threads Chapter V: The American Red Cross Mission in Russia - 1917 American Red Cross Mission to Russia - 1917 American Red Cross Mission to Rumania Thompson in Kerensky's Russia Thompson Gives the Bolsheviks $1 Million Socialist Mining Promoter Raymond Robins The International Red Cross and Revolution Chapter VI: Consolidation and Export of the Revolution A Consultation with Lloyd George Thompson's Intentions and Objectives Thompson Returns to the United States The Unofficial Ambassadors: Robins, Lockhart, and Sadoul Exporting the Revolution: Jacob H. Rubin Exporting the Revolution: Robert Minor Chapter VII: The Bolsheviks Return to New York A Raid on the Soviet Bureau in New York Corporate Allies for the Soviet Bureau European Bankers Aid the Bolsheviks Chapter VIII: 120 Broadway, New York City American International Corporation The Influence of American International on the Revolution The Federal Reserve Bank of New York American-Russian Industrial Syndicate Inc. John Reed: Establishment Revolutionary John Reed and the Metropolitan Magazine Chapter IX: Guaranty Trust Goes to Russia Wall Street Comes to the Aid of Professor Lomonossoff The Stage Is Set for Commercial Exploitation of Russia Germany and the United States Struggle for Russian Business Soviet Gold and American Banks Max May of Guaranty Trust Becomes Director of Ruskombank Chapter X: J.P. Morgan Gives a Little Help to the Other Side United Americans Formed to Fight Communism United Americans Reveals "Startling Disclosures" on Reds Conclusions Concerning United Americans Morgan and Rockefeller Aid Kolchak Chapter XI: The Alliance of Bankers and Revolution The Evidence Presented: A Synopsis The Explanation for the Unholy Alliance The Marburg Plan Appendix I: Directors of Major Banks, Firms, and Institutions Mentioned in This Book (as in 1917-1918) Appendix II: The Jewish-Conspiracy Theory of the Bolshevik Revolution Appendix III: Selected Documents from Government Files of the United States and Great Britain Selected Bibliography Index

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Book SynopsisTrade ReviewExamine[s] how slavery laid the foundation of American capitalism, including the invention of financial instruments, such as bonds that used enslaved people as collateral. -- Parul Sehgal * New York Times *Slavery in the United States was a business. A morally reprehensible—and very profitable business. Much of the research around the business history of slavery focuses on the horrors of the trans-Atlantic slave trade and the business interests that fueled it. The common narrative is that today’s modern management techniques were developed in the factories in England and the industrialized North of the United States, not the plantations of the Caribbean and the American South. According to a new book by historian Caitlin Rosenthal, that narrative is wrong… Rosenthal argues that slaveholders in the American South and Caribbean were using advanced management and accounting techniques long before their northern counterparts. Techniques that are still used by businesses today. * Marketplace *Absolutely compelling. -- Diane Coyle * Five Books *[This] history of the accounting and management of slave plantations in the Americas goes a long way towards puncturing common-sense narratives of free market economics. -- Martin Myers * Times Higher Education *Valuable…Rosenthal proves that precise calculation of labor productivity took root in the slave economy. The irony is that it was more aggressively calculated there than among many Northern manufacturers of the time. -- Jeremy Ray Jewell * Arts Fuse *Looks at how sugar and cotton plantations organised and tracked production. It is a fascinating yet horrifying history of how planters saw the slaves they profited from—and how they drove up production…Challenges many dominant ideas about capitalism, class and progress. -- Sadie Robinson * Socialist Worker *Full of insights into the history of Atlantic slavery, Accounting for Slavery will force its readers to look with fresh eyes at the many freedoms and unfreedoms of the modern American workplace. This is an original book, which uniquely draws from and speaks to many disciplines, while written compellingly for a wide audience. -- Jonathan Levy, University of ChicagoBy paying close attention to slaveholders’ methods of keeping accounts, Caitlin Rosenthal shows how and why they tried to reduce human beings to marks on a ledger. Anyone concerned with the sometimes dark history of management, data, and modern accounting practices needs to read this brilliant, carefully argued book. -- W. Caleb McDaniel, Rice University

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Book SynopsisA panoramic reinterpretation of global history, this title traces the emergence and development of the modern world from the sixteenth to the twentieth century.Trade Review"A tour de force that brings together and makes sense of a wealth of diverse historical studies which often seem to contradict each other...an extremely formidable achievement." * New York Times Book Review *"A heroic and impressive achievement. . . . an exhilarating and satisfying book. . . . it explains more convincingly and sympathetically than anything I have read hitherto the actual process of economic and social development on a European-world scale." * American Journal of Sociology *"A remarkable book. The author has a theory and uses it to explain the structure and course of public events in Europe and its trans-oceanic annexes in the sixteenth century. The effect is dazzling and dizzying." * Societas *Table of ContentsList of Illustrations Acknowledgments Quotation Credits Prologue to the 2011 Edition Introduction: On the study of social change 1. Medieval prelude 2. The new European division of labor: c. 1450–1640 3. The absolute monarchy and statism 4. From Seville to Amsterdam: the failure of empire 5. The strong core-states: class-formation and international commerce 6. The European world-economy: periphery versus external arena 7. Theoretical reprise Bibliography Index

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Book SynopsisUpending the conventional wisdom that Bretton Woods was the product of an amiable Anglo-American collaboration, the author shows that it was in reality part of a much more ambitious geopolitical agenda hatched within President Franklin D Roosevelt's Treasury and aimed at eliminating Britain as an economic and political rival.Trade ReviewWinner of the 2013 Spear's Book Award in Financial History Co-Winner of the 2014 Bronze Medal in Economics, Axiom Business Book Awards One of The Motley Fool's (John Reeves) 10 Great Books on American Economic History One of Financial Times (FT.com) Best History Books of 2013 One of Bloomberg News' Top Business Books of 2013 One of Kirkus Reviews' Best Nonfiction Books of the Year for 2013 in Business and Economics One of Bloomberg/Businessweek Best Books of 2013, as selected individually by Fredrik Erixon, Scott Minerd, Olli Rehn and Alan Greenspan Featured in The Sunday Times 2013 Holiday Roundup Shortlisted for the 2013 800-CEO-READ Business Book Awards in Finance & Economics Honorable Mention for the 2014 Arthur Ross Book Award, Council on Foreign Relations Shortlisted for the 2014 Lionel Gelber Prize, Lionel Gelber Foundation "The Battle of Bretton Woods should become the gold standard on its topic. The details are addictive."--Fred Andrews, New York Times "Steil, a senior fellow at the Council on Foreign Relations, understands the economic issues at stake and has done meticulous research on the history. Every good story that has ever been told about the major actors involved and the happening itself is in his book, and a few more besides. For those who come fresh to the subject, and even for those who know most of it, it is an excellent and revealing account."--Robert Skidelsky, New York Review of Books "A superb history. Mr. Steil ... is a talented storyteller."--James Grant, Wall Street Journal "[A] masterful (and readable) account of American realpolitik and British delusion."--Andrew Hilton, Financial World "Steil's book, engaging and entertaining, perceptive and instructive, is a triumph of economic and diplomatic history. Everything is here: political chicanery, bureaucratic skulduggery, espionage, hard economic detail and the acid humour of men making history under pressure."--Tony Barber, Financial Times "This is a fantastic book. Gold and money, two of my favorite topics. It's also brilliantly insightful history, and a gripping spy thriller to boot."--Larry Kudlow, CNBC "[T]he author masterfully translates the arcana of competing theories of monetary policy, and a final chapter explains how, while some of the institutions created by Bretton Woods endure--the World Bank, the International Monetary Fund--many of the conference's assumptions were swiftly overtaken by the Marshall Plan. Throughout Steil's sharp discussion runs the intriguing subplot of White's career-long, secret relationship with Soviet intelligence. A vivid, highly informed portrayal of the personalities, politics and policies dominating 'the most important international gathering since the Paris Peace Conference of 1919.'"--Kirkus Reviews (starred review) "In his masterful account, The Battle of Bretton Woods, Steil situates the conference firmly in the tense, heightened atmosphere of the final months of World War II... Steil's book comes alive in his description of [Keynes' and White's] contrasting experiences at the conference."--Sam Knight, Bloomberg News "[H]ypnotically readable."--Peter Passell, Milken Institute Review "[T]hought provoking and well written."--Kathleen Burk, Literary Review "This is an excellent book... [It] also contains some explosive revelations about White's work as a Soviet spy, very well documented I might add."--Tyler Cowen, Marginal Revolution "If you think economics and finance are dry subjects at best, Steil's book offers a refreshing surprise. It's a political thriller in which the protagonists, one whom you think you know and one whom you probably don't, are much more intriguing (in both senses of the word) than they first appear."--Daniel Altman, Big Think "[I]n a new book explaining what really happened at Bretton Woods, Benn Steil shows that what happened in the mountains of New Hampshire that summer is not quite the story we have been told."--Neil Irwin, WashingtonPost.com "[Benn Steil's] new book The Battle of Bretton Woods is perhaps the most accessible study yet of a key moment in world economic history that nonetheless is poorly understood."--Kevin Carmichael, Globe & Mail "The clash between Keynes and White forms a central theme in Benn Steil's absorbing book, which should be required reading for anyone who wants to understand the not-so-special relationship between the US and Britain."--Geoffrey Owen, Standpoint Magazine "[F]ascinating... Steil ... spins the tale of how U.S. Treasury Secretary Henry Morgenthau, a close friend of President Franklin D. Roosevelt, allowed White, a little-known economist who wasn't even on the U.S. Treasury's regular payroll, to dominate the department's monetary and trade policies beginning in the 1930s."--John M. Barry, USA Today "[A] well-written, fascinating history of the Bretton Woods conference on the international monetary system in July 1941. The book is deep, well researched, and hard to put down. Benn Steil ... has produced a book that will help us to understand history, but also one we can use to contrast with the current international economic situation... This is a very good book."--John M. Mason, Seeking Alpha "I do hope the title of this riveting read does not put off readers who mistake Benn Steil's latest work for an arcane discussion of exchange rates, the gold standard and the stuff of debates in commons rooms. This book is more than that, much more. It is a tale of a battle of titans and of a war between nations, each intent on establishing the economic architecture that would ensure its postwar economic domination of world finance."--Irwin Stelzer, Sunday Times "[V]ivid personality portraits and a lively writing style."--Mike Foster, Financial News "[F]ascinating... [R]iveting... The Battle of Bretton Woods is chock-full of provocative and timely observations."--Glenn C. Altschuler, Tulsa World "President Obama would be wise to take it to Martha's Vineyard this summer."--John Tamny, Forbes.com "Benn Steil has just completed a fascinating book that looks at what really happened in the small New Hampshire town of Bretton Woods in 1944. Perhaps most surprising is that the real story that emerges isn't a tale of how 44 countries came together to rebuild the world. And the real story has different lessons for the 21st century than ambitious idealists might expect."--Andrew Sawers, Economia "[A] splendid book... If you want to understand the gold standard, the always-doomed dollar standard, why the IMF is in Washington, how the US deliberately humiliated Britain over debt before, during and after WWII as part of a very real currency war (but also out of genuine anti-colonial sentiment that the British never understood), this is the book for you... Every year publishers come out with a couple of purportedly serious books on FX, some by VIPs, and I read them all. This is the only one since Paul Volcker's Changing Fortunes in 1979 that is worth the price. It is non-partisan, well-written, thorough, and chock-full of the historical perspective that can so easily and so often get lost in the hurly-burly of the daily market."--Barbara Rockefeller, Harriman Intelligence blog "[A] provocative, lively and perceptive book that pulls together economics, politics, diplomacy and history and relates it to our current crisis."--Keith Simpson MP, Total Politics "This thorough, fascinating account of the international conference that culminated in the 1944 agreement to maintain stable exchange rates skillfully places it in its economic and geopolitical context... Steil not only recounts the intricacies of the deal making but also details the economic dimensions of Bretton Woods... With the help of 10 research assistants, Steil has tirelessly tracked down minute details of the Bretton Woods story and its epilogue... [Steil] offers excellent insight into the tribulations of the key players. He also tells the interesting tale of how, if not for the well-founded suspicions regarding Harry Dexter White's cooperation with Communist spies, the tradition of an American heading the World Bank and a European heading the IMF would have been reversed."--Financial Analysts Journal "Steil understands the economics at the heart of the tortuous negotiations, but he is also very good at explaining the politics, the power and the passions--the professional and personal rivalries--of the people at the negotiating table. He turns what could have been a dry account of economic accords into a thrilling story of ambition, drama, and intrigue."--Keith Richmond, Tribune Magazine, UK "[A] very well-written history, with lively personalities, [which] also serves as a great overview of the analytical issues in international monetary arrangements."--Diane Coyle, Enlightened Economist blog "Absorbing ... as an account of history-making at the highest level, this entertaining, informative, gossipy and, for the lay reader, often challenging book provides an excellent read."--Richard Steyn, Financial Mail "[A]n amazing true story ... highly entertaining."--Ian McMaster, Business Spotlight "An object lesson in how to make economic history at once entertaining and instructive."--Financial Times, "Books of the Year So Far" Summer Reading Guide "A valuable addition to the economic history literature."--Choice "It's always nice when you can combine outside reading for fun with something that is educational... [A] good read that is also good for you."--Daniel Shaviro, Jotwell "The book provides a terrifically written, gossipy account of the origins of Bretton Woods... Since the world spent several decades under the clumsy (and, to the U.S., costly) Bretton Woods regime, and since you sometimes hear people harkening back to that time as a golden age (which it surely was not), ... it is an important read for our day."--Dan Littman, Senior Payments Research Consultant and Economist, Federal Reserve Bank of Cleveland "Benn Steil [of the] Council on Foreign Relations has written a fascinating book on the two main architects behind the Bretton Woods system... Steil's book is an outstanding piece of political science research ... extremely well written and well documented... It is strongly recommended."--Morten Balling, SUERF Newsletter "Benn Steil's remarkable book ... is an account of how the IMF first came to be, back in the sleepy New Hampshire summer of 1944... The Battle of Bretton Woods is an essential volume in any understanding of John Maynard Keynes, who though now seven decades gone is as influential a mind as we may yet see in the twenty-first century."--Brian Domitrovic, Library of Law and Liberty blog "Steil's book ... shows how normally abstruse economic and diplomatic history can be made palatable and even alluring to the general reader."--Christopher Silvester, Spear's "[A] fascinating account of the developments leading up to the Bretton Woods conference and its immediate aftermath, from the point of view of the two main characters involved: John Maynard Keynes and Harry Dexter White. The book is based on extensive archive work, so often the participants speak for themselves, which makes for interesting reading."--Isaac Alfon, Central Banking Journal "The Battle of Bretton Woods sets forth in smooth prose and concise detail an authoritative narrative of the who-what-when-why of the great monetary conference of some 70 years ago. It is jam-packed with heady discussions... If we're fortunate, Benn Steil will deliver a follow-up."--Kevin R. Kosar, Weekly Standard "Individual persons are at the center of the story, which also comes loaded with tales of international intrigue, spycraft, and famous personalities. It's not just for history buffs and economics geeks."--Douglas French, Freeman, publication of the Foundation for Economic Education "Seduced by Keynes's rhetorical repudiation both of the 'austerity' implied by [promptly paying off Britain's war debts] and the 'temptation' of accepting a loan, the British shipped Keynes to Washington ... to seek 'justice', to wit, the third option. In his recent history of the period, Benn Steil deftly paints what ensued."--Patrick Honohan, Irish Times "[T]his thought-provoking book is about much more than the 1944 conference that established the architecture of the postwar international monetary system, leading to the establishment of the International Monetary Fund and the World Bank."--Foreign Affairs "Benn Steil has crafted a fine history... Characterized by fine and entertaining writing, The Battle of Bretton Woods is economic and political history in engrossing detail."--Satyajit Das, Naked Capitalism "Benn Steil provides a well-researched and interesting account of the historic monetary conference... His efforts make for an enjoyable read... Steil is perhaps at his best when articulating how the Bretton Woods system differed from the classical gold standard--a difference that would ultimately lead to the failure of Bretton Woods... Steil's excellent book should serve as a gentle reminder of which monetary systems have worked well in the past--and which should not be repeated."--William J. Luther, SSRN's Economic History eJournal "An informed citizenry includes an understanding of our economy and how it is integrated into the global financial system. For this, it is important to start from the ... discussions that occurred among 44 nations in the idyllic and calm resort at Bretton Woods, N.H., in 1944. [Benn Steil's] new book details not only the meeting but the deep arguments between the British economist John Maynard Keynes and [American Treasury official] Harry Dexter White... This is a serious book of political economic history."--Cmdr. Youssef Aboul-Enein, DCMilitary "Benn Steil's book provides a fascinating account of the developments leading up to the Bretton Woods conference and its immediate aftermath, from the point of view of the two main characters involved: John Maynard Keynes and Harry Dexter White. The book is based on extensive archive work, so often the participants speak for themselves, which makes for interesting reading."--Isaac Alfon, Central Banking Journal "This masterful account dismantles the idyllic picture of the 1944 Bretton Woods international economic conference, situating it firmly in the tense atmosphere of the final months of World War II."--Laurie Muchnick, Bloomberg Top Business Books of 2013 "Steil's book is an object lesson in how to make economic history entertaining and instructive."--Tony Barber, Financial Times "Benn Steil not only produces the finest account of the conference that established the Pax Americana economic system after World War II, he does it with the skill of a novelist."--Jon Talton, SeattleTimes.com "[A] well-documented, engaging account of the Bretton Woods Conference... The material on Harry Dexter White is fascinating ... an essential reference [with] much to teach economic historians."--Joshua Hausman, Journal of Economic History "The Battle of Bretton Woods is a thorough and fascinating account of a historic event, skillfully placed in its economic and geopolitical context. [H]e offers excellent insight into the tribulations of the key players. He also tells the interesting tale of how, if not for the well-founded suspicions regarding Harry Dexter White's cooperation with Communist spies, the tradition of an American heading the World Bank and a European heading the IMF would have been reversed."--Martin S. Fridson, Financial Analysts Journal "Steil's book is essential reading for students of multilateralism, diplomacy, and international economic relations... It is also an excellent overview of the behind-the-scenes machinations that caused Britain to agree to the final document that placed America, and the dollar, at the top of the global financial pyramid... [O]f primary interest to most readers ... it is a fascinating and nuanced glimpse into the psychology of Second World War era economic espionage."--Marc D. Froese, International Journal "This story is well told. It is also well known... Steil is targeting a broader audience than scholars, however, and in that sense, this book is a success at recasting a surprisingly exciting story."--Thomas W. Zeiler, Register of the Kentucky Historical Society "Steil breathes new life and controversy into a familiar story by emphasizing the intellectual and political clash between John Maynard Keynes and Harry Dexter White."--James McAllister, H-Diplo/ISSF Roundtable "Steil rarely puts a foot wrong. His analysis of policies and personalities, however he has acquired his knowledge, reflects a sophisticated understanding of the inner workings of financial diplomacy."--Stephen Schuker, H-Diplo/ISSF Roundtable "[A]n ably crafted narrative."--Darel Paul, H-Diplo/ISSF Roundtable "[The book] is a welcome departure from less political, or more American-centric, accounts of Bretton Woods."--William Glenn Gray, H-Diplo/ISSF Roundtable "[T]his is a beautiful narrative of the making of Bretton Woods, based on serious archival research and with some nice old photos as illustrations."--Ivo Maes, History of Economic Ideas "The Battle of Bretton Woods is a remarkable work that embraces many disciplines: economic history, political economy and international relations. Benn Steil is able to merge the different perspectives from all these disciplines, taking the reader into both the political battle and the economic thinking."--Anna Missiaia, Financial History Review "A gripping account... John Le Carre meets international monetary history: this is clearly a different kind of page-turner."--Jayati Ghosh, Economic & Political Weekly "The Battle of Bretton Woods is a remarkable work that embraces many disciplines: history, economic history, political economy and international relations. Benn Steil is able to merge the different perspectives from all these disciplines, taking the reader into both the political battle and the economic thinking that took place at Bretton Woods."--Anna Missiaia, Financial History Review "Epic."--Ashok Rao, Vox "[E]ngaging and instructive ... Benn Steil has written a book full of historical insight and human color."--Robert L. Hetzel, Econ Focus "[A] good piece of historical investigation that will put an end to doubts as to whether White was in fact a Soviet agent."--Maria Cristina Marcuzzo, Economica "[A] thoughtful and well-researched addition to economic history."--Mark L. Wilson, Journal of Economic Issues "With extensive, original research, Benn Steil has rewritten the history of the conference. Steil reveals the illusions of its two central figures: John Maynard Keynes, the most famous economist of the twentieth century and a senior member of the British delegation, and Harry Dexter White, the little-known assistant secretary of the US Treasury, who almost singlehandedly ran the conference... A major contribution to economic, intellectual, and political history, which is accessible to a wide audience and presents an endlessly fascinating portrait of two complicated men."--Carl, Strikwerda, The Historian "Benn Steil's The Battle of Bretton Woods is a superb, carefully researched history that enables readers to view today and tomorrow from the vantage point of the past."--Robert B. Zoellick, International Economy "The Battle of Bretton Woods offers a tantalizing peek into another time of financial stress compounded by a world war... The chess match between White and Keynes is well worth the price of admission--the price of the book and the time it takes to read it."--Don R. Leet, American Economist "The Battle of Bretton Woods is a well-researched and excellently written book that is recommended for everyone interested in economic and diplomatic history."--Tobias Leeg, Political Studies ReviewTable of ContentsAcknowledgments ix Chapter 1: Introduction 1 Chapter 2: The World Comes to the White Mountains 9 Chapter 3: The Improbable Rise of Harry White 17 Chapter 4: Maynard Keynes and the Monetary Menace 61 Chapter 5: "The Most Unsordid Act" 99 Chapter 6: The Best-Laid Plans of White and Keynes 125 Chapter 7: Whitewash 155 Chapter 8: History Is Made 201 Chapter 9: Begging Like Fala 251 Chapter 10: Out with the Old Order, In with the New 293 Chapter 11: Epilogue 330 Appendix 1: Harry Dexter White Manuscript Photos 349 Appendix 2: Statement of Harry S. Truman on Harry Dexter White, 1953 351 Cast of Characters 355 Notes 371 References 407 Index 427

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Book SynopsisUsing a novel technique - tracking family names over generations to measure social mobility across countries and periods, this book reveals that mobility rates are lower than conventionally estimated, do not vary across societies, and are resistant to social policies.Trade ReviewWinner of 2015 Gyorgy Ranki Prize, Economic History Association Honorable Mention for the 2015 PROSE Award in Economics, Association of American Publishers One of Choice's Outstanding Academic Titles for 2014 One of Vox's "Best Books We Read in 2014" "The Son Also Rises ... suggests that dramatic social mobility has always been the exception rather than the rule. Clark examines a host of societies over the past seven hundred years and finds that the makeup of a given country's economic elite has remained surprisingly stable."--James Surowiecki, New Yorker "An epic feat of data crunching and collaborative grind... Mr. Clark has just disrupted our complacent idea of a socially mobile, democratically fluid society."--Trevor Butterworth, Wall Street Journal "Audacious."--Barbara Kiser, Nature "[A]n important book, and anybody at all interested in inequality and the kind of society we have should read it."--Diane Coyle, Enlightened Economist "The Son Also Rises... That is the new Greg Clark book and yes it is an event and yes you should buy it."--Tyler Cowen, Marginal Revolution "Startling... Clark proposes a new way to measure mobility across nations and over time. He tracks the persistence of rare surnames at different points on the socio-economic scale. The information he gathers is absorbing in its own right, quite aside from its implications."--Clive Crook, Bloomberg View "Clark casts his net wider. He looks at mobility not across one or two generations, but across many. And he shows by focusing on surnames--last names--how families overrepresented in elite institutions remain that way, though to diminishing degrees, not just for a few generations but over centuries."--Michael Barone, Washington Examiner "Deeply challenging."--Margaret Wente, Globe & Mail "Who should you marry if you want to win at the game of life? Gregory Clark ... offers some answers in his fascinating new book, The Son Also Rises."--Eric Kaufmann, Literary Review "This intriguing book measures social mobility in a novel way, by tracing unusual surnames over several generations in nine different countries, focusing on intergenerational changes in education, wealth, and social status as indicated by occupation."--Foreign Affairs "No doubt this book will be as controversial as its thesis is thought-provoking."--Library Journal "Gregory Clark's analysis of intergenerational mobility signals a marked shift in the way economists think about social mobility."--Andrew Leigh, Sydney Morning Herald "The thesis of The Son Also Rises is, fundamentally, that the apple doesn't fall far from the tree. Ingeniously, Clark and his team of researchers look at the persistence of socioeconomic status through the lens of surnames in more than 20 societies."--Tim Sullivan, Harvard Business Review "Clark has a predilection for investigating interesting questions, as well as for literary puns... [J]ust as Thomas Piketty's Capital in the 21st Century, calls into question the role of capitalism in wealth creation, Clark calls into question the role of capitalism in social mobility."--Theodore Kinni, Strategy+Business.com "Clark's book is not merely intellectually clever, it's profoundly challenging. Especially for Americans, it calls into question of ourselves as individuals, as well as our long-standing image of our society. Let's hope he's wrong."--Benjamin M. Friedman, The Atlantic "Adopting an innovative approach to using surnames to measure social mobility, The Son Also Rises engages the reader by presenting data that comes to life as it is anchored by names we see in our daily life... A book with valuable insights derived from a well-designed research, it is strongly recommended to all serious readers interested in building strong democracies, for high social mobility is at the heart of a vibrant democracy. Policy makers will gain the benefits of counter-intuitive conclusions that this book throws up with its multi-generational study. Academicians interested in social justice and social activists engaged in promoting social mobility too will have a lot to chew on."--BusinessWorld "Clark continues the project begun in his A Farewell to Alms. Here, he offers a controversial challenge to standard ideas that social mobility wipes out class advantages over a few generations... An important, challenging book."--Choice "[T]his is a well written and thought-provoking book... I look forward to his next book--and his next Hemingway pun!"--Edward Dutton, Quarterly Review "Clark's book begins a fascinating and important conversation about social mobility... Clark's findings are important to engage with, and they will factor into discussions about social mobility for years to come."--Laura Salisbury, EH.Net "[I]t's one of those rare, invigorating arguments which, if correct, totally upends your understanding of the way the world works. Right or wrong, I've thought about it more than anything else I read in 2014."--Dylan Matthews, a Vox "Best Books We Read in 2014" selection "[A] provocative book."--Richard Lampard, European Journal of Cultural and Political Sociology "The Son Also Rises makes for stimulating reading, and I recommend it."--Chris Minns, Investigaciones de Historia EconomicaTable of ContentsPreface ix 1 Introduction: Of Ruling Classes and Underclasses: The Laws of Social Mobility 1 PART I Social Mobility by Time and Place 2 Sweden: Mobility Achieved? 19 3 The United States: Land of Opportunity 45 4 Medieval England: Mobility in the Feudal Age 70 5 Modern England: The Deep Roots of the Present 88 6 A Law of Social Mobility 107 7 Nature versus Nurture 126 PART II Testing the Laws of Mobility 8 India: Caste, Endogamy, and Mobility 143 9 China and Taiwan: Mobility after Mao 167 10 Japan and Korea: Social Homogeneity and Mobility 182 11 Chile: Mobility among the Oligarchs 199 12 The Law of Social Mobility and Family Dynamics 212 13 Protestants, Jews, Gypsies, Muslims, and Copts: Exceptions to the Law of Mobility? 228 14 Mobility Anomalies 253 PART III The Good Society 15 Is Mobility Too Low? Mobility versus Inequality 261 16 Escaping Downward Social Mobility 279 Appendix 1: Measuring Social Mobility 287 Appendix 2: Deriving Mobility Rates from Surname Frequencies 296 Appendix 3: Discovering the Status of Your Surname Lineage 301 Data Sources for Figures and Tables 319 References 333 Index 349

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Book SynopsisThe dreaming paths of Aboriginal nations across Australia formed major ceremonial routes along which goods and knowledge flowed. These became the trade routes that criss-crossed Australia and transported religion and cultural values. This book highlights the valuable contribution Aboriginal people made in assisting European explorers, surveyors and stockmen to open the country for colonisation, and explores the interface between Aboriginal possession of the Australian continent and European colonisation and appropriation. Instead of positing a radical disjunction between cultural competencies, Dale Kerwin considers how European colonisation of Australia appropriated Aboriginal competence in terms of the landscape: by tapping into culinary and medicinal knowledge, water and resource knowledge, hunting, food collecting and path-finding. As a consequence of this assistance, Aboriginal dreaming paths and trading routes also became the routes and roads of colonisers. Indeed, the European colonisation of Australia owes much of its success to the deliberate process of Aboriginal land management practices. Dale Kerwin provides a social science context for the broader study of Aboriginal trading routes by setting out an historic interpretation of the Aboriginal/European contact period. His book scrutinises arguments about nomadic and primitive societies, as well as Romantic views of culture and affluence. These circumstances and outcomes are juxtaposed with evidence that indicates that Aboriginal societies are substantially sedentary and highly developed, capable of functional differentiation and foresight -- attributes previously only granted to the European settlers. The hunter-gatherer image of Aboriginal society is rejected by providing evidence of crop cultivation and land management, as well as social arrangements that made best use of a hostile environment. This book is essential reading for all those who seek to have a better knowledge of Australia and its first people: it inscribes Aboriginal people firmly in the body of Australian history.Table of ContentsCommon Sense & Common Nonsense; Coming of the Aliens; Only the Learned Can Read; Maps, Travel & Trade as a Cultural Process; To Travel is to Learn; Misrepresentation of the Grand Narrative -- 'Walk Softly on the Landscape'; Index.

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Book SynopsisThe first book of its kind: a fascinating and entertaining examination of hedge funds todayShortlisted for the Financial Times/Goldman Sachs Business Book of the Year Award''An enormously satisfying book: a gripping chronicle of the cutting edge of the financial markets and a fascinating perspective on what was going on in these shadowy institutions as the crash hit'' ObserverWealthy, powerful, and potentially dangerous, hedge-find managers have emerged as the stars of twenty-first century capitalism. Based on unprecedented access to the industry, More Money Than God provides the first authoritative history of hedge funds. This is the inside story of their origins in the 1960s and 1970s, their explosive battles with central banks in the 1980s and 1990s, and finally their role in the financial crisis of 2007-9.Hedge funds reward risk takers, so they tend to attract larger-than-life personalities. Jim Simons began life as a code-breaker anTrade Review‘The best account ever published of the economics, politics and adrenalin of these amazing firms. It shows why hedge funds dominate the world of finance and why the politicians who rail against them end up making them more powerful' * Anatole Kaletsky *‘A warts-and-all history of hedge funds...a splendid account of the ups and downs of an industry in which few of the twenty-something hedge-fund wannabes know their history. They, and meddling politicians, should read this book before they are condemned to repeat it' * Financial Times *An enormously satisfying book: a gripping chronicle of the cutting edge of the financial markets and a fascinating perspective on what was going on in these shadowy institutions as the crash hit * Observer *‘A superbly researched history of hedge-fund heroes stretching back to the 1950s, it is a fascinating tale of the contrarian and cerebral misfits who created successful, flexible businesses in an otherwise conventional financial world' * Economist *

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Book SynopsisWe have become accustomed to economists and politicians talking about “market forces” as if they are immutable laws of the universe. But what exactly is “the market”? Originally an abstract idea from economic theory – the locus of supply and demand – it has come to inform the way we speak about our relationship to the economic system as a whole. Matthew Watson unpacks the concept to ask what does it really mean to allow ourselves to submit to market forces. And does economic theory really provide insights into the market institutions that shape our everyday life? In tackling these questions, the book provides a major contribution to a deeper appreciation of the dominant economic language of our time, challenging the idea that we can simply defer to the “logic of the market”.Trade ReviewWatson has provided a history of the economic ideas that form the basis of modern economics, brilliantly explaining where many of the economic laws and concepts central to the idea of the market originated . . . there are very few texts on the market that are as good as this. -- Huw Macartney, University of BirminghamA masterpiece of erudition and concision, Matthew Watson’s new book lifts the lid on a concept whose ubiquity in public discourse is matched only by its slipperiness. With immense skill, Watson explores the ways in which the idea of 'the market' has developed within the field of economics and in so-doing teases out the complex relationships between academic abstraction of the market concept and the prevalence of market ideology in politics. The result is a truly impressive book that should be regarded as a vital supplement to standard economics textbooks and essential reading for anyone interested in understanding whether there are alternatives to the 'iron cage' of the market. -- Ben Rosamond, Professor of Politics, University of CopenhangenWatson unearths precisely why we feel so comfortable attributing disruptive economic change simply to the will of the market . . . [he] traces the emergence and triumph of the market concept as we know it, deploying critical insights from political economy and undertaking a deeply-textured excavation of the history of economic thought. The Market provides a valuable history of ‘the market’ as an idea, rendering unfamiliar something we often take as a given. In doing so, the book makes a useful contribution to vibrant debates within political economy and feeds into timely conversations beyond academia about our position as economic subjects. At a time when we are increasingly facing pressure to imagine alternative economic futures in which the economy works for everyone, The Market’s call to action will certainly have wide appeal in its abandonment of the present market concept. -- David Dodds, LSE Book ReviewsTable of Contents1. Introduction2. The market concept in triplicate3. Symmetrical moral relationships: Adam Smith's impartial spectator construct4. Demand and supply in partial equilibrium: the Marshallian cross diagram5. Vectors of market-clearing prices: the Walrasian auctioneer6. The political rhetoric of "the market"7. Conclusion

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Book Synopsis'This wise and lucid guide to pluralism in economics embodies the values of its cause. Generous, open-minded, fair, accurate and accessible: John Harvey's new book is a fine achievement that every economics major should read.'- James K. Galbraith, The University of Texas at Austin, USJohn Harvey's accessible book provides a non-technical yet rigorous introduction to various schools of thought in economics. Premised on the idea that economic thinking has been stunted by the almost complete rejection of anything outside the mainstream, the author hopes that this volume will open readers' minds and lead them in new and productive directions. In his exploration of Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist and Feminist schools of thought, unique features of each approach are highlighted, complemented by discussions of methodology, world views, popular themes, and current activities. Accurate and impartial, every chapter covering a heterodox school of thought has been vetted by an acknowledged expert in that field. Though written for use in undergraduate courses, this guide will no doubt offer a great deal to any scholar wishing to gain a fresh perspective and greater understanding of the variety and breadth of current economic thinking.Trade ReviewFifty years ago I used Robert L. Heilbroner's The Worldly Philosophers to get students excited about economics. Today I would use John T. Harvey's Contending Perspectives in Economics. The book is beautifully written and full of insights into who economists are and why they think the way they do. --Paul D. Bush, California State UniversityEconomics is a mess. Oppositional clans (''schools''), pseudo-science, corruption of various kinds and relentless disdain for the real-world predominate. If you are thinking of entering this war-zone, then reading John Harvey's Contending Perspectives in Economics is your best bet for retaining your intellectual health. --Edward Fullbrook, University of the West of England, UKI just finished reading the book! I feel like I learned so much from it, and not just in terms of the information itself. As I read, it stimulated so much thought I found myself writing many pages on things I'd never even thought about! --Marcus Schiebold, Economics Undergraduate Student, University of North TexasTable of ContentsContents: 1. Introduction 2. Economics as a scientific discipline 3. Neoclassical economics 4. Marxism 5. Austrian economics 6. Post Keynesian economics 7. Institutionalism 8. New Institutionalism 9. Feminist economics 10. Ecological Economics 11. Conclusions Index

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Book SynopsisPresents historical data and analytics to support the claim that monetary policy - steady control of the money supply - matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations.Trade Review"A monumental scholarly accomplishment... [sets] a new standard for the writing of monetary history."--The Economic JournalTable of Contents*Frontmatter, pg. i*Contents, pg. vii*Tables, pg. xiii*Charts, pg. xv*Preface, pg. xxi*CHAPTER 1. Introduction, pg. 1*CHAPTER 2. The Greenback Period, pg. 15*CHAPTER 3. Silver Politics and the Secular Decline in Prices, 1879-97, pg. 89*CHAPTER 4. Gold Inflation and Banking Reform, 1897-1914, pg. 135*CHAPTER 5. Early Years of the Federal Reserve System, 1914-21, pg. 189*CHAPTER 6. The High Tide of the Reserve System, 1921-29, pg. 240*CHAPTER 7. The Great Contraction, 1929-33, pg. 299*CHAPTER 8. New Deal Changes in the Banking Structure and Monetary Standard, pg. 420*CHAPTER 9. Cyclical Changes, 1933-41, pg. 493*CHAPTER 10. World War II Inflation, September 1939-August 1948, pg. 546*CHAPTER 11. Revival of Monetary Policy, 1948-60, pg. 592*CHAPTER 12. The Postwar Rise in Velocity, pg. 639*CHAPTER 13. A Summing Up, pg. 676*APPENDIX A. Basic Tables, pg. 703*APPENDIX B. Proximate Determinants of the Nominal Stock of Money, pg. 776*Director's Comment, pg. 809*Author Index, pg. 815*Subject Index, pg. 819

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Book SynopsisBread, cash, dosh, dough, loot. Call if what you like, it matters now more than ever. In The Ascent of Money, Niall Ferguson shows that financial history is the back-story to all history.From the banking dynasty who funded the Italian Renaissance to the stock market bubble that caused the French Revolution, this is the story of booms and busts as it''s never been told before.With the world in the grip of the biggest financial crisis since the Great Depression, there''s never been a better time to understand the ascent - and descent - of money.''Beautifully written ... Breathtakingly clever'' Sunday Telegraph''A lucid and racy account of financial history'' New Statesman ''A fine, readable and entertaining history'' Dominic Sandbrook, Daily Telegraph, Books of the Year ''The tales he tells of boom and bust, of triumph and disaster, of bubbles that inflate ... are the very essence of financial history'' Bill Emmott, Financial Times''An often enlightening and enjoyable tour through the underside of great events, a lesson in how the most successful great powers have always been underpinned by smart money'' Robert Skidelsky, New York Review of Books

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Book SynopsisTrade Review"Camila Russo has written the story of Vitalik Buterin and Ethereum—do I need to say more? Read it!" — Tyler Cowen, cofounder of Marginal Revolution “Bitcoin’s origin story has been widely covered, and thankfully Camila Russo has now narrated the similarly profound genesis of Ethereum. As cryptocurrency and borderless digital finance sweep the world, every tech enthusiast and financial radicalist should dive deep into The Infinite Machine. This is the founding of our swiftly approaching future.” — Erik Voorhees, CEO of ShapeShift “Camila Russo gives us a fascinating history on the birth and birthing pains of the Ethereum network, which has the potential to transform the way society functions. If Ethereum fulfills its promise, this book will be required reading at colleges, and if it doesn’t, it's still a great read.” — Michael Novogratz, cofounder of Galaxy Digital The Infinite Machine is the most thorough account of Ethereum's past, present, and likely future that I've encountered. Russo's background as a Bloomberg News reporter combined with her immersion in Ethereum makes her uniquely qualified to tell Ethereum's story. Reminiscent of Nathaniel Popper's work in its storytelling, finesse, and dedication to detail, The Infinite Machine is slated to be Ethereum's Digital Gold. Russo's timing is good, as Ethereum is poised to rise in the mainstream as Bitcoin's younger, more capable sibling. — Chris Burniske, cofounder at Placeholder Ventures and coauthor of Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond "This real story reads like a colorful, cypherpunk sci-fi. Still visceral for anyone who was there, Russo eloquently captures the origin story of the burgeoning Web 3.0 movement that is driving the next generation of internet platforms. It'll become a canonical text on the history of the space." — Jesse Walden, founder of venture fund Variant and former Andreessen Horowitz investor "Russo—the ex-Bloomberg tech journalist who describes herself on Twitter as 'Chieftess at the Defiant'—has written a fast-paced, Michael Lewis-style history of crypto-currency which helps us sort out our Bitcoins from our Ethereums." — Literary Hub "This will appeal to people fascinated with the possibilities of cryptocurrency, as well as those interested in the personalities involved and the business history of the concept." — Library Journal “The Infinite Machine is well-organized, easy to follow, and serves as the best introduction to the world of Ethereum." — Wall Street Journal

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Book Synopsis'A classic' - Simon Kuper, Financial Times'Brilliant' - James O'Brien, author of How to be RightThe five laws that confirm our worst fears: stupid people can and do rule the world.Since time immemorial, a powerful dark force has hindered the growth of human welfare and happiness.Trade ReviewA classic * Simon Kuper, Financial Times *Brilliant. * James O'Brien, author of How to be Right *A masterly book * Nassim Nicholas Taleb *This is a very funny book, but Carlo Cipolla's underlying insight really matters: there's a lot of stupidity about, including in society's highest circles – and the stupid wield a surprising amount of power, because the rest of us can never guess what idiotic thing they'll do next. We need to get wise to stupidity, and Cipolla's drily witty rules are a great place to start. * Oliver Burkeman *Cipolla’s subtle tongue-in-cheek humour made this book an underground classic in Italy. Today, under current worldwide political trends, it reads more like black humour. Keep in mind: reliable statistical data shows that 98% of the people seriously believe that they are far less stupid than the average. * Carlo Rovelli, author of Seven Brief Lessons on Physics *

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Book SynopsisJohan Norberg is a historian, lecturer and commentator. He is a senior fellow at the Cato Institute in Washington DC and his books have been translated into thirty languages. His books include the international bestseller Progress and Open, which was an Economist book of the year. Norberg regularly writes for publications such as The Wall Street Journal, Reason and HuffPost.

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Book SynopsisA non-Eurocentric, sweeping look at the material conditions and events that created capitalismTrade Review'A fundamental rethinking of the origins of capitalism and the emergence of Western domination by the interactive relations with the non-European world. Highly Recommended.' -- CHOICE'A fascinating tour de force that will surely be debated in the fields of history, sociology, Marxism and International Relations for years to come' -- Justin Rosenberg, Professor in International Relations at the University of Sussex'An excellent book' -- Professor John M. Hobson, University of Sheffield'This rigorously argued book presents a compelling challenge to standard narratives of capitalist modernity. The authors combine theoretical sophistication and a wide-ranging account of extra-European histories to provide a superb - and provocative - alternative' -- Gurminder K Bhambra, author of Connected Sociologies'A superb account which successfully transcends a false dichotomy. Drawing on the best aspects of Historical Sociology and International Relations, and within a rigorous Marxist framework, the authors offer a challenge to all existing explanations of the rise of the West to world dominance' -- Neil Davidson, author of How Revolutionary Were the Bourgeois Revolutions?'There is much talk these days of Big History, yet the advocates invariably stop short of talking about capitalism. With their bold and wide-ranging treatment, Anievas and Nişancıoğlu now place the origins of capitalism at the very centre of the agenda' -- Geoff Eley, Karl Pohrt Distinguished University Professor of Contemporary History at the University of Michigan'An excellent, inventive and fascinating piece of scholarship' -- Tony Mckenna, Marx & Philosophy Review of Books'A work of towering scholarly erudition combined with deep political insights that must be reckoned with' -- Louis Proyect'Provocative and brilliant ... An enormous contribution to redressing the one-sided debates about the origins of capitalism and the West's conquest of the planet ... Their book should be read by anyone hoping to understand as well as challenge Eurocentrism, imperialism, and the capitalist system as a whole' -- International Socialist Review'Provides an important introduction to a truly global history of the origins of capitalism which recognises the vital inputs and roles of a range of non-European societies' -- Review of African Political EconomyTable of ContentsList of Figures Acknowledgements Introduction 1. The Transition Debate: Theories and Critique 2. Rethinking the Origins of Capitalism: The Theory of Uneven and Combined Development 3. The Long Thirteenth Century: Structural Crisis, Conjunctural Catastrophe 4. The Ottoman-Habsburg Rivalry over the Long Sixteenth Century 5. The Atlantic Sources of European Capitalism, Territorial Sovereignty and the Modern Self 6. The ‘Classical’ Bourgeois Revolutions in the History of Uneven and Combined Development 7. Combined Encounters: Dutch Colonisation in South-East Asia and the Contradictions of ‘Free Labour’ 8. Origins of the Great Divergence over the Longue Durée: Rethinking the ‘Rise of the West’ Conclusion Notes Index

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Book SynopsisWeaving together vivid history and economic analysis, this book makes for a gripping narrative.

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Book SynopsisA BOOK OF THE YEAR FOR THE FINANCIAL TIMES AND FORTUNE MAGAZINE. The epic story of how a young social climber from Malaysia pulled off one of the biggest financial heists in history. In 2015, rumours began circulating that billions of dollars had been stolen from a Malaysian investment fund. The mastermind of the heist was twenty-seven-year-old Jho Low, a serial fabulist from an upper-middle-class Malaysian family, who had carefully built his reputation as a member of the jet-setting elite by arranging and financing elaborate parties for Wall Street bankers, celebrities, and even royalty. With the aid of Goldman Sachs and others, Low stole billions of dollars, right under the nose of global financial industry watchdogs. He used the money to finance elections, purchase luxury real estate, throw champagne-drenched parties, and bankroll Hollywood films like The Wolf of Wall Street. Billion Dollar Whale reveals how this silver-tongued con man, a ‘modern Gatsby’, emerged from obscurity to pull off one of the most audacious financial heists the world has ever seen, and how the financial industry let him. It is a classic harrowing parable of hubris and greed in the financial world.Trade Review‘An extraordinary tale … richly woven … with dogged reporting … Like all good business stories, Billion Dollar Whale is bigger than the immediate one it tells. It is a story of emerging markets crippled by corruption and cronyism and comes from the era of egregious — and mostly punishment-free — banking … One thing is clear. If ever Hollywood gets round to telling the story on screen, here is perfect material for the script.’ * Financial Times *‘If you like global intrigue, financial crime, wealth porn, and absurdity, Billion Dollar Whale, by Tom Wright and Bradley Hope, is for you … It almost seems made up. Still, anyone who has followed the news out of Malaysia will know that the story is all too real.’ * The New Yorker *‘As Bad Blood is to biotech, Billion Dollar Whale is to international finance … a wonderful read … Thrilling.’ -- Bill Gates‘An impeccably researched book.’ -- Matthew Valencia * The Economist *‘One of the best business books in a long time.’ * Brian Sullivan, CNBC *‘What a blast to read! A true life thriller that reads like a Hollywood movie, Billion Dollar Whale traces the exploits of the most mercurial, mysterious big player in history. Jho Low is Gatsby with twice the bank account and ten times the ambition, and the stories surrounding his exploits leap right off the page!’ * Ben Mezrich, New York Times bestselling author of The Accidental Billionaires and Bringing Down The House *‘I couldn’t put it down.’ -- Pete Tong * The Times *‘One of the most important books of 2018.’ * MoneyLaundering.com *‘Wright and Hope deliver a scintillating and prodigiously reported tale of a globe-spanning modern Gatsby and his audacious fraud.’ * Jesse Eisinger, Pulitzer Prize-winning reporter for ProPublica and author of The Chickenshit Club *‘This story of a Wharton graduate who carried out the $5 billion swindle known as 1MDB offers a textbook case of financial fraud in the modern age.’ * New York Times *‘A rip-roaring case in kleptocracy.’ * The Economist *‘An incredible story … If you need some billionaires to despise—look no further than these charlatans.’ * Alexis Ohanian, co-founder of Reddit *‘Even the most skilled fiction writer would have trouble conjuring the corrupt and colorful protagonist of Billion Dollar Whale. Bradley Hope and Tom Wright's gripping portrait of Jho Low and his enablers throughout the global financial system will both fascinate and enrage you.’ * Sheelah Kolhatkar, staff writer at The New Yorker and New York Times bestselling author of Black Edge *‘The story of a massive international financial scandal … As the authors amply prove, the scandal reaches far beyond Low. To succeed, he relied on the naivete, greed, and generally immoral conduct of huge banks as well as corrupt governments.’ * Kirkus *‘Wright and Hope transform their investigation of a mind-boggling financial fraud into a nonfiction thriller … This is an epic tale of white-collar crime on a global scale.’ STARRED REVIEW * Publishers Weekly *‘An amazing tale of greed … juicy and entertaining.’ STARRED REVIEW * Library Journal *‘Well-researched and well-documented … Reveals how Low used a bag of tricks, including financial fraud, to make himself seem more powerful, more influential, and more successful than he actually was … This is a must-read.’ * Booklist *‘Billion Dollar Whale does more than dissect a financial fraud of epic proportions; it takes the reader on a fascinating journey inside the heart of a con that was years in the making. Wright and Hope show how perception becomes reality in the hands of a consummate financial illusionist. Billion Dollar Whale proves once again that truth is stranger than fiction.’ -- Gregory A. Coleman, retired FBI Special Agent; Case Agent, ‘Wolf of Wall Street’ Investigation‘The authors strike a good balance between keeping Low’s story at the centre and making it clear that 1MDB was a scandal waiting to happen … they also provide some telling anecdotes.’ * Money Week *‘I highly recommend this rip-roaring story of brazen fraud … political corruption … and investment-banker callousness.’ * Adam Lashinsky, Fortune *‘Jaw dropping.’ -- Ed Needham * Strong Words *‘Gripping … The heist of the century.’ * Axios *‘Take one chubby Malaysian business school graduate. Mix with Middle Eastern sheikhs and greedy Southeast Asian politicians. Add Wall Street investment banks, law firms and Swiss wealth managers. Then mix in superyachts, five-star hotels, luxury apartments, nightclubs, models, A-list movie stars — and bathtubs of champagne … [This] richly reported page-turner is meticulously pieced together from interviews, documents and emails by Wall Street Journal reporters Tom Wright and Bradley Hope.’ * Peter Thal Larsen, Reuters *‘Compelling.’ * Minneapolis Star Tribune *‘A wonderful book … A rip-roaring, absolutely delightful account of one of the biggest financial cons in the history of the world … If you liked Bad Blood, you might well enjoy Billion Dollar Whale … An incredible story of a con artist at the height of his game.’ * David Plotz, Slate “Political Gabfest” *‘A cracking read.’ * Unreserved Media *‘An incredible story.’ * Knowledge@Wharton *‘Just finished reading Billion Dollar Whale and was blown away. I thought I had seen it all with Russian kleptocracy, but the story of the money stolen in Malaysia in 1MDB and all the enthusiastic Western enablers was unbelievable.’ -- Bill Browder, #1 New York Times bestselling author of Red Notice‘This thrilling true story reads like a Hollywood movie.’ * Sheerluxe Man *

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Book SynopsisThis timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics. The book features an extended discussion of Marx's approach to credit and finance, new insights to Minsky's ideas and a reconsideration of the financial theories of Kalecki and Steindl. Economic researchers and postgraduate students seeking to extend their knowledge of critical approaches to finance will find this an invaluable read, as well as practitioners and policy makers who seek to understand financial instability and unstable markets. This will also be an insightful read for economic historians looking to understand the nuances of different key economic theories and their practical applications. This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008.Trade Review'Jan Toporowski provides a provocative guide to a dissenting tradition in macroeconomics where monetary and financial institutions are just as fundamental to the market economy's performance as real factors - endowments, tastes, technology, etc. Along his route from Marx to Minsky we naturally encounter the likes of Keynes and Kalecki, but also, more surprisingly, proto-monetarists like Fisher, Hawtrey, and Henry Simons. Whatever our own views, Toporowski forces us to look at today's macroeconomics in a refreshingly new light: highly recommended.' --David Laidler, University of Western Ontario, US'Professor Jan Toporowski offers us a brilliant piece of scholarship combining history of money and credit theories ranging over heterodox economists from Marx and Luxemburg to mainstream but radical economists such as Keynes and Minsky. It is a here and now explanation of our problems.' --Lord Meghnad Desai, London School of Economics, UKTable of ContentsContents: PART I: CAPITALISM AND FINANCIAL CRISIS 1. Marx and the Monetary Business Cycle 2. Marx and the Emergence of Debt Markets 3. Rosa Luxemburg and the Marxists on Finance PART II: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: UNSTABLE MONEY AND FINANCE 4. Ralph Hawtrey and the Monetary Business Cycle 5. Irving Fisher and Debt Deflation 6. John Maynard Keynes’s Financial Theory of Under-Investment I: Towards Doubt 7. John Maynard Keynes’s Financial Theory of Under-Investment II: Towards Uncertainty PART III: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: CORPORATE DEBT AND CRISIS 8. The Principle Of Increasing Risk: Marek Breit 9. The Principle Of Increasing Risk: Michal Kalecki 10. The Principle of Increasing Risk: Josef Steindl and Michal Kalecki on Profits and Finance 11. The Kalecki-Steindl theory of financial fragility PART IV: CRITICAL THEORIES OF FINANCE IN THE TWENTIETH CENTURY: THE FINANCIAL INSTABILITY HYPOTHESIS 12. The Monetary Theory of Kalecki and Minsky 13. From Money to Minsky: Henry Simons 14. The Financial Instability Hypothesis Bibliography Index

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Book SynopsisThe first book of the next crisis. A history of interest rates by a leading financial commentator, updated with a new postscript.*Winner of the 2023 Hayek Book Prize**Longlisted for the 2022 Financial Times Business Book of the Year Award*All economic and financial activities take place across time. Interest coordinates these activities. The story of capitalism is thus the story of interest: the price that individuals, companies and nations pay to borrow money.In The Price of Time, Edward Chancellor traces the history of interest from its origins in ancient Mesopotamia, through debates about usury in Restoration Britain and John Law ' s ill-fated Mississippi scheme, to the global credit booms of the twenty-first century. We generally assume that high interest rates are harmful, but Chancellor argues that, whenever money is too easy, financial markets become unstable. He takes the story to the present day, when interest rates have sunk lower than at any time in the five millennia since they were first recorded - including the extraordinary appearance of negative rates in Europe and Japan - and highlights how this has contributed to profound economic insecurity and financial fragility.Chancellor reveals how extremely low interest rates not only create asset price inflation but are also largely responsible for weak economic growth, rising inequality, zombie companies, elevated debt levels and the pensions crises that have afflicted the West in recent years - conditions under which economies cannot possibly thrive. At the same time, easy money in China has inflated an epic real estate bubble, accompanied by the greatest credit and investment boom in history. As the global financial system edges closer to yet another crisis, Chancellor shows that only by understanding interest can we hope to face the challenges ahead.Trade ReviewThe Price of Time is highly readable. The timing and telling of this economic horror story make it gripping and persuasive. -- Emma Duncan * The Times *Is it possible to write a highly engaging history of the world going back to Hammurabi, unfolding along the way a bitingly comprehensive explanation for its problems today, all told through a single character? Apparently yes. Edward Chancellor has done it, an achievement all the more notable since his drama is built around a character so unheroic on its surface: his "price of time" is interest rates. This is a timely, vitally important and hugely readable book. -- Ruchir Sharma * Chairman, Rockefeller International and New York Times bestselling author *Edward Chancellor has produced not just a brilliant explainer of the value of money and time but a hugely engaging history of the greatest problem confronting markets today. The Price of Time is a must read - a copy should be on the desk of everyone who has anything to do with financial markets or wondered why things work as they do. -- Merryn Somerset Webb * Editor-in-Chief, MoneyWeek *In Chancellor's terrific new book The Price of Time, he argues that well-meaning attempts by central bankers to manage interest rates have brought disaster ... It is no mean task to turn such a dry topic into a lively read, but Chancellor pulls it off. This is not just a worthy successor to his history of financial speculation, Devil Take the Hindmost, but an urgently needed warning. Rock-bottom interest rates were imposed in the wake of the 2008 financial crisis, and have now lasted so long that they have started to seem almost tolerable. To read this book is to be reacquainted with the bizarre, Alice-in-Wonderland condition of modern finance. ... Anyone who wants a fresh perspective on today's problems - and anyone in Westminster hoping to chart a new economic course as Boris Johnson's successor - needs this book on their summer reading list. -- Marc Sidwell * Sunday Telegraph *Interest rates haven't simply fallen - they were pushed. And by their pushing, the world's central banks have constructed the hall of mirrors in which every investor has become, of necessity, a speculator. So argues Edward Chancellor in this brilliant chronicle of the most important prices in capitalism. You must read it. It is a masterpiece of history, analysis-and properly understated outrage. -- James Grant * editor of Grant’s Interest Rate Observer *I wish The Price of Time were the book that I had written. I am reminded of Keynes' letter to Hayek after reading The Road to Serfdom where he said "In my opinion it is a grand book. We all have the greatest reason to be thankful to you for saying so well what needs so much to be said. .... I find myself in agreement with virtually the whole of it, and not only in agreement but in a deeply moved agreement" -- William White * former Chief Economist, Bank for International Settlements *Besides being a first-rate economic historian, Chancellor is also a master wordsmith; almost unique among serious finance books, The Price of Time serves well as bedtime reading. ... More than 20 years ago, Edward Chancellor's Devil Take the Hindmost supplied readers with one of the most engaging and incisive descriptions of financial manias ever written. That was a hard act to follow, but The Price of Time nicely fills the bill; it is a serious work of political economy that is part comprehensive guide to the world financial system's greatest peril and part literary chocolate torte. -- William J. Bernstein * Enterprising Investor, Chartered Financial Analysts Institute *Well I'll be darned! Chancellor has done the nearly impossible: he has made a potentially dreary topic - interest rates - into a witty, philosophical and highly entertaining story crammed with historical anecdotes starting with the Babylonians and ending yesterday. At the same time the obvious weight and breadth of his research leads us to his important conclusion: for Heaven's Sake leave interest rates to market forces; manipulation by Central Banks leads to chain linked disasters, another of which may well be imminent. -- Jeremy Grantham, Founder and Chief Investment Strategist, GMO LLCa scholarly perspective of the history of interest and credit since their known origins in ancient Mesopotamia ... a rollicking read in comparison with Thomas Piketty's Capital in the Twenty-First Century ... The Price of Time is leavened throughout by touches of humour and an eye for historical curiosities drawn from a huge range of sources. -- Martin Vander Weyer * Spectator *the book is magisterial in its scope. He describes the reasons for the current distortion of the markets and why wealth and income disparity were so pronounced in the last 20 years. He lays blame on the Federal Reserve and central banks around the world distorting the markets with low interest rates. You'll want to buy this book and get it the first day available. -- John Mauldin * Thoughts from the Frontline *Edward Chancellor argues that low interest rates, of the sort that prevailed since the financial crisis and until this year, are a catastrophic mistake because, as the great financial journalist Walter Bagehot wrote, they lead people to "invest their savings in something impossible - a canal to Kamchatka, a railway to Watchet, a plan for animating the Dead Sea, a corporation for shipping skates to the Torrid Zone". Cryptocurrencies are the Kamchatka canals of today. Their collapse, in Chancellor's view, is just the beginning of a great unravelling. The book is persuasive, perfectly timed and, for a work on such a nerdy subject, gripping. -- Emma Duncan * Times Writers’ Favourite Books of 2022 *a blistering polemic against the evils of artificially low interest rates. Right on cue, the gravy train of ultra-loose monetary policy has come to a halt. Perhaps you should therefore not just buy this book but sell all your stocks ... The Price of Time addresses the biggest economic question of the past 15 years. Have the experimental monetary policies pursued by the world's leading central banks since the financial crisis of 2007 and 2008 been a miracle cure or an epochal mistake? It situates this contemporary dilemma in a rich historical context. For this is just the latest instalment of an ancient debate over the nature and role of interest in a well-functioning economy. ... Capital allocation has been distorted; investment risk mispriced; pensions systems destabilised; social mobility fossilised; and moderate investors polarised into idle rent-seekers or you-only-live-once speculators. Chancellor makes a compelling and disturbing case that excessively loose financial conditions lie behind them all. ... The carnage being wrought by even the modest increase in borrowing costs so far in 2022 is not encouraging. At least if you've read this scintillating book and heeded the infamous Chancellor signal, you'll know what needs doing when we emerge from the wreckage. -- Felix Martin * Reuters *Chancellor's panoptic survey of the history of interest, and what classical economists said about it, will not fail to dazzle * Economist *a sweeping historical analysis of how our financial system once again became untethered from the world it is supposed to serve. At the heart of such derangement, Chancellor argues, is a single factor: artificially low interest rates. As he reminds us, interest rates are the most important signal in a market-based economy, "the universal price" affecting all others. Interest is best defined as the time value of money, which Chancellor artfully renders as "the price of time." It is the price that informs every key financial decision-saving, spending, investing. Suppressing the rate of interest is a powerful way to boost an economy otherwise bound for recession, but it is a dangerous one. It is to finance what opiates are to medicine, a distortion of perception disguised as a cure. ... Chancellor's learned and engrossing history concludes with a somber warning. Compared with more heavy-handed forms of government intrusion, central bankers' manipulation of interest rates may seem rather innocuous, and it is much less likely to provoke howling objections from ordinary citizens. But more than any other, it threatens the efficiency and integrity of the free-enterprise system. Behind the price of time is the priceless right of freedom. -- Adam Rowe * Wall Street Journal *every bit as gripping as any science fiction novel. It's an amazing book ... truly magisterial in scope -- John Mauldin * Thoughts from the Frontline *Superb! A worthy successor to Devil Take the Hindmost. -- William Bernstein * author of The Delusion of Crowds *Praise for Devil Take the Hindmost * --- *An admirably researched and very well written account of speculative insanity from the earliest times to, let no one doubt, the present. -- J.K. GalbraithEntertaining, useful, admirable scholarship... Chancellor seems to have read everything. -- New York Times Book ReviewPraise for Crunch-Time for Credit? -- ---There was no single, dominant, astonishing voice in the wilderness in the debate on the credit crunch, but... Edward Chancellor, an economic historian, foresaw almost everything. -- Charles Moore * Daily Telegraph *

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Book SynopsisA leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apartTrade Review“[A] fascinating book. . . . James’s surprising conclusion is that supply shocks promote globalisation, while demand shocks inhibit it.”—Martin Wolf, Financial Times, “Best Books of 2023—Economics”“A very enjoyable new book . . . applies the lens of whether each the seven advanced or set back the process of globalization to crises ranging from famines and blights in the 1840s via wars and depressions, commodity price hikes in the 1970s, the GFC and the Covid lockdowns and Russian invasion of Ukraine. . . . Masterly concise essays.”—Diane Coyle, Enlightened Economist (blog)“James’ analysis is persuasive, and his book offers an illuminating history of how our world became so globalized.”—Mark Buchanan, Nature“Seven Crashes . . . offer(s) necessary and sober updates to the literature on financial crises.”—Rémi Meehan, International Affairs“Seven Crashes . . . sheds light on our most recent period of economic uncertainty.”— Kyle Scott, LSE Review of Booksshortlisted for the Lionel Gelber Prize, sponsored by the Munk Centre for International Studies “An audacious historical interpretation of how global mega-shocks have driven globalization cycles over the last two centuries. Anyone hoping to forecast the future of the world economy should read it.”—Maurice Obstfeld, Class of 1958 Professor of Economics, University of California, Berkeley“Those who cherish economics will be fascinated by Harold James’s exploration of financial crises, and the ways in which they have validated the views of those economists who saw them coming.”—Edmund Phelps, winner of the Nobel Prize in Economic Sciences and director of the Center on Capitalism and Society, Columbia University“A brilliant book—James shows how economists often draw the wrong lessons from the past and why globalization is unlikely to vanish in the wake of the Covid-19 crisis.”—Odd Arne Westad, author of The Cold War: A World History“James’s masterful account sheds new light on how globalization has been shaped by economic crises since the nineteenth century and deepens our understanding of globalization’s opportunities and its challenges.”—Linda Yueh, author of The Great Crashes: Lessons from Global Meltdowns and How to Prevent Them“If you are looking for a book that puts the economic fallout from the Covid-19 pandemic into historical context and considers what it means for the economy’s future, this is it.”—Mark Zandi, author of Paying the Price: Ending the Great Recession and Ensuring a New American Century

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Book SynopsisA new account of the Mediterranean economy in the 10th to 12th centuries, forcing readers to entirely rethink the underlying logic to medieval economic systems. Chris Wickham re-examines documentary and archaeological sources to give a detailed account of both individual economies, and their relationships with each other.Chris Wickham offers a new account of the Mediterranean economy in the tenth to twelfth centuries, based on a completely new look at the sources, documentary and archaeological. Our knowledge of the Mediterranean economy is based on syntheses which are between 50 and 150 years old; they are based on outdated assumptions and restricted data sets, and were written before there was any usable archaeology; and Wickham contends that they have to be properly rethought. This is the first book ever to give a fully detailed comparative account of the regions of the Mediterranean in this period, in their internal economies and in their relationships with each other. It focusses Trade ReviewGenuinely field-changing * Hannah Skoda, Books of the Year 2023, BBC History Magazine *An impressive book that turns the history of the Mediterranean upside down...an extraordinarily rich and wide-ranging reinterpretation of the Mediterranean...a monumental achievement that fully deserves to take its place among classic studies of Mediterranean history. * David Abulafia, Times Literary Supplement *A comprehensive and ground-breaking study...well-researched, well-written, and thought-provoking... an essential reading for anyone interested in Mediterranean history or the development of the European economy. * Richard Tuttle, World History Encyclopedia *Nothing short of impressive...a must read * Tobias Daniels, Sehepunkte *Punchy, eye-wateringly ambitious, and occasionally amusing, The Donkey & The Boat will set the benchmark for debate on this subject for many years to come. * Nicholas Morton, Engelsberg Ideas *Brilliant... the sheer depth of [Wickham's] research and the breadth of his insights warrants close attention. * Nicholas Morton, Books of the Year 2023, Engelsberg Ideas *Table of Contents1: Introduction 2: Egypt 3: North Africa and Sicily 4: Byzantium 5: Islamic Spain and Portugal 6: North-Central Italy 7: A Brief History of the Mediterranean Economy in the Tenth to Twelfth Centuries 8: The Internal Logic of Feudal Economies

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Book SynopsisA sobering excavation of how deeply nineteenth-century American banks were entwined with the institution of slavery. It's now widely understood that the fullest expression of nineteenth-century American capitalism was found in the structures of chattel slavery. It's also understood that almost every other institution and aspect of life then was at least entangled withand often profited fromslavery's perpetuation. Yet as Sharon Ann Murphy shows in her powerful and unprecedented book, the centrality of enslaved labor to banking in the antebellum United States is far greater than previously thought. Banking on Slavery sheds light on precisely how the financial relationships between banks and slaveholders worked across the nineteenth-century South. Murphy argues that the rapid spread of slavery in the South during the 1820s and '30s depended significantly upon southern banks' willingness to financialize enslaved lives, with the use of enslaved individuals as loan collateral proving cTrade Review"Murphy’s meticulously researched and clearly written study examines the role of banks in what she terms the concomitant 'financialization' of human property and the southwestern expansion of plantation economies in the mid-19th-century South. . . . The lives of enslaved persons caught in the web of the capitalist marketplace haunt the pages of Murphy's excellent work." * Choice *“A tremendous accomplishment. We cannot fully understand the history of banking in the United States without reckoning with Murphy’s important findings. Banking on Slavery sets the stage for new understandings of the history of capitalism and its relation to slavery.” * Claire Priest, author of Credit Nation: Property Laws and Institutions in Early America *"In a pathbreaking account of the way Americans financed slavery, Murphy connects the vast sweep of that tragedy to the banking that made it possible. Detail by dollar detail, she exposes the structures that transmuted enslaved people into assets and collateral, building white wealth all the while. A powerful--and chilling--book." -- Christine Desan, author of Making Money: Coin, Currency, and the Coming of Capitalism"More surprising has been the lack of historical analysis of the banking firms and financial practices that underwrote the expansion of slavery in the antebellum United States. In her groundbreaking new book, Banking on Slavery, historian Sharon Ann Murphy corrects this glaring omission." * Sean Vanatta, Wharton Initiative on Financial Policy and Regulation *Table of ContentsList of Illustrations Introduction: Banking in the Nation’s Largest Slave Market Part I: Financing Southwestern Expansion through the 1810s 1 The Limits of Early Bank Financing of Slavery 2 Adapting Slave Financing to the Needs of the Frontier South during the Nation’s First Boom and Bust Part II: Financing an Empire of Slavery in the 1820s and 1830s 3 Old South Banks and Frontier Finance 4 Pushing Financial Boundaries with Traditional Banks 5 Reimagining Banking for a Slave Economy Part III: The Collateral Damage of the Panics of 1837 and 1839 6 Foreclosing (or Not) on Delinquent Slaveholders 7 Escaping Debt: Bankruptcy, Fraud, and Going to Texas 8 When Banks Fail 9 From Commercial Banking to Private Finance Epilogue: Banks, Debt, Emancipation, Reparations, and Memory Acknowledgments Abbreviations Notes Index

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