Economic history Books

Book SynopsisRobert Skidelsky is Emeritus Professor of Political Economy at the University of Warwick. His three volume biography of the economist John Maynard Keynes (1983, 1992, 2000) received numerous prizes, including the Lionel Gelber Prize for International Relations and the Council on Foreign Relations Prize for International Relations. ('This three-volume life of the British economist should be given a Nobel Prize for History if there was such a thing' - Norman Stone.) He is the author of the The World After Communism (1995). He was made a life peer in 1991, and was elected Fellow of the British Academy in 1994.

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Book SynopsisFifty years since first publication, E. P. Thompson''s revolutionary account of working-class culture and ideals is published in Penguin Modern Classics, with a new introduction by historian Michael KennyThis classic and imaginative account of working-class society in its formative years, 1780 to 1832, revolutionized our understanding of English social history. E. P. Thompson shows how the working class took part in its own making and re-creates the whole-life experience of people who suffered loss of status and freedom, who underwent degradation, and who yet created a cultured and political consciousness of great vitality.Reviews:''A dazzling vindication of the lives and aspirations of the then - and now once again - neglected culture of working-class England'' Martin Kettle, Observer''Superbly readable . . . a moving account of the culture of the self-taught in an age of social and intellectual deprivation'' Asa Briggs, Financial Times''Thompson''s work combines passion and intellect, the gifts of the poet, the narrator and the analyst'' E. J. Hobsbawm, Independent''An event not merely in the writing of English history but in the politics of our century'' Michael Foot, Times Literary Supplement''The greatest of our socialist historians'' Terry Eagleton, New StatesmanAbout the author:E. P. Thompson was born in 1924 and read history at Corpus Christi, Cambridge, graduating in 1946. An academic, writer and acclaimed historian, his first major work was a biography of William Morris. The Making of the English Working Class was instantly recognized as a classic on its publication in 1963 and secured his position as one of the leading social historians of his time. Thompson was also an active campaigner and key figure in the ending of the Cold War. He died in 1993, survived by his wife and two sons.Trade ReviewThompson's work combines passion and intellect, the gifts of the poet, the narrator and the analyst -- Eric Hobsbawm * Independent *A dazzling vindication of the lives and aspirations of the then - and now once again - neglected culture of working-class England -- Martin Kettle * Observer *Superbly readable . . . a moving account of the culture of the self-taught in an age of social and intellectual deprivation -- Asa Briggs * Financial Times *An event not merely in the writing of English history but in the politics of our century -- Michael Foot * Times Literary Supplement *The greatest of our socialist historians -- Terry Eagleton * New Statesman *

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Book SynopsisA history of how, in the mid-twentieth century, we came to believe in the concept of creativity. Named a best book of 2023 by the New Yorker and a notable book of 2023 by Behavioral Scientist. Creativity is one of American society's signature values, but the idea that there is such a thing as creativityand that it can be cultivatedis surprisingly recent, entering our everyday speech in the 1950s. As Samuel W. Franklin reveals, postwar Americans created creativity, through campaigns to define and harness the power of the individual to meet the demands of American capitalism and life under the Cold War. Creativity was championed by a cluster of professionalspsychologists, engineers, and advertising peopleas a cure for the conformity and alienation they feared was stifling American ingenuity. It was touted as a force of individualism and the human spirit, a new middle-class aspiration that suited the needs of corporate America and the spirit of anticommunism. Amid increasingly rigid systems, creativity took on an air of romance; it was a more democratic quality than genius, but more rarified than mere intelligence. The term eluded clear definition, allowing all sorts of people and institutions to claim it as a solution to their problems, from corporate dullness to urban decline. Today, when creativity is constantly sought after, quantified, and maximized, Franklin's eye-opening history of the concept helps us to see what it really is, and whom it really serves. Trade Review"In Franklin’s account, creativity, the concept, popped up after the Second World War in two contexts. One was the field of psychology. Since the nineteenth century, when experimental psychology (meaning studies done with research subjects and typically in laboratory settings, rather than from an armchair) had its start, psychologists have been much given to measuring mental attributes. . . . The pages Franklin devotes to the contemporary creativity landscape are the freshest and most fun in the book." -- Louis Menand * New Yorker *"Franklin posits that 'creativity' is a concept invented in America after the Second World War, appearing primarily in two contexts: psychological research and business, each arising semi-independently, but feeding into and reinforcing each other. Humanistic psychologists—attuned to postwar anxieties about alienation and conformity—connected creativity with authenticity and self-expression. The advertising industry—the motor of consumerism—grabbed on to the term to appropriate the glamour and prestige of the artist and confer those attributes on admen and product designers. In the information age, countercultural values turned out to be entirely compatible with consumer capitalism. The difficulties that arose in defining creativity are intrinsic to the concept itself, Franklin argues, and his provocative book unpacks the history of a term whose origins are more recent than we might imagine." * New Yorker, on "Best Books of 2023" *"Where did the concept of creativity come from? And why is it valued so highly? One answer is posited by Franklin’s provocative new book. . . . Franklin cogently argues that creativity became a buzzword because it was a way to retool white-collar workers for a service economy—one that rewarded branding, research and development instead of Fordian manufacturing. . . . His book is an antidote for anyone who has sat, pen in hand, struggling to locate their 'divine muse.'" * The Economist *"As historian Franklin notes in his forthcoming book The Cult of Creativity, the concept [of creativity] gained much of its cultural currency in the mid-20th century, when executives and other leaders tried to stimulate creativity in hopes of churning out better ad spreads and new technologies. With these titans’ encouragement, Americans began to see creativity as a virtuous end in itself, buying into the promise that expanding our creative abilities could fulfill us individually and secure our collective future." * Boston Globe *"The Cult of Creativity comes at a technological turning point. The emergence of generative-AI tools has given us the option of outsourcing our brainstorming, becoming prompt engineers to idea-spitting machines. . . . In Mr. Franklin’s idealistic scenario of the future, we will redirect our energy away from producing more disruptive innovations and toward a thoughtful consideration of 'what should be produced in the first place.' World-saving ideas and technologies are still needed—whether they result from creative thinking or not—but 'the space to question the goodness of the new,' Mr. Franklin suggests, might be 'the big idea we need right now.'" * Wall Street Journal *"What Franklin leaves us with is a thought-provoking reevaluation of a celebrated societal value marbled with contradictions. All told, The Cult of Creativity is lucid, fresh and illuminating. If you need more adjectives than that, you’ll have to brainstorm them yourself." * NewCity *"Franklin challenges the notion that creativity is a trait that can be cultivated and unleashed by virtually anyone. . . . He proposes a nuanced and critical approach to the study of creativity, one that recognizes its complexity, diversity, and context-dependence. In doing so he offers a nicely written and well-researched book that casts a fresh and insightful perspective on a controversial topic. . . . Summing Up: Recommended. All readers." * CHOICE *"Franklin’s well-researched book on the young history of the word 'creativity' has simultaneously turned out to be a chronicle of the morals and values ruling post-war America – and implicitly many other Western countries. Its pleasant style and the many well-chosen quotations from the creativity literature, helped by the mildly critical tone, make for insightful and entertaining reading." * Leonardo *"As the subtitle of Franklin’s book suggests, the highly valued quality we call 'creativity'—so ubiquitous today as to seem universal and timeless—is actually quite new. Franklin tells a story of psychologists, scholars, business management 'gurus,' ad men, education policymakers, artists, and engineers who together reified creativity as immanently versatile, a trait both inherent to the individual and developable at scale. . . . It turns out the taken-for-granted virtue of creativity is yet another dubious invention of midcentury cold war and a product of academia’s collusion with industry." * Public Books *"When we let people get away with thinking that creativity is the alpha and omega of existence, or even just of the business world, we sow a garden of vices. We’ve seen corporate monsters before, but it took the cult of creativity to concoct the particular monster called Elon Musk. Franklin’s wonderful book made me understand, as never before, the forces that shaped this billionaire narcissist schmuck and not a few lesser rich schmucks as well." * The New Republic *“The Cult of Creativity is a beautifully written and well-documented account of how creativity gained the societal value it has today. Franklin reveals the powerful social construction at work behind the meaning of creativity and reminds us that such ideas have historical roots, as well as a more sinister side that should concern us all. Through engaging storylines, he builds a complex picture that is captivating to discover, piece by piece.” -- Vlad Glaveanu, author of Wonder: The Extraordinary Power of an Ordinary Experience“Celebrated and sought-after, ‘creativity’ is often presented as the magic yet ineffable elixir for fame and fortune by today’s artists, technologists, and business leaders. And yet—until Samuel Franklin’s marvelous new book—it has been little studied as a historical phenomenon. The Cult of Creativity examines how, after World War II, a fascinating ensemble of psychologists, advertising executives, and other assorted gurus attempted to explain and quantify human ingenuity. The result is an insightful and delightful exploration into how we think about technology, capitalism, and consumerism.” -- W. Patrick McCray, author of Making Art Work: How Cold War Engineers and Artists Forged a New Creative Culture“The Cult of Creativity presents an exceptionally lucid look at the various ideas, doctrines, and programs behind the concept of creativity. Through keen analysis, Franklin brings together scholarship from a range of sources to frame this powerful social and cultural critique.” -- Howard Brick, author of Transcending Capitalism: Visions of a New Society in Modern American ThoughtTable of ContentsIntroduction 1 Between the Commonplace and the Sublime 2 The Birth of Brainstorming 3 Creativity as Self-Actualization 4 Synectics at the Shoe 5 The Creative Child 6 Revolution on Madison Avenue 7 Creativity Is Dead . . . 8 From Progress to Creativity 9 Long Live Creativity Conclusion: What Is to Be Done? Acknowledgments Notes Index

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Book SynopsisThe role salt played in the politics of Song China, as told through a unique contemporary narrative, translated into English for the first time

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Book SynopsisAlthough many of Edmund Burke''s speeches and writings contain prominent economic dimensions, his economic thought seldom receives the attention it warrants. Commerce and Manners in Edmund Burke''s Political Economy stands as the most comprehensive study to date of this fascinating subject. In addition to providing rigorous textual analysis, Collins unearths previously unpublished manuscripts and employs empirical data to paint a rich historical and theoretical context for Burke''s economic beliefs. Collins integrates Burke''s reflections on trade, taxation, and revenue within his understanding of the limits of reason and his broader conception of empire. Such reflections demonstrate the ways that commerce, if properly managed, could be an instrument for both public prosperity and imperial prestige. More importantly, Commerce and Manners in Edmund Burke''s Political Economy raises timely ethical questions about capitalism and its limits. In Burke''s judgment, civilizations cannot endurTrade Review'Gregory Collins elegantly demonstrates that Edmund Burke, like his great contemporary Adam Smith, understood that commerce, properly conducted, can make individuals and communities not only better off, but better overall. Burke, like Smith, understood that political and economic thinking should intersect in a theory of moral sentiments.' George F. Will, Washington Post'With care and rigor leavened by an engaging writing style, Gregory Collins has dramatically advanced our understanding of Burke's economic thought. This is an indispensable guide for all future Burke scholars.' Yuval Levin, National Affairs'A thorough study of Edmund Burke's thought on economics in which every aspect is well-considered, every scholar answered, every point nicely phrased. This is a major contribution to Burke scholarship and to our understanding of the beginnings and principles of modern economics.' Harvey C. Mansfield, Harvard University and Stanford University'The book is impressive in its thoroughness on Burke on issue after issue, focusing on his words and deeds.' Daniel B. Klein, National Review'This very thorough and thoughtful book goes a long way toward setting the record straight.' Tyler Cowen, Marginal Revolution'… the definitive account of Burke's economic thought, one which shows how Burke's political economy displays 'an underlying coherence that incorporated elements of prudence, utility, and tradition.' Samuel Greeg, Law and Liberty'Gregory Collins's study of the economic ideas of Burke is a comprehensive achievement. It will set the terms of discussion for a generation on Burke's political economy and its relation to his thinking about manners and morals.' David Bromwich, Yale University, author of The Intellectual Life of Edmund Burke'A revelation.' David Brooks, The New York Times'Collins's treatment of an undervalued aspect of Burkean thought will earn the prescriptive right to stand, for a long time, as the definitive study of the Anglo-Irish statesman's political economy. Collins has done students of Burke and of political economy alike an immense service.' Greg Weiner, Assumption College'The first serious monograph dedicated to examining [Burke's] views on political economy … An important and original study that adds significantly to our understanding of Burke.' Richard Bourke, University of Cambridge'A brilliant book, full of insight and illumination.' The Rt Hon Jesse Norman MP, Financial Secretary to the Treasury, HM Government'A deep study.' James Grant, Wall Street Journal'Commerce and Manners is, undoubtedly, the most comprehensive study available on Burke's economic thought … the most critical merit of the work is that it places Burke's thought in the intellectual context and resolves any prima facie contradictions, frictions, or discrepancies that may appear in his works. Overall, the book delivers what it promises: a systematic exposition of the interaction of commerce and ethics in the Anglo-Irish statesman's thought.' Ioannes P. Chountis, History of Economic Ideas'A tremendous achievement, one that reflects a great deal of thought and inspires a good deal of reflection as well … deeply researched and well-argued.' Jerry Z. Muller, The Catholic University of America'A fine book. It makes both an important contribution to contemporary debates about conservatism and freedom and to Burke scholarship.' Peter Berkowitz, Hoover Institution, Stanford UniversityTable of ContentsIntroduction; Part I. Biography: 1. Biography and Burke's authority as a political economist; Part II. Market Economies: 2. Thoughts and Details on Scarcity, supply and demand, and middlemen; 3. Agricultural policy, labor, and wealth redistribution; 4. Markets, rationalism, and the Hayek connection; Part III. The British Constitution and Economical Reform: 5. The British Constitution: Burke's program of economical reform and the role of the state; Part IV. Foreign Trade: 6. Account of the European Settlements in America, the British West Indies, and the Free Port Act of 1766; 7. Observations on a Late State of the Nation and the political economy of Anglo-American imperial relations; 8. Anglo-Irish commercial relations, Two Letters on the Trade of Ireland, and the politics of free trade; Part V. India: 9. Britain's East India Company, Indian markets, and monopoly: 10. Speech on Fox's India Bill, six mercantile principles, and the danger of political commerce; Part VI. The French Revolution: 11. Reflections on the Revolution in France: property, the monied interest, and the assignats; 12. The real rights of men, manners, and the limits of transactional exchange; Conclusion.

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Book SynopsisThe former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard â breaking the link between gold and the dollar â transforming the entire global monetary system.

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Book SynopsisThere are 17 ingredients in a typical tube of toothpaste, from titanium dioxide to xanthum gum, and that's not counting the tube. Everything had to come from somewhere and someone had to bring it all together. The humblest household product reveals a web of enterprise that stretches around the globe. More is the story of how we spun that web. It begins with the earliest glimmerings of long-distance trade - obsidian blades that made their way from what is now Turkey to the Iran-Iraq border 7,000 years before Christ - and ends with the consequences of the Covid-19 pandemic. On such a grand scale, quirks of historical perspective leap out: futures contracts and commercial branding are among the many seemingly modern components of the global economy have existed since ancient times. Yet it was only in the 18th century that a cascade of innovations began to drive up prosperity in a lasting way around the world. To piece this fascinating saga together, Philip Coggan takes the reader inside medieval cottages and hi-tech hydroponic farms, prehistoric Chinese burial mounds and modern central banks. At every step of our journey, he finds that it was connections between people that created our wealth. Will the same openness continue to serve us in the 21st century?Trade ReviewHow did humanity transform the world over the last 10,000 years? Philip Coggan provides a comprehensive and lucid account -- Martin Wolf * FT books of summer 2020 *Coggan is one of the best financial journalists of his generation ... This is a grown-up book that is not suitable for adolescent Twitter warriors of the left or right -- James Kirkup * Times *Big and timely ... Coggan's account of the rise of the world economy is accessible and mercifully free of jargon * Sunday Times *Cogent and concise ... Philip Coggan achieves the impossible by weaving a superb story of the 10,000-year rise of the world economy in around 380 pages ... a must read -- Madan Sabnavis * Financial Express *

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Book SynopsisOne of TIME magazine's All-TIME 100 Best Nonfiction Books One of Times Literary Supplement's Hundred Most Influential Books Since the War One of National Review's 100 Best Nonfiction Books of the Century One of Intercollegiate Studies Institute's 50 Best Books of the 20th Century How can we benefit from the promise of government while avoiding the threat it poses to individual freedom? In this classic book, Milton Friedman provides the definitive statement of an immensely influential economic philosophy--one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. First published in 1962, Friedman's Capitalism and Freedom is one of the most significant works of economic theory ever written. Enduring in its eminence and esteem, it has sold nearly a million copies in English, has been translated into eighteen languages, and continues to inform economic thinking and policymaking around the world. This Trade Review"In Capitalism and Freedom, published in 1962, Friedman makes his most important contribution to his profession: the argument that the best medicine for curing a recession and stabilizing economies is for a nation's central bank (the Federal Reserve for the U.S.) to be slowly but constantly increasing the amount banks are allowed to lend and therefore increasing the supply of money--but only in brief."-- "TIME Magazine, All-TIME 100 Best Nonfiction Books"Table of ContentsForeword by Binyamin Appelbaum Preface, 2002 Preface, 1982 Preface, 1962 Introduction I. The Relation between Economic Freedom and Political Freedom II. The Role of Government in a Free Society III. The Control of Money IV. International Financial and Trade Arrangements V. Fiscal Policy VI. The Role of Government in Education VII. Capitalism and Discrimination VIII. Monopoly and the Social Responsibility of Business and Labor IX. Occupational Licensure X. The Distribution of Income XI. Social Welfare Measures XII. The Alleviation of Poverty XIII. Conclusion Index

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Book SynopsisTrade Review"Winner of the Gold Medal in Business Reference, Axiom Business Book Awards""It is hard to imagine a more timely—and entertaining—history."---Barry Eichengreen, Foreign Affairs"An erudite yet good-humored history of taxation. . . . Reading about taxes, it turns out, is a lot more fun than paying them. That's a low bar, but Rebellions, Rascals and Revenue clears it with ease. Check with your accountant: The book may be tax-deductible."---Daniel Akst, Wall Street Journal"Offers a historical precedent for almost any tax debate or controversy imaginable. . . . Keen and Slemrod have amassed the most remarkable collection of evidence to bolster and illuminate their case. . . . An invaluable primer to some of the underlying tensions behind contemporary political debate."---Chris Giles, Financial Times"Societies throughout the ages have wrestled with the question of how to tax, who to tax, and how to make people pay. The stories that emerge are remarkable. In this highly enjoyable tour de force, Keen and Slemrod show how the travails of our ancestors can help us understand the problems we face today—and pass on a few eternal lessons. Prepare to read, learn, and enjoy!"---Christine Lagarde, President of the European Central Bank"The main effect of this enjoyable gallop through state levies of the past is to expose the continuing oddities of how governments raise revenue today. . . . The tales of historic folly and wisdom breathe life into dry principles of tax theory."---Liam Proud, Reuters"Amusing historical anecdotes. . . . Shed[s] light on how the modern-day tax system works—as well as its potential pitfalls."---Reed Tucker, New York Post"A fascinating and often funny book. . . . The real skill of Keen and Slemrod is to explain not just the history of tax but (painlessly) the economic forces that shape and are shaped by it."---Frances Cairncross, Literary Review"Michael Keen and Joel Slemrod’s book is wonderful and should be read by any student of tax. It is both entertaining and instructive. . . . Keen and Slemrod’s marvelous book is not an attempt to directly effectuate tax policy or to rewrite tax history. Instead, it is a very wise excursion by two highly experienced public finance economists into the past to better understand the present by comparing it to what was different, and to improve the future by learning from both past wisdom and past follies. Herodotus and Thucydides would have been delighted to read it."---Reuven S. Avi-Yonah, Tax Notes International"Tax history resembles the warehouse in the final scene of the movie Raiders of the Lost Ark—an enormous, poorly lit jumble of unlabeled boxes, one of which may be hiding the answer to all the world’s tax problems. This new book by two leading tax analysts turns up the lights, organizes many of the boxes in an enlightening way, and presents the results with a style and flair that make the subject not only understandable but—and this may come as a surprise to many—actually fun to read. The authors may not have found the answer, but even the most experienced reader can learn something from this lively and informative book."---Richard Bird, Finance & Development"It takes more than the entertainment of countless historical tax tales to produce a book on tax that actually pleases the reader. What makes this both so intriguing and worthwhile is how it draws out common threads of tax principles and practice that have underlain tax systems for thousands of years. . . . There is no way to do justice to this book in a few paragraphs." * Vox EU *"A new book on the history of taxes adds levity to, and piques interest in, a topic often with the allure of a root canal."---Joel Schlesinger, Winnipeg Free Press"An entertaining, compelling, and well-researched book."---Simon Heffer, New Criterion"A spry survey of taxes over the course of history. . . . It won’t ward off the April tax blues, but it does a fine job of explaining the hows and whys of taxation." * Kirkus Reviews *"There will likely be a tax-related anecdote (or two) that speaks to you directly in Keen and Slemrod's wonderfully comprehensive walk through the annals of taxation. . . . An immensely enjoyable and comprehensive look at the 'history' of taxation."---Frank G. Colella, New York Law Journal"Keen and Slemrod’s book took me on a romp through 4,000 years tax history. It’s a perfect gift for your CPA, or anyone seeking untoppable zingers for the next faculty club meeting."---George Spencer, Notre Dame Magazine"Unusual and stimulating. . . .a major accomplishment (with a stunning cover) that supplements standard textbooks on tax design and tax policy and provides a lively survey and exhaustive historical analysis of these frequently dry topics."---Richard Allen, Market Screener"Who says the study of taxation can’t be fun? Most of you, I would expect. But Michael Keen, deputy director of the Fiscal Affairs Department of the IMF, and Joel Slemrod, the Paul W. McCracken Collegiate Professor of Business Economics and Public Policy at Michigan’s Stephen M. Ross School of Business, are out to prove you wrong. Their delightful (you read that right) new book ... is a sprawling compendium of (mostly weird) anecdotes that neatly illustrate the principles of the economics of tax policy."---Peter Passell, Milken Institute Review"At first glance, a book on the history of taxation seems like something only an accountant could love. But as it turns out, Rebellion, Rascals, and Revenue is an enjoyable rompt, a fascinating mix of stories and insights." * The Australian *"A delightful book."---Michael Taylor, San Antonio Express News"With their book, Rebellions, Rascals, and Revenue: Tax Follies and Wisdom Through the Ages!, Michael Keen and Joel Slemrod definitively show that taxes and tax policy are anything but 'dull, dull, dull.' With an engaging writing style (especially for fans of puns and other word play), they provide a selective history of tax policy and administration that highlights odd policy choices and unusual behavioral responses to policies." * National Tax Journal *"A masterful compendium of not just fiscal history, but social history throughout the ages." * The Independent Review *

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Book SynopsisFranklin D. Roosevelt is frequently described as one of the greatest presidents in American history, remembered for his leadership during the Great Depression and Second World War. Antony Sutton challenges this received wisdom, presenting a controversial but convincing analysis. Based on an extensive study of original documents, he concludes that: * FDR was an elitist who influenced public policy in order to benefit special interests, including his own. * FDR and his Wall Street colleagues were 'corporate socialists', who believed in making society work for their own benefit. * FDR believed in business but not free market economics. Sutton describes the genesis of 'corporate socialism' - acquiring monopolies by means of political influence - which he characterises as 'making society work for the few'. He traces the historical links of the Delano and Roosevelt families to Wall Street, as well as FDR's own political networks developed during his early career as a financial speculator and bond dealer. The New Deal almost destroyed free enterprise in America, but didn't adversely affect FDR's circle of old friends ensconced in select financial institutions and federal regulatory agencies. Together with their corporate allies, this elite group profited from the decrees and programmes generated by their old pal in the White House, whilst thousands of small businesses suffered and millions were unemployed. Wall Street and FDR is much more than a fascinating historical and political study. Many contemporary parallels can be drawn to Sutton's powerful presentation given the recent banking crises and worldwide governments' bolstering of private institutions via the public purse. This classic study - first published in 1975 as the conclusion of a key trilogy - is reproduced here in its original form. (The other volumes in the series are Wall Street and the Rise of Hitler and Wall Street and the Bolshevik Revolution.)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 ContentsPart I Roosevelts and Delanos The Wall Street lineage of the Roosevelt and Delano families Politics in the Bonding Business FDR as vice president of the Fidelity & Deposit Company (1921-28) FDR: International Speculator Profiteering during the German hyperinflation of the 1920s FDR: Corporate Promoter FDR as a deal maker during the 1920s Part II The Genesis of Corporate Socialism Making society work for the few Prelude to the New Deal The Federal Reserve System and the War Industries Board Roosevelt, Hoover and the Trade Council An attempt to reform the construction industry Wall Street Buys The New Deal Bankers and industrialists back FDR instead of Hoover Part III FDR and The Corporate Socialists The Swope Plan and the N.R.A. FDR, Man on the White Horse The Smedley Butler Affair (1934) The Corporate Socialists at 120 Broadway, New York City Many of the leading players in the club FDR and the Corporate Socialists Willing accomplice of the rich and powerful Appendices Appendix A: The Swope Plan Blueprint for FDR's National Recovery Administration (NRA) Appendix B: Sponsors of Plans Presented for Economic Planning Selected Bibliography

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Book SynopsisChina will replace the United States as the world''s dominant power. In so doing, it will not become more western but the world will become more Chinese. Jacques argues that we cannot understand China in western terms but only through its own history and culture. To this end, he introduces a powerful set of ideas including China as a civilization-state, the tributary system, the Chinese idea of race, a very different concept of the state, and the principle of contested modernity. First published in 2009 to widespread critical acclaim - and controversy - ''When China Rules the World: The End of the Western World and the Rise of a New Global Order'' has sold a quarter of a million copies, been translated into eleven languages, nominated for two major literary awards, and has been the subject of an immensely popular TED talk. In the three years since the first edition was published, the book has transformed the debate about China worldwide and proved remarkably prescient.In this greatly expanded and fully updated paperback edition, with nearly three-hundred pages of new material backed up by the latest statistical data, Martin Jacques renews his assault on conventional thinking about China''s ascendancy, showing how its impact will be as much political and cultural as economic, thereby transforming the world as we know it.Trade ReviewBy far the best book on China to have been published in many years, and one of the most important inquiries into the nature of modernisation. Jacques's comprehensive and richly detailed analysis will be an indispensable resource for anyone who wants to understand contemporary China -- John Gray * New Statesman *Provocative ... stimulating ... full of bold but credible predictions ... I suspect it will long be remembered for its foresight and insight -- Michael Rank * Guardian *This important book, deeply considered, full of historical understanding and realism, is about more than China. It is about a twenty-first-century world no longer modelled on and shaped by North Atlantic power, ideas and assumptions. I suspect it will be highly influential -- Eric HobsbawmJacques's book will provoke argument and is a tour de force across a host of disciplines -- Mary Dejevsky * The Independent *[An] exhaustive, incisive exploration of possibilities that many people have barely begun to contemplate about a future dominated by China. ... [Jacques] has written a work of considerable erudition, with provocative and often counterintuitive speculations about one of the most important questions facing the world today. And he could hardly have known, when he set out to write it, that events would so accelerate the trends he was analyzing. -- Joseph Kahn * The New York Times Book Review *A very forcefully written, lively book that is full of provocations and predictions -- Fareed Zakaria * GPS, CNN *[A] compelling and thought-provoking analysis of global trends.... Jacques is a superb explainer of history and economics, tracing broad trends with insight and skill -- Seth Faison * The Washington Post *The West hopes that wealth, globalization and political integration will turn China into a gentle giant... But Jacques says that this is a delusion. Time will not make China more Western; it will make the West, and the world, more Chinese * The Economist *

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Book SynopsisTrade Review"An Economist Biggest Book of the Year""[A] fine historical analysis of America’s foreign-trade policies, from the pre-Independence years until the Cold War. . . . A World Safe for Commerce is an important work."---Paul Kennedy, Wall Street Journal

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Book Synopsis''Roderick Floud''s ground-breaking study of the history, money, places and personalities involved in British gardens over the past 350 years gives fascinating insight into why gardening is part of this country''s soul.'' Michael Heseltine, Deputy Prime Minister (1996-1997)''Thousands of books have been written about the history of British gardens but Roderick Floud, one of Britain''s most distinguished economic historians, asks new and important questions: how much did gardens cost to build and maintain, and where did the money come from? Superbly researched, it is full of information which will surprise both economists and gardeners. The book is fun as well as edifying: Floud shows us gardens grand and humble, and introduces us gardeners, plantsmen and technologies in wonderful varieties.'' Jane Humphries, Centennial Professor, London School of EconomicsAt least since the seventeenth century, most of the English population have been unable to stop making, improving and dreaming of gardens. Yet in all the thousands of books about them, this is the first to address seriously the question of how much gardens and gardening have cost, and to work out the place of gardens in the economic, as well as the horticultural, life of the nation. It is a new kind of gardening history.Beginning with the Restoration of Charles II in 1660, Roderick Floud describes the role of the monarchy and central and local government in creating gardens, as well as that of the (generally aristocratic or plutocratic) builders of the great gardens of Stuart, Georgian and Victorian England. He considers the designers of these gardens as both artists and businessmen - often earning enormous sums by modern standards, matched by the nurserymen and plant collectors who supplied their plants. He uncovers the lives and rewards of working gardeners, the domestic gardens that came with the growth of suburbs and the impact of gardening on technical developments from man-made lakes to central heating.AN ECONOMIC HISTORY OF THE ENGLISH GARDEN shows the extraordinary commitment of money as well as time that the English have made to gardens and gardening over three and a half centuries. It reveals the connections of our gardens to the re-establishment of the English monarchy, the national debt, transport during the Industrial Revolution, the new industries of steam, glass and iron, and the built environment that is now all around us. It is a fresh perspective on the history of England and will open the eyes of gardeners - and garden visitors - to an unexpected dimension of what they do.Trade ReviewA fascinating history of gardening reveals our expensive passion for all things green... This is the first economic history of the English garden and frankly it's almost shocking that no one has looked into it until now... There is a mind-boggling amount of detail in this book ... Floud is a clear writer and excels at providing context and keeping the whole enterprise grounded. -- Ann Treneman * The Times *We have social histories of the English garden, art histories of the big ones and plant histories of what went where. We seldom have a financial history. Floud has set out to write one, applying his head for statistics to this under-cultivated field... an invaluable checklist ... Floud's bigger point is that gardening is and has been a big element of the total economy. ... Amazing. Floud casts his net wide. -- Robin Lane Fox * Financial Times *This is a very different kind of gardening book. It's not about design or horticultural techniques, but is a history, - the first of its kind, the author claims - of the economics of gardening, financial excess and all, from Charles II to today ... extraordinarily interesting. Floud impresses on us the sheer scale of what we're dealing with here... his book is full of fascinating detail - about everything from working-class gardens, kitchen gardens and nurseries, to the astonishing cost of some rare plants and their shrinking value over time. -- Andrew Holgate * Sunday Times *This is one of the most important books on garden history in the last half century and, for anyone serious about the subject, it is a Must Buy. -- Richard Mawrey * Historic Gardens Newsletter *a new kind of garden history ... Filled with fascinating and often surprising details -- P D Smith * Guardian *this is an immensely engaging book. The figures Floud presents, while abundant and obviously carefully uncovered, are so remarkable ... Floud's economic approach may seem an oblique means of interpreting [a landscape] but, trust me, it is surprisingly rewarding -- Robert Leigh-Pemberton * Daily Telegraph *

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Book SynopsisBased on the series produced for the BBC World ServiceWho thought up paper money? How did the contraceptive pill change the face of the legal profession? Why was the horse collar as important for human progress as the steam engine? How did the humble spreadsheet turn the world of finance upside-down?The world economy defies comprehension. A continuously-changing system of immense complexity, it offers over ten billion distinct products and services, doubles in size every fifteen years, and links almost every one of the planet''s seven billion people. It delivers astonishing luxury to hundreds of millions. It also leaves hundreds of millions behind, puts tremendous strains on the ecosystem, and has an alarming habit of stalling. Nobody is in charge of it. Indeed, no individual understands more than a fraction of what''s going on. How can we make sense of this bewildering system on which our lives depend?From the tally-stick to Bitcoin, the canal locTrade ReviewI love these fact-filled micro-documentaries, steeped in history... A masterclass in socioeconomic storytelling * Financial Times on BBC World Service's Fifty Things that Made the Modern Economy *They are real masterpieces of brevity and audio storytelling . . . brilliant sideways glances . . . I've been surprised by every episode * Monocle Arts Review on BBC World Service's Fifty Things that Made the Modern Economy *This is what BBC radio is for. The series is utterly compelling and low-key... Just brilliant ideas, told simply. A wonderful, wonderful programme * The Times on BBC World Service's Fifty Things that Made the Modern Economy *Harford's script is immaculate and so is his presentation * Times of India on BBC World Service's Fifty Things that Made the Modern Economy *Short chapters are a delight in this frenetic age . . . Best of all, the book is constantly surprising. It brims with innovations I didn't know about, as well as ones I thought I knew about but did not * The Times *Packed with fascinating detail . . . Harford has an engagingly wry style and his book is a superb introduction to some of the most vital products of human ingenuity * Sunday Times *Harford's richness of detail bespeaks skill both as an economic analyst and as a popular commentator. His sections on barbed wire, passports, the contraceptive pill, infant formula, the bar code and even that IKEA staple, the Billy bookcase, are well researched, racily written and genuinely thought-provoking. His five page essay on the pill is infinitely subtler (and more feminist) than the usual stuff about empowerment . . . This is an entertaining book that might distract you from your gramophone for more than an evening and will find a secure place beside Harford's other books on your Billy bookcase * Times Literary Supplement *Tim Harford, always excellent, turns his eye towards inventions. The plough, the gramophone, the pill, the Billy bookcase. Over and over, Harford shows us, inventions have all sorts of knock-on effects * Evening Standard *Tim Harford is a master at picking out the perfect little story that explains some huge economic principle ... he's been my go-to guy for learning about the economics and math behind the world at large... perfectly crafted to light up the pleasure centres of my nerd brain -- Roman Mars, 99% Invisible

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Book SynopsisTrade Review"The accomplished historian Jennifer Delton has written an extremely important book on one of the United States’ leading business organizations, the National Association of Manufacturers . . . . [A] meticulously researched study." * Business History Review *

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Book SynopsisNow in its fourth edition, A Short History of Economic Thought provides an elementary overview of the history of economic thought.This new edition continues to offer its trademark of clear and concise coverage of the main schools of thought and paradigm shifts in the field of mainland Europe, as well as addressing Anglo-American trends. The book has been thoroughly updated throughout in order to reflect changes in the landscape of the field. Details on key thinkers, on early developments outside the Western world, and on the recent evolution of scholarship in quantitative and non-orthodox turns have been added or expanded, while not compromising on the book's concise approach. A chapter is devoted to each of the major developments in the history of the discipline, concluding with a chapter in which the authors draw together some of the key strands and comment on major works and textbooks in the history of economic ideas. They also reflect on the changes in economic thiTable of Contents1. Introduction 2. Pre-classical economic thought 3. Classical political economy 4. Neoclassical economics 5. Historical schools and institutionalism 6. Monetary macroeconomics 7. Orthodoxy and change

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Book SynopsisPioneer Merchants of Singapore tells the stories of some of Singapore's earliest merchants, including Alexander Laurie Johnston, Edward Boustead, Alexander Guthrie, and eleven others, including Tan Che Sang, Dr Jose d'Almeida, and D S Napier. Much has been written about Sir Stamford Raffles and Lt. Col. Farquhar, but almost nothing has been published about these merchants of all races operating in Singapore during the first few years following its acquisition by the East India Company in 1819. It includes never-before-published information drawn from letters dating back to 1818. These, including letters from Johnston's first employee and business partner Andrew Hay and a previously unrecorded letter from Raffles himself, shed light on much which otherwise would have been lost to us.This book aims to fill a gap in our knowledge of the early days of Singapore and the challenges faced by its early residents. It is a must-read for those who are interested in the history of Singapore's early years as a trading colony.

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Book SynopsisAn urgent and galvanizing argument for an Economic Bill of Rightsand its potential to confer true freedom on all Americans. Since the Founding, Americans have debated the true meaning of freedom. For some, freedom meant the provision of life's necessities, those basic conditions for the pursuit of happiness. For others, freedom meant the civil and political rights enumerated in the Bill of Rights and unfettered access to the marketplacenothing more. As Mark Paul explains, the latter interpretationthanks in large part to a particularly influential cadre of economistshas all but won out among policymakers, with dire repercussions for American society: rampant inequality, endemic poverty, and an economy built to benefit the few at the expense of the many. In this book, Paul shows how economic rightsrights to necessities like housing, employment, and health carehave been a part of the American conversation since the Revolutionary War and were a cornerstone of both the New Deal and thTrade Review"Paul’s book is a welcome contribution to thinking about policies that might help build a more just, freer society." * Jacobin *"Without a new foundation of economic rights for all, grounded in ecological safety and racial justice, democracy will not survive. Paul is one of the economists reimagining his field to meet this moment of compounding crises, and his new book brilliantly traces the history and irresistible logic behind the demand for an economic bill of rights. It’s a gift to the social movements who are fighting to put those rights back on the political agenda, and to anyone contemplating the deeper meaning of freedom." -- Naomi Klein"This is a fascinating book about a forgotten US intellectual tradition. Paul forcefully shows that there can be no real freedom without substantial and well-guaranteed economic rights for all: the right to education, the right to a job, and the right to housing. A must-read!" -- Thomas Piketty, L'ecole de hautes etudes en sciences sociales and Paris School of Economics"Paul tells the full story of the nation’s yet-to-be-fulfilled promise of a guarantee of a minimum standard of economic possibility and security for all Americans. As he shows, the principles of an Economic Bill of Rights date, at least, to the founding of the Republic. Not only does Paul give us the most comprehensive treatment of the history of the idea of a social floor for opportunity, but he provides a detailed plan appropriate for the twenty-first century. This is the book that throws down a forceful gauntlet on how, at last, to create an equitable America." -- William A. Darity Jr., Samuel DuBois Cook Distinguished Professor of Public Policy, Duke University"In highlighting how the notion of economic freedom was hijacked by the right, Paul has put his finger on the missing link in any progressive agenda that purports to work for all Americans. The book connects the various seemingly separate strands of political crisis into one coherent idea: we need to revive a robust vision for economic freedom that centers on racial justice. Building on the core impetus of Roosevelt's Economic Bill of Rights, Paul revives it for the twenty-first century with an expert's understanding of economic trends and gaps in recent policy. This important and thorough account of history and economics will be an excellent resource for policymakers, students, activists, and citizens interested in achieving the promise of democracy." -- Mehrsa Baradaran, University of California, Irvine School of Law "Amidst the wreckage of the failed neoliberal project to shrink the idea of freedom down to limited government, Paul advances an expanded notion of 'freedom to' rather than just 'freedom from.' His program of economic rights may just be the best hope for securing a society built on positive freedoms in a sustainable democratic order." -- Samuel Bowles, Santa Fe Institute and author, The Moral Economy."Paul is sharp and deeply knowledgeable about his field, and his comprehensive approach is admirable. . . . A reminder of the country’s lost ideal of economic freedom and the many actions that might turn that ideal into reality." * Kirkus *“Paul argues that leaders need to prioritize providing equitable economic rights for all Americans. The book defines economic rights as the freedom to have basic necessities such as housing, employment, and health care. . . . To actualize these programs, the book calls for changes within the Medicare system and the creation of federal job-guarantees. This book will be of interest to scholars and general readers alike.” * Library Journal *"Mark Paul has done a useful public service in etching out the goals of progressive economic policy." * Counterpunch *Table of ContentsIntroduction Part I: American Freedom 1. States of America 2. Capitalism and Freedom 3. America’s Other Freedom Part II: Economic Rights 4. The Right to Work 5. The Right to Housing 6. The Right to an Education 7. The Right to Health Care 8. The Right to a Basic Income and Banking 9. The Right to a Healthy Environment Part III: A Budget for the People 10. How Do We Pay for It? Conclusion Acknowledgments Notes Index

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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"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 SynopsisSheelah Kolhatkar is a former hedge fund analyst and staff writer at The New Yorker, where she writes about Wall Street, Silicon Valley, and politics, among other things. She has appeared as a speaker and commentator on business and economics issues at conferences and on broadcast outlets including CNBC, Bloomberg Television, Charlie Rose, PBS NewsHour, WNYC and NPR. Her writing has also appeared in Bloomberg Businessweek, New York, The Atlantic, The New York Times and other publications.Trade ReviewA prodigious feat of reporting * Malcolm Gladwell *Fast-paced and filled with twists, Black Edge has the grip of a thriller. It is also an essential exposé of our times—a work that reveals the deep rot in our financial system. Everyone should read this book. -- David Grann, New York Times bestselling author of THE LOST CITY OF ZA tour de force of groundbreaking reporting and brilliant storytelling, a revealing inside account of how the Feds track a high-profile target—and, just as important, an unsettling portrayal of how Wall Street works today -- Jeffrey Toobin, New York Times bestselling author of AMERICAN HEIRESSBlack Edge is a real-life thriller about the government’s attempt to get the legendary trader Steve Cohen on insider trading charges—and the lengths to which he goes to elude them. Using deep reporting and top-notch storytelling, Sheelah Kolhatkar is able to shed new light on one of the least known and most fascinating characters on Wall Street. -- Bethany McLean, co-author of THE SMARTEST GUYS IN THE ROOMBlack Edge is not just a work of major importance, it is also addictively readable—and horrifyingly compelling. Sheelah Kolhatkar pulls back the curtain on the cheating, corruption, and skulduggery that underlie large swaths of the hedge fund industry and some of Wall Street’s most fabled fortunes. This book is as hard to put down as it is to stomach. -- Jane Mayer, New York Times bestselling author of DARK MONEYIf you liked James B. Stewart’s Den of Thieves, Sheelah Kolhatkar’s thrilling Black Edge should be next on your reading list. * The Wall Street Journal *A richly reported, entertaining tale about the cat-and-mouse game between the government and Cohen. -- Andrew Ross Sorkin * The New York Times Book Review *A lot of people do not trust Wall Street. They regard it as a moneymaking machine for those who work there, which has little interest in practice in its stated aim of channelling capital into businesses and helping them to grow for the broader benefit of society. For such sceptics, Steven Cohen is Exhibit A. -- John Gapper * Financial Times *A modern version of Moby-Dick, with wiretaps rather than harpoons. -- Jennifer Senior * The New York Times *Excellent * The Economist *

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Book SynopsisFor a century and a half artists and intellectuals of Europe have scorned the bourgeoisie. Applying a tradition of "virtue ethics" to our lives in modern economies, this title affirms American capitalism without ignoring its faults and celebrates the bourgeois lives we live, without supposing that they must be lives without ethical foundations.Trade Review"Deirdre McCloskey's unfashionable, contrarian, and compelling manifesto in favor of what she calls the bourgeois virtues starts with an uncompromising 'apology' for how private property, free labor, free trade, and prudent calculation are the font of most ethical good in modern society, not a moral threat to it....She writes with wonderful ease. Her style is conversational and lively, sometimes even cheeky, so that even the toughest concepts seem palatable." - Matt Ridley, Wall Street Journal "An impressive collection of intellectual riches." - Alan Ryan, New York Review of Books"

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Book SynopsisTrade Review"Temin is a professional economist, and his book glows with the fervour of the true believer."--Peter Thonemann, Times Literary Supplement "[T]his important book should be a challenge to ancient economic historians of all persuasions to engage seriously with both economic theory and comparative history, as well as with its specific claims about the development and performance of the Roman Empire."--Neville Morley, Sehepunkte "In The Roman Market Economy Peter Temin accomplishes the quintessential task of the economic historian: to take shards of pottery, folios of brittle parchment, and patinated tools and fashion from them a credible, comprehensive and vivid picture of a society long gone."--Plamen Ivanov, LSE Review of Books "The Roman Market Economy effectively demonstrates the elegance and simplicity of economic demonstration. But Temin's methodological point would have been more persuasive had it shown that an economic methodology can lead to new, or challenge old, understandings of the ancient economy."--Sitta von Reden, Journal of Interdisciplinary HistoryTable of ContentsPreface and Acknowledgments ix 1. Economics and Ancient History 1 Part I: Prices *Introduction: Data and Hypothesis Tests 27 *2. Wheat Prices and Trade in the Early Roman Empire 29 *3. Price Behavior in Hellenistic Babylon 53 *Appendix to Chapter 3 66 *4. Price Behavior in the Roman Empire 70 Part II: Markets in the Roman Empire *Introduction: Roman Microeconomics 95 *5. The Grain Trade 97 *6. The Labor Market 114 *7. Land Ownership 139 *8. Financial Intermediation 157 Part III: The Roman Economy *Introduction: Roman Macroeconomics 193 *9. Growth Theory for Ancient Economies 195 *10. Economic Growth in a Malthusian Empire 220 *Appendix to Chapter 10 240 *11. Per Capita GDP in the Early Roman Empire 243 References 263 Index 289

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Book SynopsisA major, new, and comprehensive look at six decades of macroeconomic policies across the region What went wrong with the economic development of Latin America over the past half-century? Along with periods of poor economic performance, the region’s countries have been plagued by a wide variety of economic crises. This major new work brings together dozens of leading economists to explore the economic performance of the ten largest countries in South America and of Mexico. Together they advance the fundamental hypothesis that, despite different manifestations, these crises all have been the result of poorly designed or poorly implemented fiscal and monetary policies. Each country is treated in its own section of the book, with a lead chapter presenting a comprehensive database of the country’s fiscal, monetary, and economic data from 1960 to 2017. The chapters are drawn from one-day academic conferences—hosted in all but one case, in the focus country—with participants including noted economists and former leading policy makers. Cowritten with Nobel Prize winner Thomas J. Sargent, the editors’ introduction provides a conceptual framework for analyzing fiscal and monetary policy in countries around the world, particularly those less developed. A final chapter draws conclusions and suggests directions for further research.A vital resource for advanced undergraduate and graduate students of economics and for economic researchers and policy makers, A Monetary and Fiscal History of Latin America, 1960–2017 goes further than any book in stressing both the singularities and the similarities of the economic histories of Latin America’s largest countries.Contributors: Mark Aguiar, Princeton U; Fernando Alvarez, U of Chicago; Manuel Amador, U of Minnesota; Joao Ayres, Inter-American Development Bank; Saki Bigio, UCLA; Luigi Bocola, Stanford U; Francisco J. Buera, Washington U, St. Louis; Guillermo Calvo, Columbia U; Rodrigo Caputo, U of Santiago; Roberto Chang, Rutgers U; Carlos Javier Charotti, Central Bank of Paraguay; Simón Cueva, TNK Economics; Julián P. Díaz, Loyola U Chicago; Sebastian Edwards, UCLA; Carlos Esquivel, Rutgers U; Eduardo Fernández Arias, Peking U; Carlos Fernández Valdovinos (former Central Bank of Paraguay); Arturo José Galindo, Banco de la República, Colombia; Márcio Garcia, PUC-Rio; Felipe González Soley, U of Southampton; Diogo Guillen, PUC-Rio; Lars Peter Hansen, U of Chicago; Patrick Kehoe, Stanford U; Carlos Gustavo Machicado Salas, Bolivian Catholic U; Joaquín Marandino, U Torcuato Di Tella; Alberto Martin, U Pompeu Fabra; Cesar Martinelli, George Mason U; Felipe Meza, Instituto Tecnológico Autónomo de México; Pablo Andrés Neumeyer, U Torcuato Di Tella; Gabriel Oddone, U de la República; Daniel Osorio, Banco de la República; José Peres Cajías, U of Barcelona; David Perez-Reyna, U de los Andes; Fabrizio Perri, Minneapolis Fed; Andrew Powell, Inter-American Development Bank; Diego Restuccia, U of Toronto; Diego Saravia, U de los Andes; Thomas J. Sargent, New York U; José A. Scheinkman, Columbia U; Teresa Ter-Minassian (formerly IMF); Marco Vega, Pontificia U Católica del Perú; Carlos Végh, Johns Hopkins U; François R. Velde, Chicago Fed; Alejandro Werner, IMF.Trade Review "Vast and informative."—EH.net "This book is a must read for anyone concerned about rising inflation in the world in the post-pandemic period."—Journal of Economic History Table of ContentsContentsForewordFrançois R. VeldeAcknowledgmentsDetecting Fiscal-Monetary Causes of InflationFernando Alvarez, Lars Peter Hansen, and Thomas SargentA Framework for Studying the Monetary and Fiscal History of Latin AmericaTimothy J. Kehoe, Juan Pablo Nicolini, and Thomas SargentThe Case of ArgentinaFrancisco J. Buera and Juan Pablo NicoliniDiscussion of the Case of ArgentinaGuillermo CalvoDiscussion of the Case of ArgentinaAndrew PowellThe Case of BoliviaTimothy J. Kehoe, Carlos Gustavo Machicado Salas, and José Peres CajíasDiscussion of the Case of BoliviaManuel AmadorThe Case of BrazilMárcio Garcia, Joao Ayres, Diogo Guillen, and Patrick KehoeDiscussion of the Case of BrazilJosé A. ScheinkmanDiscussion of the Case of BrazilTeresa Ter-MinassianThe Case of ChileRodrigo Caputo and Diego SaraviaDiscussion of the Case of ChileSebastian EdwardsThe Case of ColombiaDavid Perez-Reyna and Daniel OsorioDiscussion of the Case of ColombiaArturo José GalindoThe Case of EcuadorSimón Cueva and Julián P. DíazDiscussion of the Case of EcuadorAlberto MartinThe Case of MexicoFelipe MezaDiscussion of the Case of MexicoAlejandro WernerThe Case of ParaguayCarlos Javier Charotti, Carlos Fernández Valdovinos, and Felipe González SoleyDiscussion of the Case of Paraguay Roberto ChangDiscussion of the Case of ParaguayPablo Andrés NeumeyerThe Case of PeruCésar Martinelli and Marco VegaDiscussion of the Case of PeruMark AguiarDiscussion of the Case of PeruSaki BigioThe Case of Uruguay Gabriel Oddone and Joaquín MarandinoDiscussion of the Case of UruguayEduardo Fernández AriasDiscussion of the Case of UruguayCarlos VéghThe Case of VenezuelaDiego RestucciaDiscussion of the Case of VenezuelaLuigi BocolaDiscussion of the Case of VenezuelaFabrizio PerriLessons from the Monetary and Fiscal History of Latin AmericaCarlos Esquivel, Timothy J. Kehoe, and Juan Pablo NicoliniContributorsIndex

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Book SynopsisThe decline of the West is something that has long been prophesied. Symptoms of decline are all around us today: slowing growth, crushing debts, ageing populations. But what exactly is amiss with Western civilization? The answer, Niall Ferguson argues, is that the institutions that were once the four pillars of Western society - representative government, the free market, the rule of law and civil society - are degenerating. The Great Degeneration is a powerful indictment of an era of negligence and complacency. To stop us frittering away the institutional inheritance of centuries, Ferguson warns, will take heroic leadership and radical reform. ''A refreshing perspective on the economic decline of advanced countries and the origins of the crisis'' Samuel Brittan, Financial Times ''He writes with splendid panache and a seemingly effortless, debonair wit'' The Times ''One of the most incisive writers of history, poliTrade ReviewBrilliantly written, full of wit and virtuosity, stuffed with memorable lines and gorgeous bits of information. A great read * The Times (on Civilization) *A dazzling history of Western ideas ... epic * Economist *This is sharp. It feels urgent. Ferguson... twists his knife with great literary brio -- Andrew Marr (on Civilization)A masterpiece ... fascinating facts burst like fireworks on every page * Sunday Times *Brings history alive for the reader with a dazzling knowledge ... peerless * Independent on Sunday *

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Book SynopsisFrom a MacArthur “Genius,” an intellectual history of the free market, from ancient Rome to the twenty-first centuryAfter two government bailouts of the US economy in less than twenty years, free market ideology is due for serious reappraisal. In Free Market, Jacob Soll details how we got to this current crisis, and how we can find our way out by looking to earlier iterations of free market thought. Contrary to popular narratives, early market theorists believed that states had an important role in building and maintaining free markets. But in the eighteenth century, thinkers insisted on free markets without state intervention, leading to a tradition of ideological brittleness. That tradition only calcified in the centuries that followed.Tracing the intellectual evolution of the free market from Cicero to Milton Friedman, Soll argues that we need to go back to the origins of free market ideology in order to truly understand it—and to develop new economic concepts to face today’s challenges.

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Book SynopsisArgues that state policies that created conditions conducive to financialization allowed the state to avoid a series of economic, social, and political dilemmas that confronted policymakers as postwar prosperity stalled beginning in the late 1960s and 1970s. This book also focuses on deregulation of financial markets during the 1970s and 1980s.Trade ReviewWith Capitalizing on Crisis, we finally have a persuasive account of the roots of the 2007-2008 financial disaster. While most studies focus on the proximate causes, Krippner makes sense of the dramatic expansion over decades of the financial sector of the U.S. economy. She explains brilliantly how and why government officials encouraged financialization as a way to solve the most vexing problems of our political economy. -- Fred Block, University of California at DavisIn this wonderfully researched and tightly argued book, Greta Krippner shows how the expansion of the financial sector in the United States not only helped delay the 'day of reckoning' for spendthrift American households, corporations and government, but also conveniently depoliticized the distributional conflicts that had plagued the nation since the 1960s. Nobody expected these providential outcomes, not even the policymakers who had opened up this space for finance in a rather ad hoc fashion, through repeated efforts to fend off crisis. By the end of the process however, the markets were in charge, and government officials were only too happy --and relieved-- to follow their lead. Capitalizing on Crisis is an absolute must read for anyone who cares to understand the origins of our current financial quagmire and the distributional dilemmas that policymakers inevitably and uncomfortably face. -- Marion Fourcade, University of California, BerkeleyAmidst the tsunami of books coming out in the wake of the recent financial crisis, Krippner's work stands out for its unusual approach. Rather than addressing the venality and incompetence of those with responsibility for regulating the economy, Krippner tells the history of the growth of financialization from the perspective of the regulators...In her account, the regulators were searching for ad hoc responses to what were deeper, perhaps even intractable problems. The high point of the book is her magnificent analysis of the erosion of Regulation Q, in which regulators cracked open the door to financial deregulation, unleashing the massive deregulation that came later. -- M. Perelman * Choice *

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Book SynopsisThe slate industry has left an indelible mark on the history of our society. Slate quarries and the associated masses of waste have an awe-inspiring impact. It was an phenomenon of the nineteenth century, a product of the industrial revolution. This book explains what slate is, its uses and how its exploitation progressed in the late nineteenth century. It describes the social, cultural and political manifestations of the slate enterprises, and it poses the question of how we regard the legacy of the slate industry.

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Book SynopsisFrom a brilliant historian at the Harvard Business School, here is a masterful, in-depth portrait of five extraordinary figures-Ernest Shackleton, Abraham Lincoln, Frederick Douglass, Dietrich Bonhoeffer, and Rachel Carson-that illuminates how great leaders are made in times of adversity and the diverse skills they summon in order to prevail.Trade Review'A close analysis of five gritty leaders whose extraordinary passion and perseverance changed history . . . a gripping read on a timeless and timely topic!' Angela Duckworth, bestselling author of Grit 'The most important, coherent, values-based, servant leadership book I've ever read' Howard Schultz, executive chairman of Starbucks'As important and inspiring as it is urgent' Michael Bloomberg, founder of Bloomberg LP and three-term mayor of New York'Vividly shows the qualities shared by five of history's greatest leaders - and how we can all tap into those same qualities to overcome challenges and confront crises in our own lives' Arianna Huffington, Editor-in-Chief, The Huffington Post

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Book SynopsisCapitalism shapes every aspect of our world, beyond just our economic structures; it moulds our values and influences the way we write laws, wage wars and even conduct personal relationships. From its beginnings to the present day, Capitalism: A Graphic Guide tells the story of capitalism's remarkable and often ruthless rise, evolving through strife and struggle as much as innovation and enterprise. This non-fiction graphic novel explores the key developments that have shaped our modern world, from early banking to the Opium Wars, financial crashes, the rise of service economies and concerns about sustainability. It also introduces us to the leading proponents and critics of capitalism, providing both a theoretical and practical understanding of this fascinating subject.

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Book SynopsisWhat do cacao beans, cowrie shells, paper cards, cigarettes and digital databases all have in common? At some time, they have been used as a form of money. Money is an essential aspect of everyday life and something that we usually take for granted until it all goes wrong. This book traces the role, growth and impact of money and finance on individuals, human civilisation and the type of economy we live in. The financial history of the world reads like a fascinating novel with innumerable twists and turns. We strive for financial stability and security, yet this often proves surprisingly ephemeral. Just as we hope we have reached a new plateau of prosperity, the financial system has a habit of throwing a spanner in the works, forcing us to change and adapt to new circumstances. This book traces the financial system from its birth as a credit system in ancient Mesopotamia, to the financial revolutions of the 20th and 21st centuries. This is the story of money, finance and economics but also its interaction with people, governments and society. Why did the American forces desperately try to destroy money during the American Revolution? Why do we tend to succumb to boom and busts? And if inflation is bad, why is deflation even worse? Also, the book looks at the effect money has on ourselves. Does money make us irrational? Is money really the root of all evil, or should we celebrate money for its potential to create prosperity and overcome poverty? Table of ContentsBefore money - barter/credit/gift economies/debt • The first currencies - how money evolved coins, notes, banks • How money transformed the world - how money facilitated trade, companies, economic growth • Behavioural theory of money - how people relate to money • The industrial revolution, free market economics, stock markets, modern banks, central banks • Finance and economics in the Twentieth Century • Debt throughout history - personal, company and government debt • Financial crash of 2007, Bitcoin, cashless societies • Different views on the financial system • Financial crashes.

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Book Synopsis'Williams has chosen an engaging cast of characters; his collection is full of well-lived lives and grisly endings ... Consume it as a whole or dip in and out. Either way, he leaves you a lot wiser.' - Philip Aldrick, Times Opinions vary about who really counts as a classical economist: Marx thought it was everyone up to Ricardo. Keynes thought it was everyone up to Keynes. But there's a general agreement about who belongs to the heroic early phase of the discipline. Adam Smith, David Ricardo, Malthus, Mill, Marx: scarcely a day goes by without their names being publicly invoked to celebrate or criticise the state of the world or the actions of governments. Few of us, though, have read their works. Fewer still realise that the economies that many of them were analysing were quite unlike our modern one, or the extent to which they were indebted to one another. So join the Economist's Callum Williams to join the dots. See how the modern edifice of economics was built, brick by brick, from their ideas and quarrels. And find out which parts stand the test of time.Trade ReviewA crash course in the lives and ideas of thinkers-from Marx to Malthus-that everyone has heard of and a lively briefing on people, like Sismondi and Naoroji, that deserve to be better known. Succinct, critical, and entertaining -- Richard Davies, author * Extreme Economies *Short, punchy, and very well-written ... a terrific read. -- Kevin O'Rourke, author * A Short History of Brexit *These lively essays ... are consistently insightful and manage to make complex ideas clear. -- David Miles, author * Macroeconomics *Williams has chosen an engaging cast of characters; his collection is full of well-lived lives and grisly endings ... Williams relishes these little details and keeps the history lesson tearing along at pace. With roughly ten pages per economist, he writes with a style that is clear and has an eye on the student market ... Consume it as a whole or dip in and out. Either way, he leaves you a lot wiser. -- Philip Aldrick * The Times *

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Book SynopsisA systematic rethinking of financialization, which explores how financial capitalism especially the asset management industry is organised, how the locus of power has shifted from public to private authority, and how its consequences have defined finance's societal purpose.

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Book SynopsisIn April 1956, a refitted oil tanker carried fifty-eight shipping containers from Newark to Houston. From that modest beginning, container shipping developed into a huge industry that made the boom in global trade possible. The Box tells the dramatic story of the container's creation, the decade of struggle before it was widely adopted, and the sweTrade ReviewWinner of the 2007 Anderson Medal, Society for Nautical Research Winner of the 2007 Bronze Medal in Finance/Investment/Economics, Independent Publisher Book Awards Shortlisted for the 2006 Financial Times/Goldman Sachs Business Book of the Year Honorable Mention for the 2006 John Lyman Book Award, Science and Technology category, North American Society for Ocean History One of Financial Times (FT.com) Best Business Books of 2013 (chosen by guest critic Bill Gates, Chairman of Microsoft) "One of the most significant, yet least noticed, economic developments of the last few decades [was] the transformation of international shipping... The idea of containerization was simple: to move trailer-size loads of goods seamlessly among trucks, trains and ships, without breaking bulk... Along the way, even the most foresighted people made mistakes and lost millions... [A] classic tale of trial and error, and of creative destruction."--Virginia Postrel, The New York Times [See full review http://bit.do/Box-NYT-Postrel] "Marc Levinson's concern is business history on a grand scale. He tells a moral tale. There are villains ... and there is one larger than life hero: Malcom McLean... Levinson has produced a fascinating exposition of the romance of the steel container. I'll never look at a truck in the same way again."--Howard Davies, The Times (UK) "Like much of today's international cargo, Marc Levinson's The Box arrives 'just in time.'... It is a tribute to the box itself that far-off places matter so much to us now: It has eased trade, sped up delivery, lowered prices and widened the offering of goods everywhere. Not bad for something so simple and self-contained."--Tim W. Ferguson, The Wall Street Journal "[A] smart, engaging book... Mr. Levinson makes a persuasive case that the container has been woefully underappreciated... [T]he story he tells is that of a classic disruptive technology: the world worked in one fashion before the container came onto the scene, and in a completely different fashion after it took hold."--Joe Nocera, The New York Times [See full review http://bit.do/Box-NYT-Nocera] "By artfully weaving together the nuts and bolts of what happened at which port with the grand sweep of economic history, Levinson has produced a marvelous read for anyone who cares about how the interconnected world economy came to be."--Neil Irwin, Washington Post "Mr Levinson... makes a strong case that it was McLean's thinking that led to modern-day containerisation. It altered the economics of shipping and with that the flow of world trade. Without the container, there would be no globalization."--The Economist [See full review http://bit.do/Box-Economist] "A fascinating new book... [I]t shows vividly how resistance to technological change caused shipping movements to migrate away from the Hudson river to other East Coast ports."--Management Today [See full review http://bit.do/Box-MT] "Marc Levinson's The Box ... illustrates clearly how great risks are taken by entrepreneurs when entrenched interests and government regulators conspire against them. Even after these opponents are dispatched, technological and economic uncertainty plague the entrepreneur just as much as the vaunted 'first-mover advantage' blesses him, perhaps more. The story of the shipping container is the story of the opponents of innovation."--Chris Berg, Institute of Public Affairs Review "International trade ... owes its exponential growth to something utterly ordinary and overlooked, says author Marc Levinson: the metal shipping container... The Box makes a strong argument... Levinson ... spins yarns of the men who fought to retain the old On the Waterfront ways and of those who made the box ubiquitous."--Michael Arndt, BusinessWeek [See full review http://bit.do/Box-BW-Arndt] "[An] enlightening new history... [The shipping container] was the real-world equivalent of the Internet revolution."--Justin Fox, Fortune [See full review http://bit.do/Box-Fortune-Fox] "Marc Levinson's The Box is ... broad-ranging and ... readable. It describes not just the amazing course of the container-ship phenomenon but the turmoil of human affairs in its wake."--Bob Simmons, The Seattle Times [See full review http://bit.do/Box-ST-Simmons] "Author and economist Marc Levinson recounts the little-known story of how the humble shipping container has revolutionized world commerce. He tells his tale using just the right blend of hard economic data and human interest... Mr. Levinson's elegant weave of transportation economics, innovation, and geography is economic history at its accessible best."--David K. Hurst, Strategy + Business [See full review http://bit.do/TheBox-Strategy-Hurst] "The Box is ... an engrossing read... The book is well-written, with detailed notes and an index. I found it absorbing and informative from the first page."--Graham Williams, Sydney Morning Herald "This well-researched and highly readable book about the ubiquitous containers that carry so much of the world's freight will no doubt surprise most readers with its description of the immensity of the impact this simple rectangular steel box has had on global and regional economics, employment, labor relations, and the environment... The Box makes for an excellent primer on innovation, risk taking, and strategic thinking. It's also a thoroughly good read."--Craig B. Grossgart, Taiwan Business Topics "The ubiquitous shipping container ... as Mark Levinson's multilayered study shows ... has transformed the global economy."--The Australian "Here's another item we see every day that had a revolutionary effect. The shipping container didn't just rearrange the shipping industry, or make winners of some ports (Seattle and Tacoma among them). It changed the dynamics and economics of where goods are made and shipped to."--Bill Virgin, Seattle Post-Intelligencer "Excellent."--J Bradford DeLong, The Edge Financial Daily "An engrossing read... The book is well written, with detailed notes and an index. I found it absorbing and informative from the first page."--Sydney Morning Herald "A fascinating history of the shipping container."--Richard N. Cooper, Foreign Affairs [See full review http://bit.do/TheBox-FE-Cooper] "For sheer originality ... [this book] by Marc Levinson, is hard to beat. The Box explains how the modern era of globalization was made possible, not by politicians agreeing to cut trade tariffs and quotas, but by the humble shipping container."--David Smith, The Sunday Times (London) "Ingenious analysis of the phenomenon of containerism."--Stefan Stern, Financial Times [See full review http://bit.do/TheBox-FT-Stern] "This is a smoothly written history of the ocean shipping container... Marc Levinson turns it into a fascinating economic history of the last 50 years that helps us to understand globalization and industrial growth in North America."--Harvey Schachter, Globe and Mail "This is an ingenious analysis of containerization--a process that, Levinson argues, in fact made globalization possible."--Business Voice "Using a blend of hard economic data and financial projections, combined with human interest, Levinson manages to provide insights into a revolution that changed transport forever and transformed world trade."--Leon Gettler, The Age [See full review http://bit.do/TheBox-Age-Gettler] "There is much to like about Marc Levinson's recent book, The Box... Levinson uses rich detail, a combination of archival and anecdotal data to build his story, and is constantly moving across levels of observation... And the story of the box is a very good read."--Administrative Science Quarterly "A lively and entertaining history of the shipping container... The Box does a fine job of demonstrating how exciting the container industry is, and how much economists stand to lose by ignoring it."--William Sjostrom, EH.Net [See full review http://bit.do/TheBox-EH-Sjostrom] "The Box is highly recommended for anyone with an interest in understanding the emergence of our contemporary 'globalized' world economy."--Pierre Desrochers, Independent Review [See full review http://bit.do/TheBox-IndReview-Desrochers] "[T]he insights the book provides make it a worthwhile read for anyone interested in how international trade in goods has evolved over the last 50 years."--Meredith A. Crowley, World Trade Review "The Box reveals the subject to be interesting and powerful, shedding light on all kinds of issues, from the role of trade unions to the Vietnam War."--NUMAST Telegraph "A perfect illustration of how an idiosyncratic entrepreneur brings something new into the world, and a wonderful example of how business history can be made to sing."--David Warsh, Economic Principals BlogTable of ContentsPreface ix Acknowledgments to the Second Edition xvii Chapter 1 The World the Box Made 1 Chapter 2 Gridlock on the Docks 21 Chapter 3 The Trucker 47 Chapter 4 The System 72 Chapter 5 The Battle for New York's Port 102 Chapter 6 Union Disunion 135 Chapter 7 Setting the Standard 170 Chapter 8 Takeoff 202 Chapter 9 Vietnam 230 Chapter 10 Ports in a Storm 254 Chapter 11 Boom and Bust 285 Chapter 12 The Bigness Complex 310 Chapter 13 The Shippers' Revenge 329 Chapter 14 Just in Time 355 Chapter 15 Adding Value 375 Notes 391 Bibliography 465 Index 491

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Book SynopsisTrade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics A New York Times Bestseller Winner of the 2000 Commonfund Prize for the Best Contribution to Endowment Management Research "Robert J. Shiller ... has done more than any other economist of his generation to document the less rational aspects of financial markets."--Paul Krugman, New York Times "Irrational Exuberance is not just a prophecy of doom... [I]t is a serious attempt to explain how speculative bubbles come about and how they sustain themselves."--John Cassidy, New Yorker "What set off this speculation and what feeds it? Shiller ranges widely his explanations, laying them out in the first 168 pages in easy-to-read, sometimes passionate prose... [T]hose first 168 pages are must reading for anyone with savings invested in stocks."--Louis Uchitelle, New York Times Book Review "Mr. Shiller's book offers a dose of realism... [I]t presents a message investors would be wise to head: Make sure your portfolio is adequately diversified. Save more and don't count on double-digit gains of the past decades continuing to bail you out during retirement."--Burton G. Malkiel, Wall Street Journal "Informative and well-argued ... A calm and reasonable antidote to today's euphoria."--Jeff Madrick, New York Review of Books "Although its message may be unwelcome to many, this important book should be read by anyone interested in economics or the stock markets."--Rene M. Stulz, Science "Dazzling, richly textured, provocative . . By far the most important book about the stock market since Jeremy J. Siegel's Stocks for the Long Run."--William Wolman, Business Week "Shiller has provided an accessible guide to the usually impenetrable literature on financial markets, especially the American stock market."--Foreign Affairs "Shiller contends that investor psychology is so given to herd behavior that it's almost impossible to manipulate or even influence. The market can 'go through significant mispricing lasting years or even decades.'"--Robert J. Samuelson, Washington Post "Irrational Exuberance should be compulsory reading for anybody interested in Wall Street or financially exposed to it; at the moment, that would be roughly everybody in the United States."--Economist "[An] excellent new book... If you want to preserve capital, unload most of your stocks and invest in government bonds."--Steve H. Hanke, Forbes "Likely to be the year's most-talked-about finance book... You can agree or disagree with it. But you owe it to yourself to read it if you are investing in equities or contemplating doing so."--Fred Barbash, International Herald Tribune "Irrational Exuberance is likely to cause a stir... Shiller illustrates how the current market is like a naturally occurring Ponzi scheme in which investors become promoters for the game after receiving initial payments with money taken from subsequent investors."--David Henry, USA Today "Irrational Exuberance is not billed as a personal finance book. But it is. You can agree or disagree with it. But you owe it to yourself to read it if you're investing, or contemplating investing, in inequities."--The Washington Post "A must-read ... Refreshing, well-reasoned ... And very readable."--Michael P. Niemira, Barron's "So why have share prices soared so high in the past five years, taking market valuations past all historical records? Professor Shiller's answer, as the title indicates, is not encouraging. His message is: diversify now as much as you can, and batten down the hatches."--Diane Coyle, Independent "Shiller has written a crystal-clear and tough-minded critique."--David Warsh, Boston Globe "The point of Irrational Exuberance is not to help investors dump their houses before the current exuberance fades. It is to deepen our understanding of the events we are watching as one bubble gives birth to another and to encourage readers to think about economic behavior and economic policies that can cushion the nasty side of volatility."--Sharon Reier, The International Herald Tribune "The first edition of this book was widely read because of its timing. This one, too, seems perfectly timed, coming when we're starting to fear we've been fooling ourselves. Again... There's a world of important information for everyone."--Lyn Miller, USA Today "The second edition's new component ... is Shiller's exploration of how market psychology has responded to the ensuing five years of retrenchment. One chilling conclusion he reaches from his knowledge of past market performance is that the 2005 market may still be correcting and that a return to 2000 levels may be a decade away. He further warns that many investors are still too heavily invested in equities and that proposals to invest Social Security funds in the stock market would subject the retirement system to unacceptable risk. Shiller expands his focus to include the booming real estate market where he sees another speculative bubble building."--Library Journal "There's plenty of new material in this edition... Chief among the new additions is Shiller's deeper focus on recent excesses in the stock market and his skepticism about investing in real estate... Shiller's ideas have so many devoted followers that I wouldn't be surprised to see many more editions."--Angele McQuade, BetterInvesting "Yale University Professor Robert Shiller pretty much called the stock market drop when this book was first published in 2000. In this fact-packed book, Shiller describes the psychological origins of volatility, among other things. And in the newest edition, Shiller compares the recent housing boom to the stock market bubble of the 1990s."--Registered Rep. "[Shiller] fully updates his argument here, adding new material (a chapter on the bond market, his 2013 Nobel lecture) and augmenting the text to reflect developments since the 2005 second edition. He vacuums up all manner of cultural phenomena, from the important (rising income inequality) to the possibly significant (Google Glass) to the trivial (Kim Kardashian), to reinforce his thesis, and he writes expressively, whether explaining arcane economic issues or illustrating how the story behind Mona Lisa's smile helps account for the painting's astonishing market value. A rare example of economic analysis, deeply respected within the discipline, wholly accessible to general readers."--Kirkus "A superb, well-written, well-argued contribution for serious scholars and practitioners, whether they agree with Shiller or not."--Choice "Shiller provides an excellent synthesis of all the evidence contradicting the efficient market hypothesis, especially how a form of irrational exuberance sometimes leads to price bubbles... Without any doubt, Irrational Exuberance must be read by anyone interested in finance. And it really can be read by anyone interested in finance because the genius of this book is to explain complex phenomena easily, avoiding specialist jargon, including mathematics."--David Le Bris, Journal of EconomicsTable of ContentsList of Figures and Tables ix Preface to the Third Edition xi Preface to the Second Edition, 2005 xix Preface to the First Edition, 2000 xxv Acknowledgments xxxi 1 The Stock Market in Historical Perspective 1 2 The Bond Market in Historical Perspective 11 3 The Real Estate Market in Historical Perspective 18 Part 1 Structural Factors 4 Precipitating Factors: The Internet, the Capitalist Explosion, and Other Events 39 5 Amplification Mechanisms: Naturally Occurring Ponzi Processes 70 Part 2 Cultural Factors 6 The News Media 101 7 New Era Economic Thinking 123 8 New Eras and Bubbles around the World 150 Part 3 Psychological Factors 9 Psychological Anchors for the Market 165 10 Herd Behavior and Epidemics 175 Part 4 Attempts to Rationalize Exuberance 11 Efficient Markets, Random Walks, and Bubbles 195 12 Investor Learning-and Unlearning 214 Part 5 A Call to Action 13 Speculative Volatility in a Free Society 225 Appendix Nobel Prize Lecture: Speculative Asset Prices 239 Notes 281 References 321 Index 339

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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 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 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 SynopsisThe first ever history of India to explore the benefits institutional, political and civil of British Colonial Rule on the subcontinent.The story of The Making of India begins in the seventeenth century, when a small seafaring island, one tenth the size of the Indian subcontinent, despatched sailing ships over 11,000 miles on a five-month trading journey in search of new opportunities. In the end they helped build a new nation. The sheer audacity and scale of such an endeavour, the courage and enterprise, have no parallel in world history. This book is the first to assess in a single volume almost all aspects of Britain's remarkable contribution in providing India with its lasting institutional and physical infrastructure, which continues to underpin the world's largest democracy in the twenty-first century.Trade ReviewElegant, fair and extremely well written. I am delighted that the other side of the story is being told, as it deserves to be. -- Martin Bell, British UNICEF Ambassador, former MP and war reporterRemarkable for its scholarship, readability and message. -- Andrew Roberts, historian, visiting Professor King’s College London, author of Napoleon the GreatAbsolutely excellent: informative, well argued and passionate. This book contains the seeds of future Anglo-Indian cooperation. -- Tony Blair, former British Prime MinisterThis is a courageous and meticulously researched book. It challenges the fashionably negative view of the impact of the Raj on India. Dr Lalvani makes the positive case with conviction and scholarship. -- Sir Vince Cable, former British Cabinet MinisterI fully concur with Dr Lalvani that Indians should be grateful for some of the permanent blessings of colonial rule, which only the unique attributes of the British could have conferred on us. A highly educated author belonging to the brave Sikh community should declare the truth, the whole truth and nothing but the truth. -- Professor Ram Jethmalani, MP Former Indian Cabinet Minister of Judiciary and Company Law and Chairman of the Bar Council of IndiaDr Lalvani is a mover and a shaker. This remarkably scholarly book will turn old ways of thinking upside down. -- Joanna Lumley, actress, author and activistDr Lalvani shows his love of both countries in a generous, heart-warming contribution to our history. This book will be a bright star to which we can turn for the authoritative alternative version of how the British helped India. -- Baroness Harris, House of LordsDr Lalvani has laid a new foundation for our understanding of how the wide ranging infrastructure provided by the British helped prepare India for its transformation into a 21st-century power. -- Professor David Heymann, Chatham HouseExtremely well judged, factually accurate, with a wealth of fascinating material … This book adds hugely to our knowledge. -- Anil Seal, Founder of The Cambridge School of Indian HistoryBracingly controversial ... I defy anyone with a modicum of open-mindedness not to read The Making Of India and concede, however grudgingly, that [the author] just might have a point * Daily Mail *An equally wonderful and thought-provoking book that drips with complexity -- Michael Duggan * Catholic Herald, Books of the Year 2016 *Table of ContentsForeword by Professor Ram Jethmalani, MP Preface: Time to recognise the positive side of the imperial coin 1 The Argument: Balance and Perspective 2 The East India Company: Ambitions to Rule the Waves 3 Routes to India 4 Ships and Shipbuilding: The Age of Steam 5 Ports, Harbours and Lighthouses 6 Canals and Water Supplies 7 Roads: Leaving No Stone Unturned 8 Mail Services, the Telegraph and the Telephone 9 Railways: A Network is Built with Incredible Speed 10 Locomotive Workshops and the Manufacture of Rolling Stock 11 Bridge Building 12 Foundries, Iron and Steel: The Rise of Indian Self-Sufficiency 13 Extraction Industry Development 14 Electricity Generation 15 India Adopts the Tram 16 The Textile and Jute Industries 17 Sugar, Tea and Coffee Industries 18 Early Air Services 19 Establishing an Administrative Infrastructure 20 Education and Health: Engineering and Medical Colleges 21 Indian Heritage and Culture: Conservation, Restoration and Appreciation 22 Diaspora: Migration and Opportunity Appendix A: Milestones in the Making of India Appendix B: Biographies: British Engineers in India Bibliography Acknowledgements Index

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Book SynopsisCoinage - it is one of the most successful and consistent technologies ever invented. Nothing else we still use in everyday life has a history quite like it. Look around at all the things that would bewilder a Greek, Roman, or Renaissance ancestor; then, dig into your purse or pocket for that one artifact that they would immediately recognize as part of their world. Historian Frank L. Holt takes us on a lively journey through the history of numismatics, the study of coins - one of the oldest and most important contributions to the arts and humanities. For 2600 years, poets, economists, philosophers, historians, and theologians have pondered the mysteries of money. Who invented coins, and why? Does coinage function beyond our control as if it had a mind of its own? How has it changed world history and culture? What does numismatics reveal about our past that could never be discovered from any other source? How has numismatics advanced using modern science? Does it still suffer from racist ideas about physiognomy and phrenology? What does its future hold? The approach taken in this richly illustrated book is as multi-faceted as coined money itself. Coins are integral to our economic, social, political, religious, and cultural history. When Money Talks: The History of Coins explores each aspect of coinage, and takes a special interest in how coins have appeared in literature and pop culture, ranging in its analysis from Greek drama and the New Testament to T.V. sitcoms and meme theory.Trade ReviewLikeable.... It also conveys something very important: holding a coin that someone else held two thousand years ago creates a special feeling of connectedness. * London Review of Books *The author's enthusiasm for both coins and history of numismatics renders this slim volume positively unputdownable. * Ivana Petrovic, Greece and Rome *An excellent read and provides valuable insights into coins, the people who minted them, and now the people who study them. * Journal of the Oriental Numismatic Society *When Money Talks should be required reading for economists, historians, archaeologists, classicists, sociologists, and contemporary scholars, each of whose fields, among others, can benefit from better understanding money and its use. * David Hendin, American Numismatic, Bryn Mawr Classical Review *Holt's tour de force is his anecdotal history of coins and money.... Holt advocates for a multi-disciplinary field called "cognitive numismatics"...that the subtleties of history, economics, and other fields can gain a lot from the study of material artifacts such as the coins they used. * David Hendin, Bryn Mawr Classical Review *When a perfect author connects with his perfect subject, a book like When Money Talks is born. I found something I wanted to learn (or be reminded of) on almost every page. Holt is a specialist who has written a needed book for generalists. Using popular and academic themes, he explains numismatics in a broader context than it is usually understood.... When Money Talks should be required reading for economists, historians, archaeologists, classicists, sociologists, and contemporary scholars, each of whose fields, among others, can benefit from better understanding money and its use. * David Hendin, Bryn Mawr Classical Review *There really is no other book like this. Holt explores the origins of money in the form of coinage and the history of the discipline that studies it (numismatics) in a highly readable and entertaining fashion. His ability to simplify difficult concepts and find the perfect analogy is remarkable, as is the breadth of his knowledge of money from the ancient world to the world of today. * Peter van Alfen, American Numismatic Society *A holistic and creative introduction to an often-underappreciated subject -- readily accessible to those with no prior knowledge of numismatics, but equally a thought-provoking must-read for specialists. * Liv Mariah Yarrow, CUNY *Frank Holt's books are always interesting and usually groundbreaking... His books approach their given subjects with both wit and wisdom. Holt also has a way with words whose flow carries the general reader along with little effort. This book is no exception. It is surely the distillation of decades' worth of study of, and fascination with, ancient coins - witness the book's 30 pages of endnotes and 16 pages of select bibliography- but Holt always wears his learning lightly... When Money Talks is both accessible to anyone without any prior knowledge of numismatics and engrossing for experts in the field... Not only is the focus on the historical dimension of coins made clear, but so is the personal take on what will follow. Holt takes us by the hand for a tour that is intimate but no less scholarly for that. * Mouseion *Table of Contents1. INTRODUCTION 2. FROM THE COIN'S POINT OF VIEW 3. THE INVENTION OF COINS 4. THE FIRST NUMISMATISTS 5. THE SECOND WAVE 6. SCIENCE AND PSEUDOSCIENCE 7. FINDING HOARDS 8. UNDERSTANDING HOARDS 9. THE ETHOS AND ETHICS OF COLLECTING 10. THE JOURNEY CONTINUES

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Book Synopsis''A brilliantly readable account, based on exceptional access, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer ... both a thriller and a reminder that business is fascinating because all human life is there'' John Plender, Financial TimesBased on unparalleled access to those involved, and told with compelling pace and drama, The Bank that Lived a Little describes three decades of boardroom intrigue at one of Britain''s biggest financial institutions. In a tale of feuds, grandiose dreams and a struggle for supremacy between rival strategies and their adherents, Philip Augar gives a riveting account of Barclays'' journey from an old Quaker bank to a full-throttle capitalist machine. The disagreement between those ambitious for Barclays to join the top table of global banks, and those preferring a smaller domestic role more in keeping with the bank''s traditions, cost three chief executives their jobTrade ReviewHe tells the financial story of our age -- Alec Russell * Financial Times *A brilliantly readable account, based on exceptional access to most of those involved, of the transformation of the old Quaker bank into a hard-charging capitalist adventurer. ... Philip Augar's book is both a thriller and a reminder that business is fascinating because all human life is there. -- John Plender * Financial Times *A riveting and revealing account of how a bank of high moral character with Quaker origins ended up in the sewer thanks to ambition and greed. -- Iain Martin * The Times *Once you start reading Philip Augar's well-researched book, you are captivated. ... What makes The Bank That Lived a Little a must-read is the way in which, in its pages, Barclays comes to embody all that has been, and possibly still is, wrong with the entire banking sector. -- Vicky Pryce * Literary Review *

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Book SynopsisTrade ReviewThis book snaps, crackles and pops ... Readers will emerge from this heady blend of economic, business, and political history with a sense of exhilaration that so much of the American experience could be described so vividly and insightfully -- Robert Gordon * Financial Times *Capitalism in America makes a strong case, with some wonderful insights into business history. Innovation, spread to the masses, is indeed the engine of capitalist economies. * The Economist *A superbly written book ... the tone is businesslike but culturally savvy - with sociological themes from "America's urban nightmare" of the seventies and eighties to "the rising share of working women" handled with sensitivity and skill ... Capitalism in America is an inspiring, rip-roaring read - like the astonishing story it describes. -- Liam Halligan * The Daily Telegraph *

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Book SynopsisFINALIST FOR THE ORWELL PRIZE FOR POLITICAL WRITING 2022 THE TIMES BOOKS OF THE YEAR 2021 ''A complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic'' The Times From the author of Crashed comes a gripping short history of how Covid-19 ravaged the global economy, and where it leaves us now When the news first began to trickle out of China about a new virus in December 2019, risk-averse financial markets were alert to its potential for disruption. Yet they could never have predicted the total economic collapse that would follow in COVID-19''s wake, as stock markets fell faster and harder than at any time since 1929, currencies across the world plunged, investors panicked, and even gold was sold. In a matter of weeks, the world''s economy was brought to an abrupt halt by governments trying to contain a spiralling public health catastrophe. Flights were grounded; supply chains broken; industries from tourism to oil to hospitality collapsed overnight, leaving hundreds of millions of people unemployed. Central banks responded with unprecedented interventions, just to keep their economies on life-support. For the first time since the second world war, the entire global economic system contracted. This book tells the story of that shutdown. We do not yet know how this story ends, or what new world we will find on the other side. In this fast-paced, compelling and at times shocking analysis, Adam Tooze surveys the wreckage, and looks at where we might be headed next.''A seriously impressive book, both endlessly quotable and rigorously analytical'' Oliver Bullough, The GuardianTrade ReviewA complex story, which Tooze tells with clarity and verve... The world is unlikely to be treated to a better account of the economics of the pandemic. * The Times *Shutdown is a seriously impressive book, both endlessly quotable and rigorously analytical. Tooze synthesises a huge volume of information to argue that we must prepare for a new wave of crises or risk being sunk by them. Hopefully, governments everywhere will heed his warning. -- Oliver Bullough * The Guardian *Mr Tooze displays a remarkable ability to master the detail ... This is truly a picture of the global impact of the crisis; it covers the disruption in the financial markets, as well as the ins and outs of government policy. * The Economist *Fascinating, informative and wise. * Times Literary Supplement *An admirable work of synthesis and original analysis from the pre-eminent diagnostician of our age of discontents. * New Statesman *What sets [Shutdown] apart is Tooze's ability to keep his eye on the big picture - and the long view ... There will be plenty more books to come on the global economy of 2020. Few will be as timely, as wide-ranging or as clear as Shutdown. -- Duncan Weldon * Prospect *[A] brilliant, bracing account of the Covid pandemic and its protracted political aftermath ... Nuanced and wide-ranging. Tooze has the impressive ability, as a writer, to contextualise historical events as they unfold. -- Jamie Maxwell * The Herald *To read Shutdown feels like sitting alongside the great professor while he feverishly collates an array of data and anecdotes, attempts to chronicle what is going on, his head fizzing with ideas about what it might all mean and where it might be leading ... a fine use of one's time. -- Bill Emmott * Financial Times *Of all the instant histories spawned by the pandemic, this is the closest we'll get to a thriller ... it's a story that bears rereading ... a survival guide for the next man-made cataclysm that Adam Tooze warns will surely come soon. -- Patrick Maguire * The Times *A comprehensive history of an unprecedented year ... Readers will find this deeply informed parsing of the pandemic to be illuminating and thought-provoking. * Publishers Weekly *Tooze examines the unprecedented decision of governments around the world to shutter their economies in the face of pandemic ... As the pandemic hopefully continues to fade, other crises remain. This book is a valuable forecast of future problems. * Kirkus *

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Book SynopsisTrade Review"Gorton and Tallman’s historical details of the panics of the 1800s for the New York banks at the epicenter of the financial system are unequaled, based on my research. The authors have taken stories from the contemporary New York press and employed available financial data from bank reports to develop a narrative and accompanying tables that bring to life the panics of that era. These details alone make the book worthy of a place on any financial historian’s bookshelf." * Regulation: The Cato Review of Business and Government *“A vital addition to crisis literature because it compares what happened in 2008 to the ways in which US bankers dealt with panics on their own in the years before there was a Fed. . . . With illustration, analysis, and nuance on every page, Fighting Financial Crises is one hundred and fifty years better than Lombard Street." * Economic Principals *"Because crises are inevitable, it is important to understand why they occur and how to respond to them. The authors are leading authorities on the history and economics of financial crises, and thus well worth listening to. . . . Gorton and Tallman provide a clear and succinct description of the crisis, and show how fundamentally it was like the banking panics of the nineteenth and early twentieth centuries. Many books and papers have been written about financial crises, but comparatively few focus on how to fight crises. . . . Their book provides many insights and lessons about the nature of financial crises and how authorities should respond to them. Economists and financial market participants will find the book informative, and it should be mandatory reading for regulators and policymakers charged with oversight of the financial system." * Business Economics *"A copy of this book should at least be on the shelves of all economists at all central banks." * Economic History Association *“Financial crises are complex economic and political events, and a historical perspective is essential. In this book, two of our best financial historians distill the key lessons for policy makers and practitioners from the US banking crises of the nineteenth and early twentieth centuries. Their accounts of the crises are engaging and their analyses are insightful and persuasive.” -- Ben S. Bernanke, former chairman of the Federal Reserve“Those who do not study history are more likely to repeat earlier errors, particularly so in the case of financial crises. Gorton and Tallman have painstakingly recorded how US financial crises unfolded and then dissipated between 1873 and 1914, and then distilled general lessons for handling current and future crises. Besides conforming to Bagehot’s rule, they emphasize the importance of managing information in order to avoid contagion from the bank perceived as weakest, to the next weakest, and on until the whole edifice systematically collapses. Excellent history and shrewd analysis.” -- Charles A. E. Goodhart, London School of Economics“History matters, including financial history. During the recent crisis, those of us then running the Bank of England introduced a course on the history of crises for our core staff. Although I don’t agree with every one of its conclusions and prescriptions, I dearly wish we had had this book to hand then! Policy makers need more books like it, and to follow the example of Gordon and Tallman in taking insights from the past seriously.” -- Paul Tucker, former deputy governor of the Bank of EnglandTable of ContentsPreface 1 Fighting Financial Crises: Learning from the Past 2 The New York Clearing House Association 3 The Start of a Panic 4 What the New York Clearing House Did during National Banking Era Panics 5 Information Production and Suppression and Emergency Liquidity 6 “Too Big to Fail” before the Fed 7 Certified Checks and the Currency Premium 8 The Change in Depositors’ Beliefs during Suspension 9 Aftermath 10 What Ends a Financial Crisis? Historical Reminders 11 Modern Crises: Perspectives from History 12 Guiding Principles for Fighting Crises Appendixes Notes References Index

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Book SynopsisA Times Best Business Book of 2018What can the ideas of history''s greatest economists tell us about the most important issues of our time?''The best place to start to learn about the very greatest economists of all time'' Professor Tyler Cowen, author of The Complacent Class and The Great StagnationSince the days of Adam Smith, economists have grappled with a series of familiar problems - but often their ideas are hard to digest, before we even try to apply them to today''s issues. Linda Yueh is renowned for her combination of erudition, as an accomplished economist herself, and accessibility, as a leading writer and broadcaster in this field; and in The Great Economists she explains the key thoughts of history''s greatest economists, how their lives and times affected their ideas, how our lives have been influenced by their work, and how they could help with the policy challenges that we face today. ITrade ReviewAre you looking to learn about the very greatest economists of all time? Linda Yueh's book is the best place to start, a modern-day version of Robert Heilbroner's classic The Worldly Philosophers. -- Tyler Cowen, the Holbert L. Harris Chair of Economics at George Mason University, and author of The Complacent Class and The Great StagnationEconomics students are not taught the history of economic thought. They, like others, can learn a lot from this book: some of the great economists of the past had insights that could have saved the subject from its recent embarrassments. -- Paul Collier, Professor of Economics and Public Policy at Oxford UniversityNot only a great way to learn in an easily readable manner about some of the greatest economic influences of the past, but also a good way to test your own a priori assumptions about some of the big challenges of our time. -- Lord Jim O’Neill, former Chairman at Goldman Sachs Asset Management, former UK Treasury Minister, and author of The Growth MapA fascinating event for anyone interested in economics. For this is a book which, as the title suggests, champions the value of studying the leading economic thinkers of the past ... As an Oxford don and a professor at London Business School, Yueh undoubtedly knows her stuff; and as a former chief business correspondent for the BBC and economics editor at Bloomberg TV, she is a well-known and skilful communicator ... The achievements of modern, scientific economics are significant, and the reader who wants a slick and well-curated tour of its current policy recommendations will profit greatly from Yueh's enjoyable and up-to-date book. -- Felix Martin * New Statesman *An extremely engaging survey of the lifetimes and ideas of the great thinkers of economic history, woven together with fascinating and useful discussions of how their ideas still shape economic policy today. Yueh's book is reminiscent of Heilbroner's marvellous classic The Wordly Philosophers, but more focused on contemporary debates on inequality, trade and productivity. Although targeted at readers interested in economic issues, this book would also make an excellent supplementary reading for undergraduate courses in economics, politics and social studies. -- Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University, author of The Curse of Cash and co-author of This Time is DifferentLinda Yueh has had the brilliant idea of, not just describing the theories of each great thinker, but linking each one to a particular problem of today ... I am sure Linda Yueh's original approach will deepen students' understanding of the Great Economists. * Lord Lamont, former Chancellor of the Exchequer *What would the great economists of the past make of today's problems? Linda Yueh takes on this ambitious task in this engaging book, introducing us to the work of each economist and conjecturing how they might have advised us. This book is a very readable introduction to the lives and thinking of the greats, and reminds us that policymakers continue to be, as Keynes wrote, "slaves of some defunct economist". -- Raghuram Rajan, Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, former Governor of the Reserve Bank of India, and author of I Do What I Do and Fault LinesTo anyone with even a passing interest in the economic problems, large and small, affecting us today, What Would the Great Economists Do? comes at the right time: a highly accessible and acute guide to thinking and learning from the men and woman whose work can inform and ultimately aid us in understanding the great national and global crises we face. -- Nouriel Roubini, author of the New York Times bestselling Crisis Economics: A Crash Course in the Future of FinanceThis well-written book provides more than an engaging discussion of how the "Great Economists" changed the course of economic thinking and history. It links their insights to current economic challenges, assessing how their unique contributions can improve future wellbeing. It concludes by artfully bringing together the economists' individual insights to shed light on the backlash against globalization. Read it not only to learn about the world's great economists, but also to see how consequential thought innovations can be, and have been. -- Mohamed A. El-Erian, Chief Economic Adviser at Allianz, former CEO of PIMCOIs economics a science in which each new generation's discoveries build on those of the old? Or a humanistic study in which old ideas remain valid and relevant today? Linda Yueh's account of the thinking of the great economists demonstrates that both perspectives are true. -- Professor John KayA highly informative and entertaining introduction to the ideas of some of the great economists. -- Robert A. Cord, editor of The Palgrave Companion to Cambridge Economics, co-editor of Milton Friedman: Contributions to Economics and Public Policy, and author of Reinterpreting the Keynesian RevolutionYou can see her journalistic training in the way she makes connections between the lives, characters and thinking of her subjects -- John Lanchester * Sunday Times *Crisp pen portraits and introductions to complex ideas have been melded with an assessment of what a particular dead economist might have advised about a contemporary issue ... The portraits are entertainingly crafted and the details of family lives well deployed. -- Iain Martin * The Times *Would [Adam] Smith's view have changed in modern times? Probably yes. Linda Yueh in her brilliant new book, "The Great Economists: How Their Ideas Can Help Us Today", argues that due to rapid technological advancements since Smith's time, the tune of the musician, which he regarded as ephemeral, now holds tangible value. Also, since Smith believed in the power of the invisible hand of the markets, he would have derided any move towards introducing market distortions like the Trump tariffs to promote manufacturing. * India Times *I certainly wish that [The Great Economists] had been around when I started to study the subject. -- Dr Matthew Partridge * Money Week *The style is engaging and takes the readers through key elements of the economic challenges we currently face, with the support of data and international comparisons ... Readers will certainly enjoy learning about the economists, as many of them lived quite unconventional lives. -- Angela Gallo * Financial Times Adviser *As a broad and accessible overview of the lives and ideas of prominent economic thinkers, Yueh's book is a useful addition to the field. Its strongest sections make important connections between historical figures and modern decision-makers, such as the chapter detailing former Chairman of the Federal Reserve Ben Bernanke's interest in Irving Fisher's debt-deflation hypothesis. -- Alasdair Hutchison * Reaction *Readable, informative, and thought-provoking, and deserves a place in all libraries -- David Tyckoson * Booklist *The book is lucidly written... It offers glimpses into the lives of these influential economists, often laced with interesting nuggets of information. -- Ishan Bakshi * Business Standard *An accessible and lively evaluation of the global financial crisis . . . [Yueh] has a way of simplifying the arcane and ferreting out good news - of which we need a lot. -- Mary Kaye Schilling * Newsweek *Awesome yet accessible...recommended! -- Tim HarfordAmazing new book . . . warmly recommend -- NPR Planet MoneyExcellent . . . what makes this book special is that it is simple to read and understand . . . extremely engaging and serves a grand five-star buffet -- Madan Sabnavis * Financial Express *Want to learn about great ideas in economics and the great economists without doing any algebra? Here is an engagingly written book for you by Linda Yueh. She is both a real economist and an experienced journalist, so she knows how and what to write * Richard Baldwin *A great book and Linda Yueh is well worth listening to -- Kevin Watkins, former head of the Overseas Development InstituteYueh's CV - Oxford economics fellow; former editor at Bloomberg TV; ex-advisor to the World Bank - could inspire an inferiority complex in almost anyone. Yet she has written a remarkably accessible primer that profiles 12 of history's greatest economists (from Adam Smith to Joan Robinson), and then asks what they can reveal about the world today. Perhaps its most important lesson is not to take financial advice from economists: many of Yueh's subjects lost fortunes * The Times, Best business books of 2018 *

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