International economics Books

Book Synopsis* Provides practical easy-to-implement advice on how to comply with the latest rules and regulations. * Shows how to recoup money spent on duty drawbacks. * Shows how to get around trade barriers in foreign countries. * Shows how to use the internet and other technologies to reduce the cost of exporting.Table of ContentsPreface. Acknowledgments. The Whole Export. Export Control. The Product. Export Channels. Export Marketing. Export Pricing. Terms of Sale. Insurance. Sales Contracts, Proforma Invoices, and Purchase Orders. Transportation. Documentation. Export Credit. Keeping Current. Index.

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Book SynopsisAs markets become more volatile, the profit and risk opportunities and challenges become greater. Unprecedented profits exist in a world of equally unprecedented losses. Arbitrage is the terrain so successfully mined by renowned traders like George Soros, and this book explains how to profit from arbitrage opportunities on a global scale.Table of ContentsIntroducton: From Subjective Macroeconomic Views to Objective Macroeconomic Mispricings in Global Markets. Macro Trading and Investment Strategies. Directional Marco Trading and Investment. Long/Short Marco Trading Investment. Macroeconomic Arbitrage in Global Markets: A New Marco Strategy. Comparison Between Macroeconomic Arbitrage, Directional Macro, and Long/Short Macro Strategies. Macroeconomic Arbitrage Based on Retail Sales Mispricings in Markets. Causes of Macroeconomic Mispricings in Markets and Tackling Secondary Macroeconomic Variables in Trades. The Importance to Technical Timing in Macro Arbitrage. The Relation Between Macro and Micro Fundamentals in Macro Arbitrage. Volatility of Macro Arbitrage Strategies versus Relative Value Strategies. Macro Arbitrage Is Uncorrelated to Directional and Relative Value Strategies. Macro Arbitrage Trading and Investment Based on Gross Domestic Product (GDP) Mispricings in Global Markets. Macro Arbitrage Based on Interest Rates Mispricing in Global Markets. Macro Arbitrage of Consumer Expenditure Mispricings in Global Markets. Macro Arbitrage of Manufacturing Shipments Mispricings in Global Markets. Mispricings of Asian Crisis Effects on Global Markets: When Macro Events Trigger Subliminal Market Relations. Macro Arbitrage of EMU Convergence Mispricings in Equity Markets. Macro Mispricings of Currencies (Exchange Rates) in Stock Markets. Long/Short Macro Spreads and Macro Arbitrage Opportunities within the New EMU Euro Stock Markets. Macro Arbitrage of Industrial Production Mispricings in Equity Markets. Epilogue: Global Financial Crisis Domino Effect Corrects Macro Mispricings. Index.

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Book SynopsisBegins with an analysis of a typical U.S. dollar denominated Euroconvertible. Goes on to discuss international convertible securities and such related topics as currency fluctuation and foreign currency exposure. The characteristics of domestic markets in U.S.Table of ContentsConvertible Securities. The Equity Component. Options and Warrants. The Debt Component. Redemption. Convertible Yield Advantage. Premium Over Conversion Value. Premium Over Investment Value. Valuation Methods for Convertible Securities. Alternatives to Traditional Convertible Bonds. International Convertible Securities. Foreign Currency Management and Exposure. Convertible Security Evaluation. Convertible Security Investment Opportunities. Convertible Hedge. Convertible Bond Indenture. Domestic Convertible Markets. Appendices. Index.

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Book Synopsisa Gianni Montezemolo has produced an outstanding book on the strategic implications of the emergence of greater Europe for global companies. Based on his many years of experience as a senior executive of major international companies, Montezemolo makes a convincing case as to why greater Europe is destined to be the next economic super power.Table of ContentsA VISION OF GREATER EUROPE. Europe's Second Coming. The New European Zoo. The Northern Bees. The Atlantic Storks. The Southern Gazelles. The Eastern Bears. MANAGING GREATER EUROPE. Organizing for Greater Europe. The Innovation Imperative. Brands, Prices and the Euro. An Integrated Supply Chain. The Continental Back Office. Conclusion. Bibliography. Index.

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Book SynopsisPraise for International Economic Indicators and Central Banks "Anne Picker's International Economic Indicators and Central Banks is a tour de force.Trade Review"..."International Economic Indicators and Central Banks" ist ein umfassender und topaktueller Leitfaden, der nicht nur die Funktionsweise der wichtigsten Zentralbanken erläutert, sondern auch jene Wirtschaftsdaten näher beleuchtet, die die Zentralbanken für die Weichenstellung ihrer Geldpolitik zugrunde legen." (Der Platow Brief, Nr.47 / 23.04.2007)Table of ContentsList of Illustrations. List of Tables. Preface. Acknowledgments. A Brief Introduction to the Financial Markets. About the Author. PART ONE: Central Banks. Chapter 1: An Overview of Central Banks. Chapter 2: Bank of England. Chapter 3: European Union and the European Central Bank. Chapter 4: Bank of Japan. Chapter 5: Bank of Canada. Chapter 6: Reserve Bank of Australia. Chapter 7: People’s Bank of China. PART TWO: Economic Indicators. Chapter 8: An Overview of International Economic Indicators. Chapter 9: European Indicators: Eurostat and National Statistics. Chapter 10: UK Indicators. Chapter 11: Japanese Indicators. Chapter 12: Canadian Indicators. Chapter 13: Australian Indicators. Chapter 14: Chinese Indicators. Appendix A: Key Indicators by Country and Issuing Agencies. Appendix B: National Income and Product Accounts vs. System of National Accounts. Appendix C: Industrial Classification Systems. Glossary. Bibliography. Index.

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Book SynopsisTwilight in the Desert reveals a Saudi oil and production industry that could soon approach a serious, irreversible decline. In this exhaustively researched book, veteran oil industry analyst Matthew Simmons draws on his three-plus decades of insider experience and more than 200 independently produced reports about Saudi petroleum resources and production operations. He uncovers a story about Saudi Arabia's troubled oil industry, not to mention its political and societal instability, which differs sharply from the globally accepted Saudi version. It's a story that is provocative and disturbing, based on undeniable facts, but until now never told in its entirety. Twilight in the Desert answers all readers' questions about Saudi oil and production industries with keen examination instead of unsubstantiated posturing, and takes its place as one of the most important books of this still-young century.Trade Review"Those who follow with their own tales of imminent economic collapse struggle to emerge from [Simmons'] shadow." (Spectator Business, October, 2008) "...this is an important book and worth reading" (The Royal Society for Asian Affairs, April 2006) "The author...is clearly an expert in his field.... I recommend anybody in the financial markets read this book." (Financial Engineering News, October 2006)Table of ContentsIllustrations ix Preface xiii Acknowledgments xxi PART ONE FROM BEDOUIN TO BOURGEOISIE 1 1 The Birth of a Nation 5 2 The History of Major Saudi Arabian Oil Discoveries 23 3 Saudi Arabia's Road to Oil Market Dominance 43 4 The Veil of Secrecy over Saudi Oil Reserves and Production 69 PART TWO THE EBBING OF THE SAUDI OIL BOUNTY 99 5 Saudi Aramco 101 6 Oil Is Not Just Another Commodity 129 PART THREE GIANTS AT THE TIPPING POINT 149 7 Ghawar, the King of Oilfields 151 8 The Second-Tier Oilfields 181 9 The Best of the Rest 199 10 Coming Up Empty in New Exploration 231 11 Turning to Natural Gas 245 PART FOUR TWILIGHT IN THE DESERT 261 12 Saudi Oil Reserves Claims in Doubt 265 13 Facing the Inevitable 281 14 Reading Between the Lines of the Latest News from Aramco 309 15 Aramco Invokes "Fuzzy Logic" to Manage the Future of Saudi Oil 325 16 In Search of Crisper Truths among the Confident Saudi Claims 333 17 Aftermath 341 Appendix A Methodology 355 Appendix B Supporting Technical Data 365 Appendix C The 1974 and 1979 Senate Hearings 377 Notes 385 Bibliography 391 Index 409

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Book SynopsisAn examination and evaluation of the core topics in financial market analysis including the financial system, portfolio theory and management, the valuation of securities and options and futures. This edition has been fully revised.Table of ContentsPreface xix Abbreviations xxi I Introduction to Financial Markets 1 1 The Financial System 5 1.1 Participants 5 1.1.1 End-users of the financial system 5 1.1.2 General financial intermediaries 7 1.1.3 Specialist financial intermediaries 12 1.1.4 Market-makers 16 1.2 Securities 16 1.3 Markets 20 1.3.1 The classification of financial markets 20 1.3.2 Financial markets in the UK 25 1.4 Trading arrangements 38 1.4.1 Types of order 39 1.4.2 Types of account 39 1.4.3 Stock borrowing agreements 41 1.4.4 Clearing and settlement of trades 42 1.4.5 Official intervention in markets 43 1.5 Regulation 44 1.6 The financial system in a temporal context 51 1.6.1 The recent past: the Big Bang of October 1986 51 1.6.2 The near future 53 Appendix: The City Research Project 1991-95 69 2 The market determination of discount rates 79 2.1 The price of time and risk 79 2.2 The expected real interest rate 80 2.3 The expected inflation rate 82 2.4 The expected liquidity premium 83 2.5 The expected risk premium 84 2.6 Interest rates and discount rates 87 3 Financial arithmetic 89 3.1 Future values: single payments 89 3.1.1 Simple interest 89 3.1.2 Compound interest: annual compounding 90 3.1.3 Compound interest: more frequent compounding 90 3.1.4 Flat and effective rates of interest 92 3.2 Present values: single payments 92 3.2.1 Present value: annual discounting 92 3.2.2 Present values: more frequent discounting 93 3.3 Future values: multiple payments 93 3.3.1 Irregular payments 93 3.3.2 Regular payments: annual payments with annual compounding 94 3.3.3 Regular payments: annual payments with more frequent compounding 95 3.3.4 Regular payments: more frequent payments and compounding 96 3.4 Present values: multiple payments 96 3.4.1 Irregular payments 96 3.4.2 Regular payments: annual payments with annual discounting 97 3.4.3 Regular payments: annual payments with more frequent discounting 97 3.4.4 Regular payments: more frequent payments and discounting 98 3.4.5 Perpetuities 100 3.5 Rates of return 100 3.5.1 Single-period rale of return 100 3.5.2 Internal rate of return or money-weighted rate of return 101 3.5.3 Time-weighted rate of return or geometric mean rate of return 103 Appendix: A simple iterative method for calculating internal rates of return 104 II The Analysis and Valuation of Securities 107 4 Monty market securities 111 4.1 Securities quoted on a yield basis 112 4.1.1 Money market deposits 112 4.1.2 Negotiable certificates of deposit 113 4.2 Securities quoted on a discount basis 116 4.3 Recent innovations 120 5 Bonds 123 5.1 Types of bond 123 5.2 The fair pricing of bonds 127 5.3 Clean and dirty bond prices 128 5.4 Yield measures on bonds 129 5.4.1 Current yield 130 5-4.2 Simple yield to maturity 131 5.4.3 Yield to maturity 131 5.4.4 Holding-period yield 135 5.4.5 Yield to par 135 5.4.6 Yield to call and yield to put 135 5.4.7 Yield to average life and yield to equivalent life 136 5.4.8 Index-linked yields 138 5.5 Yield curves 141 5.5.1 The yield to maturity yield curve 142 5.5.2 The coupon yield curve 142 5.5.3 The par yield curve 142 5.5.4 The spot (or zero-coupon) yield curve 144 5.5.5 The forward yield curve 146 5.5.6 The annuity yield curve 150 5.5.7 Rolling yield curve 150 5.6 Theories of the yield curve 152 5.6.1 The expectations hypothesis 152 5.6.2 The liquidity preference theory 153 5.6.3 The segmentation or preferred habitat theory 154 5.7 Fitting the yield curve 154 5.7.1 Polynomial curve fitting 154 5.7.2 Regression analysis 155 5.7.3 Matrix modelling 156 5.8 Interest rate risk 158 5.8.1 Duration 158 5.8.2 Convexity 164 5.8.3 Dispersion 166 5.9 Floating rate notes 166 5.10 Recent innovations: the gilt repurchase market 170 6 Shares 181 6.1 Types of share in the firm 181 6.2 The financial structure of the firm 183 6.2.1 The income statement and statement of retained earnings 183 6.2.2 Inflation accounting 184 6.2.3 Depreciation 184 6.2.4 Corporation tax and corporate capital gains tax 185 6.2.5 The effect of accounting conventions on reported earnings 188 6.2.6 The balance sheet 190 6.3 The fair pricing of shares 192 6.3.1 Valuation based on expected dividends 192 6.3.2 Valuation based on expected earnings 194 6.4 Dividend policy 196 6.5 Earnings analysis 198 6.5.1 Constant or normal growth models 198 6.5.2 Differential growth models 201 6.5.3 Forecasting earnings 205 6.6 The value of the firm: the effect of leverage 206 7 Foreign currency 215 7.1 The foreign exchange market 215 7.1.1 Spot foreign exchange transactions 216 7.1.2 Forward foreign exchange transactions 219 7.2 Exchange rate risk 222 7.3 Covering foreign exchange transactions 226 7.3.1 Covering forward transactions 226 7.3.2 Covering spot transactions 228 7.4 The fair pricing of foreign currency 230 7.4.1 Consistent cross exchange rates 230 7.4.2 Purchasing power parity 231 7.4.3 International Fisher effect 234 7.4.4 Covered interest rate parity 235 7.4.5 Uncovered interest rale parity 236 8 Forwards and futures 239 8.1 Forward and futures contracts 239 8.1.1 Forward contracts 239 8.1.2 Futures contracts 240 8.2 Financial futures contracts 244 8.2.1 Short-term interest rale futures 247 8.2.2 Long-term interest rate futures 250 8.2.3 Currency futures 257 8.2.4 Stock index futures 257 8.3 The fair pricing of forward and financial futures contracts 260 8.3.1 Fair pricing with no uncertainty 260 8.3.2 Futures prices and expected spot prices 262 8.3.3 Fair pricing of the short-term interest rate contract 263 8.3.4 Fair pricing of the long-term interest rate contract 264 8.3.5 Fair pricing of the currency contract 266 8.3.6 Fair pricing of the stock index contract 267 9 Options, warrants and convertibles 273 9.1 Option contracts 273 9.2 Option combinations 277 9.3 Financial options contracts 283 9.3.1 Equity options 288 9.3.2 Interest-rate options 291 9.3.3 Currency options 297 9.3.4 Stock index options 297 9.3.5 Restricted-life traded options 301 9.3.6 Traditional options 302 9.3.7 Over-the-counter options 302 9.4 The fair pricing of options contracts 303 9.4.1 Factors influencing the premium 303 9.4.2 Boundary conditions for options 304 9.4.3 The binomial model of the fair European call option price 309 9.4.4 The Black-Scholes model of die fair European call option price 312 9.4.5 Properties of the Black-Scholes model: the Greeks 316 9.4.6 Pricing a European put option 321 9.4.7 Modifications to the Black-Scholes model 322 9.5 Exotic options 327 9.6 Warrants and convertibles 334 9.6.1 Warrants 334 9.6.2 Convertibles 336 Appendix A: Accounting issues with options and futures contracts 338 Appendix B: Taxation issues with options and futures contracts 340 Appendix C: Standard normal distribution table 342 10 Synthetic securities 349 10.1 The basic building blocks of synthetic securities 349 10.2 Synthetic options and futures 352 10.3 Swaps 357 10.3.1 Interest rate swaps 358 10.3.2 Basis swaps 363 10.3.3 Currency swaps 363 10.3.4 Asset swaps 369 10.3.5 More esoteric swaps 370 10.3.6 The risks involved in swaps 371 10.3.7 The uses of swaps 372 10.4 Forward rate agreements 373 10.5 Caps, floors and collars 375 10.6 Bundled and unbundled securities 378 10.6.1 Bundled securities 378 10.6.2 Unbundled securities 380 III Portfolio Analysis, Management and Performance Measurement 385 11 Market efficiency: theory and evidence 389 11.1 Allocative operational and informational efficiency 389 11.2 The EMH the fair game model and random walk 390 11.3 The EMH and information 392 11.4 The EMH and an information-efficient equilibrium 393 11.5 Tests of the efficient markets hypothesis 394 11.5.1 Evidence favouring the efficient markets hypothesis 394 11.5.2 Evidence against the efficient markets hypothesis 398 11.5.3 Are the financial markets efficient? 405 12 Speculation and arbitrage 415 12.1 Speculation 415 12.1.1 The process of speculation 415 12.1.2 Trading strategies with futures 417 12.1.3 Trading strategies with options 426 12.2 Arbitrage 434 12.2.1 The process of arbitrage 434 12.2.2 Arbitrage strategies with futures 435 12.2.3 Arbitrage strategies with options 439 Appendix A: The collapse of Barings Bank 441 Appendix B: Technical analysis 444 13 Portfolio analysis and asset pricing 461 13.1 Portfolio analysis 461 13.1.1 Choice under uncertainty: the consumption of risk and return 461 13.1.2 Portfolios under uncertainty: the production of risk and return 465 13.1.3 Diversification 468 13.1.4 The minimum standard deviation portfolio opportunity set and the efficient set 474 13.1.5 The efficient set when there is a riskless security 476 13.1.6 Market equilibrium, portfolio optimally and the pricing of efficient portfolios 477 13.1.7 Pricing inefficient portfolios and the decomposition of total risk 482 13.2 Asset pricing 489 13.2.1 The capital asset pricing model 489 13.2.2 The multi-factor model 501 13.2.3 The arbitrage pricing model 501 14 Portfolio management 511 14.1 The functions of portfolio management 511 14.2 Assessing the investing client’s utility function 514 14.3 Passive portfolio management 519 14.3.1 Passive portfolio management for an expected utility-maximizing client 519 14.3.2 Passive portfolio management for a safety-first client 521 14.4 Active portfolio management and adjustment 528 14.4.1 Active share portfolio management and adjustment 528 14.4.2 Active treasury portfolio management 537 14.4.3 Active bond portfolio management and adjustment 538 14.5 Mixed active-passive portfolio management 542 14.6 Investment management styles 544 14.6.1 Traditional investment management 545 14.6.2 Quantitative investment management 547 14.7 Recent innovations: hedge funds and bear funds 548 Appendix: Investment-Objectives Questionnaire 550 15 Portfolio performance measurement 559 15.1 The components of portfolio performance measurement 559 15.1.1 Ex post returns 559 15.1.2 Adjusting for risk 562 15.1.3 Benchmarks of comparison 562 15.2 Measures of portfolio performance 564 15.2.1 Performance measures based on risk-adjusted excess returns 564 15.2.2 Performance measures based on alpha values 567 15.3 The decomposition of total return 570 15.4 Treasury performance measurement 574 15.5 Asset-liability managed portfolios 574 15.6 Portfolios containing financial futures and options contracts 578 15.6.1 Individual treatment of futures 578 15.6.2 Individual treatment of options 579 15.6.3 A worked example 580 15.7 Performance measurement with multiple fund managers 586 15.8 The Roll critique of performance measurement 588 15.9 Evidence on the performance of fund managers 588 Appendix: A note on the different uses of the geometric mean and the arithmetic mean 590 16 Hedging and efficient portfolio management 597 16.1 The objective of hedging 597 16.2 Money market hedges 599 16.3 Hedging using futures 601 16.3.1 Hedging with short-term interest rate futures contracts 601 16.3.2 Hedging with stock index futures contracts 604 16.3.3 Hedging with long-term interest rate futures contracts 613 16.3.4 Hedging with currency futures contracts 617 16.4 Hedging using options 620 16.4.1 Hedging with individual stock options contracts 621 16.4.2 Hedging with stock index options contracts 627 16.4.3 Hedging with short-term interest rale options contracts 630 16.4.4 Hedging with long-term interest rate options contracts 631 16.4.5 Hedging with currency options contracts 632 16.5 Hedging with swaps and swaptions 633 16.6 Hedging with FRAs 637 16.7 Hedging with caps, floors and collars 637 16.8 Portfolio insurance 638 16.9 Efficient portfolio management 643 IV Postscript 655 17 The failure of financial markets 659 17.1 The anatomy of the crash 659 17.2 The consequences of the crash 661 17.3 The causes of the crash 663 17.4 Conclusion 669 18 Recent developments in financial market analysis 673 18.1 Value-at-risk analysis 673 18.2 Speculative bubbles 676 18.3 Volatility effects in financial markets 678 18.4 Chaos 682 18.5 Neural networks 693

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Book SynopsisAims to familiarize a broad audience with the range of securities available in Europe. Using basic terminology, the text explains the fundamentals of pricing, as well as risk analysis, for bonds, shares and exchange rates. It illustrates the use of these basics for portfolio management.Table of ContentsBonds. Equities. Exchange Rate Theory. The Theory of Efficient Markets. The Fundamentals of Modern Portfolio Theory. The Process of Investment Policy Decision Making: Attempting a Synthesis. Concluding Remarks.

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Book SynopsisThis volume studies the driving forces behind the development of the European gas market and the uncertainties facing the industry in Europe. There is widespread consensus within Europe about the advantages of natural gas to reduce air pollution and to enhance energy supply diversification. Thus taking into account these most fundamental prerequisites for increased gas demand, this volume addresses the more immediate question of how the conglomeration and organisation of European gas industries will be influenced by this latent demand potential. The purpose of this book is to focus both on the analysis of evolutionary organisational processes within the gas industry, and the pressures for change provoked by external forces such as interfuel competition, environmental imperatives and new trends in European economic policies. The potential for structural change in the organisation of the European gas industry is discussed, as well as the political, economic and commercial factors affectiTable of ContentsEuropean Gas Markets in Transition. Past and Present in European Gas Markets. EU's Energy Policy and the Internal Gas Market. Gas Demand and Inter-Fuel Competition in Western Europe. Natural Gas in Central and Eastern Europe. Potential Gas Supplies. The Emerging Structure of Gas Markets in Europe. Bibliography. Index.

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Book SynopsisAt the dawn of this century, economics and economic growth was driven by industry. As we near the end of the century, money and the money markets are an industry unto themselves which now drives the global economy. Addressing one of the hottest topics in the field, this book explores the geography of the international flow of money.Table of ContentsMoney and the Economic Landscape. Stages of Banking Development and the Spatial Evolution of Financial Systems. The Development of Financial Centres: Location, Information Externalities and Path Dependence. Securing a Foothold in the Sands of Finance: Centralisation and Decentralisation of Monetary Structures. Credit Flows and the Spatial Organisation of the Financial System: The UK and Germany. The Restructuring of British Retail Finance Space. Selling Off the State: Privatisation and the Space Economy of Shareholding. Redrawing the Boundaries. Private Pensions and Urban Development. Financing Entreprenuership: Venture Capital and Regional Development in Europe and the USA. Local Financial Systems and Regional Industrial Development: The Italian Case. Corporate Recapitalisations and the Economic Landscape: Leveraged Buyouts in the Food Retail Sector. International Banking Centres, Foreign Banks and the Space Economy. Globalisation, Regulation and the Changing Organisation of Retail Banking in Britain and the USA. The Crisis of Territorial Embeddedness of International Financial Markets. Offshore Onshore: Re-Shaping the Financial Regulatory Landscape. The Hypermobility of Capital and the Collapse of the Keynesian State.

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Book SynopsisPrivate Equity Examining the New Conglomerates of European Business a This is the authoritative work on private equity, giving the business manager a genuine insight into how this relatively new form of ownership works. a Frank Neale, Phildrew Ventures a A truly revealing insight into the world of private equity, MBOs and MBIs.Table of ContentsWhat They Do and Why It Matters. How They Developed. Why Their Deals Succeed or Fail. Extracting the Value. The Dealmakers-Who They Are and What They Invest In. The Investors Behind Them. The Good, the Bad, and the Ugly. Exit Routes-Nailing the Return. Private Investors and Private Equity. Private Equity Online. The European Challenge. The Secret Multinationals. Glossary. IRR Ready Reckoner. Selected Bibliography. Index.

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Book SynopsisAt the nexus of political science, development studies, and public policy, Developing States, Shaping Citizenship analyses an overlooked driver of political behaviour: citizens' past experience with the government through service provision.

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Book SynopsisArgues that global supply chain integration pits firms and industries that are more heavily dependent on foreign supply chains against those that are less dependent on intermediate goods for domestic production.

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Book SynopsisEmigrants are increasingly viewed as a resource for promoting economic development back in their home countries. Benjamin Graham finds that diasporans - migrants and their descendants - play a critical role in linking foreign firms to social networks in developing countries, allowing firms to flourish even in challenging political environments.Trade ReviewIn this important new book, Ben Graham adds to our understanding of global capital flows by focusing on immigration. Arguing that migrants have information about their homelands—about opportunities and potential constraints—Graham demonstrates how diaspora networks act as a conduit for financial capital in ways that traditional mechanisms fail."" - David Leblang, University of Virginia""This volume makes an important contribution to the study of foreign direct investment."" - Quan Li, Texas A&M UniversityPolitical Science / Political Economy

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Book SynopsisThis book explores the relationship between international trade and domestic economic growth in Britain since the eighteenth century. It was during this time that Britain enjoyed first a dominant role in world trade and then, from the outbreak of the First World War, saw its economic strength eclipsed by other emerging international powers. The essays here focus on two central concerns in the history of British economic development in the period; was overseas and colonial trade in the eighteenth century the principal motor of British industrial development? Has the structure of Britain''s overseas trade in the twentieth century been one of the factors contributing to the decline of the British industrial economy?Table of ContentsIntroduction. 1. Atlantic Trade and British Economic Growth in the Eighteenth Century: Kenneth Morgan (Brunel University College). 2. British Trade and European Economic Development 1750-1850: Sidney Pollard (University of Sheffield and Bielefeld). 3. Nineteenth Century Ocean Trade and Transport: Peter Davies (University of Liverpool). 4. Exports and British Economic Growth (1850-1914): Charles Fainstein (All Souls College, Oxford). 5. Trade Policy and Growth: Some European Experiences (1850-1940): Forrest Capie (City University Business School). 6. British Trade with Latin America (1870-1950): Rory Miller (University of Liverpool). 7. Imperial Power and Foreign Trade: Britain and India (1900-1970): B. R. Tomlinson (University of Strathclyde). Notes and Bibliographies. Index. List of Contributors.

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Book SynopsisThe geography of services is no longer of local or national significance: it now embraces the international stage. Service industries have enabled, and themselves become participants in, world trade. Although this is not a new role, during the 1980s they have become a much more active ingredient in the process of social and economic change.Trade Review"The book's value lies in its wide-sweeping survey of what is known about the entire field... a very useinformative book that can serve as a text for economic geographers, but which also deserves to be read by those with international interests from other disciplines. His work demonstrates that economic geographers have much to contribute in this area, especially in their handling and analysis of the data on international services." Service Industries Journal "The book's value lies in its wide-sweeping survey of what is known about the entire field... a very useful classroom tool for those concerned with exposing students to a critical area of investigation that remains under-researched." Journal of Economic LiteratureTable of Contents1. The Rise of Services: Some Factual and Theoretical Perspectives. Introduction. Services: Definition and Classification. The Recent Expansion of Services. Explanations for Growth. Understatement of Role of Services. 2. The Tradability of Services. TRadable and Non-Tradable Services. Information Technology and Tradability of Services. Transport Technology and the Tradability of Services. Service Multinationals and the Tradability of Services. Case Studies of the Development of Service MNE'S. Retail Internationalisation. Government Influences on the Tradability of Services. Changes in Consumer Requirements and Expectations. 3. International Trade and Foreign Direct Investment in Services. Introduction. Measuring Trade in Services. An Outline of Global Trade in Services. The Role of Comparative Advantage. Foreign Direct Investment in Services. International Trade in Services and the Developing Countries. Developing Country Service MNE's. Eastern Europe, the Commonwealth of Independent States and International Trade in Services. Liberalizing International Trade in Services. 4. Services and the Global System of Cities. Services and the Global Urban System: Some Explanations. Services and Cities in the Global Urban System. Services and the Global Urban System: Some Examples. 5. Internationalization of Services and Restructuring of Cities. Services and Employment Restructuring in Large Metropolitan Areas: Some Comparisons. Impacts on the Urban Property Market: Offices. Changes in the Location of Services Within Cities. 6. Services in the World Economy: Some Reflections. Services in the 1990s: Victims of the Decade of Optimism?. Service-Dominated Economies: How Desirable?. Is the Globalization of Services inevitable?. Unfulfilled Potential of Telecommunications?. References. Further Reading. Bibliography. Index.

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Book SynopsisDescribes and explains the extraordinary wave of popular protest that swept across the so-called Third World and the countries of the former socialist bloc during the period from the late 1970s to the early 1990s, in response to the mounting debt crisis and the austerity measures widely adopted as part of economic 'reform' and 'adjustment'.Table of ContentsList of Tables. Acknowledgements. Part I: Introduction:. 1. Global Adjustment. 2. Food Riots Past and Present. Part II: Case Studies:. 3. Fighting for Survival: Women's Responses to Austerity Programs. 4. Latin America: Popular Protest and the State. 5. Economic Adjustment and Democratization in Africa. 6. The Middle East and North Africa. 7. The Asian Debt Crisis: Structural Adjustment and Popular Protest in India. 8. Explaining Sri Lanka's Exceptionalism: Popular Responses to Welfarism and the 'Open Economy'. 9. The Politics of Economic Reform in Central and Eastern Europe. Part III: Conclusion:. 10. Debt Crisis and Democratic Transition. Bibliography. Index.

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Book Synopsis* Transaction costs economics is one of the fastest growing areas of economic analysis* All the contributors are recognized experts in the field* This volume represents the most up-to-date statement on the limitations of the theory. .Trade Review"There is a plethora of interesting ideas to be found in these papers. I think the papers collected here are well worth reading." Journal of EconomicsTable of Contents1. Transaction Costs, Markets and Hierarchies: Christos Pitelis (University of Cambridge). 2. The Nature and Role of Markets: Malcolm Sawyer (University of Leeds). 3. In the Beginning there were Markets?: Frederick Fourie (University of the DFS, South Africa). 4. Control, Markets and Firms: Keith Cowling and Robert Sugden (University of Birmingham). 5. Transaction Costs and the Evolution of the Firm: Geoffrey Hodgson (Newcastle Polytechnic). 6. The Appropriability Critique of Transaction Cost Economics: Gregory Dow (University of Alberta, Canada). 7. Power and Efficiency in the Firm: Paul Marginson (University of Warwick). 8. Transaction Costs,... and Revenues: Michael Dietrich (Newcastle Polytechnic). 9. Transaction Cost Economics and the State: William Dugger (DePaul University, Chicago). 10. Markets, Hierarchies and Markets Again: Steve Thompson and Mike Wright (University of Manchester and University of Nottingham). 11. Markets, False Hierarchies and the Role of Asset Specificity: Neil Kay (University of Strathclyde). 12. On Transactions (Costs) and Markets and (as) Hierarchies: Christos Pitelis (University of Cambridge).

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Book SynopsisA comprehensive guide to the issues involved in assessing export markets, key topics covered include assessing market potential and making the selection decision, market research and sources of information, and collecting and using market data.Table of ContentsList of Figures and Tables. Foreword. Series Editor's Introduction. About The Institute of Export Examinations. Preface. 1. Export Markets. 2. What Influences Market Selection?. 3. Making the Selection Decision. 4. Why is Market Research Needed?. 5. Sources of Information. 6. Methods of Collecting Information. 7. The Market Research Brief. 8. Questions and Questionnaires. 9. The Export Marketing Plan. 10. Monitoring and Control of the Plan. 11. Numerical and Statistical Analysis. 12. Budgets. 13. Some Other Numerical and Statistical Aspects. 14. Suggested Answers to Questions for Discussion. Index.

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Book SynopsisThis introduction will serve as a ''first stop'' for those interested in Japan, its role in the Pacific Asian region and, in turn, that region''s role in the evolving global system. In this volume, P. W. Preston critically analyses the political economy, social institutions and culture of Pacific Asia. The analysis focuses on Japan , it''s relations with the inner periphery of Southeast Asia, and its developing linkages with the reforming socialist countries of China and Indo-China The critical perspective, awareness of cultural and ethnic trends and a sophisticated grasp of social patterns makes this volume an essential introduction to the region.Trade Review"The breadth of political, social, and historical content in this book promises its relevance to many readers." S. Turner, University of Otago "This broad historical sweep displays the merits of the author's approach to best advantage, and will be of value to students requiring a rapid overview of the origins of contemporary Pacific Asia underpinned by key sources which are subject to careful precis." Richard Wiltshire, Progress in Human GeographyTable of ContentsContents. Preface. Acknowledgements. Part I: The Theme of the Shift to the Modern World: . 1. Classical Social Theory. Part II: The Phases of the Shift to the Modern World in Pacific Asia:. 2. Analyzing the Process of the Shift to the Modern World in Pacific Asia. 3. From Ancient Empires to Nineteenth-century Industrial-capitalism. 4. The Shist to the Modern World: Reactions, Resistance and Empire. 5. After the Pacific War: Decolonization, Nation-building and the Cold War. 6. The Emergence of Pacific Asia. Part III: Changing Relationships in Contemporary Pacific Asia:. 7. The Region and the Global System. 8. Changing Patterns of Relations between Japan, the USA and China. 9. Contemporary Pacific Asia in the 1990's. Part IV: Debates, Disputes and Lessons in Respect of the Development Experience of Pacific Asia:. 10. The Particularity of the Historical Development Experience of Pacific Asia. 11. The Pacific Asian Model I: Political-economic and Social-institutional Processes. 12.The Pacific Asian ModelII: Cultural and Political-cultural Processes. Part V: Pacific Asia in the New Global System:. 13. Pacific Asia in the Twenty-first Century Global System. Bibliography. Index.

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Book SynopsisThis volume brings together a selection of papers that were prepared as background analyses for a collaborative research capacity-building project, focusing on the WTO negotiating agenda. Contributors review the results of the Uruguay Round negotiations, discuss developing country concerns relating to the operation of the WTO and assess implementation of WTO agreements. Contributors quantify the potential benefits of further global liberalization of access to markets for industrial and agricultural products, and assess the relative merits of expanding multilateral disciplines into new areas such as investment, competition, and labor and environmental policies. Table of ContentsForeword. Author Affiliations. Introduction. 1. Developing Countries and the WTO Negotiations: R. Chadha (University of Delhi), W. Martin (World Bank), A. Oyejide (University if Ibadan and African Economic Consortium), Mari Pangestu (Centre for International and Strategic Studies, Jakarta), D. Tussie (Latin American Trade Network and FLACSO) and J. Zarrouk (Arab Monetary Fund). 2. Two Principles for the Next Round: J. E. Stiglitz (World Bank). 3. Liberalising Agriculture and Manufacturers: T. W. Hertel (Purdue University) and W. Martin (World Bank). 4. Developing Countries in the New Round of GATS: A. Mattoo (World Bank). 5. Improving Africa's Participation in the WTO: R. Blackhurst (Graduate Institute of International Studies, Geneva), B. Lyakurwa (African Economic Research Consortium) and A. Oyejide (University of Ibadan). 6. Implementation of Uruguay Round Commitments: J. M. Finger (World Bank) and P. Schuler (University of Maryland). 7. WTO Dispute Settlement: B. M. Hoekman (World Bank and CEPR) and P. C. Mavroidis (University of Neuchatel). 8. Industrial Policy and the WTO: B. Bora (UNCTAD and Flinders University), P. J. Lloyd (University of Melbourne) and M. Pangestu (Centre for Strategic and International Studies, Jakarta). 9. Subsidiarity and the Governance Challenges: J. Rollo and A. Winters (both Sussex University). 10. Technical Regulations and Customs Procedures: P.A. Messerlin (Institut d'Etudes Politiques, Paris) and J. Zarrouk (Arab Monetary Fund). 11. Competition and Policy in Developing Countries: K.E. Maskus (University of Colorado) and M. Lahouel (University of Tunis III). 12. Maximising the Benefits of Trade Policy Review: J. F. Francois (Tinbergen Institute and CEPR). 13. From TRIM's to a WTO Agreement on Investment?: B. Hoekman (World Bank) and K. Saggi (Southern Methodist University). 14. Bringing Discipline to Agriculural Policy via the WTO: K. Anderson (University of Adelaide). Index

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Book SynopsisThis groundbreaking, interdisciplinary volume brings together diverse analyses of state space in historical and contemporary capitalism. The first volume to present an accessible yet challenging overview of the changing geographies of state power under capitalism. A unique, interdisciplinary collection of contributions by major theorists and analysts of state spatial restructuring in the current era. Investigates some of the new political spaces that are emerging under contemporary conditions of globalization''. Explores state restructuring on multiple spatial scales, and from a range of theoretical, methodological and empirical perspectives. Covers a range of topical issues in contemporary geographical political economy. Contains case study material on Western Europe, North America and East Asia, as well as parts of Africa and South America. Trade Review"This useful and interesting reader addresses an emergent research agenda on the production and transformation of state space" Johanna Kantola, Univeristy of BristolTable of ContentsAcknowledgments. Introduction: State Space in Question: Neil Brenner, Bob Jessop, Martin Jones, Gordon MacLeod (New York University; Lancaster University; University of Wales Aberystwyth; University of Durham). Part I: Theoretical Foundations:. 1 Exploration, Cartography and the Modernization of State Power: Marcelo Escolar (Director of the Institute de Geografía). 2 The Autonomous Power of the State: Michael Mann (University of Virginia). 3 The Nation: Nicos Poulantzas. 4 Space and the State: Henri Lefebrve. 5 The State as Container: Territoriality in the Modern World System: Peter J. Taylor (University of Newcastle). Part II: Remaking State Territorialities:. 6 The State of Globalization: Towards a Theory of State Transformation: Martin Shaw (University of Sussex). 7 The Rise of East Asia and the Withering Away of the Interstate System: Giovanni Arrighi (The Johns Hopkins University). 8 The Struggle over European Order: Transnational Class Agency in the Making of 'Embedded Neo-Liberalism'': Bastian Van Apeldoorn. 9 The Imagined Economy: Mapping Transformations in the Contemporary State: Angus Cameron and Ronen Palan (University of Leicester; University of Sussex). 10 Debordering the World of States Towards a Multi-Level System in Europe and a Multi-Polity System in North America? Insights from Border Regions: Joachim K. Blatter (University of Konstanz). 11 Re-articulating Spatial Scale and Temporal Horizons of Trans-border Spaces: Ngai-Ling Sum (University of Lancashire). Part III: Reshaping Political Spaces:. 12 Remaking Scale: Competition and Cooperation in Prenational and Postnational Europe: Neil Smith (Graduate Center and Hunter College). 13 The National and the Regional: Their Autonomy vis-à-vis the Capitalist World Crisis: Alain Lipietz. 14 The Invention of Regions: political restructuring and territorial government in Western Europe: Michael Keating. 15 Globalization Makes States: Local Governance in the Age of the World City: Roger Keil. 16 Cities and Citizenship: James Holston and Arjun Appadurai (University of California, San Diego: University of Chicago). 17 Citizenship, Territoriality and the Gendered Construction of Difference: Nira Yuval-Davis. 18 Shadows and Sovereigns: Caroline Nordstrom. Subject Index. Name Index.

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Book Synopsis* The first volume to present an accessible yet challenging overview of the changing geographies of state power under capitalism. * A unique, interdisciplinary collection of contributions by major theorists and analysts of state spatial restructuring in the current era.Trade Review"This useful and interesting reader addresses an emergent research agenda on the production and transformation of state space" Johanna Kantola, Univeristy of BristolTable of ContentsAcknowledgments Introduction: State Space in Question 1 Neil Brenner, Bob Jessop, Martin Jones, and Gordon MacLeod Part I Theoretical Foundations 27 1 Exploration, Cartography and the Modernization of State Power 29 Marcelo Escolar 2 The Autonomous Power of the State: Its Origins, Mechanisms and Results 53 Michael Mann 3 The Nation 65 Nicos Poulantzas 4 Space and the State 84 Henri Lefebvre 5 The State as Container: Territoriality in the Modern World-System 101 Peter J. Taylor Part II Remaking State Territorialities 115 6 The State of Globalization: Towards a Theory of State Transformation 117 Martin Shaw 7 The Rise of East Asia and the Withering Away of the Interstate System 131 Giovanni Arrighi 8 The Struggle over European Order: Transnational Class Agency in the Making of ``Embedded Neo-Liberalism'' 147 Bastiaan van Apeldoorn 9 The Imagined Economy: Mapping Transformations in the Contemporary State 165 Angus Cameron and Ronen Palan 10 Debordering the World of States: Toward a Multi-Level System in Europe and a Multi-Polity System in North America? Insights from Border Regions 185 Joachim K. Blatter 11 Rethinking Globalisation: Re-articulating the Spatial Scale and Temporal Horizons of Trans-Border Spaces 208 Ngai-Ling Sum Part III Reshaping Political Spaces 225 12 Remaking Scale: Competition and Cooperation in Pre-National and Post-National Europe 227 Neil Smith 13 The National and the Regional: Their Autonomy Vis-aÁ-Vis the Capitalist World Crisis 239 Alain Lipietz Government in Western Europe 256 Michael Keating 15 Globalization Makes States: Perspectives on Local Governance in the Age of the World City 278 Roger Keil 16 Cities and Citizenship 296 James Holston and Arjun Appadurai 17 Citizenship, Territoriality and the Gendered Construction of Difference 309 Nira Yuval-Davis 18 Shadows and Sovereigns 326 Carolyn Nordstrom Subject Index 344 Name Index 354

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Book SynopsisFree trade proponent Ayukawa Yoshisuke (18801967) was founder of the Nissan conglomerate and leader of the Manchuria Industrial Development Corporation, a linchpin of Japan's efforts to economically exploit its overseas dependencies. Through exploring the reasons for Ayukawa's failure, Iguchi illuminates many of Japan's current economic problems.

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Book SynopsisThe authors show that, despite free market platitudes, neoliberalism was a planned effort by financial interests against the postwar Keynesian compromise, and the cluster of neoliberal policies is an expression of the power of finance in the world economy. The authors call for stabilizing the world economy to avert economic disaster.Trade ReviewThis remarkable book offers a closely argued and persuasive interpretation of the political economy of Europe and the U.S. from 1970 to the present, based on a much wider discussion ranging in time from the late 19th century, and touching on the history of the industrializing countries of Asia and Latin America. The interpretation of contemporary political economy offers fresh and challenging perspectives to the ongoing debate about world economic policy. -- Duncan K. Foley, The New School for Social ResearchTable of ContentsIntroduction Part I. Crisis and Neoliberalism 1. The Strange Dynamics of Change 2. Economic Crises and Social Orders Part II. Crisis and Unemployment 3. The Structural Crisis of the 1970s and 1980s 4. Technical Progress: Accelerating or Slowing? 5. America and Europe: The Creator of Jobs and the Creator of Unemployment 6. Controlling Labor Costs and Reining in the Welfare State 7. Unemployment: Historical Fate? 8. The End of the Crisis? Part III. The Law of Finance 9. The Interest Rate Shock and the Weight of Dividends 10. Keynesian State Indebtedness and Household Indebtedness 11. An Epidemic of Financial Crises 12. Globalization under Hegemony 13. Financialization: Myth or Reality? 14. Does Finance Feed the Economy? 15. Who Benefits from the Crime? Part IV. The Lessons of History 16. Historical Precedent: The Crisis at the End of the Nineteenth Century 17. The End of the Structural Crises: Does the Twentieth Century Resemble the Nineteenth? 18. Two Periods of Financial Hegemony: The Beginning and the End of the Twentieth Century 19. Inherent Risks: The 1929 Precedent 20. Capital Mobility and Stock Market Fever 21. Between Two Periods of Financial Hegemony: Thirty Years of Prosperity Part V. History on the March 22. A Keynesian Interpretation 23. The Dynamics of Capital Appendix A. Other Studies by the Authors Appendix B. Sources and Calculations Notes Index

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Book SynopsisThis book examines the Chinese opium crisis from the perspective of Qing prohibition efforts. The author argues that opium prohibition, and not the opium wars, was genuinely imperial in scale and is hence much more representative of the actual drug problem faced by Qing administrators.

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Book SynopsisIn Varieties of State Regulation, Yukyung Yeo explores how the Chinese central party-state continues to oversee the most strategic sectors of its economy, and how the form of central state control varies considerably across leading industrial sectors, depending on the dominant mode of state ownership, conception of control, and governing structure.

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Book SynopsisOffering a fresh look at trade during the second industrial revolution, Global Markets Transformed describes a world of commodities on the move—wheat and rice, coffee and tobacco, oil and rubber, all traveling around the planet through commodity chains of producers, processors, transporters, and buyers, often invisible to one another.

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Book SynopsisCatherine L. Phipps examines a largely unacknowledged system of “special trading ports” that operated under full Japanese jurisdiction in the shadow of the better-known treaty ports. Phipps demonstrates why the special trading ports were key to Japan’s achieving autonomy and regional power during the pivotal second half of the nineteenth century.

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Book SynopsisThe fifteen essays in this volume apply the methods of the new economic history to the history of the Latin American economies since 1800. The authors combine the historian's sensitivity to context and contingency with modern or neoclassical economic theory and quantitative methods.Trade ReviewExamining a number of key themes—from property rights in the Amazon to the rise and fall of the Gold Standard—this volume provides a series of engaging and original insights into the forces that have shaped Latin American economic development over the past two centuries. Undoubtedly, the striking feature that unites the diverse chapters is their dependence on the use of quantitative techniques, which allow the statistical relationships between economic variables to be ascertained. Combining these with an extensive reliance on freshly assembled numerical data, all of the contributors manage to shed new light on old questions. -- Edmund Amann * Times Literary Supplement *This collection of interdisciplinary essays breaks new ground by showcasing the work of scholars who evidence an economist’s appreciation for formal theory, testing, and empirical research, as they look with the eyes of historians at processes of change in the political and institutional context of economic activity. * WorldViews *This superb, ambitious book, the result of two international conferences on Latin American economic history, offers both ‘validations’ of the existing interpretations of Latin American history and ‘rejections’ of the old historical analyses by providing new perspectives based on quantitative methodologies… This is an admirable contribution to Latin American history…[and] a credible economic history. -- E. Pang * Choice *This is an exciting moment in the study of the economic history of Latin America. It is now being done by scholars with good economic tools, asking questions that speak to the present, and with the grit to data-mine the archives. Equally important, economists and historians are now listening, after decades of deaf ears. Two of the best Latin American economic historians—a spectacular new young star teamed with a wise, long-established leader—have combined to edit papers from the best Latin American economic historians in the field. The book is a land mark. -- Jeffrey G. Williamson, Laird Bell Professor of Economics, Harvard UniversityThis is an important collection of papers on the under-researched domestic aspects of the Latin American economies since 1800. The authors combine the new institutionalism approach with a high quality and wide range of data to explain key developments in capital markets, wages and prices, the role of the lobby groups, and the emergence of modern business and financial enterprises in Latin America. In short, these are highly original essays that present stimulating results. The volume mounts an effective challenge to existing orthodoxies. -- Colin M. Lewis, Associate Professor in Latin American Economic History, London School of Economics and Political Science

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Book SynopsisAn examination of the conditions under which international rules of globalization come into existence, enabling world economic and financial systems to function and stabilize. It demonstrates that the rules result from a trial-and-error process - and usually after a crisis - in order to prevent pointless transaction costs and risks.Trade Review"A useful contribution to the international economics literature."--ChoiceTable of ContentsForeword vii Preface ix Chapter I: The Concept of aWorld Economic Order 1 Chapter II: Globalization and Its Impact on the International Rule System 20 Chapter III: How Rules Are Established 32 Chapter IV: How Rules Are Stabilized 50 Chapter V: Rules for International Product Markets 75 Chapter VI: Rules for Border-Crossing Factor Movements 100 Chapter VII: Rules for the Global Environment 121 Chapter VIII: Preventing Financial Instability 150 Chapter IX: Avoiding Currency Crises 177 Chapter X: Ethical Norms, Human Rights, Fairness, and Legitimacy: Restraints for the International Rule System 197 Chapter XI: Interdependence of Orders, Structure of the Rule System, and Institutional Fit 215 Chapter XII: Major Challenges to the Rule System in the Future 231 References and Further Reading 249 Index 263

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Book SynopsisSuitable for upper undergraduate and graduate students, this title assesses the convergence between IPE, comparative political economy, and economics. It shows that a careful engagement with economics is essential for understanding both contemporary IPE and for analyzing the global political economy.Trade Review"Walter and Sen's Analyzing the Global Political Economy is more of an academic text than an assessment of the current crisis but it concisely explains the building blocks of the system and gives a historic and philosophical context to our understanding of its evolution and relevance in today's climate."--David Maguire, Shanghai Daily "[T]his is a useful textbook for an advanced student readership."--Edwin Van De Haar, Political Studies Review "[A]n excellent summation of the development and themes of economics-oriented IPE."--Matthew Lloyd-Cape, Acta OeconomicaTable of ContentsList of Figures and Tables vii Foreword Benjamin J. Cohen ix Preface xi Abbreviations xv Chapter 1. International Political Economy 1 Chapter 2. The Emergence of a Multilateral Trading System 27 Chapter 3. The Political Economy of Trade Policy 60 Chapter 4. The Evolution of the International Monetary System 85 Chapter 5. The Consequences of Financial Integration 133 Chapter 6. The Political Economy of Foreign Direct Investment 171 Chapter 7. The Regulation and Policy Consequences of Foreign Direct Investment 201 Chapter 8. Conclusion: Looking Forward 228 Bibliography 241 Index 265

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Book SynopsisExamines how governments could use research data on what makes people happy - in a variety of policy areas to increase well-being and improve the quality of life for their citizens. This title looks at the policy implications for economic growth, equality, retirement, unemployment, health care, family programs, education, and government quality.Trade ReviewOne of Fiscal Times Best Books for 2010 "Compelling."--David Brooks, New York Times "With his clear analysis and outside-the-box ideas, Bok encourages thoughtful consideration of what we should want for ourselves and expect from our government."--Sarah Halzack, Washington Post "Careful and cogent... Bok believes ... that the American government, which is in no danger of tranquilizing its citizens, can and should design policies to enhance their happiness."--Glenn C. Altschuler, Boston Globe "Delving into the burgeoning field of happiness research, former president of Harvard University Bok (The State of the Nation) sifts through scientific studies on how societal well-being indications can and should be used to shape social and political policy... Bok's arguments on how good government, access to education, and adequate child care make for a pleasanter society are incontrovertible, and he initiates an important, jargon-free discussion of American public policy, especially when its aims contradict or diminish the public weal."--Publisher's Weekly "Bok addresses how happiness research could inform US policy. The first three chapters unpack the claims of happiness psychologists, evaluate reliability and discuss policy application. The remainder address happiness in relation to economic growth, inequality, financial hardship (retirement, healthcare and job loss), suffering (chronic pain, sleep disorder and depression), marriages and families, education and the quality of government. The debate on happiness, Bok concludes, 'will be an accomplishment of enduring importance to humankind'."--Paul Stenner, Times Higher Education "Mr. Bok's rich, challenging, remarkable new book is remarkably solid. For it is based not on the empty aphorisms so beloved by lazy and second-rate pseudo-philosophers. There is a surprisingly massive quantity of serious statistical and sociological research that has been done on the subject of happiness in both prosperous and developing societies, and Mr. Bok draws liberally and impressively upon it. His conclusions are remarkable and well worth heeding... This is a remarkable, original, provocative and brilliant book. Anyone who wants to be happy, or to share their happiness with others, should snap it up at once."--Martin Sieff, Washington Times "Bok reviews a wide range of surveys that consistently associate levels of happiness or satisfaction with several demographic and social variables... Bok concludes that the scientific evidence on well-being is now robust enough for politicians to start taking action."--Felicia Huppert, Nature "[Bok asks] whether governments should really try to maker their citizens happier. Answer: yes, not through promoting economic growth, but through environmental policies, healthcare, and strengthening marriage and the family."--Glenda Cooper, Prospect Magazine "Provides insights into the mysteries of happiness."--Phillip Longman, Washington Monthly "Bok, former president of Harvard, outlines the work of 'happiness scholars' and suggests that their findings would be an 'eminently defensible way' of informing public policy, at least as valuable as opinion polls or economic indexes. Among the most significant findings he cites is that an increase in wealth does not correlate with an increase in happiness and that rising inequality has not caused a decrease. From these and other points, Bok argues for many general and specific policy measures that, he believes, would add to the sum of happiness in the United States... Readers will find him in turn provocative and quixotic."--Bob Nardini, Library Journal "[A] sweeping study of behavioural research and public policy... This is a book that leaders of developing nations obsessed with economic growth will find puzzling and troubling, but not as much as market economists will."--Stephen Matchett, Australian "Okay, I hear your protests, your gut telling you that Bok is a naive professor with his head in the clouds. Skeptical myself, I found his book full of surprises. Example: The growing inequality of incomes in the United States has not made Americans more dissatisfied than in previous times. Only one group is upset by this growing disparity--wealthy Americans! See what I mean? Counterintuitive conclusions, like this one, abound."--Mandy Twaddell, Providence Journal "Relatively light and accessible... Although Bok is partisan, his is a good introduction to the subject. He accurately outlines the findings of the research while questioning its shortcomings."--Daniel Ben-Ami, Spiked Review of Books "[This] is a careful, helpful book. It brings together the key findings in the area of happiness research--a relatively new discipline of the social sciences that uses surveys and polls to measure well-being... The Politics of Happiness is not a complete answer... It does however, add the methodology and reasoning of modern social science to the profound insights of ancient moral and political philosophy."--Nitin Pai, Pragati, Indian National Interest Review "Bok explores a number of new studies related to the concept of happiness and then painstakingly asks whether and how government can do much to increase human happiness... The Politics of Happiness raises a number of challenges to our assumptions."--Debbie Bruno, Roll Call "This book is clear and nicely written and provides a fascinating overview of what does--and doesn't--contribute to the wellbeing of people in the Western world."--Miriam Cosic, Australian "Bok's summary of the available research is skillful and to the point."--Tevi Troy, Claremont Review of Books "A book policymakers and people in governance should read. So that there can be more happiness all around."--Vaidehi Nathan, Organiser "This book offers a fresh look at the surprisingly not-so-elusive quality of happiness and why economic policy can make a difference where it counts. Bok has a smooth and convincing narrative style, and he weighs his arguments carefully."--Maureen Mackey, Fiscal TimesTable of ContentsAcknowledgments vii Introduction 1 CHAPTER 1: What Investigators Have Discovered 9 CHAPTER 2: The Reliability of Research on Happiness 32 CHAPTER 3: Should Policy-Makers Use Happiness Research? 45 CHAPTER 4: The Question of Growth 63 CHAPTER 5: What to Do about Inequality 79 CHAPTER 6: The Threat of Financial Hardship 99 CHAPTER 7: Relieving Suffering 124 CHAPTER 8: Marriages and Families 139 CHAPTER 9: Education 156 CHAPTER 10: The Quality of Government 179 CHAPTER 11: The Significance of Happiness Research 204 Notes 213 Index 247

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Book SynopsisThe financial crisis that began in 2007 in the United States swept the world, producing substantial bank failures and forcing unprecedented state aid for the crippled global financial system. This title draws critical lessons from the causes of the crisis and proposes important regulatory reforms, including guidelines.Trade ReviewJean Tirole, Winner of the 2014 Nobel Prize in Economics "This compact but powerful book by three internationally recognized European economists is well worth reading. The authors offer a thoughtful review of the current global financial crisis and a number of considered recommendations for ameliorating the next and inevitable one."--Choice "Balancing the Banks, by three French economists, focuses on what went wrong with financial regulation and how it can be strengthened. It offers an excellent appreciation of the intrinsic dilemmas involved in regulating financial institutions, along with an explanation of why regulation is necessary, and addresses, among other topics, how to deal with distressed banks. The book provides a useful non-American view of the financial system, with lessons from practices in European countries."--Foreign AffairsTable of ContentsAcknowledgments vii Chapter 1: Introduction by Mathias Dewatripont, Jean-Charles Rochet, and Jean Tirole 1 Regulation in a Historical Perspective 1 To Regulate or Not to Regulate? 3 The Challenges Facing Prudential Regulation 6 Building an Adaptive Regulatory System in a Global World 7 Keeping a Balance 8 Chapter 2: Lessons from the Crisis by Jean Tirole 10 Part I: What Happened? 11 Part II: How Should the Financial System Be Reformed? 47 Chapter 3: The Future of Banking Regulation by Jean-Charles Rochet 78 The Basel Accords 78 The Breakdown of the Basel Prudential Regime 86 The Necessary Reforms 100 Chapter 4: The Treatment of Distressed Banks by Mathias Dewatripont and Jean-Charles Rochet 107 Reforming Prudential Policy for Distressed Banks 110 Macroeconomic and Systemic Considerations 118 International Cooperation 122 References 131 Index 137

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Book SynopsisHow might happiness research affect government policy in the United States - and beyond? This book examines how governments could use the rapidly growing research data on what makes people happy - in a variety of policy areas to increase well-being and improve the quality of life for all their citizens.Trade ReviewOne of Fiscal Times Best Books for 2010 "Compelling."--David Brooks, New York Times "With his clear analysis and outside-the-box ideas, Bok encourages thoughtful consideration of what we should want for ourselves and expect from our government."--Sarah Halzack, Washington Post "Careful and cogent... Bok believes ... that the American government, which is in no danger of tranquilizing its citizens, can and should design policies to enhance their happiness."--Glenn C. Altschuler, Boston Globe "Delving into the burgeoning field of happiness research, former president of Harvard University Bok (The State of the Nation) sifts through scientific studies on how societal well-being indications can and should be used to shape social and political policy... Bok's arguments on how good government, access to education, and adequate child care make for a pleasanter society are incontrovertible, and he initiates an important, jargon-free discussion of American public policy, especially when its aims contradict or diminish the public weal."--Publisher's Weekly "Bok addresses how happiness research could inform US policy. The first three chapters unpack the claims of happiness psychologists, evaluate reliability and discuss policy application. The remainder address happiness in relation to economic growth, inequality, financial hardship (retirement, healthcare and job loss), suffering (chronic pain, sleep disorder and depression), marriages and families, education and the quality of government. The debate on happiness, Bok concludes, 'will be an accomplishment of enduring importance to humankind'."--Paul Stenner, Times Higher Education "Mr. Bok's rich, challenging, remarkable new book is remarkably solid. For it is based not on the empty aphorisms so beloved by lazy and second-rate pseudo-philosophers. There is a surprisingly massive quantity of serious statistical and sociological research that has been done on the subject of happiness in both prosperous and developing societies, and Mr. Bok draws liberally and impressively upon it. His conclusions are remarkable and well worth heeding... This is a remarkable, original, provocative and brilliant book. Anyone who wants to be happy, or to share their happiness with others, should snap it up at once."--Martin Sieff, Washington Times "Bok reviews a wide range of surveys that consistently associate levels of happiness or satisfaction with several demographic and social variables... Bok concludes that the scientific evidence on well-being is now robust enough for politicians to start taking action."--Felicia Huppert, Nature "[Bok asks] whether governments should really try to maker their citizens happier. Answer: yes, not through promoting economic growth, but through environmental policies, healthcare, and strengthening marriage and the family."--Glenda Cooper, Prospect Magazine "Provides insights into the mysteries of happiness."--Phillip Longman, Washington Monthly "Bok, former president of Harvard, outlines the work of 'happiness scholars' and suggests that their findings would be an 'eminently defensible way' of informing public policy, at least as valuable as opinion polls or economic indexes. Among the most significant findings he cites is that an increase in wealth does not correlate with an increase in happiness and that rising inequality has not caused a decrease. From these and other points, Bok argues for many general and specific policy measures that, he believes, would add to the sum of happiness in the United States... Readers will find him in turn provocative and quixotic."--Bob Nardini, Library Journal "[A] sweeping study of behavioural research and public policy... This is a book that leaders of developing nations obsessed with economic growth will find puzzling and troubling, but not as much as market economists will."--Stephen Matchett, Australian "Okay, I hear your protests, your gut telling you that Bok is a naive professor with his head in the clouds. Skeptical myself, I found his book full of surprises. Example: The growing inequality of incomes in the United States has not made Americans more dissatisfied than in previous times. Only one group is upset by this growing disparity--wealthy Americans! See what I mean? Counterintuitive conclusions, like this one, abound."--Mandy Twaddell, Providence Journal "Relatively light and accessible... Although Bok is partisan, his is a good introduction to the subject. He accurately outlines the findings of the research while questioning its shortcomings."--Daniel Ben-Ami, Spiked Review of Books "[This] is a careful, helpful book. It brings together the key findings in the area of happiness research--a relatively new discipline of the social sciences that uses surveys and polls to measure well-being... The Politics of Happiness is not a complete answer... It does however, add the methodology and reasoning of modern social science to the profound insights of ancient moral and political philosophy."--Nitin Pai, Pragati, Indian National Interest Review "Bok explores a number of new studies related to the concept of happiness and then painstakingly asks whether and how government can do much to increase human happiness... The Politics of Happiness raises a number of challenges to our assumptions."--Debbie Bruno, Roll Call "This book is clear and nicely written and provides a fascinating overview of what does--and doesn't--contribute to the wellbeing of people in the Western world."--Miriam Cosic, Australian "Bok's summary of the available research is skillful and to the point."--Tevi Troy, Claremont Review of Books "A book policymakers and people in governance should read. So that there can be more happiness all around."--Vaidehi Nathan, Organiser "This book offers a fresh look at the surprisingly not-so-elusive quality of happiness and why economic policy can make a difference where it counts. Bok has a smooth and convincing narrative style, and he weighs his arguments carefully."--Maureen Mackey, Fiscal TimesTable of ContentsAcknowledgments vii Introduction 1 CHAPTER 1: What Investigators Have Discovered 9 CHAPTER 2: The Reliability of Research on Happiness 32 CHAPTER 3: Should Policy-Makers Use Happiness Research? 45 CHAPTER 4: The Question of Growth 63 CHAPTER 5: What to Do about Inequality 79 CHAPTER 6: The Threat of Financial Hardship 99 CHAPTER 7: Relieving Suffering 124 CHAPTER 8: Marriages and Families 139 CHAPTER 9: Education 156 CHAPTER 10: The Quality of Government 179 CHAPTER 11: The Significance of Happiness Research 204 Notes 213 Index 247

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Book SynopsisThe author was one of the few economists who warned of the global financial crisis before it hit. In this book, he argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed. It outlines the hard choices we need to make to ensure a more stable world economy.Trade Review* Raghuram G. Rajan, Winner of the 2013 Deutsche Bank Prize in Financial Economics, The Center for Financial Studies * Winner of the 2010 Business Book of the Year Award, Financial Times and Goldman Sachs * Winner of the 2011 Gold Medal in Finance/Investment/Economics, Independent Publisher Book Awards * Winner of the 2010 PROSE Award in Economics, American Publishers Awards* Winner of the 2010 Gold Medal Book of the Year Award in Business & Economics, ForeWord Reviews * Finalist for the 2010 Paul A. Samuelson Award, TIAA-CREF * Finalist for the 2010 Book of the Year Award in Business and Economics, ForeWord Reviews * One of strategy+business magazine's Best Business Books of the Year for 2010 * Best Crisis Book by an Economist and Named one of Bloomberg News's Thirty Business Books of the Year for 2010 * Finalist for the 2011 Estoril Global Issues Distinguished Book Prize* One of Financial Times's Books of the Year in Business & Economics, Nonfiction Round-Up for 2010 "Fault Lines is a must-read."--Nouriel Roubini, Forbes.com "[E]xcellent... [Fault Lines] deserve[s] to be widely read in a time when the tendency to blame everything on catch-all terms like 'globalisation' is gaining ground."--Economist "Like geological fault lines, the fissures in the world economic system are more hidden and widespread than many realize, he says. And they are potentially more destructive than other, more obvious culprits, like greedy bankers, sleepy regulators and irresponsible borrowers. Mr. Rajan ... argues that the actions of these players (and others) unfolded on a larger world stage, that was (and is) subject to the imperatives of political economies... [A] serious and thoughtful book."--New York Times "A thought-provoking new book... [Rajan's] voice is worth listening to."--Martin Wolf, Financial Times "The book, published by Princeton University Press, saw off stiff competition from five others on the shortlist, to be chosen as 'the most compelling and enjoyable' business title of 2010. The final intense debate among the seven judges came down to a choice between Fault Lines and Too Big to Fail, Andrew Ross Sorkin's acclaimed minute-by-minute analysis of the collapse of Lehman Brothers. The book identifies the flaws that helped cripple the world financial system, prescribes potential remedies, but also warns that unless policymakers push through painful reforms, the world could be plunged into renewed turmoil."--Financial Times "Rajan is worth reading not just because he was correct when few were but also because his writing is clear as a bell, even to nonspecialists."--Christopher Caldwell, Weekly Standard "The left has figured out who to blame for the financial crisis: Greedy Wall Street bankers, especially at Goldman Sachs. The right has figured it out, too: It was government's fault, especially Fannie Mae and Freddie Mac. Raghuram Rajan of the University of Chicago's Booth School of Business says it's more complicated: Fault lines along the tectonic plates of the global economy pushed big government and big finance to a financial earthquake. To him, this was a Greek tragedy in which traders and bankers, congressmen and subprime borrowers all played their parts until the drama reached the inevitably painful end. (Mr. Rajan plays Cassandra, of course.) But just when you're about to cast him as a University of Chicago free-market stereotype, he surprises by identifying the widening gap between rich and poor as a big cause of the calamity."--David Wessel, Wall Street Journal "In a new book ... entitled Fault Lines, Rajan argues that the initial causes of the breakdown were stagnant wages and rising inequality. With the purchasing power of many middle-class households lagging behind the cost of living, there was an urgent demand for credit. The financial industry, with encouragement from the government, responded by supplying home-equity loans, subprime mortgages, and auto loans... The side effects of unrestrained credit growth turned out to be devastating--a possibility most economists had failed to consider."--John Cassidy, New Yorker "[C]onvincing."--Christopher Caldwell, New York Times Magazine "What if the financial crash of 2008 was really caused by income inequality? Not greedy bankers, not reckless homeowners, but the ever widening-gulf between the rich and the poor? And what if the lack of social services--like health care--made things much, much worse? This is the startling new theory from Raghuram Rajan... [Fault Lines is] especially fascinating because it mixes free-market Chicago School economics with good-government ideas straight out of Obamaland."--John Richardson, Esquire.com "A high-powered yet accessible analysis of the financial crisis and its aftermath, Fault Lines was awarded the FT/Goldman Sachs Business Book of the Year. Rajan ... was one of the few who warned that the crisis was coming and his book fizzes with striking and thought-provoking ideas."--Financial Times (FT Critics Pick 2010) "What caused the crisis? ... There is an embarrassment of causes--especially embarrassing when you recall how few people saw where they might lead. Raghuram Rajan ... was one of the few to sound an alarm before 2007. That gives his novel and sometimes surprising thesis added authority. He argues in his excellent new book that the roots of the calamity go wider and deeper still."--Clive Crook, Financial Times "Few people were able to foresee the recent economic downturn. Raghuram Rajan ... was one of them. This makes his new book, Fault Lines, worthy of consideration amidst the rampant speculation about the causes of the financial crisis... Fault Lines is valuable primarily for its clear explanation of unintended economic consequences from well-meaning government intervention."--Washington Times "Rajan's writing is clear and direct."--James Pressley, Bloomberg News "Former IMF chief economist Raghuram G. Rajan ... in his new book, Fault Lines, brings together and explains the diverse failings that contributed to the crisis--the fault lines, as he puts it, that were exposed by the events of the past several years. Rajan then puts forward broad policy recommendations to ward off a future problem... Rajan's book takes a comprehensive look at what got us into the crisis and offers an intriguing approach to avoiding another one."--Phillip Swagel, Finance & Development "I devoured Raghuram Rajan's Fault Lines: How Hidden Fractures Still Threaten the World Economy in a very short span of time last night. It's brief, well-written, and extremely interesting. I would definitely recommend adding it to your financial crisis reading list."--Matthew Yglesias, Yglesias blog "The proposed global reforms that [Rajan] lists in Fault Lines run the gamut from the prosaic to grandiose. Along with revamping Wall Street's pay system, he offers innovative ideas on building capital buffers into the global credit system, obviating much of the need for bailouts of companies deemed too big or too enmeshed in the financial system to fail."--Barron's "Economists who can challenge their peers while remaining accessible to the general reader are rare, but Rajan belongs to this elite group. No short summary can do justice to this well-written, insightful, and nuanced study."--Choice "In 2007, then-chief IMF economist Raghuram G. Rajan delivered a stark warning to the world's top bankers: financial markets were headed for doom. They laughed it off. In the wake of the collapse that followed, Rajan has written a new book, Fault Lines: How Hidden Fractures Still Threaten the World Economy, that warns the system is doomed to repeat its mistakes. Like many defenders of the market, Rajan urges us not to demonize the bankers. But it's this fiscal conservative's focus on inequality that makes him stand out from the pack. The growing wage gap, he argues, is a hidden driver of financial instability, putting constant pressure on politicians to enact short-term fixes."--Toronto Star "The critics are wrong: Raghuram Rajan's analysis of the global financial crisis remains highly relevant and deserves to be widely read... The breadth of Rajan's explanatory framework--which is presented cogently and concisely within 230 pages of text--marks this book apart from many others that tackle the same themes."--Mark Hannam, Prospect "Dozens of experts have explored the reasons behind the ongoing global economic turmoil, and Raghuram Rajan provides his own elegant and thoughtful analysis in Fault Lines."--BizEd "With Fault Lines, Rajan has made an original diagnosis of the credit crisis, one that goes much further than those of greedy bankers or wasteful mortgage giants such as Fannie Mae and Freddie Mac."--Christophe De Rijcke, De Tijd (translated from the Dutch by K.C.L.) "A book that should be the default choice of discerning finance professionals when they enter the store the next time."--D. Murali, Business Line "Rajan's Fault Lines is ... expansive and policy-focused and clearly destined to become a must-read on any list of books on the recent global crisis."--Jahangir Aziz, Business Standard "Insightful, educative and incredibly gripping, if you want just one book to understand the ongoing global financial crisis and the way forward, Fault Lines it is."--Gautam Chikermane, Hindustan Times "Best Crisis Book by an Economist (2010)."--James Pressley, Bloomberg News "Fault Lines has a strong claim to be the economics book that best caught the spirit of 2010. Raghuram Rajan's receipt of the Financial Times and Goldman Sachs annual business book award only confirmed his book's widespread popularity. It is not hard to see why so many people liked it. Fault Lines eschews hyperbole for a lucid and balanced account of the crisis."--Fund Strategy "Rajan ... comes up with original and important long-term remedies... Rajan's book is a bold enterprise in three ways: firstly it aims to explain the US financial crisis by looking at deep, decade-long fractures in economies and societies; secondly it suggests well-known but radical solutions that few dare put forward; and finally it supplies innovative answers to practical questions... [T]he book will please any reader looking for an inquiry into the deepest causes of the recession and a consistent account of government's errors of omission and commission."--Natacha Postel-Vinay, British Politics and Policy "In a well-written, well-organized study, he focuses on ten of the most important issues bedeviling a still shaky world economy. Neither too technical for laymen nor too glib for specialists, the book ought to be a significant contribution to policy-makers' discussions of where we go now."--Joel Campbell, International Affairs "Just when you thought you had heard it all and that there is not much more that we can learn from the recent financial crises, here comes a brand-new assessment from another angle... Written with clarity and persuasion."--Good Book Guide "[T]his book is a must read for analysts, academics, politicians, economists, and the like."--Emilia Garcia-Appendini, Financial Markets and Portfolio ManagementTable of ContentsAcknowledgments ix Introduction 1 Chapter One: Let Them Eat Credit 21 Chapter Two: Exporting to Grow 46 Chapter Three: Flighty Foreign Financing 68 Chapter Four: A Weak Safety Net 83 Chapter Five: From Bubble to Bubble 101 Chapter Six: When Money Is the Measure of All Worth 120 Chapter Seven: Betting the Bank 134 Chapter Eight: Reforming Finance 154 Chapter Nine: Improving Access to Opportunity in America 183 Chapter Ten: The Fable of the Bees Replayed 202 Epilogue 225 Afterword to the Paperback Edition 231 Notes 241 Index 257

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Book SynopsisThroughout the twentieth century, the U.S. government willingly deployed power, hard and soft, to protect American investments all around the globe. Why did the United States get into the business of defending its citizens' property rights abroad? The Empire Trap looks at how modern U.S. involvement in the empire business began, how American foreigTrade Review"[T]his is a very good book--cogently argued, detailed, and well-written."--Politics Reader "The Empire Trap represents an important addition to scholarship on twentieth century U.S. foreign policy. Maurer convincingly demonstrates that American investments in foreign countries were repeatedly threatened by expropriating governments and that in countless instances the United States utilized a variety of methods to protect those investments or to ensure fair compensation when they were lost."--Jeffrey Malanson, Enterprise & Society "It is impressive not only for its scope ... but also for its attention to detail in each of the cases presented. Most important, Maurer's analysis brilliantly captures a big picture that challenges much of the conventional wisdom showing how a small number of private investors draw government into one international quagmire after another because it was the only way they could have their property rights enforced."--Alan Dye, EH.Net "This is an exemplary work of historical social science, shedding light on many debates within the international relations literature."--Michael J. Lee, Perspectives on PoliticsTable of ContentsAcknowledgments vii One Introduction 1 Two Avoiding the Trap 25 Three Setting the Trap 58 Four The Trap Closes 89 * Box 1. The Mexican Exception 137 Five Banana Republicanism 148 Six Escaping by Accident 188 Seven Falling Back In 245 Eight The Empire Trap and the Cold War 313 * Box 2. Ethiopia and Nicaragua 347 Nine The Success of the Empire Trap 350 Ten Escaping by Design? 387 Eleven The Empire Trap in the Twenty-first Century 433 Notes 453 Index 537

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Book SynopsisChina's economic growth is sputtering, the Euro is under threat, and the United States is combating serious trade disadvantages. Another Great Depression? Not quite. Noted economist and China expert Michael Pettis argues instead that we are undergoing a critical rebalancing of the world economies. Debunking popular misconceptions, Pettis shows thatTrade Review"[Michael Pettis is] a brilliant economic thinker."--Edward Chancellor, Wall Street Journal "Insightful... [O]ffers a sweeping perspective that links trade, exchange rates, and cross-border capital flows to underlying domestic taxation, investment, and fiscal policies... Pettis's erudite, but lucid and very readable analysis brims with surprising ripostes to conventional wisdom... Pettis's stimulating, contrarian take on the present crisis challenges dogma with clear thinking."--Publishers Weekly "This is a book that should be read by: (a) politicians, central bankers and anybody else involved in macroeconomic policy; (b) all economists; (c) all students of economics; and (d) everybody else. The Great Rebalancing: Trade, Conflict and the Perilous Road Ahead for the World Economy by Michael Pettis is as sharp and clear as a cut diamond in its analysis of the continuing global imbalances. The author brings logic, accounting identities and clarity of thought and language to bear on the issue of prospects for the global economy, putting most other commentators into the shade."--Diane Coyle, Enlightened Economist "[A] book full of easy-to-understand, yet often misunderstood theories, explanations and predictions for what went wrong internationally before the 2008 Financial Crisis, what has been going on since, and where things are likely to head in the future... The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat "With much pleasure, I highly recommend Michael Pettis' newest book The Great Rebalancing... Michael Pettis has taught me most of what I know about global trade. I also happen to believe he is the world's foremost expert on China in relation to trade and global macro events. I give two thumbs up to The Great Rebalancing."--Mike "Mish" Shedlock, Global Economic Analysis "I've been waiting for this book for over 10 years... Anyone who wants to understand international economics better will benefit from this book. I cannot recommend it more highly."--David Merkel, Seeking Alpha "This is a dense and well-argued book... It will be read with interest by the large and growing community that follows China's economy."--Mark O'Neill, South China Morning Post "The Great Rebalancing is probably one of the clearest, most elegant and logically written explanations of world trade, including both how policies affect trade and how trade affects economies... [T]his is not just a China book, but a book encompassing some of the biggest economic and financial questions of our time. The persuasive, clear and well-reasoned arguments behind many of the seemingly unorthodox ideas in the book will make it both pleasing and nicely unsettling for many readers. Hopefully its message will be heard amongst policymakers before some of the more disturbing predictions become realities."--James Parker, Diplomat Pacific Money Blog "[F]ascinating reading."--BizEd "[The Great Rebalancing] is original and quite convincing, and coherently challenges conventional accounts."--Choice "Demonstrating how economic policies can carry negative repercussions the world over, The Great Rebalancing sheds urgent light on our globally linked economic future."--World Book Industry "Policymakers should heed the macroeconomic laws that Pettis articulates. His text is a sound introduction to global balance-of-payment mechanisms, using the financial crisis as the ideal case study."--Survival "Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits... I hope this book stimulates a more informed debate on how to rebalance growth, trade, and capital flows in the least disruptive manner."--Caroline Freund, Journal of World Trade Review "Pettis does a major service in explaining the determinants of global imbalances, providing insights into the functioning of the Chinese economy, while bringing in quotes from historical figures, prominent economists, and misguided pundits. This serves the purpose of underscoring how confused thinking can be on this important topic--a topic that ultimately helps determine the distribution of growth and jobs around the globe. I hope this book stimulates a more informed debate on how to rebalance growth, trade, and capital flows in the least disruptive manner."--Caroline Freund, Journal of World Trade "The Great Rebalancing offers a stimulating read. The author advances many arguments I find quite interesting and pushes me to rethink issues I tend to take for granted. It certainly provides a different perspective."--Paul Deng, Copenhagen Journal of Asian Studies "The Great Rebalancing does what all good books should do: it prompts the reader to question old assumptions and think about the world in a slightly different way. That is not only intellectually stimulating; it is, or should be, also of practical value. Maybe one day they will even get around to reading, and learning from, this book in Berlin."--Guy de Jonquieres, Economic RecordTable of ContentsPreface to the Paperback Edition xi CHAPTER ONE Trade Imbalances and the Global Financial Crisis 1 * Underconsumption 4 * The Different Explanations of Trade Imbalance 6 * Destabilizing Imbalances 9 * We Have the Tools 11 * Why the Confusion? 14 * Some Accounting Identities 17 * The Inanity of Moralizing 19 * The New Economic Writing 22 CHAPTER TWO How Does Trade Intervention Work? 26 * Trade Intervention Affects the Savings Rate 29 * Currency Manipulation 32 * Exporting Capital Means Importing Demand 34 * What Happens If China Revalues the Renminbi? 37 * Wealth Is Transferred within China 40 * Does China Need a Social Safety Net? 42 CHAPTER THREE The Many Forms of Trade Intervention 47 * How Changes in Wealth Affect Savings 50 * Wage Growth 52 * Trade Policy as the Implicit Consequence of Transfers 55 * Financial Repression 58 * Higher Interest Rates and Household Wealth 61 * Do Higher Interest Rates Stimulate or Reduce Consumption? 64 * Currency versus Interest Rates 66 CHAPTER FOUR The Case of Unbalanced Growth in China 69 * What Kind of Imbalance? 74 * Growth Miracles Are Not New 78 * The Brazilian Miracle 81 * Powering Growth 84 * Paying for Subsidies 87 * Limits to Backwardness 89 * The Trade Impact 92 * A Lost Decade? 94 * Can China Manage the Transition More Efficiently? 96 * Some More Misconceptions 97 CHAPTER FIVE The Other Side of the Imbalances 100 * Can Europe Change American Savings Rates? 103 * How Does Trade Rebalance? 106 * Globalization Is Not Bilateral 109 * The Global Shopping Spree 113 * Trade Remains Unbalanced 115 CHAPTER SIX The Case of Europe 119 * The Mechanics of Crisis 122 * Too Late 125 * German Thrift 128 * Forcing Germany to Adjust 131 * Two-Sided Adjustment 133 CHAPTER SEVEN Foreign Capital, Go Home! 136 * Swapping Assets 139 * It's about Trade, Not Capital 142 * Trade Imbalances Lead to Debt Imbalances 144 * The Current Account Dilemma 147 CHAPTER EIGHT The Exorbitant Burden 150 * Why Buy Dollars? 153 * It Is Better to Give Than to Receive 157 * Foreigners Fund Current Account Deficits, Not Fiscal Deficits 161 * Rebalancing the Scales 163 * When Are Net Capital Inflows a Good Thing? 166 * Can We Live without the Dollar? 168 * Why Not Use SDRs? 172 * An American Push Away from Exorbitant Privilege 174 CHAPTER NINE When Will the Global Crisis End? 178 * Transferring the Center of the Crisis 180 * Reversing the Rebalancing 183 * Some Predictions 185 * The Global Impact 191 APPENDIX Does income equality lead to unemployment? 197 Notes 217 Index 225

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Book SynopsisMany low-income countries and development organizations are calling for greater liberalization of labor immigration policies in high-income countries. At the same time, human rights organizations and migrant rights advocates demand more equal rights for migrant workers. The Price of Rights shows why you cannot always have both. Examining labor immiTrade ReviewWinner of the 2014 Best Book Award, Migration and Citizenship Section of the American Political Science Association "To what extent should countries encourage immigration? What rights should be conferred on immigrants, especially temporary ones? Ruhs emphasizes the uncomfortable tradeoffs built into every answer to those questions."--Richard Cooper, Foreign Affairs, US "Ruhs's work is an excellent reality check for idealism within the immigrant advocacy community and a solid discussion on the rights of migrants and the trade-offs of policy decisions. It'd be a good addition to a graduate or higher-level undergraduate migration course reading list, or to the bookshelf of an academically minded policy maker."--Amy Grenier, Migrationist, US "We may argue with the detail of Ruhs's prescriptions for expanding labour migration schemes for low-skilled workers, but the substance of his ethical argument is not easily dismissed. To shut down labour migration--even in the name of protecting migrants' rights--is to deny opportunity to potential migrant workers, and to condemn them to living in the state of poverty they seek to overcome."--Peter Mares, Inside Story, Australia "This is an academic book, but very accessible, and I think it is an important one for anybody interested in the migration debate to read."--Diane Coyle, Enlightenment Economics "Ruhs makes many interesting observations of the regulation of labour migration and is therefore necessary reading for those interested in migration policy and law."--Jaana Palande, Nordic Journal of Migration Research "Supporters of the rights of migrants can and should read this book with a proper sense of gratitude that such a thoughtful piece of work which critically assesses exactly what we are trying to achieve has been written."--Don Flynn, Migrant Rights Network, UK "Ruhs's detailed documentation of the existence and variation in immigration policies has a crucial implication for the models that predict huge gains from unrestricted migration."--George Borjas, Journal of Economic Literature "In successive GFMD meetings and at the 2013 UN High Level Dialogue on International Migration and Development, civil society and migrant observers have continued to insist on a frank and honest discussion of human rights--a discussion which has been repeatedly frustrated. Hopefully Ruhs' provocative book will help begin that discussion."--Susan Gzesh, Journal on Migration and Human Security "The Price of Rights makes a critical contribution to the literature on labour migration by showing how the differential access to rights for migrant workers according to their skills has become a global trend. The coverage of the study is impressive, including a variety of countries from higher to lower income, spanning from Europe to the Middle East, the USA and Australasia."--Gabriela Alberti, British Journal of Industrial Relations "This is an excellent book. Ruhs is right to place migrant rights in the discussion about migration policy so vividly... Ruhs's solutions will be confrontational to some, however they are to be commended. Anyone interested in the overall flow of global migration would do well to understand how migrant rights plays a pivotal role."--Henry Sherrell, Value for Money "The Price of Rights makes a brave contribution to the debate on the ethics of immigration policy and the restrictions it imposes on the legal rights of migrant workers... [A] core strength of this study is the separation it makes between migrant rights in practice and rights migrants should have from a moral/ethical point of view."--Wayne Palmer, Asia Pacific Migration Journal "This excellent book deserves to be read and considered by anyone interested in immigration policies and the human rights of migrant workers."--Martin Provencher, CERIUM, University of Montreal "The book provides a good overview of the analytical and policy issues in this area of resarch, and the rigor of reasoning and the wealth of data it mobilizes constitute a useful reference in current debates."--Antoine Pecoud, Critique international "Through a rich discussion of existing labour migration policies, The Price of Rights unfolds an inspiring analysis... Could development and the objective of promoting more migration justify some restrictions to human rights? The Price of Rights goes about as far as an academic work can go in framing this important debate."--Benoit Mayer, Human Rights Law Review "In an area of policy with such a diverse range of interests and policy perspectives, Ruhs contributes an important framework for analysis that recognises the complexity of the ethical issues surrounding the employment of migrant workers within the geopolitics of economic migration and state practice. The Price of Rights is a valuable resource for policy-makers in choosing settings for labour migration programs and for academics grappling with the appropriate terms of analysis."--Alexander Reilly, Adelaide Law Review "The pity of Ruhs's book is that something like it wasn't available fifty or even forty years ago. Had it been, European policymakers might have managed their guestworker programs differently, or at least entered the process with their eyes wide open."--Roger Waldinger, American Interest "Ruhs has raised and analyzed the competing goods that lie at the heart of using low-skilled labor migration as a tool for development."--Philip Martin, Developing Economies "Ruhs' book offers an insightful and useful analysis for academics and policy-makers, as it attempts to bridge the gap between theory and practice in the complex international and national debates on migration, rights, and citizenship."--Karen Seegobin, Studies in Ethnicity and Nationalism "Scholars who can weave together moral philosophy and pragmatic policy debate are all too rare, but Ruhs is on strong footing in both camps. His ethical framework is compelling: We should prioritise citizens but actively promote the interests of sending countries, and recognise the moral weight of human rights principles without treating them as the only good."--Meghan Benton, European Journal of Development Research "The book [evinces] erudition ... meticulous research and a comprehensive understanding of the subject, and [a] nearly seamless integration of empirical, policy and normative elements... The author's command of knowledge and research skills demonstrates the best practices of scholarship ... appreciate the care he took to address the sensitivities in the controversies of key policy debates, the marshaling of both the positivist and the normative arguments, and the moral courage to take a stand in the advancement of migrant rights despite the known tradeoffs and opposition."--Comments by Best Book Award Committee 2013 (Martin Heisler, Pei-te Lien, and Daniel Tichenor), Migration and Citizenship Section, American Political Science Association "[T]he book is an important call to compromise in a policy area that is plagued by factions. Its central plea--to take migrants' interests seriously, by acknowledging that sometimes they require a temporary suspension of certain rights--is an important one for both academia and policy."--Meghan Benton, European Journal of Development Research "Could development and the objective of promoting more migration justify some restrictions to human rights? These, as Ruhs clearly shows, are value-loaded questions that economists or experts cannot answer. Such questions must be the object of political debates through which societies define their values. The Price of Rights goes about as far as an academic work can go in framing this important debate."--Benoit Mayer, Human Rights Law Review "The Price of Rights is enlightening and provoking. Its breadth is deep."--Oxford Journals "Martin Ruhs has produced a volume destined to become a key reference for anyone interested in the regulation of labor migration."--Hania Zlotnik, International Migration ReviewTable of ContentsAcknowledgments vii Abbreviations xi Chapter 1 The Rights of Migrant Workers: Reframing the Debate 1 * Aims and Approach of the Book 2 * Outline of the Chapters and Main Arguments 4 * Terminology and Scope of This Book 10 Chapter 2 The Human Rights of Migrant Workers: Why Do So Few Countries Care? 13 * International Migrant Rights Conventions 13 * Ratification: Record and Obstacles 16 * Effectiveness 22 * Migrant Rights, Citizenship Rights, and Immigration Policy 23 Chapter 3 Nation-States, Labor Immigration, and Migrant Rights: What Can We Expect? 26 * The Objectives of Labor Immigration Policy 26 * Constraints and Variations in the Migration State 33 * Three Hypotheses 39 Chapter 4 An Empirical Analysis of Labor Immigration Programs in Forty-Six Countries 53 * Existing Research and the Scope of My Analysis 53 * Indicators for Measuring Openness to Labor Immigration 59 * Indicators for Measuring Migrant Rights 65 * Methods, Data, and Limitations 71 * Openness to Labor Immigration 74 * Migrant Rights 80 * Summary of Findings 87 Chapter 5 Regulating the Admission and Rights of Migrant Workers: Policy Rationales in High-Income Countries 91 * Explaining Greater Openness to Higher-Skilled Migrant Workers 91 * Why More Rights for Skilled Migrant Workers? 104 * Explaining Trade-Offs between Openness and Rights 111 * The National Interest: Expected Impacts Drive Labor Immigration Policies 120 Chapter 6 Labor Emigration and Rights Abroad: The Perspectives of Migrants and Their Countries of Origin 122 * Migrants: Emigration, Rights, and Human Development 122 * Sending Countries: Interests and Policy Choices 134 * Engaging with Trade-Offs 152 Chapter 7 The Ethics of Labor Immigration Policy 154 * What Consequences Should National Policymakers Care about, and for Whom? 156 * The Ethics of Temporary Labor Immigration Programs 166 * What Rights Restrictions Are Justifiable, and for How Long? 172 * Making Temporary Migration Programs Work 178 * Summary: The Case for Tolerating Some Trade-Offs between Openness and Rights 185 Chapter 8 The Price of Rights: What Next for Human Rights-Based Approaches to International Labor Migration? 187 * Blind Spots and Unintended Consequences of Human Rights 189 * UN Agencies' Reluctant Engagement with the Price of Rights 191 * Reframing the Human Rights-Based Approach to Migration 196 * Open Debate 199 Appendix 1 Tables A.1-10 201 Appendix 2 Overview of Openness Indicators 217 Appendix 3 Overview of Migrant Rights Indicators 221 References 227 Index 243

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Trade Review"There are few books on the structure and governance of equity markets, and even fewer that can be enjoyed by new and experienced readers . . . Mattli’s sets a high standard."---David Murphy, Open Letters Review"Mr Mattli’s book is a delightful chronicle of the changes in the way trading-related information has flowed"---Namit Gupta, Business Standard"What Mattli shows in his study of the New York Stock Exchange is that, prior to 1970, it is quite possible to believe that capitalists did behave with a degree of honour and regard for the public good in the way they conducted business."---Don Flynn, Chartist"Mattli’s book is both lucid and short, two priceless qualities in discussing market structure."---David Morris, Financial News

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Book SynopsisTrade Review"A succinct elaboration of core ideas and a complex web of insightful underpinnings. It is a valuable and timely research."---Gouranga Gopal Das, Asian-Pacific Economic Literature"The book is a thought-provoking study analysing the complicated relationship between history, politics, and economics. . . . Pomfret provides country-specific analyses with enough detail, which can also serve as a springboard for students who would like to specialise in the Central Asia region to conduct further in-depth academic research."---Özge Söylemez, Rest Journal

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