Public finance and taxation Books

Book SynopsisMaster today's most current tax concepts and tax law with Young/Nellen/Persellin/Lassar/Cuccia/Cripe's SOUTH-WESTERN FEDERAL TAXATION 2025: INDIVIDUAL INCOME TAXES, 48th Edition, and accompanying professional tax software. Updates emphasize recent tax changes impacting individuals and financial statements. Examine updates and reforms to 2024 tax laws as you learn to work with individual taxation and the Form 1040. Examples, summaries and tax scenarios clarify concepts and sharpen critical-thinking, writing and research skills. Sample exam questions from Becker C.P.A. Exam Review help you study. Each new book includes access to Intuit ProConnect tax software, Checkpoint Edge (Student Edition) from Thomson Reuters and CNOWv2. Use this introduction to prepare for the C.P.A. exam, Enrolled Agent exam or further your career in tax accounting, financial reporting or auditing.

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Book SynopsisIt’s time to rewrite the rules—to curb the runaway flow of wealth to the top one percent, to restore security and opportunity for the middle class and to foster stronger growth rooted in broadly shared prosperity.Trade Review"The secret truth about economic inequality in America: once you look at the issue this way, it’s hard to think of it any other way." -- Time"An aggressive blueprint for rewriting 35 years of policies [that] have led to a vast concentration of wealth among the richest Americans and an increasingly squeezed middle class." -- The New York Times"this is a beautifully written book, and one that can be read in an afternoon. It is short and to the point, a clear, concise and up-to-date book." -- Times Higher Education

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Book SynopsisThe long awaited revision of a classic text by an expert author team.

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Book SynopsisIn the developed and developing world, taxing certain kinds of activities, sectors or individuals - the so-called "hard-to-tax" - is a challenge for governments. This volume's goal is to take a hard, objective look at the different aspects of taxing the hard-to-tax, as well as at a variety of approaches that have been employed around the world.Table of ContentsI. The landscape of the hard-to-tax (J. Alm, J. Martinez-Vazquez, S. Wallace).; II. The many dimensions of the hard-to-tax.; "sizing" the problem of the hard-to-tax (J. Alm, J. Martinez-Vazques, F. Schneider).; Measuring hard-to-tax income by tax compliance and national accounts information changes in the hard-to-tax over time (F. Vaillancourt). Discussion: Laura Sour; III. Can, and should, the hard-to-tax be taxed?; Presumptive taxation of the hard-to-tax (V. Thuronyi).; Is it really so hard to tax the hard-to-tax? The context and role of presumptive (R. Bird, S. Wallace). Discussion: William Randolph; IV. Reaching the hard-to-tax. Mapping the U.S. tax compliance continuum (B. Erard, C.-C. Ho). Costs and benefits of marginal reallocation of tax agency resources in pursuing the hard-to-tax (D. Romanov). Discussion: Mark Rider; V. Sector experiences in the taxation of the hard-to-tax. Sales taxation in a global economy (W. Fox, M. Murray). Tackling agriculture in a developing country: A possible approach (I. Rajaraman). Discussion: Kelly Edmiston; VI. Country experiences for the taxation of the hard-to-tax. Creating a favorable tax environment for small business (M. Engelschalk). Taxing the urban unrecorded economy in Sub-Saharan Africa (C. Araujo-Bonjean, G. Chambas). Discussion: Milka Casanegra; VII. Strategies for taxing the hard-to-tax in the 21st Century. Reaching the hard-to-tax: Consequences and possibilities (R. Bahl).

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Book SynopsisThis collection of material on the subject of international comparisons is divided into two main sections: The papers in Part I relate to empirical studies of different sectoral and national income aggregates at both regional and global levels, while the papers in Part II deal with methodological and analytical issues.Table of ContentsINTRODUCTION TO THE SERIES. Preface. List of Figures. List of Boxes. List of Tables. Corruption, Fiscal Policy, and Fiscal Management. The Economics of Corruption. Regional Patterns of Corruption Around the World. Fiscal Dimensions of Corruption. Fiscal Response to Reduce Corruption. A Case Study in Corruption and Anticorruption Responses. Summary, Policy Lessons, and Practical Guidelines. References. Subject Index.

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Book SynopsisContains papers describing developments at the frontiers of microsimulation modelling, and draws upon experiences in a wide range of countries. Some papers in this book aim to share with other modellers, experience gained in designing and running microsimulation models and their use in government policy formulation.Table of ContentsIntroduction and overview (A. Harding). Part 1: Static Models and Applications. Microsimulation of direct taxes and fiscal policy in the United Kingdom (R. Eason). Microsimulation modelling experience at the Canadian department of finance (A. Gupta, V. Kapur). Microsimulation in comparative social policy analysis: A case study of unemployment schemes for Belgium and The Netherlands (L. De Lathouwer). Including consumption expenditure and welfare services in a microsimulation model (A. Salomaki). The use of microsimulation to update poverty statistics based on household budget surveys: a pilot study for the United Kingdom (K. de Vos, M.A. Zaidi). Part 2: Incorporating Behavioural Response. A microsimulation approach to the demand for day care for children in Denmark (H. Baekgaard). Modelling consumer behavioural response to commodity tax reforms (E. Symons, N. Warren). Market and non-market labour supply and the impact of the recent German tax reform - incorporating behavioural response (J. Merz). Direct and behavioural effects of income tax changes - simulations with the Swedish model microhus (A. Klevmarken, P. Olovsson). Part 3: Lifetime and Retirement Incomes. Poverty alleviation vs social insurance systems: A comparison of lifetime distribution (J. Falkingham, A. Harding). Social security and lifetime income redistribution: A microsimulation approach (J.H.M. Nelissen). Microsimulation of pension reform proposals: Modelling the earnings of couples (H.P. Galler). Pension analysis in a static model with lifetime income distribution: Initial results (B. Eklind et al.). The future burden of public pension benefits: A microsimulation study (L. Andreassen et al.). Part 4: Micro/Macro Links and Firm Behaviour. Forecasting changes in the distribution of income: An applied general equilibrium approach (G.A. Meagher). XECON: An experimental/evolutionary model of economic growth (M. Wolfson). Endogenous economic growth through selection (G. Eliasson). Firm sponsored training, technical progress and aggregate performance in a micro-macro model (G. Ballot, E. Taymaz). Part 5: Models and Data. Centralised data management: Can it help micro-modellers? (K. Blackburn, W. Richter). Statistical reliability in microsimulation models with econometrically-estimated behavioural responses (S. Pudney, H. Sutherland). Health, wealth, pensions and life paths: The corsim dynamic microsimulation model (S. Caldwell). Index. Notes on contributors.

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Book SynopsisLibertarian-conservative solutions to the political, social, economic and tax issues facing the United States from a 2012 Third Party Presidential contender, as well as one of America''s leading Tea Party political leaders In today''s uncertain economy, people are growing more and more concerned about their financial future, and looking for common sense, limited government solutions. In The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts, 2008 Libertarian Party Vice Presidential nominee Wayne Allyn Root presents a passionate case for smaller government; dramatically reduced spending and taxes; States'' Rights; free markets; adherence to the Constitution; an end to the Fed; a ban of bailouts, stimulus, earmarks, pork and corporate welfare; economic and personal freedom; and a return of power to the people, just as the Founding Fathers intended. The book Explains why Obama''s big government solutions areTrade Review"In your heart, you know he's right. Channeling Barry Goldwater for a modern audience, Root does a great job of adapting his mentor's classic for 21st century America. My guess is that the principles of Goldwater, shepherded by Root, will be a benchmark for reform in this age of political and economic crisis." —-Peter Schiff, President, Euro Pacific Capital, Author of Best-Seller "Crash Proof" "Root takes no prisoners, leaves no doubt how the disaster came to be; Root names-names but blames both Democrat and Republican administrations for over-spending, inflating the size and reach of government and creating a welfare state that is a form of slavery even as it continues to bleed taxpayers. Root has solutions. To me, he's the only candidate who's articulate, powerful in presentation, and RIGHT. He presents his views with vigor and clarity on every occasion. He comes across great because he speaks truth from the heart, of America, to America, for America." — Dr. John Hospers, First Libertarian United States Presidential Candidate; Professor Emeritus of Philosophy, University of Southern California "Wayne Allyn Root (WAR) means business. In "The Conscience of a Libertarian," he is declaring WAR on big government, big spending, big taxes, big unions, big business, arrogant career politicians, lawyers, lobbyists, and the media elite. What a refreshing change to read the words and ideas of a small businessman, homeschool dad, son of a butcher, and citizen statesman. This book is a must read for libertarians, conservatives, disillusioned Republicans, independents, and anyone who wants to cut the size and scope of government dramatically, and return power to individuals. Instead of just criticisms, Wayne provides common-sense solutions for limited government, economic and personal freedom, and protecting our Constitution. I can feel our Founding Fathers looking down and smiling." —-Judge Andrew P. Napolitano, Fox News Channel, Senior Judicial Analyst; Host of "Brian and the Judge" on FOX News Radio and "FreedomWatch" on FOXNews.com Table of ContentsAcknowledgments. Publisher's Note. Introduction: Citizen Politician—Citizen Revolution. Part One: A Revolution Is Brewing. Chapter 1 It's All Familiar: The Journey Begins with Barry Goldwater. Chapter 2 The Libertarian Model: Meet the Original Rebels with Pitchforks. Chapter 3 My Libertarian Awakening. Chapter 4 Republicans & Democrats - Big and Bigger, Dumb and Dumber. Chapter 5: The Battered Voter Syndrome. Chapter 6 The Citizen Revolution - The Army of Rebels with Pitchforks. Chapter 7 God and Government - Be Careful What You Wish For! Part Two: Let's Talk Money and Politics. Chapter 8 The Nevada Model - Showing America How It’s Done! Chapter 9 Obama vs. Root - Why We Need a Small Businessman in the White House. Chapter 10 The California Nightmare - Why California Leads the Nation in Deficit, Debt and Out-Migration. Chapter 11 Let the Obama Disaster Begin - A Toxic Brew of Big Government, Big Bureaucracy, Big Unions and Lots of Lawyers! Chapter 12 The Big Auto Bailout Adventure. Chapter 13 Government Employee Unions Gone Wild. Chapter 14 The Taxpayers Union - Stoking the Citizen Revolution. Part Three: Solutions for the Mess We Are In. Chapter 15 The Ultimate Spending Solution: Constitutional Impoundment. Chapter 16 Eliminating Federal Taxes and the IRS. Chapter 17 Eradicating Capital Gains: Why Liberal Politicians Want to Keep Older Americans Working Forever! Chapter 18 Destroying the Fed Before the Fed Destroys Us. Chapter 19 Term Limits: Stopping the Insanity. Chapter 20 The Magnificent Seven (Times Two): Putting the Citizen Back in the "Citizen Legislature". Chapter 21 Government in Rehab: Outting Our Little Addiction Problem. Chapter 22 The Greatest Economic Stimulus Plan Ever! Part Four: Protecting and Preserving our Inalienable Civil Liberties. Chapter 23 Welcome to the Nanny States of America! Chapter 24 Education: The Civil Rights (and Economic) Issue of the Twenty-First Century. Chapter 25 The Answer to the Health Care Crisis: Less Government, More Freedom! Chapter 26 The Audacity of Affirmative Action Chapter 27 Stop the Global Warming Insanity: Facing the Real Global Threat. Chapter 28 The Common Sense Answer to the Energy Crisis: Less Government, More Entrepreneurship! Chapter 29 The End of Prohibition: Why Gamblers Will Empower the Citizen Revolution. Chapter 30 The Inalienable Right to Pursue Happiness: “If It Is To Be, It Is Up To Me”. Parting Words: Relentless! The Root Revolution! About the Author. Index.

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Book SynopsisLooks at the way we tax the poor in the United States, particularly in the American South, where poor families are often subject to income taxes, and where regressive sales taxes apply even to food for home consumption. This book argues that these policies contribute in unrecognized ways to poverty-related problems.Trade Review"Impressive ... straightforward, compelling, and well-documented... This is an important book-for lots of reasons." -- Daniel T. Lichter, Cornell University American Jrnl Of Sociology "Recommended." -- R.S. Rycroft ChoiceTable of ContentsList of Illustrations List of Tables Preface Acknowledgments 1. The Evolution of Southern Tax Structures 2. Barriers to Change: Inertia, Supermajorities, and Constitutional Amendments 3. The Geography of Poverty 4. Tax Traps and Regional Poverty Regimes 5. The Bottom Line Conclusion: Are We Our Brothers' Keepers? Appendix I. How Many Lags of X? by Scott M. Lynch Appendix II. Tables Notes Index

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Book SynopsisTwo economists take readers on a tour of the economics of legal and illegal weed, showing where cannabis regulation has gone wrong and how it could do better. Cannabis legalization hasn't lived up to the hype. Across North America, investors are reeling, tax collections are below projections, and people are pointing fingers. On the business side, companies have shut down, farms have failed, workers have lost their jobs, and consumers face high prices. Why has legal weed failed to deliver on many of its promises?Can Legal Weed Win? takes on the euphoric claims with straight dope and a full dose of economic reality. This book delivers the unadulterated facts about the new legal segment of one of the world's oldest industries. In witty, accessible prose, economists Robin Goldstein and Daniel Sumner take readers on a whirlwind tour of the economic past, present, and future of legal and illegal weed. Drawing upon reams of data and their own experience working with California cannabis Trade Review"In this lucid and pragmatic analysis, U.C. Davis economists Goldstein and Summer extinguish overheated predictions about the potential size and profits of the legal marijuana market. . . . Jargon-free and data-rich, this is a clear-eyed analysis of a hazy market." * Publishers Weekly *“Economists Goldstein and Sumner argue that government bureaucracy has made legal pot expensive to grow and sell, incentivizing illegal operations instead. Legal weed, their punny, breezy book shows, can only win once 'legal' isn’t an anticompetitive word.” * Bloomberg Businessweek *"An excellent primer on the state of the cannabis industry in America today." * Jacobin *"Explains how burdensome licensing requirements, regulations, and taxes have frustrated plans to displace the black market." * Reason *"Written in a fun, witty tone that makes reading about finances more engaging than ever." * CBD Oracle *Table of ContentsContents Preface: Fear and Stoning in Las Vegas Acknowledgments 1 We Call It Weed 2 Legal versus Illegal: A Market Battle 3 Prices Get High 4 We Ask Our Data: Where’s the Cheapest Legal Weed? 5 California Dreamin’ 6 Sabrina’s Story 7 Legal Weed in 2050 8 How to Survive Legalization Conclusion: Five Pipe Dreams about Legal Weed Bibliography Index

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Book SynopsisTwo economists take readers on a tour of the economics of legal and illegal weed, showing where cannabis regulation has gone wrong and how it could do better. Cannabis legalization hasn't lived up to the hype. Across North America, investors are reeling, tax collections are below projections, and people are pointing fingers. On the business side, companies have shut down, farms have failed, workers have lost their jobs, and consumers face high prices. Why has legal weed failed to deliver on many of its promises?Can Legal Weed Win? takes on the euphoric claims with straight dope and a full dose of economic reality. This book delivers the unadulterated facts about the new legal segment of one of the world's oldest industries. In witty, accessible prose, economists Robin Goldstein and Daniel Sumner take readers on a whirlwind tour of the economic past, present, and future of legal and illegal weed. Drawing upon reams of data and their own experience working with California cannabis Trade Review"In this lucid and pragmatic analysis, U.C. Davis economists Goldstein and Summer extinguish overheated predictions about the potential size and profits of the legal marijuana market. . . . Jargon-free and data-rich, this is a clear-eyed analysis of a hazy market." * Publishers Weekly *“Economists Goldstein and Sumner argue that government bureaucracy has made legal pot expensive to grow and sell, incentivizing illegal operations instead. Legal weed, their punny, breezy book shows, can only win once 'legal' isn’t an anticompetitive word.” * Bloomberg Businessweek *"An excellent primer on the state of the cannabis industry in America today." * Jacobin *"Explains how burdensome licensing requirements, regulations, and taxes have frustrated plans to displace the black market." * Reason *"Written in a fun, witty tone that makes reading about finances more engaging than ever." * CBD Oracle *Table of ContentsContents Preface: Fear and Stoning in Las Vegas Acknowledgments 1 We Call It Weed 2 Legal versus Illegal: A Market Battle 3 Prices Get High 4 We Ask Our Data: Where’s the Cheapest Legal Weed? 5 California Dreamin’ 6 Sabrina’s Story 7 Legal Weed in 2050 8 How to Survive Legalization Conclusion: Five Pipe Dreams about Legal Weed Bibliography Index

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Book SynopsisShould government's power to tax be limited? The events of the late 1970s in the wake of California's Proposition 13 brought this question very sharply into popular focus. Providing a serious analysis of these issues, this 1980 book offers an approach to the understanding and evaluation of the fiscal system, one that yields profound implications.Table of ContentsPreface; 1. Taxation in constitutional perspective; 2. Natural government: a model of Leviathan; 3. Constraints on base and rate structure; 4. The taxation of commodities; 5. Taxation through time: income taxes, capital taxes, and public debt; 6. Money creation and taxation; 7. The disposition of public revenues; 8. The domain of politics; 9. Open economy, federalism, and taxing authority; 10. Toward authentic tax reform: prospects and prescriptions; Epilogue; Notes; Selected bibliography; Index.

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Book SynopsisA Course in Public Economics, first published in 2004, explores the central questions of whether or not markets work, and if not, what is to be done about it. The first part of the textbook, designed for upper-level undergraduates and first-year graduate students, begins with an extended discussion of the two theorems of welfare economics. These theorems show that competitive markets can give rise to socially desirable outcomes, and describe the conditions under which they do so. The second part of the book discusses the kinds of market failure - externalities, public goods, imperfect competition and asymmetric information - that arise when these conditions are not met. The role of the government in resolving market failures is examined. The limits of government action, especially those arising from asymmetric information, are also investigated. A knowledge of intermediate microeconomics and basic calculus is assumed.Table of ContentsPart I. Markets; Section 2. The Exchange Economy; Part II. Externalities; Section 6. Externalities and Negotiation; Part III. Public Goods; Section 10. Pure Public Goods; Part IV. Imperfect Competition; Section 14. Monopoly; Part V. Taxation and Efficiency; Section 16. Taxation; Part VI. Asymmetric Information and Efficiency; Section 19. Asymmetric Information; Part VII. Asymmetric Information and Income Redistribution; Section 23. The Distribution of Income.

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Book SynopsisThe New Fiscal Sociology demonstrates that the study of taxation can illuminate fundamental dynamics of modern societies. The sixteen essays in this collection offer a state-of-the-art survey of the new fiscal sociology that is emerging at the intersection of sociology, history, political science, and law.Trade Review"The New Fiscal Sociology presents a fantastic collection of essays written and edited by a group of first-rate scholars. The essays explore taxation from a range of perspectives including history, economics, political science, law, and sociology and in doing provide readers with a fascinating account of the development of the tax laws and their implication for modern society. The collection is truly a "must-read" for scholars, graduate students, and others interested in fiscal matters." --Nancy Staudt, Professor of Law, Class of 1940 Research Professor of Law, Northwestern University School of Law"Writings on an emerging cross-disciplinary field that examines such issues as the social bases and impact of taxation...." --The Chronicle of Higher EducationTable of ContentsPreface Charles Tilly; 1. The thunder of history Isaac William Martin, Ajay K. Mehrotra and Monica Prasad; 2. 'The unfair advantage of the few' Joseph J. Thorndike; 3. What Americans think of taxes Andrea Louise Campbell; 4. Read their lips Fred Block; 5. Making taxes the life of the party Christopher Howard; 6. The politis of demanding sacrifice Evan S. Lieberman; 7. The end of the strong state Eisaku Ide and Sven Steinmo; 8. War and taxation Naomi Feldman and Joel Slemrod; 9. Liberty, democracy, and capacity Robin L. Einhorn; 10. Extraction and democracy Charles Tilly; 11. Improving tax administration in contemporary African states Edgar Kiser and Audrey Sacks; 12. Adam Smith and the search for an ideal tax system Beverly Moran; 13. Where's the sex in fiscal sociology? Edward McCaffery; 14. The Shoup mission to Japan W. Elliot Brownlee; Epilogue: A renaissance for fiscal sociology John L. Campbell.

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Book SynopsisThe world of modern capitalism is a global network both of corporations and of cities -- a world command citiesa such as New York, London and Tokyo; a specialized command citiesa which concentrate on particular industries, such as Detroit; a state command citiesa such as Washington and Brasilia; and so on.Table of ContentsPart I Introduction 1 Cities and the New International Division of Labor: An Overview 3 Part II Theoretical Perspectives: The Global Economy, the State and the City 2 World-System Theory and the Study of Comparative Urbanization 37 3 Cities and the International Division of Labor 66 4 Urban Theory Reconsidered: Production, Reproduction and Collective Action 87 Part III Economic Restructuring in Cities: A Global Perspective 5 The Politics of Dependency in Deindustrializing America: The Case of Buffalo, New York 113 6 Growth and Informalization at the Core: A Preliminary Report on New York City 138 7 Detroit and Houston: Two Cities in Global Perspective 155 8 Economic Restructuring and the Internationalization of the Los Angeles Region 178 9 Lima and the New International Division of Labor 199 Part IV State Responses to Global Restructuring 10 The State, Capital and Urban Change in Britain 215 11 Plant Closures in Socialist France 237 12 Urbanization, the Informal Economy and State Policy in Latin America 252 Part V Local Responses to Global Restructuring: Community, Household and Urban Politics 13 Community and Corporations in the Restructuring of Industry 275 14 Urban Survival Strategies, Family Structure and Informal Practices 297 15 Local Mobilization and Economic Discontent 323 16 Restructuring and Popular Opposition in West German Cities 343 17 Urban Protest and the Global Political Economy: The IMF Riots 364 List of Contributors 387 Index 389

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Book SynopsisThe author offers an approach to the study of both debt and development, focusing on the international debt crisis of the 1980s and 1990s, and its economic and geopolitical consequences.Table of ContentsList of Tables. List of Figures. List of Abbreviations. Acknowledgements. One: Introduction. Part I: Describing the Debt Crisis-A Standard Narrative Account:. Two: The Debt Crisis: a Standard Narrative Account. 1. Introduction. DATA AND DEFINITIONS. 2. Data Sources. 3. Definitions. THE DEBT CRISIS TAKES SHAPE. 4. Debt Trends: 1945-1982. 5. The Crisis: 1982-1983. DEBT CRISIS MANAGEMENT. 6. Containment, Adjustment and Austerity. 7. The Baker Plan: Adjustment with Growth. 8. Brady and the Market-menu Approach. Part II: Decoding the Debt Crisis: Discourses on Debt and Development:. Three: The Debt Crisis: A system-stability Perspective. 1. Introduction. 2. Subjective Perspectives, Invisible Hands and Spontaneous Orders. 3. The Counter-revolution in Development Theory and Policy. 4. The Debt Crisis: Two System-stability Models. 5. Policing the Debt Crisis. 6. Conclusion and Critique. Four: The Debt Crisis: a System-correction Perspective. 1. Introduction. 2. Keynesianism-Pragmatism. 3. Keynesian Development Studies. 4. Debt and Development. 5. Policies for Debt Crisis Management. 6. Conclusion and Critique. Five: The Debt Crisis: a System-instability Perspective. 1. Introduction. 2. Marxism and Radical Political Economy. 3. Radical Development Studies. 4. Debt and Development Crisis. 5. Policing the Debt Crisis. 6. Conclusion and Critique. Six: Conclusion. Bibliography. Index.

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Book SynopsisChanges in longevity, marriage, and the workplace have undermined Social Security, making the experience of old age increasingly unequal. Anne Alstott’s pragmatic, progressive revision would permit all Americans to retire between 62 and 76 but would provide generous early retirement benefits for workers with low wages or physically demanding jobs.Trade ReviewThis book reinforces Alstott’s stellar reputation in the legal academy and makes a significant contribution to one of the most important public policy debates of our era. Essential reading. -- Rob Reich, Stanford UniversityAn innovative and well-thought-out approach to the challenge of creating an affordable and sensible Social Security system for the foreseeable future. -- Daniel Halperin, Harvard Law SchoolWhat makes [Alstott’s] book so important is that it addresses the reality that Americans in the aggregate are living longer, healthier lives than in the past…Alstott’s proposal is a clever way of redirecting Social Security benefits toward the disadvantaged without explicitly using means-testing to accomplish that goal…Alstott’s rich sets of proposals are part of an important, emerging conversation on the need to adjust America’s social safety net for the modern labor market, the modern family, and a modern aging population. -- Chris Farrell * Next Avenue *

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Book SynopsisTo understand the 2008 financial crisis, Neil Fligstein looks to the business models of the big US banks. He shows how firms got hooked on mortgages—originating them, securitizing them, selling those securities, and even buying the same securities. In time their addiction nearly collapsed the economy.Trade ReviewNeil Fligstein’s new book reads like a financial crime novel, but with a twist. Instead of asking ‘who done it?’ we are told up front that the banks did it, and the real mystery concerns why they did it, when they did it, and how it produced a global crisis in 2008. Why did US banks become so deeply involved in industrial-scale origination and securitization of home mortgages? Who would loan money to borrowers that almost certainly couldn’t repay? Why didn’t banks change course when it became clear that the bubble was about to burst? Fligstein weaves together a huge amount of evidence as he identifies key turning points, refutes simplistic explanations, and presents a coherent and sophisticated account of an extraordinarily consequential sequence of events. -- Bruce G. Carruthers, Northwestern UniversityFligstein is the most influential economic sociologist at work today. Hands down. He is also one of the most successful sociological discipline-spanners, with wide influence outside of sociology. This eminently readable book will be of great interest beyond sociology, to historians, political scientists, and economists. The Banks Did It is erudite, carefully researched, and powerfully argued. It does not disappoint. -- Frank Dobbin, Harvard UniversityWell-structured, well-evidenced, attractively written, and based on over a decade of research, The Banks Did It is a brilliant work by a scholar who has reshaped how we should think about markets. -- Donald MacKenzie, University of EdinburghIn this incisive and exceptionally clear book, Neil Fligstein describes how government action unwittingly helped shift the business model of American banks from long-term customer relations towards fee-based activities anchored in mortgage origination and securitization. By the mid-2000s, every part of US financial organizations was oriented to maintaining this pipeline, at the cost of considerable risk-taking and even fraud. By offering a long-term view of the lead-up to the 2008 financial crisis, Fligstein shows exactly how the banks, really, ‘did it’—and also lays blame at the feet of monetary experts and authorities, who never saw it coming. -- Marion Fourcade, University of California, BerkeleyA rich, deep, and comprehensive account of the financial crisis, arguing that the world the banks constructed and how they profited from it are at the core of what happened…Represents an important advance in our understanding of the financial crisis of 2007–2008. Readers, be they organizational theorists or anyone who has a stake in preventing the next financial crisis, will walk away better informed of how the crisis was produced, why it spread so fast and so deeply, and how regulators missed what was happening. -- Lori Yue * Administrative Sciences Quarterly *

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Book SynopsisThis volume presents seven theoretical essays examining the effects of capital income taxation on the behavior of firms. It examines optimal tax design, firm financial policy, and inflation. The essays demonstrate the powerful role taxes play in shaping the behavior of American corporations, and also provide insights into the task of tax reform.Table of Contents* Preface * Introduction I. Optimal Capital Taxation and Investment Incentives * he Optimal Taxation of Heterogeneous Capital * Tax Neutrality and the Social Discount Rate * Efficient Design of Investment Incentives II. Taxation and Corporate Finance * Share Valuation and Corporate Equity Policy * Wealth Maximization and the Cost of Capital II. Inflation and the Firm * Inflation and the Tax Treatment of Firm Behavior * Inflation and the Choice of Asset Life * Index

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Book SynopsisMitchel Abolafia goes behind the scenes with the Federal Reserve’s powerful Open Market Committee as it responded to the 2008 financial crisis. Relying on verbatim transcripts of closed meetings, Abolafia shows how assumptions about self-correcting markets stymied the Fed and how its leaders came to embrace new ideas.Trade ReviewAbolafia peels back the technocratic veneer and exposes to the reader how deeply social the Fed decision-making body truly is…A refreshing take on the financial crisis…This book reveals the limits of our civic institutions, not only in their interpretive capacity as social bodies but also in the face of political pressure. -- Derek Harmon * Administrative Science Quarterly *This is a great book…Those who are interested in the history of monetary policy will take away many important lessons about the Fed, and how the Fed’s leaders and the institution itself, learned to adapt their policies to the new economic paradigm it faced. -- Harvey Rosenblum * Business Economics *A detailed analysis of how the Federal Reserve transformed itself from a passive to an active regulator of the financial market…A fascinating read for researchers in economic, political, and comparative/historical sociology…Abolafia elegantly decodes the economic jargon with a page-turning narrative. -- Ken-Hou Lin * Contemporary Sociology *Mitchel Abolafia is known as the pioneer of the modern sociology of finance. In this book, his magnum opus, he uses the protocols from the meetings of the Federal Reserve to analyze how its members thought and deliberated during the financial crisis of 2008. As the reader will find out, by having this single focus, the author is able to provide several new puzzle pieces to what actually happened during this momentous event. -- Richard Swedberg, author of The Art of Social TheoryThe Federal Open Market Committee is one of the most important decision-making bodies in the world. Its officials must gaze into the uncertain world of the economy and try to predict what might happen next. Stewards of the Market unpacks the black box of their deliberations by focusing on how they came to understand the financial crisis of 2008. This fascinating book should be of interest to anyone who wants to understand how the Federal Reserve missed the crisis but saved the economy. -- Neil Fligstein, author of The Transformation of Corporate ControlThis riveting book shows, in real time and in great detail, how members of the Federal Reserve tried to make sense of the 2008 financial crisis. Abolafia shows that for all of their immense knowledge, the Fed’s members found themselves relying on culturally-defined scripts and grasping at straws, blinded by an almost religious faith in the self-correcting character of the financial markets. Yet unlike many critics, Abolafia treats his subjects with respect, acknowledging the enormity of the difficulties they faced. This book is essential reading for anyone who hopes to understand the previous crisis, as well as those hoping to prevent the next one. -- Mark Mizruchi, author of The Fracturing of the American Corporate Elite

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Book SynopsisIn the fall of 2008, fifteen of the world's leading economists - representing the broadest spectrum of economic opinion - gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform. This title distills the wealth of insights from the collaboration that began at these meetings.Trade ReviewRobert J. Shiller, Co-Winner of the 2013 Nobel Prize in Economics Raghuram Rajan, Winner of the Deutsche Bank Prize in Financial Economics 2013, The Center for Financial Studies "If you asked me to recommend one thing to read on reforming financial regulation, [The Squam Lake Report] would be it."--Clive Crook, The Atlantic "The Squam Lake Report [is] a slim volume that contains the best prescriptions of the brightest minds of economics about how to save the financial system."--Heidi N. Moore, CNNMoney.com "The Squam Lake Report is a slight volume of ten chapters and just 157 pages--practically anorexic by the standards of many tomes about the credit crunch--but it makes heavyweight claims. It is the product of 15 of the leading financial economists in the United States, who first met on a weekend retreat to New Hampshire's remote and scenic Squam Lake, and offers their prescriptions for regulatory reform to stave off future collapses."--New Statesman "Fifteen prominent academic US economists developed this concise set of recommendations for financial regulation reform in Fall 2008 in a desire to prevent a recurrence of the financial crisis that developed in 2007 and whose effects continue to the present. The introductory chapter provides an excellent summary of the cascade of financial catastrophes precipitated initially by losses on mortgage-backed securities... [A] useful volume for its historical overview and coverage of key issues."--Choice "The Squam Lake Report is an important book in a growing library of commentary on the worst financial crisis since the Depression. It delivers good and clearly written recommendations and reviews most of the key issues surrounding the crisis."--Mark S. Rzepczynski, Financial Analysts JournalTable of ContentsPreface vii Acknowledgments xi Chapter 1: Introduction 1 Chapter 2: A Systemic Regulator for Financial Markets 33 Chapter 3: A New Information Infrastructure for Financial Markets 44 Chapter 4: Regulation of Retirement Savings 53 Chapter 5: Reforming Capital Requirements 67 Chapter 6: Regulation of Executive Compensation in Financial Services 75 Chapter 7: An Expedited Mechanism to Recapitalize Distressed Financial Firms: Regulatory Hybrid Securities 86 Chapter 8: Improving Resolution Options for Systemically Important Financial Institutions 95 Chapter 9: Credit Default Swaps, Clearinghouses, and Exchanges 109 Chapter 10: Prime Brokers, Derivatives Dealers, and Runs 122 Chapter 11: Conclusions 135 List of Contributors 153 Index 157

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Book SynopsisTaxation in Colonial America examines life in the thirteen original American colonies through the revealing lens of the taxes levied on and by the colonists. Spanning the turbulent years from the founding of the Jamestown settlement to the outbreak of the American Revolution, Alvin Rabushka provides the definitive history of taxation in the coloniaTrade ReviewSpecial Recognition in the 2009 Fraunces Tavern Museum Book Awards "Running to nearly a thousand pages, this massive compendium of Colonial American tax data draws together disparate primary and secondary sources in an impressive feat of scholarship. Rabushka provides context for the wealth of public finance detail through a constitutional history ranging from the Magna Carta, through the early Colonial charters and Parliament's subordination of the monarchy, the Parliament's final confrontations with the increasingly assertive Colonies... Encyclopedia, with much narratives committed to tax listings, this volume is a valuable resource for research."--R. S. Hewett, Choice "[T]hanks to Rabushka's work, more can now be done on the history of trans-Atlantic connections. The originality of this book is in its mastery of the printed secondary and primary works, thus offering the most definitive resource to date on the subject of taxation in colonial America."--William J. Ashworth, Enterprise & Society "Alvin Rabushka has written an extraordinary history of early American taxation. Weighing in at 3 pounds, 5 ounces, and running to almost 1,000 pages, it's a big book. But it needs to be, for this is historical work on a grand scale. Rabushka has managed to compress into a single volume a detailed history of the colonial tax systems between the settlement of Jamestown and the beginning of the Revolutionary War. It's an extraordinary accomplishment."--Joseph J. Thorndike, Tax Notes "Makes an enormously significant contribution to scholarship on the British North American colonies. Every university with an active graduate program, plus all the major independent research centers, should add this jewel to their library holdings. Alvin Rabushka has produced an astonishing and overwhelming labor of love, and colonial historians will remain forever in the author's debt for his prodigious research on the various tax systems in the thirteen colonies from 1607 through 1775... This handsomely produced volume could become the standard reference on colonial taxation for the next thousand years. Yes, that long."--Edward J. Perkins, Journal of American History "The volume is one that scholars will find enduringly useful."--American Historical Review "Written for the average layperson without a detailed knowledge of history or taxation, the book is certain to become a standard in the field."--Stephanie Towery, Law Library Journal "Every scholar of colonial America should have this book on their shelf."--Farley Grubb, Journal of Imperial and Commonwealth History "Rabushka's work is encyclopedic in scope, thorough and fastidious in its mobilization of both tax-history scholarship and primary sources on colonial finance, and probing in its analysis of budgets and taxes. His mastery and crystal-clear explanations of previously baffling intricacies of colonial taxation means that his book is now the best starting point for anyone interested in the colonial foundations of American taxation."--W. Elliot Brownlee, Harvard Business History Review "This massive compendium of colonial American tax data draws together disparate primary and secondary sources in an impressive feat of scholarship. It provides an encyclopedic account of taxation in all thirteen colonies from the onset of European colonization to the American Revolution."--Roger Hewett, EH.netTable of ContentsList of Illustrations xi Preface and Acknowledgments xvii Introduction 1 Part One: Founding the American Colonies 19 Chapter 1: The First Wave 23 Chapter 2: The Middle Wave 42 Chapter 3: The Th ird Wave 56 Appendix: List of Tax Incentives in Founding and Settlement of the American Colonies 64 Part Two: Turmoil in England--Growth in the Colonies, 1607-1688 65 Chapter 4: Constitutional Government and Politics in En gland, 1607-1688 71 Chapter 5: Imperial Governance: Constitutional and Commercial Policy, 1607-1688 92 Chapter 6: The Colonial Constitution, 1607-1688 118 Chapter 7: Taxation of the New En gland Colonies, 1620-1688 144 Chapter 8: Taxation of the Middle Colonies, 1624-1688 199 Chapter 9: Taxation of the Southern Plantation Colonies, 1607-1688 228 Appendix: Taxation in the American Colonies, 1688 267 Part Three: War in Europe--Opportunity in the Colonies, 1688-1714 271 Chapter 10 Constitutional Government and Politics in En gland, 1688-1714 275 Chapter 11: Imperial Governance: Constitutional and Commercial Policy, 1688-1714 301 Chapter 12: The Colonial Constitution, 1688-1714 325 Chapter 13: Taxation of the New En gland Colonies, 1688-1714 355 Chapter 14: Taxation of the Middle Colonies, 1688-1714 399 Chapter 15: Taxation of the Southern Plantation Colonies, 1688-1714 416 Appendix: Tax Burdens in the American Colonies, 1714 437 Part Four: Salutary Neglect in the Colonies, 1714-1739 441 Chapter 16: Imperial Governance and the Colonial Constitution, 1714-1739 445 Chapter 17: Taxation of the New En gland Colonies, 1714-1739 454 Chapter 18: Taxation of the Middle Colonies, 1714-1739 490 Chapter 19: Taxation of the Southern Plantation Colonies, 1714-1739 519 Appendix: Taxes in the American Colonies, 1739 556 Part Five: War, Debt, Money, and Taxes: Prelude to Imperial Intervention, 1739-1763 559 Chapter 20: Imperial Governance and the Colonial Constitution, 1739-1763 563 Chapter 21: Taxation of the New En gland Colonies, 1739-1763 575 Chapter 22: Taxation of the Middle Colonies, 1739-1763 624 Chapter 23: Taxation of the Southern Plantation Colonies, 1739-1763 657 Part Six: An American Tax, 1763-1775 713 Chapter 24: British Politics, Imperial Governance, and Colonial Government and Politics, 1763-1775 717 Chapter 25: British Taxation of the American Colonies, 1763-1775 749 Chapter 26: Taxation of the New En gland Colonies, 1763-1775 766 Chapter 27: Taxation of the Middle Colonies, 1763-1775 797 Chapter 28: Taxation of the Southern Plantation Colonies, 1763-1775 826 Conclusion 865 Appendix 871 Bibliography 891 Index 915

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Book SynopsisTrade Review"The core of this book is a collection of intellectual theories and mathematical models that ignore many key elements of the modern political process. Abstract models can tell little about the role lobbyists play in shoveling millions of dollars into political campaigns. To his credit, Bueno de Mesquita does an excellent job of explaining these models, which play an important role in political policy today."--ChoiceTable of Contents*Frontmatter, pg. i*Summary of Contents, pg. vii*Policy Applications, pg. xvii*Preface, pg. xix*Introduction, pg. 1*1. Normative Frameworks, pg. 11*2. Collective Goals, pg. 51*3. Pareto Concepts, pg. 74*Summing Up Normative Foundations, pg. 95*4. Externalities, pg. 97*5. Coordination Problems, pg. 150*6. Commitment Problems, pg. 173*Summing Up Social Dilemmas, pg. 191*7. Strategic Adjustment, pg. 193*8. Dynamic Inconsistency, pg. 218*9. The Need for Information, pg. 244*10. Influence over Elected Officials, pg. 282*11. Institutions, Incentives, and Power, pg. 305*Summing Up Constraints on Good Governance, pg. 328*Concluding Reflections on Politics and Policy, pg. 331*A. Utility, Strategic-Form Games, and Nash Equilibrium, pg. 335*B. Extensive-Form Games, pg. 362*Bibliography, pg. 385*Index of Referenced Authors, pg. 393*General Index, pg. 396

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Book SynopsisAdair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn't happen because banks are too big to fail--our addictiTrade ReviewOne of Financial Times (FT.com) Best Economics Books of 2015, chosen by Martin Wolf One of the Strategy+Business Best Business Books 2016 in Economy One of The Independent's Best Economics Books 2015 One of Bloomberg Businessweek's Best Books of 2015, chosen by Vitor Constancio "Whether you agree with Turner's proposal or not, [Between Debt and the Devil] represents an important challenge to economic orthodoxy, which, as he rightly notes, has already failed us once."--John Cassidy, The New Yorker "Extensively researched and well-written."--Edward Chancellor, Wall Street Journal "[A] remarkable new book."--Will Hutton, Observer "Lucid and forcefully-argued."--Peter Thal Larsen, Reuters Breakingviews "Turner offers a convincing account of the debt-fuelled global economic cycle of the last 15 years or so. I found myself skimming over large sections and nodding in agreement."--Erik Britton, Management Today "An overdue challenge to a taboo against monetary finance held sacred for too long."--Giles Wilkes, Financial Times "Adair Turner, the former chairman of Britain's Financial Services Authority and described by The Economist as a man for all policy crises, upends financial orthodoxy in Between Debt and the Devil. He argues that nothing regulators have done thus far has addressed the fundamental underlying cause of financial instability... Turner's book is tightly argued and is packed with insights about the financial markets as well as the real economy."--Brenda Jubin, Investing.com "If developed economies fall back into recession, people may hear quite a bit more about Lord Turner's ideas."--The Economist "This is an important book because Turner thinks clearly where much analysis has been fuzzy ... [a] stimulating book."--Ben Chu, The Independent "Adair Turner's Between Debt and the Devil: Money, Credit and Fixing Global Finance--out this month--joins a select group of books that provide as clear an explanation of the financial crisis as one could hope for."--Diane Coyle, The Enlightened Economist "Some astonishingly original ideas."--Alex Brummer, Daily Mail "[A] brilliant new book... [The] prose crisply conveys analysis of real force."--Tom Clark, Guardian "[A] scintillating individual [contribution] to the debate not just on the future of finance but how we should run our economy."--Felix Martin, New Statesman "Adair Turner's new book Between Debt and the Devil is definitely worth your time."--Clive Crook, Bloomberg View "A challenging but relentlessly logical book about the flaws of the system that led us to the Great Recession: excess finance, excessive indebtedness. He adds to the literature that explains why more and more finance is not always good. The proposed cure requires going beyond the present financial regulatory reform. A bold and thought provoking book."--Vitor Constancio, Vice president, European Central Bank, one of Bloomberg's Best Books of 2015 "This book lays down a challenge which subsequent accounts of monetary policy will have to address."--David Willetts, Prospect "[An] excellent book."--Nick Butler, Financial Times "[H]is extensive work both at financial institutions and in academia, have given Turner an insider's view of the world of finance and economics. But his conclusions--that the banking system needs to be fundamentally restructured, and that periodically, instead of a government running up debt, the central bank should just print money for the government to spend--are far from conventional."--Matt Phillips, Quartz "This is a good book, well worth reading... It is well and clearly written and supported by good, non-technical analysis and empirical evidence."--Charles Goodhart, Financial World "These provocative and insightful arguments are particularly valuable at a time when austerity retains its intellectual luster despite its manifest failures."--Andrew Moravcsik, Foreign Affairs "Turner's book should make policymakers and commentators sit up and take notice."--TT Ram Mohan, Economic & Political Weekly "[An] excellent book."--Zagreb International Review of Econ & Business "A strong narrative and powerful argument for reform."--Sean O'Grady, The Independent "This seminal book details an important reality of today's economy: generating enough demand to absorb potential supply depends on explosive increases in indebtedness-private or public, or both."--Martin Wolf, Financial TimesTable of ContentsAcknowledgments ix Preface: The Crisis I Didn't See Coming xi Introduction: Too Important to Be Left to the Bankers 1 Part I Swollen Finance 17 1 The Utopia of Finance for All 19 2 Inefficient Financial Markets 34 Part II Dangerous Debt 49 3 Debt, Banks, and the Money They Create 51 4 Too Much of the Wrong Sort of Debt 61 5 Caught in the Debt Overhang Trap 74 6 Liberalization, Innovation, and the Credit Cycle on Steroids 88 7 Speculation, Inequality, and Unnecessary Credit 108 Part III Debt, Development, and Capital Flows 131 8 Debt and Development: The Merits and Dangers of Financial Repression 133 9 Too Much of the Wrong Sort of Capital Flow: Global and Eurozone Delusions 149 Part IV Fixing the System 161 10 Irrelevant Bankers in an Unstable System 163 11 Fixing Fundamentals 175 12 Abolishing Banks, Taxing Debt Pollution, and Encouraging Equity 186 13 Managing the Quantity and Mix of Debt 195 Part V Escaping the Debt Overhang 211 14 Monetary Finance-Breaking the Taboo 213 15 Between Debt and the Devil-A Choice of Dangers 231 Epilogue: The Queen's Question and the Fatal Conceit 241 Notes 253 Bibliography 277 Index 289

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Book SynopsisTrade Review"Winner of the Hayek Book Prize, Manhattan Institute""One of the Financial Times' Summer Books of 2019: Economics""A Project Syndicate Best Read in 2019""This book is timely in offering an alternative view. . . . Read this book as an antidote to the calls for governments to give up on fiscal discipline."---Chris Giles, Financial Times"It’s an impressive study of nearly 200 episodes of fiscal consolidation in the rich world to understand what’s the best way to go about it. The answer—cutting spending is better than raising taxes—isn’t entirely new, but the supporting evidence is compelling and it will take an equally deep study to make the opposite case."---Ferdinando Giugliano, Bloomberg Opinion"Austerity is a towering scholarly achievement, embodying decades of research and destined to serve as a touchstone for future studies—both by those who will build on it and by those who will try to tear it down."---Ken Rogoff, Project Syndicate On Point"This is an extremely important book."---Martin Wolf, Financial Times, Summer Books of 2019"An important work for economists, policymakers, politicians, and engaged citizens. . . . One of the clearest and best researched treatments of fiscal policy available. And though not quite suitable for the beach, it’s remarkably readable. . . . It should be required reading."---Milton Ezrati, City Journal"A towering scholarly achievement."---Kenneth Rogoff, Project Syndicate"An ambitious book. . . . if you’re looking for a comprehensive discussion of austerity policies, this is the book for you."---James Smith, Society of Professional Economists"Every chapter in this book is thorough, informative, and persuasive. . . . Without doubt, this is an important book."---Geoffrey Wood, Central Banking Journal

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Book SynopsisHow philosophical differences between Eurozone nations led to the Euro crisisand where to go from hereWhy is Europe''s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe's survival.As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus.Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe's future.Trade ReviewWinner of the 2017 Gold Medal in International Business / Globalization, Axiom Business Book Awards One of The Economist's Economics and Business Books of the Year 2016 One of Financial Times (FT.com) Best Economics Books of 2016 One of Bloomberg's Best Books of 2016 "If we turn to The Euro and the Battle of Ideas by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau, we start to find an explanation. The three authors are, respectively, a German academic economist, an English economic historian, and a French banker turned economics professor, and their book is an attempt to explain the euro's ideological and historic background. They explore the dichotomy between French and German political-economic philosophies. The first values flexibility and solidarity and state intervention; the second stresses rules and consequences and free markets."--John Lanchester, New Yorker "In The Euro and the Battle of Ideas, the economists Markus Brunnermeier, Harold James, and Jean-Pierre Landau turn a sharp lens on the basic divide between France and Germany."--Rana Foroohar, New York Review of Books "A book of depth and subtlety that is helpful in understanding matters well outside the questions it seems to address... This is a fascinating and informative book."--Geoffrey Wood, Central Banking Journal "[The authors] have the advantage of being deeply involved... If Europe is high on your list of concerns, you should read this book; European leaders will."--David Warsh, Economic Principals "[The Euro and the Battle of Ideas] demonstrates the value of sophisticated syntheses of policy analysis and intellectual history."--Foreign Affairs "Markus Brunnermeier, Harold James and Jean-Pierre Landau have just published a fascinating book, The Euro and the Battle of Ideas, in which they bring together their respective skills in economic theory, economic history and economic policy to bear on one of the most important macroeconomic problems of our times--the rules versus discretion debate. Anyone who has studied this debate--and that's just about anyone who has taken a course in economics--would benefit from reading this book."--Economics One bogTable of Contents1 Introduction 1 PART I: POWER SHIFTS AND GERMAN-FRENCH DIFFERENCES 2 Power Shifts 17 Lethargy of European Institutions 18 The First Power Shift: From Brussels to National Capitals 20 The Second Power Shift: To Berlin-Paris and Ultimately to Berlin 27 After the Power Shift 33 3 Historical Roots of German-French Differences 40 Cultural Differences 41 Federalism versus Centralism 43 Mittelstand versus National Champions 48 Collaborative versus Confrontational Labor Unions 51 Historical Inflation Experiences 54 4 German-French Differences in Economic Philosophies 56 Fluid Traditions: Switch to Opposites 56 German Economic Tradition 59 French Economic Tradition 67 International Economics 74 PART II: MONETARY AND FISCAL STABILITY: THE GHOST OF MAASTRICHT 5 Rules, Flexibility, Credibility, and Commitment 85 Time-Inconsistency: Ex Ante versus Ex Post 86 External Commitments: Currency Pegs, Unions, and the Gold Standard 89 Internal Commitments: Reputation and Institutional Design 91 Managing Current versus Avoiding Future Crisis 94 6 Liability versus Solidarity: No-Bailout Clause and Fiscal Union 97 The No-Bailout Clause 98 Fiscal Unions 100 Eurobonds 111 Policy Recommendations 115 7 Solvency versus Liquidity 116 Buildup of Imbalances and the Naked Swimmer 117 Solvency 118 Liquidity 119 Crossing the Rubicon via Default 125 Sovereign-Debt Restructuring and Insolvency Mechanism 126 Fiscal Push: Increasing Scale and Scope of EFSF and ESM 127 Monetary Push 131 Policy Recommendations 133 8 Austerity versus Stimulus 135 The Fiscal Multiplier Debate 137 The Output Gap versus Unsustainable Booms Debate 143 Politics Connects Structural Reforms and Austerity 145 The European Policy Debate on Austerity versus Stimulus 148 Lessons and Policy Recommendations 153 PART III: FINANCIAL STABILITY: MAASTRICHT'S STEPCHILD 9 The Role of the Financial Sector 157 Traditional Banking 159 Modern Banking and Capital Markets 162 Cross-Border Capital Flows and the Interbank Market 166 10 Financial Crises: Mechanisms and Management 173 Financial Crisis Mechanisms 175 Crisis Management: Monetary Policy 185 Crisis Management: Fiscal Policy and Regulatory Measures 194 Ex Ante Policy: Preventing a Crisis 206 11 Banking Union, European Safe Bonds, and Exit Risk 210 Banking in a Currency Union 211 Safe Assets: Flight-to-Safety Cross-Border Capital Flows 222 Redenomination and Exit Risks 226 Policy Recommendations 233 PART IV: OTHERS' PERSPECTIVES 12 Italy 237 Battling Economic Philosophies within Italy 237 Mezzogiorno: Convergence or Divergence within a Transfer Union 239 Italy's Economic Challenges 242 Politics and Decline 245 13 Anglo-American Economics and Global Perspectives 249 Diverging Traditions 251 The Politics of Looking for Recovery: The United States 261 The Politics of Thinking Outside Europe: The United Kingdom 267 The Global Perspectives: China and Russia 279 Conclusion 286 14 The International Monetary Fund (IMF) 287 The IMF's Philosophy and Crisis Management 289 The IMF's Initial Involvement in the Euro Crisis 295 The IMF and the Troika 300 A Change in the IMF's Leadership 304 Loss of Credibility: Muddling Through, Delayed Greek PSI 306 15 European Central Bank (ECB) 313 The ECB before the Crisis: Institutional Design and Philosophy 315 The ECB's Early Successes and Defeats 325 The ECB and Conditionality 331 Lending and Asset Purchase Programs 343 Single Supervisory Mechanism (SSM) for European Banks 368 Taking Stock: Where Does the ECB Stand? 372 16 Conclusion: Black and White or Twenty-Eight Shades of Gray? 375 Acknowledgments 391 Notes 393 Index 427

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Book SynopsisTrade ReviewOne of The Independent's Best Economics Books of the Year Bloomberg Businessweek's Best Books of the Year Financial Times Best Economics Books of of the Year One of Financial Times (FT.com) Best Economics Books of 2015, chosen by Martin Wolf One of the Strategy+Business Best Business Books 2016 in Economy One of The Independent's Best Economics Books 2015 One of Bloomberg Businessweek's Best Books of 2015, chosen by Vitor Constancio "[Between Debt and the Devil] represents an important challenge to economic orthodoxy, which, as [Turner] rightly notes, has already failed us once."--John Cassidy, New Yorker "Extensively researched and well-written."--Edward Chancellor, Wall Street Journal "[A] remarkable new book."--Will Hutton, Observer "Lucid and forcefully-argued."--Peter Thal Larsen, Reuters Breakingviews "Turner offers a convincing account of the debt-fuelled global economic cycle of the last 15 years or so. I found myself skimming over large sections and nodding in agreement."--Erik Britton, Management Today "Turner is more than just another thinker merrily seeking to provoke his audience; he is an experienced British policymaker accustomed to weighing up the angles... [Between Debt and the Devil] is as good as it can be, an overdue challenge to a taboo against monetary finance held sacred for too long."--Giles Wilkes, Financial Times "Adair Turner, the former chairman of Britain's Financial Services Authority and described by The Economist as a man for all policy crises, upends financial orthodoxy in Between Debt and the Devil. He argues that nothing regulators have done thus far has addressed the fundamental underlying cause of financial instability... Turner's book is tightly argued and is packed with insights about the financial markets as well as the real economy."--Brenda Jubin, Investing.com "If developed economies fall back into recession, people may hear quite a bit more about Lord Turner's ideas."--Economist "This is an important book because Turner thinks clearly where much analysis has been fuzzy ... [a] stimulating book."--Ben Chu, The Independent "Adair Turner's Between Debt and the Devil: Money, Credit and Fixing Global Finance--out this month--joins a select group of books that provide as clear an explanation of the financial crisis as one could hope for."--Diane Coyle, The Enlightened Economist "Some astonishingly original ideas."--Alex Brummer, Daily Mail "[A] brilliant new book... [The] prose crisply conveys analysis of real force."--Tom Clark, Guardian "[A] scintillating individual [contribution] to the debate not just on the future of finance but how we should run our economy."--Felix Martin, New Statesman "Adair Turner's new book Between Debt and the Devil is definitely worth your time."--Clive Crook, Bloomberg View "A challenging but relentlessly logical book about the flaws of the system that led us to the Great Recession: excess finance, excessive indebtedness. He adds to the literature that explains why more and more finance is not always good. The proposed cure requires going beyond the present financial regulatory reform. A bold and thought provoking book."--Vitor Constancio, Vice president, European Central Bank, one of Bloomberg's Best Books of 2015 "This book lays down a challenge which subsequent accounts of monetary policy will have to address."--David Willetts, Prospect "[An] excellent book."--Nick Butler, Financial Times "[H]is extensive work both at financial institutions and in academia, have given Turner an insider's view of the world of finance and economics. But his conclusions--that the banking system needs to be fundamentally restructured, and that periodically, instead of a government running up debt, the central bank should just print money for the government to spend--are far from conventional."--Matt Phillips, Quartz "This is a good book, well worth reading... It is well and clearly written and supported by good, non-technical analysis and empirical evidence."--Charles Goodhart, Financial World "These provocative and insightful arguments are particularly valuable at a time when austerity retains its intellectual luster despite its manifest failures."--Andrew Moravcsik, Foreign Affairs "Turner's book should make policymakers and commentators sit up and take notice."--TT Ram Mohan, Economic & Political Weekly "This seminal book details an important reality of today's economy: generating enough demand to absorb potential supply depends on explosive increases in indebtedness-private or public, or both."--Martin Wolf, Financial TimesTable of ContentsAcknowledgments ix Preface: The Crisis I Didn't See Coming xi Introduction: Too Important to Be Left to the Bankers 1 Part I Swollen Finance 17 1 The Utopia of Finance for All 19 2 Inefficient Financial Markets 34 Part II Dangerous Debt 49 3 Debt, Banks, and the Money They Create 51 4 Too Much of the Wrong Sort of Debt 61 5 Caught in the Debt Overhang Trap 74 6 Liberalization, Innovation, and the Credit Cycle on Steroids 88 7 Speculation, Inequality, and Unnecessary Credit 108 Part III Debt, Development, and Capital Flows 131 8 Debt and Development: The Merits and Dangers of Financial Repression 133 9 Too Much of the Wrong Sort of Capital Flow: Global and Eurozone Delusions 149 Part IV Fixing the System 161 10 Irrelevant Bankers in an Unstable System 163 11 Fixing Fundamentals 175 12 Abolishing Banks, Taxing Debt Pollution, and Encouraging Equity 186 13 Managing the Quantity and Mix of Debt 195 Part V Escaping the Debt Overhang 211 14 Monetary Finance-Breaking the Taboo 213 15 Between Debt and the Devil-A Choice of Dangers 231 Epilogue: The Queen's Question and the Fatal Conceit 241 Notes 253 Bibliography 277 Index 289

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Book SynopsisTrade Review"Winner of the 2017 Gold Medal in International Business / Globalization, Axiom Business Book Awards""One of Bloomberg’s Best Books of 2017""One of Project Syndicate’s Best Reads in 2017 (chosen by Jean Pisani-Ferry)""One of Bloomberg’s Best Books of 2016""One of Financial Times (FT.com) Best Economics Books of 2016""One of The Economist’s Economics and Business Books of the Year 2016"

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