Search results for ""Author Harold James""

Harold James examines the vulnerability and fragility of processes of globalization, both historically and in the present. This book applies lessons from past breakdowns of globalization—above all in the Great Depression—to show how financial crises provoke backlashes against global integration: against the mobility of capital or goods, but also against flows of migration. By a parallel examination of the financial panics of 1929 and 1931 as well as that of 2008, he shows how banking and monetary collapses suddenly and radically alter the rules of engagement for every other type of economic activity. Increased calls for state action in countercyclical fiscal policy bring demands for trade protection. In the open economy of the twenty-first century, such calls are only viable in very large states—probably only in the United States and China. By contrast, in smaller countries demand trickles out of the national container, creating jobs in other countries. The international community is thus paralyzed, and international institutions are challenged by conflicts of interest. The book shows the looming psychological and material consequences of an interconnected world for people and the institutions they create.

Read more less

The history of Krupp is the history of modern Germany. No company symbolized the best and worst of that history more than the famous steel and arms maker. In this book, Harold James tells the story of the Krupp family and its industrial empire between the early nineteenth century and the present, and analyzes its transition from a family business to one owned by a nonprofit foundation. Krupp founded a small steel mill in 1811, which established the basis for one of the largest and most important companies in the world by the end of the century. Famously loyal to its highly paid workers, it rejected an exclusive focus on profit, but the company also played a central role in the armament of Nazi Germany and the firm's head was convicted as a war criminal at Nuremberg. Yet after the war Krupp managed to rebuild itself and become a symbol of Germany once again--this time open, economically successful, and socially responsible. Books on Krupp tend to either denounce it as a diabolical enterprise or celebrate its technical ingenuity. In contrast, James presents a balanced account, showing that the owners felt ambivalent about the company's military connection even while becoming more and more entangled in Germany's aggressive politics during the imperial era and the Third Reich. By placing the story of Krupp and its owners in a wide context, James also provides new insights into the political, social, and economic history of modern Germany.

Read more less

A leading economic historian presents a new history of financial crises, showing how some led to greater globalization while others kept nations apart “[A] fascinating book.”—Martin Wolf, Financial Times, “Best Books of 2023—Economics” The eminent economic historian Harold James presents a new perspective on financial crises, dividing them into “good” crises, which ultimately expand markets and globalization, and “bad” crises, which result in a smaller, less prosperous world. Examining seven turning points in financial history—from the depression of the 1840s through the Great Depression of the 1930s to the Covid-19 crisis—James shows how crashes prompted by a lack of supply, like the oil shortages of the 1970s, lead to greater globalization as markets expand and producers innovate to increase supply. By contrast, crises triggered by a lack of demand—such as the Global Financial Crisis of 2007–2008—result in less globalization as markets contract, austerity measures are imposed, and skepticism of government grows. By considering not only the times but also the observers who shaped our understanding of each crisis—from Karl Marx to John Maynard Keynes to Larry Summers—James shows how the uneven course of globalization has led to new economic thinking, and how understanding this history can help us better prepare for the future.

Read more less

Modern America owes the Roman Empire for more than gladiator movies and the architecture of the nation's Capitol. It can also thank the ancient republic for some helpful lessons in globalization. So argues economic historian Harold James in this masterful work of intellectual history. The book addresses what James terms "the Roman dilemma"--the paradoxical notion that while global society depends on a system of rules for building peace and prosperity, this system inevitably leads to domestic clashes, international rivalry, and even wars. As it did in ancient Rome, James argues, a rule-based world order eventually subverts and destroys itself, creating the need for imperial action. The result is a continuous fluctuation between pacification and the breakdown of domestic order. James summons this argument, first put forth more than two centuries ago in Adam Smith's Wealth of Nations and Edward Gibbon's Decline and Fall of the Roman Empire, to put current events into perspective. The world now finds itself staggering between a set of internationally negotiated trading rules and exchange--rate regimes, and the enforcement practiced by a sometimes-imperial America. These two forces--liberal international order and empire--will one day feed on each other to create a shakeup in global relations, James predicts. To reinforce his point, he invokes the familiar bon mot once applied to the British Empire: "When Britain could not rule the waves, it waived the rules." Despite the pessimistic prognostications of Smith and Gibbon, who saw no way out of this dilemma, James ends his book on a less depressing note. He includes a chapter on one possible way in which the world could resolve the Roman Predicament--by opting for a global system based on values as opposed to rules.

Read more less

A timely call for recovering the true meanings of the nineteenth‑century terms that are hobbling current political debates “Masterful. . . . James cuts through the tangled terminological and conceptual jungle of modern globalist discourse . . . [with] fascinating discussions of the origins and meanings of the words.”—G. John Ikenberry, Foreign Affairs “James delves into the often-surprising intellectual origins of key concepts in the arguments about globalisation—and illuminates the debate in the process.”—Gideon Rachman, Financial Times, "Best Books of 2021: Politics" Nationalism, conservatism, liberalism, socialism, and capitalism are among the most fiercely debated ideas in contemporary politics. Since these concepts hark back to the nineteenth century, much of their nuanced meaning has been lost, and the words are most often used as epithets that short-circuit productive discussion. In this insightful book, Harold James uncovers the origins of these concepts and examines how the problematic definition and meaning of each term has become an obstacle to respectful communication. Noting that similar linguistic misunderstandings accompany such newer ideas as geopolitics, neoliberalism, technocracy, and globalism, James argues that a rich historical knowledge of the vocabulary surrounding globalization, politics, and economics—particularly the meaning and the usefulness that drove the original conceptions of the terms—is needed to negotiate the gaps between different understandings and make fruitful political debate once again possible.

Read more less

Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention.Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later.Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

Read more less

Why 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.

Read more less

How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from hereWhy is Europe’s great monetary endeavor, the Euro, in trouble? A string of economic difficulties in 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. 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.

Read more less