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In The Money Problem, Morgan Ricks addresses all of these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad.
Why? Most economists—from Adam Smith and Karl Marx to Thomas Piketty—say the Great Enrichment since 1800 came from accumulated capital. McCloskey disagrees, fiercely. “Our riches,” she argues, “were made not by piling brick on brick, bank balance on bank balance, but by piling idea on idea.” Capital was necessary, but so was the presence of oxygen. It was ideas, not matter, that drove “trade-tested betterment.” Nor were institutions the drivers. The World Bank orthodoxy of “add institutions and stir” doesn’t work, and didn’t. McCloskey builds a powerful case for the initiating role of ideas—ideas for electric motors and free elections, of course, but more deeply the bizarre and liberal ideas of equal liberty and dignity for ordinary folk. Liberalism arose from theological and political revolutions in northwest Europe, yielding a unique respect for betterment and its practitioners, and upending ancient hierarchies. Commoners were encouraged to have a go, and the bourgeoisie took up the Bourgeois Deal, and we were all enriched.
Few economists or historians write like McCloskey—her ability to invest the facts of economic history with the urgency of a novel, or of a leading case at law, is unmatched. She summarizes modern economics and modern economic history with verve and lucidity, yet sees through to the really big scientific conclusion. Not matter, but ideas. Big books don’t come any more ambitious, or captivating, than Bourgeois Equality.
From the end of World War II until 1980, virtually no American soldiers were killed in action while serving in the Greater Middle East. Since 1990, virtually no American soldiers have been killed in action anywhere else. What caused this shift? Andrew J. Bacevich, one of the country’s most respected voices on foreign affairs, offers an incisive critical history of this ongoing military enterprise—now more than thirty years old and with no end in sight.
During the 1980s, Bacevich argues, a great transition occurred. As the Cold War wound down, the United States initiated a new conflict—a War for the Greater Middle East—that continues to the present day. The long twilight struggle with the Soviet Union had involved only occasional and sporadic fighting. But as this new war unfolded, hostilities became persistent. From the Balkans and East Africa to the Persian Gulf and Central Asia, U.S. forces embarked upon a seemingly endless series of campaigns across the Islamic world. Few achieved anything remotely like conclusive success. Instead, actions undertaken with expectations of promoting peace and stability produced just the opposite. As a consequence, phrases like “permanent war” and “open-ended war” have become part of everyday discourse.
Connecting the dots in a way no other historian has done before, Bacevich weaves a compelling narrative out of episodes as varied as the Beirut bombing of 1983, the Mogadishu firefight of 1993, the invasion of Iraq in 2003, and the rise of ISIS in the present decade. Understanding what America’s costly military exertions have wrought requires seeing these seemingly discrete events as parts of a single war. It also requires identifying the errors of judgment made by political leaders in both parties and by senior military officers who share responsibility for what has become a monumental march to folly. This Bacevich unflinchingly does.
A twenty-year army veteran who served in Vietnam, Andrew J. Bacevich brings the full weight of his expertise to this vitally important subject. America’s War for the Greater Middle East is a bracing after-action report from the front lines of history. It will fundamentally change the way we view America’s engagement in the world’s most volatile region.
Praise for America’s War for the Greater Middle East
“Bacevich is thought-provoking, profane and fearless. . . . [His] call for Americans to rethink their nation’s militarized approach to the Middle East is incisive, urgent and essential.”—The New York Times Book Review
“Bacevich’s magnum opus . . . a deft and rhythmic polemic aimed at America’s failures in the Middle East from the end of Jimmy Carter’s presidency to the present.”—Robert D. Kaplan, The Wall Street Journal
“A critical review of American policy and military involvement . . . Those familiar with Bacevich’s work will recognize the clarity of expression, the devastating directness and the coruscating wit that characterize the writing of one of the most articulate and incisive living critics of American foreign policy.”—The Washington Post
“[A] monumental new work.”—The Huffington Post
“An unparalleled historical tour de force certain to affect the formation of future U.S. foreign policy.”—Lieutenant General Paul K. Van Riper, U.S. Marine Corps (Ret.)
From the Hardcover edition.
Few could explain, let alone seek out, a career in criticism. Yet what A.O. Scott shows in Better Living Through Criticism is that we are, in fact, all critics: because critical thinking informs almost every aspect of artistic creation, of civil action, of interpersonal life. With penetrating insight and warm humor, Scott shows that while individual critics--himself included--can make mistakes and find flaws where they shouldn't, criticism as a discipline is one of the noblest, most creative, and urgent activities of modern existence.
Using his own film criticism as a starting point--everything from his infamous dismissal of the international blockbuster The Avengers to his intense affection for Pixar's animated Ratatouille--Scott expands outward, easily guiding readers through the complexities of Rilke and Shelley, the origins of Chuck Berry and the Rolling Stones, the power of Marina Abramovich and 'Ode on a Grecian Urn.' Drawing on the long tradition of criticism from Aristotle to Susan Sontag, Scott shows that real criticism was and always will be the breath of fresh air that allows true creativity to thrive. "The time for criticism is always now," Scott explains, "because the imperative to think clearly, to insist on the necessary balance of reason and passion, never goes away."
Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance.
The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.
How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.
Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.
In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis.
The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.
Praise for The Only Game in Town
“The one economic book you must read now . . . If you want to understand [our] bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian.”–Time
“A grand tour of the challenges we face, along with ideal solutions and more likely outcomes . . . We desperately need a system in which the central banks are no longer the only game in town.”—Steven Rattner, The New York Times Book Review
“A must-read from one of the most astute financial analysts of our time.”—Walter Isaacson, author of Steve Jobs
“El-Erian’s gift for clarity and his use of compelling examples make important economic issues accessible.”—Anne-Marie Slaughter, president and CEO, New America
“[A] highly intelligent analysis.”—Fareed Zakaria, CNN (book of the week)