Is it culture, the weather, geography? Perhaps ignorance of what the right policies are?
Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence?
Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities.
The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories.
Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including:
- China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West?
- Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority?
- What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions?
Why Nations Fail will change the way you look at—and understand—the world.
A New York Times Bestseller
Selected by New York Times' critic Dwight Garner as a Favorite Book of 2013
One of Amazon's Best Books of 2013
A New York Times Notable Book of 2013
A Washington Post Best Political Book of 2013
An NPR Best Book of 2013
A New Republic Best Book of 2013
One of Publishers Weekly's Best Nonfiction Books of 2013
A Kirkus Reviews Best Nonfiction Book of 2013
A riveting examination of a nation in crisis, from one of the finest political journalists of our generation
American democracy is beset by a sense of crisis. Seismic shifts during a single generation have created a country of winners and losers, allowing unprecedented freedom while rending the social contract, driving the political system to the verge of breakdown, and setting citizens adrift to find new paths forward. In The Unwinding, George Packer, author of The Assassins' Gate: America in Iraq, tells the story of the United States over the past three decades in an utterly original way, with his characteristically sharp eye for detail and gift for weaving together complex narratives.
The Unwinding journeys through the lives of several Americans, including Dean Price, the son of tobacco farmers, who becomes an evangelist for a new economy in the rural South; Tammy Thomas, a factory worker in the Rust Belt trying to survive the collapse of her city; Jeff Connaughton, a Washington insider oscillating between political idealism and the lure of organized money; and Peter Thiel, a Silicon Valley billionaire who questions the Internet's significance and arrives at a radical vision of the future. Packer interweaves these intimate stories with biographical sketches of the era's leading public figures, from Newt Gingrich to Jay-Z, and collages made from newspaper headlines, advertising slogans, and song lyrics that capture the flow of events and their undercurrents.
The Unwinding portrays a superpower in danger of coming apart at the seams, its elites no longer elite, its institutions no longer working, its ordinary people left to improvise their own schemes for success and salvation. Packer's novelistic and kaleidoscopic history of the new America is his most ambitious work to date.
In the fall of 1944, a massive American bomber carrying eleven men vanished over the Pacific islands of Palau, leaving a trail of mysteries. According to mission reports from the Army Air Forces, the plane crashed in shallow water—but when investigators went to find it, the wreckage wasn’t there. Witnesses saw the crew parachute to safety, yet the airmen were never seen again. Some of their relatives whispered that they had returned to the United States in secret and lived in hiding. But they never explained why.
For sixty years, the U.S. government, the children of the missing airmen, and a maverick team of scientists and scuba divers searched the islands for clues. With every clue they found, the mystery only deepened.
Now, in a spellbinding narrative, Wil S. Hylton weaves together the true story of the missing men, their final mission, the families they left behind, and the real reason their disappearance remained shrouded in secrecy for so long. This is a story of love, loss, sacrifice, and faith—of the undying hope among the families of the missing, and the relentless determination of scientists, explorers, archaeologists, and deep-sea divers to solve one of the enduring mysteries of World War II.
First published by the University of Chicago Press on September 18, 1944, The Road to Serfdom garnered immediate, widespread attention. The first printing of 2,000 copies was exhausted instantly, and within six months more than 30,000 books were sold. In April 1945, Reader’s Digest published a condensed version of the book, and soon thereafter the Book-of-the-Month Club distributed this edition to more than 600,000 readers. A perennial best seller, the book has sold 400,000 copies in the United States alone and has been translated into more than twenty languages, along the way becoming one of the most important and influential books of the century.
With this new edition, The Road to Serfdom takes its place in the series The Collected Works of F. A. Hayek. The volume includes a foreword by series editor and leading Hayek scholar Bruce Caldwell explaining the book's origins and publishing history and assessing common misinterpretations of Hayek's thought. Caldwell has also standardized and corrected Hayek's references and added helpful new explanatory notes. Supplemented with an appendix of related materials ranging from prepublication reports on the initial manuscript to forewords to earlier editions by John Chamberlain, Milton Friedman, and Hayek himself, this new edition of The Road to Serfdom will be the definitive version of Hayek's enduring masterwork.
Remarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. But that was before Fortune published an article by McLean that asked a seemingly innocent question: How exactly does Enron make money? From that point on, Enron's house of cards began to crumble. Now, McLean and Elkind have investigated much deeper, to offer the definitive book about the Enron scandal and the fascinating people behind it.
Meticulously researched and character driven, Smartest Guys in the Room takes the reader deep into Enron's past—and behind the closed doors of private meetings. Drawing on a wide range of unique sources, the book follows Enron's rise from obscurity to the top of the business world to its disastrous demise. It reveals as never before major characters such as Ken Lay, Jeff Skilling, and Andy Fastow, as well as lesser known players like Cliff Baxter and Rebecca Mark. Smartest Guys in the Room is a story of greed, arrogance, and deceit—a microcosm of all that is wrong with American business today. Above all, it's a fascinating human drama that will prove to be the authoritative account of the Enron scandal.
Environmental damage, climate change, globalization, rapid population growth, and unwise political choices were all factors in the demise of societies around the world, but some found solutions and persisted. As in Guns, Germs, and Steel, Diamond traces the fundamental pattern of catastrophe, and weaves an all-encompassing global thesis through a series of fascinating historical-cultural narratives. Collapse moves from the Polynesian cultures on Easter Island to the flourishing American civilizations of the Anasazi and the Maya and finally to the doomed Viking colony on Greenland. Similar problems face us today and have already brought disaster to Rwanda and Haiti, even as China and Australia are trying to cope in innovative ways. Despite our own society’s apparently inexhaustible wealth and unrivaled political power, ominous warning signs have begun to emerge even in ecologically robust areas like Montana.
Brilliant, illuminating, and immensely absorbing, Collapse is destined to take its place as one of the essential books of our time, raising the urgent question: How can our world best avoid committing ecological suicide?
From the Trade Paperback edition.
Fighting his way to power on the remote steppes of Mongolia, Genghis Khan developed revolutionary military strategies and weaponry that emphasized rapid attack and siege warfare, which he then brilliantly used to overwhelm opposing armies in Asia, break the back of the Islamic world, and render the armored knights of Europe obsolete. Under Genghis Khan, the Mongol army never numbered more than 100,000 warriors, yet it subjugated more lands and people in twenty-five years than the Romans conquered in four hundred. With an empire that stretched from Siberia to India, from Vietnam to Hungary, and from Korea to the Balkans, the Mongols dramatically redrew the map of the globe, connecting disparate kingdoms into a new world order.
But contrary to popular wisdom, Weatherford reveals that the Mongols were not just masters of conquest, but possessed a genius for progressive and benevolent rule. On every level and from any perspective, the scale and scope
of Genghis Khan’s accomplishments challenge the limits of imagination. Genghis Khan was an innovative leader, the first ruler in many conquered countries to put the power of law above his own power, encourage religious freedom, create public schools, grant diplomatic immunity, abolish torture, and institute free trade. The trade routes he created became lucrative pathways for commerce, but also for ideas, technologies, and expertise that transformed the way people lived. The Mongols introduced the first international paper currency and postal system and developed and spread revolutionary technologies like printing, the cannon, compass, and abacus. They took local foods and products like lemons, carrots, noodles, tea, rugs, playing cards, and pants and turned them into staples of life around the world. The Mongols were the architects of a new way of life at a pivotal time in history.
In Genghis Khan and the Making of the Modern World, Jack Weatherford resurrects the true history of Genghis Khan, from the story of his relentless rise through Mongol tribal culture to the waging of his devastatingly successful wars and the explosion of civilization that the Mongol Empire unleashed. This dazzling work of revisionist history doesn’t just paint an unprecedented portrait of a great leader and his legacy, but challenges us to reconsider how the modern world was made.
From the Hardcover edition.
From the acclaimed, award-winning author of Alexander Hamilton: here is the essential, endlessly engrossing biography of John D. Rockefeller, Sr.—the Jekyll-and-Hyde of American capitalism. In the course of his nearly 98 years, Rockefeller was known as both a rapacious robber baron, whose Standard Oil Company rode roughshod over an industry, and a philanthropist who donated money lavishly to universities and medical centers. He was the terror of his competitors, the bogeyman of reformers, the delight of caricaturists—and an utter enigma.
Drawing on unprecedented access to Rockefeller’s private papers, Chernow reconstructs his subjects’ troubled origins (his father was a swindler and a bigamist) and his single-minded pursuit of wealth. But he also uncovers the profound religiosity that drove him “to give all I could”; his devotion to his father; and the wry sense of humor that made him the country’s most colorful codger. Titan is a magnificent biography—balanced, revelatory, elegantly written.
Near the end of the last Ice Age 12,800 years ago, a giant comet that had entered the solar system from deep space thousands of years earlier, broke into multiple fragments. Some of these struck the Earth causing a global cataclysm on a scale unseen since the extinction of the dinosaurs. At least eight of the fragments hit the North American ice cap, while further fragments hit the northern European ice cap. The impacts, from comet fragments a mile wide approaching at more than 60,000 miles an hour, generated huge amounts of heat which instantly liquidized millions of square kilometers of ice, destabilizing the Earth's crust and causing the global Deluge that is remembered in myths all around the world. A second series of impacts, equally devastating, causing further cataclysmic flooding, occurred 11,600 years ago, the exact date that Plato gives for the destruction and submergence of Atlantis.
The evidence revealed in this book shows beyond reasonable doubt that an advanced civilization that flourished during the Ice Age was destroyed in the global cataclysms between 12,800 and 11,600 years ago. But there were survivors - known to later cultures by names such as 'the Sages', 'the Magicians', 'the Shining Ones', and 'the Mystery Teachers of Heaven'. They travelled the world in their great ships doing all in their power to keep the spark of civilization burning. They settled at key locations - Gobekli Tepe in Turkey, Baalbek in the Lebanon, Giza in Egypt, ancient Sumer, Mexico, Peru and across the Pacific where a huge pyramid has recently been discovered in Indonesia. Everywhere they went these 'Magicians of the Gods' brought with them the memory of a time when mankind had fallen out of harmony with the universe and paid a heavy price. A memory and a warning to the future...
For the comet that wrought such destruction between 12,800 and 11,600 years may not be done with us yet. Astronomers believe that a 20-mile wide 'dark' fragment of the original giant comet remains hidden within its debris stream and threatens the Earth. An astronomical message encoded at Gobekli Tepe, and in the Sphinx and the pyramids of Egypt,warns that the 'Great Return' will occur in our time...
From the building of the transcontinental railroad to the celebrity of Jeremy Lin, people of Asian descent have been involved in and affected by the history of America. A New History of Asian America gives twenty-first-century students a clear, comprehensive, and contemporary introduction to this vital history.
From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.
In his bestselling The Russians, Smith took millions of readers inside the Soviet Union. In The Power Game, he took us inside Washington’s corridors of power. Now Smith takes us across America to show how seismic changes, sparked by a sequence of landmark political and economic decisions, have transformed America. As only a veteran reporter can, Smith fits the puzzle together, starting with Lewis Powell’s provocative memo that triggered a political rebellion that dramatically altered the landscape of power from then until today.
This is a book full of surprises and revelations—the accidental beginnings of the 401(k) plan, with disastrous economic consequences for many; the major policy changes that began under Jimmy Carter; how the New Economy disrupted America’s engine of shared prosperity, the “virtuous circle” of growth, and how America lost the title of “Land of Opportunity.” Smith documents the transfer of $6 trillion in middle-class wealth from homeowners to banks even before the housing boom went bust, and how the U.S. policy tilt favoring the rich is stunting America’s economic growth.
This book is essential reading for all of us who want to understand America today, or why average Americans are struggling to keep afloat. Smith reveals how pivotal laws and policies were altered while the public wasn’t looking, how Congress often ignores public opinion, why moderate politicians got shoved to the sidelines, and how Wall Street often wins politically by hiring over 1,400 former government officials as lobbyists.
Smith talks to a wide range of people, telling the stories of Americans high and low. From political leaders such as Bill Clinton, Newt Gingrich, and Martin Luther King, Jr., to CEOs such as Al Dunlap, Bob Galvin, and Andy Grove, to heartland Middle Americans such as airline mechanic Pat O’Neill, software systems manager Kristine Serrano, small businessman John Terboss, and subcontractor Eliseo Guardado, Smith puts a human face on how middle-class America and the American Dream have been undermined.
This magnificent work of history and reportage is filled with the penetrating insights, provocative discoveries, and the great empathy of a master journalist. Finally, Smith offers ideas for restoring America’s great promise and reclaiming the American Dream.
Praise for Who Stole the American Dream?
“[A] sweeping, authoritative examination of the last four decades of the American economic experience.”—The Huffington Post
“Some fine work has been done in explaining the mess we’re in. . . . But no book goes to the headwaters with the precision, detail and accessibility of Smith.”—The Seattle Times
“Sweeping in scope . . . [Smith] posits some steps that could alleviate the problems of the United States.”—USA Today
“Brilliant . . . [a] remarkably comprehensive and coherent analysis of and prescriptions for America’s contemporary economic malaise.”—Kirkus Reviews (starred review)
“Smith enlivens his narrative with portraits of the people caught up in events, humanizing complex subjects often rendered sterile in economic analysis. . . . The human face of the story is inseparable from the history.”—Reuters
Until the age of five, Loung Ung lived in Phnom Penh, one of seven children of a high-ranking government official. She was a precocious child who loved the open city markets, fried crickets, chicken fights, and sassing her parents. While her beautiful mother worried that Loung was a troublemaker—that she stomped around like a thirsty cow—her beloved father knew Loung was a clever girl.
When Pol Pot’s Khmer Rouge army stormed into Phnom Penh in April 1975, Ung’s family fled their home and moved from village to village to hide their identity, their education, their former life of privilege. Eventually, the family dispersed in order to survive. Loung trained as a child soldier in a work camp for orphans, while other siblings were sent to labor camps. As the Vietnamese penetrated Cambodia, destroying the Khmer Rouge, Loung and her surviving siblings were slowly reunited.
Bolstered by the shocking bravery of one brother, the courage and sacrifices of the rest of her family—and sustained by her sister’s gentle kindness amid brutality—Loung forged on to create for herself a courageous new life. Harrowing yet hopeful, insightful and compelling, this story is truly unforgettable.
The queens of the Silk Route turned their father’s conquests into the world’s first truly international empire, fostering trade, education, and religion throughout their territories and creating an economic system that stretched from the Pacific to the Mediterranean. Outlandish stories of these powerful queens trickled out of the Empire, shocking the citizens of Europe and and the Islamic world.
After Genghis Khan’s death in 1227, conflicts erupted between his daughters and his daughters-in-law; what began as a war between powerful women soon became a war against women in power as brother turned against sister and son against mother. At the end of this epic struggle, the dynasty of the Mongol queens had seemingly been extinguished forever, as even their names were erased from the historical record.
Two centuries later, one of the most unusual and important warrior queens of history--Queen Mandhuhai--arose to avenge the wrongs, rescue the tattered shreds of the Mongol Empire, and restore order to a shattered world. She led her soldiers through victory after victory. In her thirties she married a seventeen-year-old prince, and she bore eight children in the midst of a career spent fighting the Ming Dynasty of China on one side and a series of Muslim warlords on the other. Her unprecedented success on the battlefield provoked the Chinese into the most frantic and expensive phase of wall building in history. Charging into battle even while pregnant, she fought to reassemble the Mongol Nation of Genghis Khan and to preserve it for her own children to rule in peace.
Despite their mystery and the efforts to erase them from our collective memory, the deeds of these Mongol queens inspired great artists from Chaucer and Milton to Goethe and Puccini. And so their stories live on today. With The Secret History of the Mongol Queens, Jack Weatherford restores the queens’ missing chapter to the annals of history.
From the Hardcover edition.
Get ready to change the way you think about economics.
Nobel laureate Richard H. Thaler has spent his career studying the radical notion that the central agents in the economy are humans—predictable, error-prone individuals. Misbehaving is his arresting, frequently hilarious account of the struggle to bring an academic discipline back down to earth—and change the way we think about economics, ourselves, and our world.
Traditional economics assumes rational actors. Early in his research, Thaler realized these Spock-like automatons were nothing like real people. Whether buying a clock radio, selling basketball tickets, or applying for a mortgage, we all succumb to biases and make decisions that deviate from the standards of rationality assumed by economists. In other words, we misbehave. More importantly, our misbehavior has serious consequences. Dismissed at first by economists as an amusing sideshow, the study of human miscalculations and their effects on markets now drives efforts to make better decisions in our lives, our businesses, and our governments.
Coupling recent discoveries in human psychology with a practical understanding of incentives and market behavior, Thaler enlightens readers about how to make smarter decisions in an increasingly mystifying world. He reveals how behavioral economic analysis opens up new ways to look at everything from household finance to assigning faculty offices in a new building, to TV game shows, the NFL draft, and businesses like Uber.
Laced with antic stories of Thaler’s spirited battles with the bastions of traditional economic thinking, Misbehaving is a singular look into profound human foibles. When economics meets psychology, the implications for individuals, managers, and policy makers are both profound and entertaining.
Shortlisted for the Financial Times & McKinsey Business Book of the Year Award
Yet Matt Ridley does more than describe how things are getting better. He explains why. Prosperity comes from everybody working for everybody else. The habit of exchange and specialization—which started more than 100,000 years ago—has created a collective brain that sets human living standards on a rising trend. The mutual dependence, trust, and sharing that result are causes for hope, not despair.
This bold book covers the entire sweep of human history, from the Stone Age to the Internet, from the stagnation of the Ming empire to the invention of the steam engine, from the population explosion to the likely consequences of climate change. It ends with a confident assertion that thanks to the ceaseless capacity of the human race for innovative change, and despite inevitable disasters along the way, the twenty-first century will see both human prosperity and natural biodiversity enhanced. Acute, refreshing, and revelatory, The Rational Optimist will change your way of thinking about the world for the better.
Remarkable as it may seem today, there once was a time when the president of the United States could pick up the phone and ask the president of General Motors to resign his position and take the reins of a great national enterprise. And the CEO would oblige, no questions asked, because it was his patriotic duty.
In Freedom’s Forge, bestselling author Arthur Herman takes us back to that time, revealing how two extraordinary American businessmen—automobile magnate William Knudsen and shipbuilder Henry J. Kaiser—helped corral, cajole, and inspire business leaders across the country to mobilize the “arsenal of democracy” that propelled the Allies to victory in World War II.
“Knudsen? I want to see you in Washington. I want you to work on some production matters.” With those words, President Franklin D. Roosevelt enlisted “Big Bill” Knudsen, a Danish immigrant who had risen through the ranks of the auto industry to become president of General Motors, to drop his plans for market domination and join the U.S. Army. Commissioned a lieutenant general, Knudsen assembled a crack team of industrial innovators, persuading them one by one to leave their lucrative private sector positions and join him in Washington, D.C. Dubbed the “dollar-a-year men,” these dedicated patriots quickly took charge of America’s moribund war production effort.
Henry J. Kaiser was a maverick California industrialist famed for his innovative business techniques and his can-do management style. He, too, joined the cause. His Liberty ships became World War II icons—and the Kaiser name became so admired that FDR briefly considered making him his vice president in 1944. Together, Knudsen and Kaiser created a wartime production behemoth. Drafting top talent from companies like Chrysler, Republic Steel, Boeing, Lockheed, GE, and Frigidaire, they turned auto plants into aircraft factories and civilian assembly lines into fountains of munitions, giving Americans fighting in Europe and Asia the tools they needed to defeat the Axis. In four short years they transformed America’s army from a hollow shell into a truly global force, laying the foundations for a new industrial America—and for the country’s rise as an economic as well as military superpower.
Featuring behind-the-scenes portraits of FDR, George Marshall, Henry Stimson, Harry Hopkins, Jimmy Doolittle, and Curtis LeMay, as well as scores of largely forgotten heroes and heroines of the wartime industrial effort, Freedom’s Forge is the American story writ large. It vividly re-creates American industry’s finest hour, when the nation’s business elites put aside their pursuit of profits and set about saving the world.
Praise for Freedom’s Forge
“A rambunctious book that is itself alive with the animal spirits of the marketplace.”—The Wall Street Journal
“A rarely told industrial saga, rich with particulars of the growing pains and eventual triumphs of American industry . . . Arthur Herman has set out to right an injustice: the loss, down history’s memory hole, of the epic achievements of American business in helping the United States and its allies win World War II.”—The New York Times Book Review
“Magnificent . . . It’s not often that a historian comes up with a fresh approach to an absolutely critical element of the Allied victory in World War II, but Pulitzer finalist Herman . . . has done just that.”—Kirkus Reviews (starred review)
From the Hardcover edition.
One of The Economist's 2011 Books of the Year
The New York Times's Pulitzer Prize-winning columnist reveals how the financial meltdown emerged from the toxic interplay of Washington, Wall Street, and corrupt mortgage lenders
In Reckless Endangerment, Gretchen Morgenson, the star business columnist of The New York Times, exposes how the watchdogs who were supposed to protect the country from financial harm were actually complicit in the actions that finally blew up the American economy.
Drawing on previously untapped sources and building on original research from coauthor Joshua Rosner—who himself raised early warnings with the public and investors, and kept detailed records—Morgenson connects the dots that led to this fiasco.
Morgenson and Rosner draw back the curtain on Fannie Mae, the mortgage-finance giant that grew, with the support of the Clinton administration, through the 1990s, becoming a major opponent of government oversight even as it was benefiting from public subsidies. They expose the role played not only by Fannie Mae executives but also by enablers at Countrywide Financial, Goldman Sachs, the Federal Reserve, HUD, Congress, the FDIC, and the biggest players on Wall Street, to show how greed, aggression, and fear led countless officials to ignore warning signs of an imminent disaster.
Character-rich and definitive in its analysis, this is the one account of the financial crisis you must read.
One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons.
Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage.
With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them.
The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.
Frederick Lewis Allen’s insightful financial history of the United States—from the late 1800s through the stock market collapse of 1929—remains a seminal work on what brought on America’s worst economic disaster: the Great Depression. In the decades following the Civil War, America entered an era of unprecedented corporate expansion, with ultimate financial power in the hands of a few wealthy industrialists who exploited the capitalist system for everything it was worth. The Rockefellers, Fords, Morgans, and Vanderbilts were the “lords of creation” who, along with like-minded magnates, controlled the economic destiny of the country, unrestrained by regulations or moral imperatives. Through a combination of foresight, ingenuity, ruthlessness, and greed, America’s giants of industry remolded the US economy in their own preferred image. In so doing, they established their absolute power and authority, ensuring that they—and they alone—would control the means of production, transportation, energy, and commerce—thereby setting the stage for the most devastating global financial collapse in history.
As Gretchen Morgenson thoughtfully states in her introduction, “It is not immediately clear why the frequency and severity of financial scandals is increasing in the United States. What is clear is that we need to understand the origins of these disasters, as well as the policies and people that bring them on. . . . While distant actions may seem unrelated to current events, rereading about the past almost always provides surprising insights into the present.”
The Lords of Creation, first published in the midst of the Great Depression, when the financial catastrophe was still painfully fresh, is a fascinating story of bankers, railroad tycoons, steel magnates, speculators, scoundrels, and robber barons. It is a tale of innovation and shocking exploitation—and a sobering reminder that history can indeed repeat itself.
Originally published in a single hardcover book, Volume 2 is now available as an abridged, two-part paperback. Part 1 covers the Tokugawa period to 1868, including texts that address the spread of neo-Confucianism and Buddhism and the initial encounters of Japan and the West. Part 2 begins with the Meiji period and ends at the new millennium, shedding light on such major movements as the Enlightenment, constitutionalism, nationalism, socialism, and feminism, and the impact of the postwar occupation. Commentary by major scholars and comprehensive bibliographies and indexes are included.
Together, these readings map out the development of modern Japanese civilization and illuminate the thought and teachings of its intellectual, political, and religious leaders.
The latest entry in the University of Chicago Press’s series of newly edited editions of Hayek’s works, The Constitution of Liberty is, like Serfdom, just as relevant to our present moment. The book is considered Hayek’s classic statement on the ideals of freedom and liberty, ideals that he believes have guided—and must continue to guide—the growth of Western civilization. Here Hayek defends the principles of a free society, casting a skeptical eye on the growth of the welfare state and examining the challenges to freedom posed by an ever expanding government—as well as its corrosive effect on the creation, preservation, and utilization of knowledge. In opposition to those who call for the state to play a greater role in society, Hayek puts forward a nuanced argument for prudence. Guided by this quality, he elegantly demonstrates that a free market system in a democratic polity—under the rule of law and with strong constitutional protections of individual rights—represents the best chance for the continuing existence of liberty.
Striking a balance between skepticism and hope, Hayek’s profound insights are timelier and more welcome than ever before. This definitive edition of The Constitution of Liberty will give a new generation the opportunity to learn from his enduring wisdom.
In looking at the forces that brought our current administration to power one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum.
A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream.
Now updated with new material explaining how our corrupted financial system propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the system, and why it matters urgently to us all.
Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.
How does a strong and growing economy lend itself to job uncertainty, debt, bankruptcy, and economic fear for a vast number of Americans? Free Lunch provides answers to this great economic mystery of our time, revealing how today's government policies and spending reach deep into the wallets of the many for the benefit of the wealthy few.
Johnston cuts through the official version of events and shows how, under the guise of deregulation, a whole new set of regulations quietly went into effect-- regulations that thwart competition, depress wages, and reward misconduct. From how George W. Bush got rich off a tax increase to a $100 million taxpayer gift to Warren Buffett, Johnston puts a face on all of the dirty little tricks that business and government pull. A lot of people appear to be getting free lunches, but of course there's no such thing as a free lunch, and someone (you, the taxpayer) is picking up the bill.
Johnston's many revelations include:
How we ended up with the most expensive yet inefficient health-care system in the world
How homeowners title insurance became a costly, deceitful, yet almost invisible oligopoly
How our government gives hidden subsidies for posh golf courses
How Paris Hilton's grandfather schemed to retake the family fortune from a charity for poor children
How the Yankees and Mets owners will collect more than $1.3 billion in public funds
In these instances and many more, Free Lunch shows how the lobbyists and lawyers representing the most powerful 0.1 percent of Americans manipulated our government at the expense of the other 99.9 percent.
With his extraordinary reporting, vivid stories, and sharp analysis, Johnston reveals the forces that shape our everyday economic lives and shows us how we can finally make things better.
From the Hardcover edition.
Neil Irwin’s The Alchemists is a gripping account of the most intense exercise in economic crisis management we’ve ever seen, a poker game in which the stakes have run into the trillions of dollars. The book begins in, of all places, Stockholm, Sweden, in the seventeenth century, where central banking had its rocky birth, and then progresses through a brisk but dazzling tutorial on how the central banker came to exert such vast influence over our world, from its troubled beginnings to the Age of Greenspan, bringing the reader into the present with a marvelous handle on how these figures and institutions became what they are – the possessors of extraordinary power over our collective fate. What they chose to do with those powers is the heart of the story Irwin tells.
Irwin covered the Fed and other central banks from the earliest days of the crisis for the Washington Post, enjoying privileged access to leading central bankers and people close to them. His account, based on reporting that took place in 27 cities in 11 countries, is the holistic, truly global story of the central bankers’ role in the world economy we have been missing. It is a landmark reckoning with central bankers and their power, with the great financial crisis of our time, and with the history of the relationship between capitalism and the state. Definitive, revelatory, and riveting, The Alchemists shows us where money comes from—and where it may well be going.
In 2005, veteran diplomat and Asia analyst Jeffrey Bader met for the first time with the then-junior U.S. senator from Illinois. When Barack Obama entered the White House a few years later, Bader was named the senior director for East Asian affairs on the National Security Council, becoming one of a handful of advisers responsible for formulating and implementing the administration's policy regarding that key region. For obvious reasons—a booming economy, expanding military power, and increasing influence over the region—the looming impact of a rising China dominated their efforts.
Obama's original intent was to extend U.S. influence and presence in East Asia, which he felt had been neglected by a Bush administration fixated on the Middle East, particularly Iraq, and the war on terror. China's rise, particularly its military buildup, was heightening anxiety among its neighbors, including key U.S. allies Japan and South Korea. Bader explains the administration's efforts to develop stable relations with China while improving relationships with key partners worried about Beijing's new assertiveness.
In Obama and China's Rise, Bader reveals what he did, discusses what he saw, and interprets what it meant—first during the Obama campaign, and then for the administration. The result is an illuminating backstage view of the formulation and execution of American foreign policy as well as a candid assessment of both. Bader combines insightful and authoritative foreign policy analysis with a revealing and humanizing narrative of his own personal journey.
all the devils are here."
-Shakespeare, The Tempest
As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?
According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.
All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.
Among the devils you'll meet in vivid detail:
• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.
• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.
• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.
• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.
• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.
• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.
• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.
• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.
Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.
The events that culminated in the fall of Japan - which forever changed the course of diplomacy, geopolitics, and warfare in the twentieth century - are vividly recreated through dramatic first-hand accounts of the major participants on both sides of the Pacific.
They include: Harry Truman, the inexperienced American president who made the decision that would lead to unprecedented death and destruction; the war-mongering, but mysterious, Japanese Emperor Hirohito, who ultimately presided over his country's surrender; General Leslie Groves, the no-nonsense director of the Manhattan Project; and Paul Tibbets, the pilot of the plane, the Enola Gay, which dropped the very first nuclear bomb on Hiroshima in August 1945.
After one traumatic year, she came home, a Vietnam veteran. Coming home was nearly as devastating as the time she spent in Asia. Nothing was the same -- including Lynda herself. Viewed by many as a murderer instead of a healer, she felt isolated and angry. The anger turned to depression; like many other Vietnam veterans she suffered from delayed stress syndrome. Working in hospitals brought back chilling scenes of hopelessly wounded soldiers. A marriage ended in divorce. The war that was fought physically halfway around the world had become a personal, internal battle.
Home before Morning is the story of a woman whose courage, stamina, and personal history make this a compelling autobiography. It is also the saga of others who went to war to aid the wounded and came back wounded -- physically and emotionally -- themselves. And, it is the true story of one person's triumphs: her understanding of, and coming to terms with, her destiny.
While others have used income levels to conclude that the Japanese household was relatively poor in those centuries, Hanley examines the material culture—food, sanitation, housing, and transportation. How did ordinary people conserve the limited resources available in this small island country? What foods made up the daily diet and how were they prepared? How were human wastes disposed of? How long did people live? Hanley answers all these questions and more in an accessible style and with frequent comparisons with Western lifestyles. Her methods allow for cross-cultural comparisons between Japan and the West as well as Japan and the rest of Asia. They will be useful to anyone interested in the effects of modernization on daily life.
In the first 1,000 years after Christ, merchants, missionaries, monks, mendicants, and military men traveled the vast network of Central Asian tracks that became known as the Silk Road. Whitfield recounts the lives of twelve individuals who lived at different times during this period, including two characters new to this edition: an African shipmaster and a Persian traveler and writer during the Arab caliphate. With these additional tales, Whitfield extends both geographical and chronological scope, bringing into view the maritime links across the Indian Ocean and depicting the network of north-south routes from the Baltic to the Gulf.
Throughout the narrative, Whitfield conveys a strong sense of what life was like for ordinary men and women on the Silk Road, the individuals usually forgotten to history. A work of great scholarship, Life along the Silk Road continues to be both accessible and entertaining.
But the anticapitalist arguments are pure bunk, as Thomas J. DiLorenzo reveals in How Capitalism Saved America. DiLorenzo, a professor of economics, shows how capitalism has made America the most prosperous nation on earth—and how the sort of government regulation that politicians and pundits endorse has hindered economic growth, caused higher unemployment, raised prices, and created many other problems. He propels the reader along with a fresh and compelling look at critical events in American history—covering everything from the Pilgrims to Bill Gates.
And just as he did in his last book, The Real Lincoln, DiLorenzo explodes numerous myths that have become conventional wisdom. How Capitalism Saved America reveals:
• How the introduction of a capitalist system saved the Pilgrims from starvation
• How the American Revolution was in large part a revolt against Britain’s stifling economic controls
• How the so-called robber barons actually improved the lives of millions of Americans by providing newer and better products at lower prices
• How the New Deal made the Great Depression worse
• How deregulation got this country out of the energy crisis of the 1970s—and was not the cause of recent blackouts in California and the Northeast
• And much more
How Capitalism Saved America is popular history at its explosive best.
From the Hardcover edition.
“A fascinating account of the effort to save the world from another [Great Depression]. . . . Humanity should be grateful.”—Financial Times
In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, the unexpected apex of a personal journey from small-town South Carolina to prestigious academic appointments and finally public service in Washington’s halls of power.
There would be no time to celebrate.
The bursting of a housing bubble in 2007 exposed the hidden vulnerabilities of the global financial system, bringing it to the brink of meltdown. From the implosion of the investment bank Bear Stearns to the unprecedented bailout of insurance giant AIG, efforts to arrest the financial contagion consumed Bernanke and his team at the Fed. Around the clock, they fought the crisis with every tool at their disposal to keep the United States and world economies afloat.
Working with two U.S. presidents, and under fire from a fractious Congress and a public incensed by behavior on Wall Street, the Fed—alongside colleagues in the Treasury Department—successfully stabilized a teetering financial system. With creativity and decisiveness, they prevented an economic collapse of unimaginable scale and went on to craft the unorthodox programs that would help revive the U.S. economy and become the model for other countries.
Rich with detail of the decision-making process in Washington and indelible portraits of the major players, The Courage to Act recounts and explains the worst financial crisis and economic slump in America since the Great Depression, providing an insider’s account of the policy response.
Bret Hinsch's reconstruction of the Chinese homosexual past reveals unexpected scenes. An emperor on his deathbed turns over the seals of the empire to a male beloved; two men marry each other with elaborate wedding rituals; parents sell their son into prostitution. The tradition portrays men from all levels of society—emperors, transvestite actors, rapists, elegant scholars, licentious monks, and even the nameless poor.
Drawing from dynastic histories, erotic novels, popular Buddhist tracts, love poetry, legal cases, and joke books, Passions of the Cut Sleeve evokes the complex and fascinating male homosexual tradition in China from the Bronze Age until its decline in recent times.
Ranging across an ideological spectrum that includes Hobbes, Voltaire, Adam Smith, Edmund Burke, Hegel, Marx, and Matthew Arnold, as well as twentieth-century communist, fascist, and neoliberal intellectuals, historian Jerry Muller examines a fascinating thread of ideas about the ramifications of capitalism and its future implications. This is an engaging and accessible history of ideas that reverberate throughout everyday life.
Though foreigners who traveled to China in the early decades of the twentieth century came away with the impression that Chinese dress was simple and monotone, the key features of modern fashion were beginning to emerge, especially in Shanghai. Men in blue gowns donned felt caps and leather shoes, girls began to wear fitted jackets and narrow pants, and homespun garments gave way to machine-woven cloth, often made in foreign lands. These innovations marked the start of a far-reaching vestimentary revolution that would transform the clothing culture in urban and much of rural China over the next half century.
Through Finnane's meticulous research, we are able to see how the close-fitting jacket and high collar of the 1911 Revolutionary period, the skirt and jacket-blouse of the May Fourth era, and the military style popular in the Cultural Revolution led to the variegated, globalized wardrobe of today. She brilliantly connects China's modernization and global visibility with changes in dress, offering a vivid portrait of the complex, subtle, and sometimes contradictory ways the people of China have worn their nation on their backs.
Bestselling author and financial guru Harry Dent shows why we're facing a decade-long “great deflation”—and what to do about it.
Throughout his long career as an economic forecaster, Harry Dent has relied on demographics—the ultimate tool for predicting both big and small trends, decades in advance. Now he explains what’s going to happen to our economy with the accelerating retirements of the Baby Boomers.
Inflation rises when a larger than usual block of younger people enter the workforce, and it wanes when large numbers of older people retire, downsize their homes, and cut their spending. The mass retirement of the Boomers won’t just hold back inflation, it will actually cause deflation—with a downturn and periodic crises from 2014 until about 2023.
Dent explores the implications of his controversial predictions for retirement planning, healthcare, real estate, education, investing, and business strategies. His advice will help readers survive and prosper during the challenging years ahead.
The New History of Korean Civilization explores the existence of a distinctive Korean culture established by the Korean people and separate from its Chinese and Japanese counterparts. Author Chai-Shin Yu, distinguished professor of Korean studies, surveys the history of cultural life in Korea and provides a detailed account of this country’s remarkable heritage.
From the prehistoric age through the rise of the Choson Dynasty and up to the creation of the Republic of Korea, this concise history traces the development of history, politics, philosophy, religion, literature, and art. Chai-Shin Yu shows how Korean culture also played a vital role in the formation of Japanese culture.
Written for the purpose of introducing the roots of Korean culture to Westerners and second-generation Koreans living in the West, The New History of Korean Civilization is a bold addition to the historiography of Korea.
Over the past two centuries or so, capitalism has undergone profound changes—economic cycles that veer from boom to bust—from which it has always emerged transformed and strengthened. Surveying this turbulent history, Paul Mason’s Postcapitalism argues that we are on the brink of a change so big and so profound that this time capitalism itself, the immensely complex system within which entire societies function, will mutate into something wholly new.
At the heart of this change is information technology, a revolution that is driven by capitalism but, with its tendency to push the value of much of what we make toward zero, has the potential to destroy an economy based on markets, wages, and private ownership. Almost unnoticed, in the niches and hollows of the market system, swaths of economic life are beginning to move to a different rhythm. Vast numbers of people are changing how they behave and live, in ways contrary to the current system of state-backed corporate capitalism. And as the terrain changes, new paths open.
In this bold and prophetic book, Mason shows how, from the ashes of the crisis, we have the chance to create a more socially just and sustainable economy. Although the dangers ahead are profound, he argues that there is cause for hope. This is the first time in human history in which, equipped with an understanding of what is happening around us, we can predict and shape the future.