The author explains how heavy industry—and particularly the iron and steel industry-successfully took advantage of shortages of raw materials and of inflation to gain the upper hand over customers in the manufacturing industries. He notes that it proved able to resist government and consumer efforts to change and control policies affecting heavy industry and, finally, to lead the counterattack against labor's greatest gain in the Revolution of 1918, the eight-hour day.
Although the importance of iron and steel to the German economy declined in relation to that of more advanced sectors of the economy, its highly concentrated character, able leadership, and importance to the war and reconstruction efforts gave it advantages in reconstituting its power within the business community and the Weimar state.
Originally published in 1977.
The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
Consider the $20 bill.
It has no more value, as a simple slip of paper, than Monopoly money. Yet even children recognize that tearing one into small pieces is an act of inconceivable stupidity. What makes a $20 bill actually worth twenty dollars? In the third volume of his best-selling Naked series, Charles Wheelan uses this seemingly simple question to open the door to the surprisingly colorful world of money and banking.
The search for an answer triggers countless other questions along the way: Why does paper money (“fiat currency” if you want to be fancy) even exist? And why do some nations, like Zimbabwe in the 1990s, print so much of it that it becomes more valuable as toilet paper than as currency? How do central banks use the power of money creation to stop financial crises? Why does most of Europe share a common currency, and why has that arrangement caused so much trouble? And will payment apps, bitcoin, or other new technologies render all of this moot?
In Naked Money, Wheelan tackles all of the above and more, showing us how our banking and monetary systems should work in ideal situations and revealing the havoc and suffering caused in real situations by inflation, deflation, illiquidity, and other monetary effects. Throughout, Wheelan’s uniquely bright-eyed, whimsical style brings levity and clarity to a subject often devoid of both. With illuminating stories from Argentina, Zimbabwe, North Korea, America, China, and elsewhere around the globe, Wheelan demystifies the curious world behind the paper in our wallets and the digits in our bank accounts.
Shirer gives a clear, detailed and well-documented account of how it was that Adolf Hitler almost succeeded in conquering the world. With millions of copies in print, The Rise and Fall of the Third Reich has become one of the most authoritative books on one of mankind’s darkest hours. Shirer focuses on 1933 to 1945 in clear detail. Here is a worldwide bestseller that also tells the true story of the Holocaust, often in the words of the men who helped plan and conduct it. It is a classic by any measure.
The book has been translated into twelve languages and was adapted as a television miniseries, broadcast by ABC in 1968. This first ever e-book edition is published on the 50th anniversary of this iconic work.
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 person cannot mix indefinite bitcoins. The bitcoin protocol states that there will only be twenty-one million bitcoins to be produced by the miners. These bitcoins will then be subdivided into smaller bits. The smallest bit is called ‘satoshi’ named after the bitcoin founder and the divisible amount is one hundred millionth of a bitcoin.
Bitcoin currency is based on mathematical formulas unlike our conventional currency that is based on gold and silver. Mathematics is used to generate or ‘mine’ bitcoins. The software programs containing these mathematical formulas are made available to everyone. This means that anyone can access these formulas to ensure that it serves its purpose.
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.
Read about Hitler's experience as a soldier during World War One, the Nazi Party's climb to power, the elimination of their political opponents and the Weimar constitution. Learn about life in Nazi Germany, for women, the family, the Jews, and the use of state control, propaganda and security. See how Hitler manipulated foreign policy to achieve his aims, and how he brought the world into war.
Nazi Germany in an Hour tell you everything you need to know about Germany under Nazi rule, in just one hour.
Love your history? Find out about the world with History in an Hour...
What made a failed Austrian artist into the most reviled and destructive personality of the twentieth century? Where did the seeds of his rabid anti-Semitism lie? How did a marginalized loner become such a moving force in Germany? How could a nation have fallen for such a fanatic? What made him so determined to bring about war?
Through manipulation of politicians and civilians, bullying, diplomacy, violence and lies, Hitler achieved a total and unlikely power. Covering his early life, military service in World War One and eventual rise to power, first as the leader of the Nazi party, and then head of state, Hitler: History in an Hour describes the life of a man who spent his final days inside a bunker having plunged the world into a global conflict, the bloodiest in history.
Love history? Know your stuff with History in an Hour...
It covers the ancient world, the Roman Republic and Empire, Medieval Europe, the first centuries of the U.S. and Canada, the French Revolution, the 19th century, World Wars I and II, the Nazis, the Soviets, postwar rent control, and the 1970s. It also includes a very helpful conclusion spelling out the theory of wage and price controls.
This book is a treasure, and super entertaining!
The time is 1933, the place, Berlin, when William E. Dodd becomes America’s first ambassador to Hitler’s Nazi Germany in a year that proved to be a turning point in history.
A mild-mannered professor from Chicago, Dodd brings along his wife, son, and flamboyant daughter, Martha. At first Martha is entranced by the parties and pomp, and the handsome young men of the Third Reich with their infectious enthusiasm for restoring Germany to a position of world prominence. Enamored of the “New Germany,” she has one affair after another, including with the suprisingly honorable first chief of the Gestapo, Rudolf Diels. But as evidence of Jewish persecution mounts, confirmed by chilling first-person testimony, her father telegraphs his concerns to a largely indifferent State Department back home. Dodd watches with alarm as Jews are attacked, the press is censored, and drafts of frightening new laws begin to circulate. As that first year unfolds and the shadows deepen, the Dodds experience days full of excitement, intrigue, romance—and ultimately, horror, when a climactic spasm of violence and murder reveals Hitler’s true character and ruthless ambition.
Suffused with the tense atmosphere of the period, and with unforgettable portraits of the bizarre Göring and the expectedly charming--yet wholly sinister--Goebbels, In the Garden of Beasts lends a stunning, eyewitness perspective on events as they unfold in real time, revealing an era of surprising nuance and complexity. The result is a dazzling, addictively readable work that speaks volumes about why the world did not recognize the grave threat posed by Hitler until Berlin, and Europe, were awash in blood and terror.
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.
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.
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.
A bestseller in its original German edition and subsequently translated into more than a dozen languages, Joachim Fest’s Hitler has become a classic portrait of a man, a nation, and an era.
Fest tells and interprets the extraordinary story of a man’s and nation’s rise from impotence to absolute power, as Germany and Hitler, from shared premises, entered into their covenant. He shows Hitler exploiting the resentments of the shaken, post–World War I social order and seeing through all that was hollow behind the appearance of power, at home and abroad. Fest reveals the singularly penetrating politician, hypnotizing Germans and outsiders alike with the scope of his projects and the theatricality of their presentation. Perhaps most importantly, he also brilliantly uncovers the destructive personality that aimed for and achieved devastation on an unprecedented scale.
As history and biography, this is a towering achievement, a compelling story told in a way only a German could tell it: “dispassionately, but from the inside” (Time).
With an acute eye for detail and his use of clear prose, acclaimed military historian Bevin Alexander goes beyond counterfactual "What if?" history and explores for the first time just how close the Allies were to losing the war. Using beautifully detailed, newly designed maps, How Hitler Could Have Won World War II exquisitely illustrates the important battles and how certain key movements and mistakes by Germany were crucial in determining the war's outcome. Alexander's harrowing study shows how only minor tactical changes in Hitler's military approach could have changed the world we live in today.
How Hitler Could Have Won World War II untangles some of the war's most confounding strategic questions, such as:
Why didn't the Nazis concentrate their enormous military power on the only three beaches upon which the Allies could launch their attack into Europe?
Why did the terrifying German panzers, on the brink of driving the British army into the sea in May 1940, halt their advance and allow the British to regroup and evacuate at Dunkirk?
With the chance to cut off the Soviet lifeline of oil, and therefore any hope of Allied victory from the east, why did Hitler insist on dividing and weakening his army, which ultimately led to the horrible battle of Stalingrad?
Ultimately, Alexander probes deeply into the crucial intersection between Hitler's psyche and military strategy and how his paranoia fatally overwhelmed his acute political shrewdness to answer the most terrifying question: Just how close were the Nazis to victory?
Why did Hitler insist on terror bombing London in the late summer of 1940, when the German air force was on the verge of destroying all of the RAF sector stations, England's last defense?
With the opportunity to drive the British out of Egypt and the Suez Canal and occupy all of the Middle East, therefore opening a Nazi door to the vast oil resources of the region, why did Hitler fail to move in just a few panzer divisions to handle such an easy but crucial maneuver?
On the verge of a last monumental effort and concentration of German power to seize Moscow and end Stalin's grip over the Eastern front, why did the Nazis divert their strength to bring about the far less important surrender of Kiev, thereby destroying any chance of ever conquering the Soviets?
From the Hardcover edition.
Niall Ferguson follows the money to tell the human story behind the evolution of our financial system, from its genesis in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance. What's more, Ferguson reveals financial history as the essential backstory behind all history, arguing that the evolution of credit and debt was as important as any technological innovation in the rise of civilization. As Ferguson traces the crisis from ancient Egypt's Memphis to today's Chongqing, he offers bold and compelling new insights into the rise--and fall--of not just money but Western power as well.
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.
There is no story in twentieth-century history more important to understand than Hitler’s rise to power and the collapse of civilization in Nazi Germany. With The Coming of the Third Reich, Richard Evans, one of the world’s most distinguished historians, has written the definitive account for our time. A masterful synthesis of a vast body of scholarly work integrated with important new research and interpretations, Evans’s history restores drama and contingency to the rise to power of Hitler and the Nazis, even as it shows how ready Germany was by the early 1930s for such a takeover to occur. The Coming of the Third Reich is a masterwork of the historian’s art and the book by which all others on the subject will be judged.
From the turret of a German tank, Colonel Hans von Luck commanded Rommel's 7th and then 21st Panzer Division. El Alamein, Kasserine Pass, Poland, Belgium, Normandy on D-Day, the disastrous Russian front--von Luck fought there with some of the best soldiers in the world. German soldiers.
Awarded the German Cross in Gold and the Knight's Cross, von Luck writes as an officer and a gentleman. Told with the vivid detail of an impassioned eyewitness, his rare and moving memoir has become a classic in the literature of World War II, a first-person chronicle of the glory--and the inevitable tragedy--of a superb soldier fighting Hitler's war.
Masters of the Air is the deeply personal story of the American bomber boys in World War II who brought the war to Hitler’s doorstep. With the narrative power of fiction, Donald Miller takes you on a harrowing ride through the fire-filled skies over Berlin, Hanover, and Dresden and describes the terrible cost of bombing for the German people.
Fighting at 25,000 feet in thin, freezing air that no warriors had ever encountered before, bomber crews battled new kinds of assaults on body and mind. Air combat was deadly but intermittent: periods of inactivity and anxiety were followed by short bursts of fire and fear. Unlike infantrymen, bomber boys slept on clean sheets, drank beer in local pubs, and danced to the swing music of Glenn Miller’s Air Force band, which toured US air bases in England. But they had a much greater chance of dying than ground soldiers.
The bomber crews were an elite group of warriors who were a microcosm of America—white America, anyway. The actor Jimmy Stewart was a bomber boy, and so was the “King of Hollywood,” Clark Gable. And the air war was filmed by Oscar-winning director William Wyler and covered by reporters like Andy Rooney and Walter Cronkite, all of whom flew combat missions with the men. The Anglo-American bombing campaign against Nazi Germany was the longest military campaign of World War II, a war within a war. Until Allied soldiers crossed into Germany in the final months of the war, it was the only battle fought inside the German homeland.
Masters of the Air is a story of life in wartime England and in the German prison camps, where tens of thousands of airmen spent part of the war. It ends with a vivid description of the grisly hunger marches captured airmen were forced to make near the end of the war through the country their bombs destroyed.
Drawn from recent interviews, oral histories, and American, British, German, and other archives, Masters of the Air is an authoritative, deeply moving account of the world’s first and only bomber war.
“Here is one of the most riveting first-person accounts ever to come out of World War II. Robert Leckie enlisted in the United States Marine Corps in January 1942, shortly after the Japanese attack on Pearl Harbor. In Helmet for My Pillow we follow his odyssey, from basic training on Parris Island, South Carolina, all the way to the raging battles in the Pacific, where some of the war’s fiercest fighting took place. Recounting his service with the 1st Marine Division and the brutal action on Guadalcanal, New Britain, and Peleliu, Leckie spares no detail of the horrors and sacrifices of war, painting an unvarnished portrait of how real warriors are made, fight, and often die in the defense of their country.
From the live-for-today rowdiness of marines on leave to the terrors of jungle warfare against an enemy determined to fight to the last man, Leckie describes what war is really like when victory can only be measured inch by bloody inch. Woven throughout are Leckie’s hard-won, eloquent, and thoroughly unsentimental meditations on the meaning of war and why we fight. Unparalleled in its immediacy and accuracy, Helmet for My Pillow will leave no reader untouched. This is a book that brings you as close to the mud, the blood, and the experience of war as it is safe to come.”-Print Ed.
“[A] fascinating, engrossing, often dark history of drug use in the Third Reich.” — Washington Post
The Nazi regime preached an ideology of physical, mental, and moral purity. Yet as Norman Ohler reveals in this gripping new history, the Third Reich was saturated with drugs: cocaine, opiates, and, most of all, methamphetamines, which were consumed by everyone from factory workers to housewives to German soldiers. In fact, troops were encouraged, and in some cases ordered, to take rations of a form of crystal meth—the elevated energy and feelings of invincibility associated with the high even help to account for the breakneck invasion that sealed the fall of France in 1940, as well as other German military victories. Hitler himself became increasingly dependent on injections of a cocktail of drugs—ultimately including Eukodal, a cousin of heroin—administered by his personal doctor.
Thoroughly researched and rivetingly readable, Blitzed throws light on a history that, until now, has remained in the shadows.
“Delightfully nuts.” — The New Yorker
NORMAN OHLER is an award-winning German novelist, screenwriter, and journalist. He is the author of the novels Die Quotenmaschine (the world’s first hypertext novel), Mitte, and Stadt des Goldes (translated into English as Ponte City). He was cowriter of the script for Wim Wenders’s film Palermo Shooting. He lives in Berlin.
Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.
Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.
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
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
The Red Army had much to avenge when it finally reached the frontiers of the Third Reich in January 1945. Frenzied by their terrible experiences with Wehrmacht and SS brutality, they wreaked havoc—tanks crushing refugee columns, mass rape, pillage, and unimaginable destruction. Hundreds of thousands of women are children froze to death or were massacred; more than seven million fled westward from the fury of the Red Army. It was the most terrifying example of fire and sword ever known.
Antony Beevor, renowned author of D-Day and The Battle of Arnhem, has reconstructed the experiences of those millions caught up in the nightmare of the Third Reich's final collapse. The Fall of Berlin is a terrible story of pride, stupidity, fanaticism, revenge, and savagery, yet it is also one of astonishing endurance, self-sacrifice, and survival against all odds.
Winner of the Gerald Loeb Award for Best Business Book
“Too Big To Fail is too good to put down. . . . It is the story of the actors in the most extraordinary financial spectacle in 80 years, and it is told brilliantly.” —The Economist
“Vigorously reported, superbly organized . . . For those of us who didn’t pursue MBAs—and have the penny-ante salaries to prove it—Sorkin’s book offers a clear, cogent explanation of what happened and why it matters.” —Julia Keller, Chicago Tribune
“Sorkin’s prodigious reporting and lively writing put the reader in the room for some of the biggest-dollar conference calls in history. It’s an entertaining, brisk book.” —Paul M. Barrett, The New York Times Book Review
“Sorkin’s densely detailed and astonishing narrative of the epic financial crisis of 2008 is an extraordinary achievement that will be hard to surpass as the definitive account.” —John Gapper, Financial Times
A brilliantly reported true-life thriller that goes behind the scenes of the financial crisis on Wall Street and in Washington, the basis for the HBO film
In one of the most gripping financial narratives in decades, Andrew Ross Sorkin-a New York Times columnist and one of the country's most respected financial reporters-delivers the first definitive blow- by-blow account of the epochal economic crisis that brought the world to the brink. Through unprecedented access to the players involved, he re-creates all the drama and turmoil of these turbulent days, revealing never-before-disclosed details and recounting how, motivated as often by ego and greed as by fear and self-preservation, the most powerful men and women in finance and politics decided the fate of the world's economy.
These massive crimes have been generally overlooked or underestimated by Holocaust historians, who have focused on the gas chambers. In this painstaking account, Pulitzer Prize-winning author Richard Rhodes profiles the eastern campaign’s architects as well as its “ordinary” soldiers and policemen, and helps us understand how such men were conditioned to carry out mass murder. Marshaling a vast array of documents and the testimony of perpetrators and survivors, this book is an essential contribution to our understanding of the Holocaust and World War II.
Ordinary Men is the true story of Reserve Police Battalion 101 of the German Order Police, which was responsible for mass shootings as well as round-ups of Jewish people for deportation to Nazi death camps in Poland in 1942. Browning argues that most of the men of RPB 101 were not fanatical Nazis but, rather, ordinary middle-aged, working-class men who committed these atrocities out of a mixture of motives, including the group dynamics of conformity, deference to authority, role adaptation, and the altering of moral norms to justify their actions. Very quickly three groups emerged within the battalion: a core of eager killers, a plurality who carried out their duties reliably but without initiative, and a small minority who evaded participation in the acts of killing without diminishing the murderous efficiency of the battalion whatsoever.
While this book discusses a specific Reserve Unit during WWII, the general argument Browning makes is that most people succumb to the pressures of a group setting and commit actions they would never do of their own volition.
Ordinary Men is a powerful, chilling, and important work with themes and arguments that continue to resonate today.
“A remarkable—and singularly chilling—glimpse of human behavior...This meticulously researched book...represents a major contribution to the literature of the Holocaust."—Newsweek
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 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 image. They established their power and authority, ensuring that they—and they alone—would control the means of production, transportation, energy, and commerce—creating the conditions for the stock market collapse of 1929 and the Great Depression that followed.
As modern society continues to be affected by wealth inequality and cycles of boom and bust, it’s as important as ever to understand the origins of financial disaster, and the policies, practices, and people who bring them on. The Lords of Creation, first published when the catastrophe of the 1930s 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.
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 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.
A major new biography—an extraordinary, penetrating study of the man who has become the personification of evil.
“Ullrich reveals Hitler to have been an eminently practical politician—and frighteningly so. Timely… One of the best works on Hitler and the origins of the Third Reich to appear in recent years.”
“An outstanding study… All the huge, and terrible moments of the early Nazi era are dissected…but the real strength of this book is in disentangling the personal story of man and monster.”
—The Guardian (U.K.)
For all the literature about Adolf Hitler there have been just four seminal biographies; this is the fifth, a landmark work that sheds important new light on Hitler himself. Drawing on previously unseen papers and a wealth of recent scholarly research, Volker Ullrich reveals the man behind the public persona, from Hitler's childhood to his failures as a young man in Vienna to his experiences during the First World War to his rise as a far-right party leader. Ullrich deftly captures Hitler's intelligence, instinctive grasp of politics, and gift for oratory as well as his megalomania, deep insecurity, and repulsive worldview.
Many previous biographies have focused on the larger social conditions that explain the rise of the Third Reich. Ullrich gives us a comprehensive portrait of a postwar Germany humiliated by defeat, wracked by political crisis, and starved by an economic depression, but his real gift is to show vividly how Hitler used his ruthlessness and political talent to shape the Nazi party and lead it to power. For decades the world has tried to grasp how Hitler was possible. By focusing on the man at the center of it all, on how he experienced his world, formed his political beliefs, and wielded power, this riveting biography brings us closer than ever to the answer.
Translated from the German by Jefferson Chase.
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.
All first-person accounts of great events have their own fascination, but the editors of American Heritage have discovered that people writing about World War II seem to tell their own story with particular passion and eloquence. That is one reason American Heritage has published so many of them - and why noted military historian Stephen W. Sears has selected the most compelling.
The result of his search is a uniquely moving and valuable anthology - a series of personal histories that, marshaled together, become an intimate history of the Second World War.
Here is Edward Beach, the highly decorated submarine skipper and author of Run Silent, Run Deep, recalling what it was like to be sent into hostile waters with torpedoes that didn't work; Charles Cawthon recounts the landing at Normandy Beach in a restrained and poetic narrative whose quiet humor does nothing to blunt the savagery of the experience; General James Gavin tells of the jump into Sicily and of a battle fought that never should have been fought; Hughes Rudd watched the war from overhead in a flimsy spotter plane, his "Maytag Messerschmitt; and William Manchester remembers a particularly audacious and hilarious scam that a reckless Marine buddy played on the entire army.
Some of the stories are heartbreaking, some amusing, some horrifying, but every one of them - whether told by the women who hammered fighter planes together or the men who flew them - glows with hard-won experience.
In a landmark work of history, Nikolaus Wachsmann offers an unprecedented, integrated account of the Nazi concentration camps from their inception in 1933 through their demise, seventy years ago, in the spring of 1945. The Third Reich has been studied in more depth than virtually any other period in history, and yet until now there has been no history of the camp system that tells the full story of its broad development and the everyday experiences of its inhabitants, both perpetrators and victims, and all those living in what Primo Levi called "the gray zone."
In KL, Wachsmann fills this glaring gap in our understanding. He not only synthesizes a new generation of scholarly work, much of it untranslated and unknown outside of Germany, but also presents startling revelations, based on many years of archival research, about the functioning and scope of the camp system. Examining, close up, life and death inside the camps, and adopting a wider lens to show how the camp system was shaped by changing political, legal, social, economic, and military forces, Wachsmann produces a unified picture of the Nazi regime and its camps that we have never seen before.
A boldly ambitious work of deep importance, KL is destined to be a classic in the history of the twentieth century.
Trillions of dollars in assets and fundamental political power are changing hands as free markets wrest control from government of the "commanding heights" -- the dominant businesses and industries of the world economy. Daniel Yergin and Joseph Stanislaw demonstrate that words like "privatization" and "deregulation" are inadequate to describe the enormous upheaval that is unfolding before our eyes. Along with the creation of vast new wealth, the map of the global economy is being redrawn. Indeed, the very structure of society is changing. New markets and new opportunities have brought great new risks as well. How has all this come about? Who are the major figures behind it? How does it affect our lives?
The collapse of the Soviet Union, the awesome rise of China, the awakening of India, economic revival in Latin America, the march toward the European Union -- all are a part of this political and economic revolution. Fiscal realities and financial markets are relentlessly propelling deregulation; achieving a new balance between government and marketplace will be the major political challenge in the coming years. Looking back, the authors describe how the old balance was overturned, and by whom. Looking forward, they explore these questions: Will the new balance prevail? Or does the free market contain the seeds of its own destruction? Will there be a backlash against any excesses of the free market? And finally, The Commanding Heights illuminates the five tests by which the success or failure of all these changes can be measured, and defines the key issues as we enter the twenty-first century.
The Commanding Heights captures this revolution in ideas in riveting accounts of the history and the politics of the postwar years and compelling tales of the astute politicians, brilliant thinkers, and tenacious businessmen who brought these changes about. Margaret Thatcher, Donald Reagan, Deng Xiaoping, and Bill Clinton share the stage with the "Minister of Thought" Keith Joseph, the broommaker's son Domingo Cavallo, and Friedrich von Hayek, the Austrian economist who was determined to win the twenty-year "battle of ideas." It is a complex and wide-ranging story, and the authors tell it brilliantly, with a deep understanding of human character, making critically important ideas lucid and accessible. Written with unique access to many of the key players, The Commanding Heights, like no other book, brings us an understanding of the last half of the twentieth century -- and sheds a powerful light on what lies ahead in the twenty-first century.
This magnificent second volume of Richard J. Evans's three-volume history of Nazi Germany was hailed by Benjamin Schwartz of the Atlantic Monthly as "the definitive English-language account... gripping and precise." It chronicles the incredible story of Germany's radical reshaping under Nazi rule. As those who were deemed unworthy to be counted among the German people were dealt with in increasingly brutal terms, Hitler's drive to prepare Germany for the war that he saw as its destiny reached its fateful hour in September 1939. The Third Reich in Power is the fullest and most authoritative account yet written of how, in six years, Germany was brought to the edge of that terrible abyss.
Adroitly blending narrative, description, and analysis, Richard J. Evans portrays a society rushing headlong to self-destruction and taking much of Europe with it. Interweaving a broad narrative of the war's progress from a wide range of people, Evans reveals the dynamics of a society plunged into war at every level. The great battles and events of the conflict are here, but just as telling is Evans's re- creation of the daily experience of ordinary Germans in wartime. At the center of the book is the Nazi extermination of the Jews. The final book in Richard J. Evan's three-volume history of Hitler's Germany, hailed "a masterpiece" by The New York Times, The Third Reich at War lays bare the most momentous and tragic years of the Nazi regime.
According to German wartime media, it was German citizens who were targeted for extinction by a vast international conspiracy. Leading the assault was an insidious, belligerent Jewish clique, so crafty and powerful that it managed to manipulate the actions of Roosevelt, Churchill, and Stalin. Hitler portrayed the Holocaust as a defensive act, a necessary move to destroy the Jews before they destroyed Germany.
Joseph Goebbels, Minister of Propaganda, and Otto Dietrich's Press Office translated this fanatical vision into a coherent cautionary narrative, which the Nazi propaganda machine disseminated into the recesses of everyday life. Calling on impressive archival research, Jeffrey Herf recreates the wall posters that Germans saw while waiting for the streetcar, the radio speeches they heard at home or on the street, the headlines that blared from newsstands. "The Jewish Enemy" is the first extensive study of how anti-Semitism pervaded and shaped Nazi propaganda during World War II and the Holocaust, and how it pulled together the diverse elements of a delusionary Nazi worldview. Here we find an original and haunting exposition of the ways in which Hitler legitimized war and genocide to his own people, as necessary to destroy an allegedly omnipotent Jewish foe. In an era when both anti-Semitism and conspiracy theories continue to influence world politics, Herf offers a timely reminder of their dangers along with a fresh interpretation of the paranoia underlying the ideology of the Third Reich.
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.
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.
AnnaFunder delivers a prize-winning and powerfully rendered account of theresistance against East Germany’s communist dictatorship in these harrowing,personal tales of life behind the Iron Curtain—and, especially, of life underthe iron fist of the Stasi, East Germany’s brutal state security force. In thetradition of Frederick Taylor’s The Berlin Wall andPhilip Gourevitch’s WeWish to Inform You That Tomorrow We Will be Killed With Our Families, Funder’s Stasiland isa masterpiece of investigative reporting, written with novelistic vividness andthe compelling intensity of a universal, real-life story.
The U.S.S. Wahoo was the most successful submarine in the World War II Pacific fleet. She was the first to penetrate an enemy harbor and sink a Japanese ship. She was the first to wipe out an entire enemy convoy single-handed. In her 11 short months of life she managed an incredible 21 kills.
Just 45 minutes before leaving Midway for her last—and fatal—patrol, her Chief Yeoman Forest Sterling was transferred to other duty.
The result is this book—Sterling’s fantastic yet completely authentic account of a remarkable crew and captain, and the ship they lived and died for.
“Many will remember the newspaper stories during World War II and the photo of Wahoo with a broomstick tied to her periscope signifying a clean sweep...But (here is) the full story from the yeoman who made all the patrols...except the last one.”—Medal-of-Honor winner Captain E. B. Fluckey, USN
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.
With boundless erudition and in delightfully clear prose, Surowiecki ranges across fields as diverse as popular culture, psychology, ant biology, behavioral economics, artificial intelligence, military history, and politics to show how this simple idea offers important lessons for how we live our lives, select our leaders, run our companies, and think about our world.