Challenging standard views that basic economic forces were behind postwar Europe's success, Eichengreen shows how Western Europe in particular inherited a set of institutions singularly well suited to the economic circumstances that reigned for almost three decades. Economic growth was facilitated by solidarity-centered trade unions, cohesive employers' associations, and growth-minded governments--all legacies of Europe's earlier history. For example, these institutions worked together to mobilize savings, finance investment, and stabilize wages.
However, this inheritance of economic and social institutions that was the solution until around 1973--when Europe had to switch from growth based on brute-force investment and the acquisition of known technologies to growth based on increased efficiency and innovation--then became the problem.
Thus, the key questions for the future are whether Europe and its constituent nations can now adapt their institutions to the needs of a globalized knowledge economy, and whether in doing so, the continent's distinctive history will be an obstacle or an asset.
The contributors explore adjustment, liquidity, and transmission under the System; the way it affected developing countries; and the role of the International Monetary Fund in maintaining a stable rate. The authors examine the reasons for the System's success and eventual collapse, compare it to subsequent monetary regimes, such as the European Monetary System, and address the possibility of a new fixed exchange rate for today's world.
Eichengreen describes the various international monetary arrangements with which policymakers have experimented in the past. He introduces the requirements that an international monetary system must satisfy and illustrates how these requirements have been met over time. He analyzes which preconditions for the smooth operation of international monetary systems in the past will be impossible to achieve in the next century and creates a list of feasible options for future policymakers.
These feasible options, he concludes, will be limited to some form of floating exchange rates and monetary unions. In which direction countries should move is not obvious. The choice between floating and monetary unification depends on a host of economic and political factors. The book provides an in-depth analysis of Western Europe's experience and the dramatic international monetary initiatives currently under way, and compares options for Asia, Africa, the former Soviet Union, and the Western Hemisphere. A volume of Brookings' Integrating National Economies Series
Two of the most salient differences are the twin deficits and low savings rate of the United States, which do not augur well for the sustainability of the country's international position. Such differences, he concludes, mean that the current constellation of exchange rates and payments imbalances is unlikely to last as long as the original Bretton Woods System. After identifying these differences, Eichengreen looks in detail at the Gold Pool, the mechanism through which European central banks sought to support the dollar in the 1960s. He shows that the Pool was fragile and short lived, which does not bode well for collective efforts on the part of Asian central banks to restrain reserve diversification and support the dollar today. He studies Japan's exit from its dollar peg in 1971, drawing lessons for China's transition to greater exchange rate flexibility. And he considers the history of reserve currency competition, asking if it has lessons for whether the dollar is destined to lose its standing as preeminent international currency to the euro or even the Chinese renminbi.
Renminbi internationalization is a hot topic, for good reason. It is, essentially, a window onto the Chinese government's aspirations and the larger process of economic and financial transformation. Making the renminbi a global currency requires rebalancing the Chinese economy, developing the country's financial markets and opening them to the rest of the world, and moving to a more flexible exchange rate. In other words, the internationalization of the renminbi is a monetary and financial issue with much broader supra-monetary and financial implications. This book offers a new perspective on the larger issues of economic, financial, and institutional change in what will eventually be the world's largest economy.
* exchange rate policies pursued in the principal Asian countries
* the measurement of equilibrium exchange rates for these countries
* the maintenance of the dollar peg by Asian currencies
* the absence of a trend to monetary regionalism based on the yen
* the outlook of regional monetary co-operation
* the outlook of regional monetary co-operation
Case studies pay particular attention to Korea, Taiwan, Singapore and Thailand.
The global credit crisis of 2008–2009 was the most serious shock to the world economy in fully 80 years. It was for the world as a whole what the Asian crisis of 1997–1998 was for emerging markets: a profoundly alarming wake-up call. By laying bare the fragility of global markets, it raised troubling questions about the operation of our deeply integrated world economy. It cast doubt on the efficacy of the dominant mode of light-touch financial regulation and more generally on the efficacy of the prevailing commitment to economic and financial liberalization. It challenged the managerial capacity of inherited institutions of global governance. And it augured a changing of the guard, pointing to the possibility that the economies that had been the leaders in the “global growth stakes” in the past might no longer be the leaders in the future.
What the crisis means for reform, however, is still unclear. This book brings together leading scholars and policy analysts to describe and weigh the options. Successive chapters assess options for the global financial system, the global trading system, the international monetary system, and the Group of 20 and global governance. A final set of chapters contemplates the policy challenges for emerging markets and the advanced economies in the wake of the financial crisis.Contents:IntroductionFinancial Reform after the CrisisDid WTO Rules Restrain Protectionism During the Recent Systemic Crisis?The International Monetary System after the Financial CrisisThe Group of 20: Trials of Global Governance in Times of CrisisEmerging Markets in the Aftermath of the Global Financial CrisisChallenges for Emerging AsiaLong-Term Challenges for the Advanced Economies: Reducing Government Debt
Readership: Students and researchers in the fields of international economics, macroeconomics, finance and development.
Keywords:World Economy;Financial Crisis;Global Trading System;Global Financial System;International Monetary System;G20;Global Governance;Emerging Markets;Asia;Advanced EconomiesKey Features:Gives comprehensive treatment covering trade, finance, macroeconomics and development policyCombines the perspectives of leading analysts from North America, Europe and AsiaContains accessible technical
Presenting evidence that even emerging markets with strong policies and institutions experience this problem, Other People's Money recognizes that the situation must be attributed to more than ignorance. Instead, the contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies. A comprehensive analysis of the sources of this problem and its consequences, Other People's Money takes the study one step further, proposing a solution that would involve having the World Bank and regional development banks themselves borrow and lend in emerging market currencies.
In this book, a group of leading labor economists and social scientists address an array of concerns about economic integration and provide insight into labor's likely response. They identify the challenges of the Single Market Program and explore the implications of western European integration for European industrial relations, European labor mobility, and economies and labor markets in the rest of the world.
The contributors assess the impact of economic unification on European trade unions, wage-bargaining, work rules, training programs, and benefits. They draw on U.S. experiences in the centralization and more recent decentralization of the work force, consider the German system of industrial relations as a model for power sharing between workers and managers, and explore current efforts of labor market restructuring and privatization in central and eastern Europe. They address such questions as: Will pension and health insurance arrangements constrain worker mobility? Will cross-country wage differences within the EC narrow? And will exchange rates and monetary unification exacerbate unemployment problems? They also examine the impact of unification on immigration policy, capital markets, and trade.
Labor and an Integrated Europe provides a much needed background for developing a coherent plan that deals with these crucial labor issues.
Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West.
Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration.
Contributors include Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).
In this book a team of leading international economists and economic historians look at parallel situations in the history of the international monetary system, focusing in particular on the gold standard. The concluding chapter uses a case study of modern Portugal to draw out implications for modern international monetary relations in Europe and for the rest of the world.
In addition to FDI policy comparison, this book focuses on the various spillover effects of FDI. It separates it into categories: own productivity effects; intra-industry spillover effects; and inter-industry spillover effects (forward and backward linkage effects). While most other studies have only taken econometric tests on own-productivity and intra-industry spillovers, a key advantage to this book is that it also covers the separate effects of inter-industry linkages.
Through policy comparison and econometric tests on various spillover effects on economic growth, employment and exports, this book will give policy makers and researchers an innovative and constructive guide to FDI.
Essays consider the reform of the Chinese economy since 1978, the underwhelming performance of the Japanese economy since about 1990, and the growth of the Korean economy over the past three decades. These economies engaged in rapid catch-up growth processes and share similar economic structures. While domestic forces have driven each country's financial trajectory, international short-term financial flows have presented opportunities and challenges for all. For these countries, the nature and role of the financial system in generating real economic growth is integral, though nuanced and complex. The result is a fascinating spectrum of experiences with powerful takeaways.
The book consists of three major parts: the first part discusses the role of G20 in reforming international monetary system, the status of the IMF since the European sovereign debt crisis, the use of the yuan as the world’s reserve currency, and the establishment of a more resilient global financial system. The second part examines trade measures in times of volatile energy prices, the impact of merchandise price volatility on the G20 economies, the EU’s pricing policies and the world’s price volatility, high oil prices and Russia, and oil markets in South America. The third part reviews G20’s financing for green growth, green growth and sustainable development within the G20 framework, and G20’s role in addressing climate change and green growth.
This book offers an in-depth review of major issues discussed at the recent summits and will be of interest to policy makers.
The New International Monetary System brings together twelve original contributions by leading scholars and practitioners to a conference convened in May 2008 on the occasion of the retirement of Alexander Swoboda. The contributions are arranged in three main parts. Part I deals with the international financial architecture, Part II examines the ever-controversial role of exchange rate regimes and Part III takes stock of the conduct of monetary policy and the challenges posed by the inflation-targeting strategy. The chapters provide considered assessments of virtually all the hotly debated issues that concern monetary policies seen from an international perspective.
Edited by and with an introduction from Charles Wyplosz, the collection includes contributions from some of the key international figures in the field of monetary policy, central banking and exchange rate regimes to discuss contemporary international monetary issues. Contributors include Michael Bordo, Barry Eichengreen, Ronald McKinnon and Charles Goodhart. The volume also contains tributes from Paul Volcker and Jean-Pierre Roth.
Edited by internationally renowned authors in the field and packed with articles by an impressive array of international contributors, this book examines the American and European economies; drawing comparisons between them.
Bringing together specialists from both sides of the Atlantic, including Lindert, DeLong and Buti to analyze the current state of both economies and their responses to the changing global environment, the book deals with competitiveness on the one hand and the relationship between institutions and markets on the other.
This volume is particularly relevant to postgraduate and postdoctoral students undertaking research in all areas of European integration and international political economy, while also being appropriate for a professional audience.
In her groundbreaking reporting over the past few years, Naomi Klein introduced the term "disaster capitalism." Whether covering Baghdad after the U.S. occupation, Sri Lanka in the wake of the tsunami, or New Orleans post-Katrina, she witnessed something remarkably similar. People still reeling from catastrophe were being hit again, this time with economic "shock treatment," losing their land and homes to rapid-fire corporate makeovers.
The Shock Doctrine retells the story of the most dominant ideology of our time, Milton Friedman's free market economic revolution. In contrast to the popular myth of this movement's peaceful global victory, Klein shows how it has exploited moments of shock and extreme violence in order to implement its economic policies in so many parts of the world from Latin America and Eastern Europe to South Africa, Russia, and Iraq.
At the core of disaster capitalism is the use of cataclysmic events to advance radical privatization combined with the privatization of the disaster response itself. Klein argues that by capitalizing on crises, created by nature or war, the disaster capitalism complex now exists as a booming new economy, and is the violent culmination of a radical economic project that has been incubating for fifty years.
In this illustrated history, Steven Johnson explores the history of innovation over centuries, tracing facets of modern life (refrigeration, clocks, and eyeglass lenses, to name a few) from their creation by hobbyists, amateurs, and entrepreneurs to their unintended historical consequences. Filled with surprising stories of accidental genius and brilliant mistakes—from the French publisher who invented the phonograph before Edison but forgot to include playback, to the Hollywood movie star who helped invent the technology behind Wi-Fi and Bluetooth—How We Got to Now investigates the secret history behind the everyday objects of contemporary life.
In his trademark style, Johnson examines unexpected connections between seemingly unrelated fields: how the invention of air-conditioning enabled the largest migration of human beings in the history of the species—to cities such as Dubai or Phoenix, which would otherwise be virtually uninhabitable; how pendulum clocks helped trigger the industrial revolution; and how clean water made it possible to manufacture computer chips. Accompanied by a major six-part television series on PBS, How We Got to Now is the story of collaborative networks building the modern world, written in the provocative, informative, and engaging style that has earned Johnson fans around the globe.
Detractors claim it's the systematic take-over by secret societies, quasi-government entities and corporations who are covertly organizing a global socialist all-powerful government which aims to regulate every aspect of citizens lives, rendering them a perpetual working-class while the elite leadership lives in luxury.
Conspiracy theory expert Mark Dice looks at the evidence, claims, and conspiracy theories as he takes you down the rabbit hole to The New World Order.
- Calls for a New World Order by Politicians and Businessmen.
- World Governed by the Elite Through Occult Secret Societies
- Mainstream Media Controlled by the Elite
- High Level Officials and Institutions are Above the Law
- Why Immorality and Destructive Behavior is Encouraged
- Banking, Money, and Taxes
- One World Currency
- Population Reduction
- One World Religion
- A Coming Global Dictator Who Will Claim to be God
- Global Police and Military Force
- A Nation of Spies and Culture of Fear
- Elimination of the Right to Bear Arms
- Elimination of National Sovereignty
- Monitoring the Population with Big Brother
- A Medicated and Sedated Population
- Weather Weapons and Chemtrails
- Nephilim and Anunnaki
- Satanism and Luciferianism
- Underground Bases and Tunnels
- And More
By the author of The Illuminati: Facts & Fiction
A New Edition of the Phenomenal #1 Bestseller
"One mark of a great book is that it makes you see things in a new way, and Mr. Friedman certainly succeeds in that goal," the Nobel laureate Joseph E. Stiglitz wrote in The New York Times reviewing The World Is Flat in 2005. In this new edition, Thomas L. Friedman includes fresh stories and insights to help us understand the flattening of the world. Weaving new information into his overall thesis, and answering the questions he has been most frequently asked by parents across the country, this third edition also includes two new chapters--on how to be a political activist and social entrepreneur in a flat world; and on the more troubling question of how to manage our reputations and privacy in a world where we are all becoming publishers and public figures.
The World Is Flat 3.0 is an essential update on globalization, its opportunities for individual empowerment, its achievements at lifting millions out of poverty, and its drawbacks--environmental, social, and political, powerfully illuminated by the Pulitzer Prize--winning author of The Lexus and the Olive Tree.
THE BOOK THAT EXPLAINS WHY RUSSIANS WANTED TO MEET WITH THE TRUMP CAMPAIGN
“Part John Grisham-like thriller, part business and political memoir.” —The New York Times
“[Red Notice] does for investing in Russia and the former Soviet Union what Liar’s Poker did for our understanding of Salomon Brothers, Wall Street, and the mortgage-backed securities business in the 1980s. Browder’s business saga meshes well with the story of corruption and murder in Vladimir Putin’s Russia, making Red Notice an early candidate for any list of the year’s best books” (Fortune).
This is a story about an accidental activist. Bill Browder started out his adult life as the Wall Street maverick whose instincts led him to Russia just after the breakup of the Soviet Union, where he made his fortune.
Along the way he exposed corruption, and when he did, he barely escaped with his life. His Russian lawyer Sergei Magnitsky wasn’t so lucky: he ended up in jail, where he was tortured to death. That changed Browder forever. He saw the murderous heart of the Putin regime and has spent the last half decade on a campaign to expose it. Because of that, he became Putin’s number one enemy, especially after Browder succeeded in having a law passed in the United States—The Magnitsky Act—that punishes a list of Russians implicated in the lawyer’s murder. Putin famously retaliated with a law that bans Americans from adopting Russian orphans.
A financial caper, a crime thriller, and a political crusade, Red Notice is the story of one man taking on overpowering odds to change the world, and also the story of how, without intending to, he found meaning in his life.
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 Washington Post Best Book of the Year
A Businessweek Best Business Book of the Year
A Chicago Tribune Best Book of the Year
In this brilliant, essential book, Pulitzer Prize-winning author Thomas L. Friedman speaks to America's urgent need for national renewal and explains how a green revolution can bring about both a sustainable environment and a sustainable America.
Friedman explains how global warming, rapidly growing populations, and the expansion of the world's middle class through globalization have produced a dangerously unstable planet--one that is "hot, flat, and crowded." In this Release 2.0 edition, he also shows how the very habits that led us to ravage the natural world led to the meltdown of the financial markets and the Great Recession. The challenge of a sustainable way of life presents the United States with an opportunity not only to rebuild its economy, but to lead the world in radically innovating toward cleaner energy. And it could inspire Americans to something we haven't seen in a long time--nation-building in America--by summoning the intelligence, creativity, and concern for the common good that are our greatest national resources.
Hot, Flat, and Crowded is classic Thomas L. Friedman: fearless, incisive, forward-looking, and rich in surprising common sense about the challenge--and the promise--of the future.
Take a journey inside the secret world of our biggest export, our most prodigious product, and our greatest legacy: our trash. It’s the biggest thing we make: The average American is on track to produce a whopping 102 tons of garbage across a lifetime, $50 billion in squandered riches rolled to the curb each year, more than that produced by any other people in the world. But that trash doesn’t just magically disappear; our bins are merely the starting point for a strange, impressive, mysterious, and costly journey that may also represent the greatest untapped opportunity of the century.
In Garbology, Pulitzer Prize–winning author Edward Humes investigates the trail of that 102 tons of trash—what’s in it; how much we pay for it; how we manage to create so much of it; and how some families, communities, and even nations are finding a way back from waste to discover a new kind of prosperity. Along the way , he introduces a collection of garbage denizens unlike anyone you’ve ever met: the trash-tracking detectives of MIT, the bulldozer-driving sanitation workers building Los Angeles’ immense Garbage Mountain landfill, the artists in residence at San Francisco’s dump, and the family whose annual trash output fills not a dumpster or a trash can, but a single mason jar.
Garbology digs through our epic piles of trash to reveal not just what we throw away, but who we are and where our society is headed. Are we destined to remain the country whose number-one export is scrap—America as China’s trash compactor—or will the country that invented the disposable economy pioneer a new and less wasteful path? The real secret at the heart of Garbology may well be the potential for a happy ending buried in our landfill. Waste, Humes writes, is the one environmental and economic harm that ordinary working Americans have the power to change—and prosper in the process.
Things looked grim for American energy in 2006, but a handful of wildcatters were determined to tap massive deposits of oil and gas that giants like Exxon and Chevron had ignored. They risked everything on a new process called fracking. Within a few years, they solved America’s dependence on imported energy, triggered a global environmental controversy, and made and lost astonishing fortunes.
No one understands the frackers—their ambitions, personalities, and foibles—better than Wall Street Journal reporter Gregory Zuckerman. His exclusive access drives this dramatic narrative, which stretches from North Dakota to Texas to Wall Street.
A master storyteller as well as a leading energy expert, Daniel Yergin continues the riveting story begun in his Pulitzer Prize–winning book, The Prize. In The Quest, Yergin shows us how energy is an engine of global political and economic change and conflict, in a story that spans the energies on which our civilization has been built and the new energies that are competing to replace them.
The Quest tells the inside stories, tackles the tough questions, and reveals surprising insights about coal, electricity, and natural gas. He explains how climate change became a great issue and leads readers through the rebirth of renewable energies, energy independence, and the return of the electric car. Epic in scope and never more timely, The Quest vividly reveals the decisions, technologies, and individuals that are shaping our future.
Framed by ten phrases common in the Chinese vernacular—“people,” “leader,” “reading,” “writing,” “Lu Xun” (one of the most influential Chinese writers of the twentieth century), “disparity,” “revolution,” “grassroots,” “copycat,” and “bamboozle”—China in Ten Words reveals as never before the world’s most populous yet oft-misunderstood nation. In “Disparity,” for example, Yu Hua illustrates the mind-boggling economic gaps that separate citizens of the country. In “Copycat,” he depicts the escalating trend of piracy and imitation as a creative new form of revolutionary action. And in “Bamboozle,” he describes the increasingly brazen practices of trickery, fraud, and chicanery that are, he suggests, becoming a way of life at every level of society.
Characterized by Yu Hua’s trademark wit, insight, and courage, China in Ten Words is a refreshingly candid vision of the “Chinese miracle” and all its consequences, from the singularly invaluable perspective of a writer living in China today.
From the Hardcover edition.