Icelanders wanted to stop fishing and become investment bankers. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.
Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.
Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008.
Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict.
As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself.
Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas.
While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.
From the Hardcover edition.
Now, with Think Like a Freak, Steven D. Levitt and Stephen J. Dubner have written their most revolutionary book yet. With their trademark blend of captivating storytelling and unconventional analysis, they take us inside their thought process and teach us all to think a bit more productively, more creatively, more rationally—to think, that is, like a Freak.
Levitt and Dubner offer a blueprint for an entirely new way to solve problems, whether your interest lies in minor lifehacks or major global reforms. As always, no topic is off-limits. They range from business to philanthropy to sports to politics, all with the goal of retraining your brain. Along the way, you’ll learn the secrets of a Japanese hot-dog-eating champion, the reason an Australian doctor swallowed a batch of dangerous bacteria, and why Nigerian e-mail scammers make a point of saying they’re from Nigeria.
Some of the steps toward thinking like a Freak:First, put away your moral compass—because it’s hard to see a problem clearly if you’ve already decided what to do about it. Learn to say “I don’t know”—for until you can admit what you don’t yet know, it’s virtually impossible to learn what you need to. Think like a child—because you’ll come up with better ideas and ask better questions. Take a master class in incentives—because for better or worse, incentives rule our world. Learn to persuade people who don’t want to be persuaded—because being right is rarely enough to carry the day. Learn to appreciate the upside of quitting—because you can’t solve tomorrow’s problem if you aren’t willing to abandon today’s dud.
Levitt and Dubner plainly see the world like no one else. Now you can too. Never before have such iconoclastic thinkers been so revealing—and so much fun to read.
In short, either we embrace radical change ourselves or radical changes will be visited upon our physical world. The status quo is no longer an option.
In This Changes Everything Naomi Klein argues that climate change isn’t just another issue to be neatly filed between taxes and health care. It’s an alarm that calls us to fix an economic system that is already failing us in many ways. Klein meticulously builds the case for how massively reducing our greenhouse emissions is our best chance to simultaneously reduce gaping inequalities, re-imagine our broken democracies, and rebuild our gutted local economies. She exposes the ideological desperation of the climate-change deniers, the messianic delusions of the would-be geoengineers, and the tragic defeatism of too many mainstream green initiatives. And she demonstrates precisely why the market has not—and cannot—fix the climate crisis but will instead make things worse, with ever more extreme and ecologically damaging extraction methods, accompanied by rampant disaster capitalism.
Klein argues that the changes to our relationship with nature and one another that are required to respond to the climate crisis humanely should not be viewed as grim penance, but rather as a kind of gift—a catalyst to transform broken economic and cultural priorities and to heal long-festering historical wounds. And she documents the inspiring movements that have already begun this process: communities that are not just refusing to be sites of further fossil fuel extraction but are building the next, regeneration-based economies right now.
Can we pull off these changes in time? Nothing is certain. Nothing except that climate change changes everything. And for a very brief time, the nature of that change is still up to us.
The U.S. dollar has been the global reserve currency since the end of World War II. If the dollar fails, the entire international monetary system will fail with it. But optimists have always said, in essence, that confidence in the dollar will never truly be shaken, no matter how high our national debt or how dysfunctional our government.
In the last few years, however, the risks have become too big to ignore. While Washington is gridlocked, our biggest rivals—China, Russia, and the oil-producing nations of the Middle East—are doing everything possible to end U.S. monetary hegemony. The potential results: Financial warfare. Deflation. Hyperinflation. Market collapse. Chaos.
James Rickards, the acclaimed author of Currency Wars, shows why money itself is now at risk and what we can all do to protect ourselves. He explains the power of converting unreliable investments into real wealth: gold, land, fine art, and other long-term stores of value.
Since his documentary, Fat, Sick & Nearly Dead, was released in 2010 and became a worldwide sensation, Joe Cross has become a tireless advocate for the power of juicing. The Reboot with Joe Juice Diet brings us of the plan that allowed him to overcome obesity, poor health, and bad habits, and presents success stories from others whose lives he’s touched.
Joe—who managed to lose one hundred pounds and discontinue all his medication by following his own plan—walks you through his life before juicing, sharing his self-defeating attitude toward food and fitness, and brings you along on his journey from obesity and disease to fitness, a clean bill of health, and the clarity of physical wellness.
In addition to sharing Joe’s inspirational story, The Reboot with Joe Juice Diet gives readers all the tools they need to embark on their own journey to health and wellness, including inspiration and encouragement, recipes, and diet plans.
When Freakonomics was first published, the authors started a blog—and they’ve kept it up. The writing is more casual, more personal, even more outlandish than in their books. In When to Rob a Bank, they ask a host of typically off-center questions: Why don’t flight attendants get tipped? If you were a terrorist, how would you attack? And why does KFC always run out of fried chicken?
Over the past decade, Steven D. Levitt and Stephen J. Dubner have published more than 8,000 blog posts on Freakonomics.com. Many of them, they freely admit, were rubbish. But now they’ve gone through and picked the best of the best. You’ll discover what people lie about, and why; the best way to cut gun deaths; why it might be time for a sex tax; and, yes, when to rob a bank. (Short answer: never; the ROI is terrible.) You’ll also learn a great deal about Levitt and Dubner’s own quirks and passions, from gambling and golf to backgammon and the abolition of the penny.
Unlike many economists, who present only one view of their discipline, Chang introduces a wide range of economic theories, from classical to Keynesian, revealing how each has its strengths and weaknesses, and why there is no one way to explain economic behavior. Instead, by ignoring the received wisdom and exposing the myriad forces that shape our financial world, Chang gives us the tools we need to understand our increasingly global and interconnected world often driven by economics. From the future of the Euro, inequality in China, or the condition of the American manufacturing industry here in the United States-Economics: The User's Guide is a concise and expertly crafted guide to economic fundamentals that offers a clear and accurate picture of the global economy and how and why it affects our daily lives.
But just what is this thing called a new economy, and how might it take shape in America? In What Then Must We Do? Gar Alperovitz speaks directly to the reader about where we find ourselves in history, why the time is right for a new-economy movement to coalesce, what it means to build a new system to replace the crumbling one, and how we might begin. He also suggests what the next system might look like—and where we can see its outlines, like an image slowly emerging in the developing trays of a photographer's darkroom, already taking shape.
He proposes a possible next system that is not corporate capitalism, not state socialism, but something else entirely—and something entirely American.
Alperovitz calls for an evolution, not a revolution, out of the old system and into the new. That new system would democratize the ownership of wealth, strengthen communities in diverse ways, and be governed by policies and institutions sophisticated enough to manage a large-scale, powerful economy.
For the growing group of Americans pacing at the edge of confidence in the old system, or already among its detractors, What Then Must We Do? offers an elegant solution for moving from anger to strategy.
It's time to
-- before it's too late.
Outraged by the downward spiral of American intellect and culture, Michael R. LeGault offers the flip side of Malcolm Gladwell's bestselling phenomenon, Blink, which theorized that our best decision-making is done on impulse, without factual knowledge or critical analysis. If bestselling books are advising us to not think, LeGault argues, it comes as no surprise that sharp, incisive reasoning has become a lost art in the daily life of Americans. Somewhere along the line, the Age of Reason morphed into the Age of Emotion; this systemic erosion is costing time, money, jobs, and lives in the twenty-first century, leading to less fulfillment and growing dysfunction. LeGault provides a bold, controversial, and objective analysis of the causes and solutions for:
• the erosion of growth and market share at many established American companies, big and small, which appear to have less chance of achieving the dynamic expansion of the past
• permissive parenting and low standards that have caused an academic crisis among our children -- body weights rise while grades plummet
• America's growing political polarization, which is a result of our reluctance to think outside our comfort zone
• faulty planning and failure to act on information at all levels that has led to preventable disasters, such as the Hurricane Katrina meltdown
• a culture of image and instant gratification, fed by reality shows and computer games, that has rendered curiosity of the mind and spirit all but obsolete
• stress, aversion to taking risks, and therapy that are replacing the traditional American "can do" mind-set.
Far from perpetuating the stereotype of the complacent American, LeGault's no-holds-barred analysis asks more of us than any other societal overview: America can fulfill its greatest potential starting today, and we need smart teachers, smart health care workers, smart sales representatives, smart students, smart mechanics, and smart leaders to make it happen. Now is the time to THINK! -- because a mind truly is a terrible thing to waste.
Our current economic path is coming to an end. The signposts are all around us: sluggish growth, rising inequality, stubbornly high pockets of unemployment, and jittery financial markets, to name a few. Soon we will reach a fork in the road: One path leads to renewed growth, prosperity, and financial stability, the other to recession and market disorder.
In The Only Game in Town, El-Erian casts his gaze toward the future of the global economy and markets, outlining the choices we face both individually and collectively in an era of economic uncertainty and financial insecurity. Beginning with their response to the 2008 global crisis, El-Erian explains how and why our central banks became the critical policy actors—and, most important, why they cannot continue is this role alone. They saved the financial system from collapse in 2008 and a multiyear economic depression, but lack the tools to enable a return to high inclusive growth and durable financial stability. The time has come for a policy handoff, from a prolonged period of monetary policy experimentation to a strategy that better targets what ails economies and distorts the financial sector—before we stumble into another crisis.
The future, critically, is not predestined. It is up to us to decide where we will go from here as households, investors, companies, and governments. Using a mix of insights from economics, finance, and behavioral science, this book gives us the tools we need to properly understand this turning point, prepare for it, and come out of it stronger. A comprehensive, controversial look at the realities of our global economy and markets, The Only Game in Town is required reading for investors, policymakers, and anyone interested in the future.
Praise for The Only Game in Town
“The one economic book you must read now . . . If you want to understand [our] bifurcated world and where it’s headed, there is no better interpreter than Mohamed El-Erian.”–Time
“A grand tour of the challenges we face, along with ideal solutions and more likely outcomes . . . We desperately need a system in which the central banks are no longer the only game in town.”—Steven Rattner, The New York Times Book Review
“A must-read from one of the most astute financial analysts of our time.”—Walter Isaacson, author of Steve Jobs
“El-Erian’s gift for clarity and his use of compelling examples make important economic issues accessible.”—Anne-Marie Slaughter, president and CEO, New America
“[A] highly intelligent analysis.”—Fareed Zakaria, CNN (book of the week)
Whereas Volume One: Microeconomics dealt with the optimizing individual, Volume Two: Macroeconomics explains the factors that affect the economy of an entire country, and indeed the planet. It explores the two big concerns of macroeconomics: how economies grow and why economies collapse. It illustrates the basics of the labor market and explains what the GDP is and what it measures, as well as the influence of government, trade, and technology on the economy. Along the way, it covers the economics of global poverty, climate change, and the business cycle. In short, if any of these topics have cropped up in a news story and caused you to wish you grasped the underlying basics, buy this book.
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 Trade Paperback edition.
The Dollar Crisis is divided into five parts:
Part One describes how the US trade deficits, which now exceed US$1 million a minute, have destabilized the global economy by creating a worldwide credit bubble.
Part Two explains why these giant deficits cannot persist and why a US recession and a collapse in the value of the Dollar are unavoidable.
Part Three analyzes the extraordinarily harmful impact that the US recession and the collapse of the Dollar will have on the rest of the world.
Part Four offers original recommendations that, if implemented, would help mitigate the damage of the coming worldwide downturn and put in place the foundations for balanced and sustainable economic growth in the decades ahead.
Part Five, which has been newly added to the second edition, describes the extraordinary evolution of this crisis since the first edition was completed in September 2002. It also considers how the Dollar Crisis is likely to unfold over the years immediately ahead, the likely policy response to the crisis, and why that response cannot succeed.
The Dollar Standard is inherently flawed and increasingly unstable. Its collapse will be the most important economic event of the 21st Century.
A drumbeat is sounding among the global elites. The signs of a worldwide financial meltdown are unmistakable. This time, the elites have an audacious plan to protect themselves from the fallout: hoarding cash now and locking down the global financial system when a crisis hits.
Since 2014, international monetary agencies have been issuing warnings to a small group of finance ministers, banks, and private equity funds: the U.S. government’s cowardly choices not to prosecute J.P. Morgan and its ilk, and to bloat the economy with a $4 trillion injection of easy credit, are driving us headlong toward a cliff.
As Rickards shows in this frightening, meticulously researched book, governments around the world have no compunction about conspiring against their citizens. They will have stockpiled hard assets when stock exchanges are closed, ATMs shut down, money market funds frozen, asset managers instructed not to sell securities, negative interest rates imposed, and cash withdrawals denied.
If you want to plan for the risks ahead, you will need Rickards’s cutting-edge synthesis of behavioral economics, history, and complexity theory. It’s a guidebook to thinking smarter, acting faster, and living with the comforting knowledge that your wealth is secure.
The global elites don’t want this book to exist. Their plan to herd us like sheep to the slaughter when a global crisis erupts—and, of course, to maintain their wealth—works only if we remain complacent and unaware. Thanks to The Road to Ruin, we don’t need to be.
"If you are curious about what the financial Götterdämmerung might look like you’ve certainly come to the right place... Rickards believes -- and provides tantalizing snippets of private conversations with those who dwell in the very eye-in-the-pyramid -- that the current world monetary and financial system is on the verge of insolvency and that the world financial elites already have a successor system for which they are laying the groundwork."
--Ralph Benko, Forbes
Chua shows how in non-Western countries around the globe, free markets have concentrated starkly disproportionate wealth in the hands of a resented ethnic minority. These “market-dominant minorities” – Chinese in Southeast Asia, Croatians in the former Yugoslavia, whites in Latin America and South Africa, Indians in East Africa, Lebanese in West Africa, Jews in post-communist Russia – become objects of violent hatred. At the same time, democracy empowers the impoverished majority, unleashing ethnic demagoguery, confiscation, and sometimes genocidal revenge. She also argues that the United States has become the world’s most visible market-dominant minority, a fact that helps explain the rising tide of anti-Americanism around the world. Chua is a friend of globalization, but she urges us to find ways to spread its benefits and curb its most destructive aspects.
The book describes the ways in which a shared Confucian tradition and particular historical experiences of imperialism and war have affected each country's internal dynamics, responses to the outside world, and distinctive political developmental trajectory, especially since World War II.
While the book is structured to facilitate comparisons, it avoids the limitations of most comparative politics texts by focusing less on Western conceptions of state and governance and more on East Asian perspectives of the universe and how it operates. Even the considerations of contemporary policy issues in each country are cast in a wider framework that gives the discussion enduring value.
An Economist Best Book of the Year, 2015
A Bloomberg Best Book of the Year, 2015
The finance sector of Western economies is too large and attracts too many of the smartest college graduates. Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.
Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.
In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.
Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them.
Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time--unless we are prepared to take further, decisive action.
Over the past two centuries or so, capitalism has undergone profound changes—economic cycles that veer from boom to bust—from which it has always emerged transformed and strengthened. Surveying this turbulent history, Paul Mason’s Postcapitalism argues that we are on the brink of a change so big and so profound that this time capitalism itself, the immensely complex system within which entire societies function, will mutate into something wholly new.
At the heart of this change is information technology, a revolution that is driven by capitalism but, with its tendency to push the value of much of what we make toward zero, has the potential to destroy an economy based on markets, wages, and private ownership. Almost unnoticed, in the niches and hollows of the market system, swaths of economic life are beginning to move to a different rhythm. Vast numbers of people are changing how they behave and live, in ways contrary to the current system of state-backed corporate capitalism. And as the terrain changes, new paths open.
In this bold and prophetic book, Mason shows how, from the ashes of the crisis, we have the chance to create a more socially just and sustainable economy. Although the dangers ahead are profound, he argues that there is cause for hope. This is the first time in human history in which, equipped with an understanding of what is happening around us, we can predict and shape the future.
In Left Behind, Sebastian Edwards explains why the nations of Latin America have failed to share in the fruits of globalization and forcefully highlights the dangers of the recent turn to economic populism in the region. He begins by detailing the many ways Latin American governments have stifled economic development over the years through excessive regulation, currency manipulation, and thoroughgoing corruption. He then turns to the neoliberal reforms of the early 1990s, which called for the elimination of deficits, lowering of trade barriers, and privatization of inefficient public enterprises—and which, Edwards argues, held the promise of freeing Latin America from the burdens of the past. Flawed implementation, however, meant the promised gains of globalization were never felt by the mass of citizens, and growing frustration with stalled progress has led to a resurgence of populism throughout the region, exemplified by the economic policies of Venezuela’sHugo Chávez. But such measures, Edwards warns, are a recipe for disaster; instead, he argues, the way forward for Latin America lies in further market reforms, more honestly pursued and fairly implemented. As an example of the promise of that approach, Edwards points to Latin America's giant, Brazil, which under the successful administration of President Luis Inácio da Silva (Lula) has finally begun to show signs of reaching its true economic potential.
As the global financial crisis has reminded us, the risks posed by failing economies extend far beyond their national borders. Putting Latin America back on a path toward sustained growth is crucial not just for the region but for the world, and Left Behind offers a clear, concise blueprint for the way forward.
Sometime around 1750, English entrepreneurs unleashed the astounding energies of steam and coal, and the world was forever changed. The emergence of factories, railroads, and gunboats propelled the West's rise to power in the nineteenth century, and the development of computers and nuclear weapons in the twentieth century secured its global supremacy. Now, at the beginning of the twenty-first century, many worry that the emerging economic power of China and India spells the end of the West as a superpower. In order to understand this possibility, we need to look back in time. Why has the West dominated the globe for the past two hundred years, and will its power last?
Describing the patterns of human history, the archaeologist and historian Ian Morris offers surprising new answers to both questions. It is not, he reveals, differences of race or culture, or even the strivings of great individuals, that explain Western dominance. It is the effects of geography on the everyday efforts of ordinary people as they deal with crises of resources, disease, migration, and climate. As geography and human ingenuity continue to interact, the world will change in astonishing ways, transforming Western rule in the process.
Deeply researched and brilliantly argued, Why the West Rules—for Now spans fifty thousand years of history and offers fresh insights on nearly every page. The book brings together the latest findings across disciplines—from ancient history to neuroscience—not only to explain why the West came to rule the world but also to predict what the future will bring in the next hundred years.
'Mr. Connolly's longstanding proposition that the foisting of a common currency upon so many disparate nations would end in ruin is getting a much wider hearing...' New York Times, 17 November 2011
When first published in 1995, The Rotten Heart of Europe caused outrage and delight - here was a Brussels insider, a senior EU economist, daring to talk openly about the likely pitfalls of European monetary union.
Bernard Connolly lost his job at the Commission, but his book was greeted as a profound and persuasive expose of the would-be 'monetary masters of the world.' His brave act of defiance became headline news - and his book a major international bestseller.
In a substantial new introduction, Connolly returns to his prophetic account of the double-talk surrounding the efforts of politicians, bankers and bureaucrats to force Europe into a crippling monetary straitjacket. Hidden agendas are laid bare, skulduggery exposed and economic fallacies are skewered, producing a horrifying conclusion. No one who wants to understand the workings of the EU, past, present and future can afford to miss this enthralling and deeply disturbing book.
Professor Lindauer’s previous works include books such as Land Taxation and Indian Economic Development (with Sarjit Singh); various editions of his Macroeconomics series; and his ground-breaking journal articles such as “Stabilization Inflation and the Inflation-Unemployment Trade-off.”A non-technical explanation of the theories and policies described herein is available as Inflations, Unemployment, and Government Deficits: End Them. It is suitable for journalists, laymen, and lawyers attempting to serve as Federal Reserve governors.
A related explanation of those theories and policies is available as The General Theories of Inflation, Unemployment, and Government Deficits. It is suitable for professional economists and graduate students.Lindauer’s books have been translated into Japanese, Spanish, Korean, Hindi, Urdu, Chinese, and Portuguese and his policy suggestions implemented by central banks around the world. In addition to serving as Professor of Economics and Chairman at Claremont, he has served as a visiting professor of economics at Sussex University and the University of California; and as a Distinguished Senior Fulbright Professor at the University of Punjab.
Connectivity is the most revolutionary force of the twenty-first century. Mankind is reengineering the planet, investing up to ten trillion dollars per year in transportation, energy, and communications infrastructure linking the world’s burgeoning megacities together. This has profound consequences for geopolitics, economics, demographics, the environment, and social identity. Connectivity, not geography, is our destiny.
In Connectography, visionary strategist Parag Khanna travels from Ukraine to Iran, Mongolia to North Korea, Pakistan to Nigeria, and across the Arctic Circle and the South China Sea to explain the rapid and unprecedented changes affecting every part of the planet. He shows how militaries are deployed to protect supply chains as much as borders, and how nations are less at war over territory than engaged in tugs-of-war over pipelines, railways, shipping lanes, and Internet cables. The new arms race is to connect to the most markets—a race China is now winning, having launched a wave of infrastructure investments to unite Eurasia around its new Silk Roads. The United States can only regain ground by fusing with its neighbors into a super-continental North American Union of shared resources and prosperity.
Connectography offers a unique and hopeful vision for the future. Khanna argues that new energy discoveries and technologies have eliminated the need for resource wars; ambitious transport corridors and power grids are unscrambling Africa’s fraught colonial borders; even the Arab world is evolving a more peaceful map as it builds resource and trade routes across its war-torn landscape. At the same time, thriving hubs such as Singapore and Dubai are injecting dynamism into young and heavily populated regions, cyber-communities empower commerce across vast distances, and the world’s ballooning financial assets are being wisely invested into building an inclusive global society. Beneath the chaos of a world that appears to be falling apart is a new foundation of connectivity pulling it together.
Praise for Connectography
“Incredible . . . With the world rapidly changing and urbanizing, [Khanna’s] proposals might be the best way to confront a radically different future.”—The Washington Post
“Clear and coherent . . . a well-researched account of how companies are weaving ever more complicated supply chains that pull the world together even as they squeeze out inefficiencies. . . . [He] has succeeded in demonstrating that the forces of globalization are winning.”—Adrian Woolridge, The Wall Street Journal
“Bold . . . With an eye for vivid details, Khanna has . . . produced an engaging geopolitical travelogue.”—Foreign Affairs
“For those who fear that the world is becoming too inward-looking, Connectography is a refreshing, optimistic vision.”—The Economist
“Connectivity has become a basic human right, and gives everyone on the planet the opportunity to provide for their family and contribute to our shared future. Connectography charts the future of this connected world.”—Marc Andreessen, general partner, Andreessen Horowitz
“Khanna’s scholarship and foresight are world-class. A must-read for the next president.”—Chuck Hagel, former U.S. secretary of defense
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The authors detail strategies for solving dynamic structural models and present the full range of methods for characterizing and evaluating empirical implications, including calibration exercises, method-of-moment procedures, and likelihood-based procedures, both classical and Bayesian. The authors look at recent strides that have been made to enhance numerical efficiency, consider the expanded applicability of dynamic factor models, and examine the use of alternative assumptions involving learning and rational inattention on the part of decision makers. The treatment of methodologies for obtaining nonlinear model representations has been expanded, and linear and nonlinear model representations are integrated throughout the text. The book offers a rich array of implementation algorithms, sample empirical applications, and supporting computer code.
Structural Macroeconometrics is the ideal textbook for graduate students seeking an introduction to macroeconomics and econometrics, and for advanced students pursuing applied research in macroeconomics. The book's historical perspective, along with its broad presentation of alternative methodologies, makes it an indispensable resource for academics and professionals.