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Two Harvard professors explain the stages in which governments collapse - and how we can prevent this.
Democracies can die with a coup d'Útat - or they can die slowly. This happens most deceptively when in piecemeal fashion, with the election of an authoritarian leader, the abuse of governmental power and the complete repression of opposition. All three steps are being taken around the world - not least with the election of Donald Trump - and we must all understand how we can stop them.
From the reign of General Augusto Pinochet in Chile to the quiet undermining of Turkey's constitutional system by President Recip Erdogan, Harvard professors Steven Levitsky and Daniel Ziblatt draw insightful lessons from across history to shine a light on governmental breakdown across the 20th and 21st centuries - including the dangers of an authoritarian leader faced with a major crisis.
Based on years of research, they present a deep understanding of how and why democracies die; an alarming analysis of how democracy is being subverted today in the US and beyond; and a guide for maintaining and repairing a threatened democracy, for governments, political parties and individuals.
History doesn't repeat itself. But we can protect our democracy by learning its lessons, before it's too late.
A panoramic new history of modern Britain, as told through the story of
one extraordinary family, and one groundbreaking company.
A Banquet of Consequences is an intricately researched, decisively written and devastating analysis of today’s economy.
Satyajit Das connects disparate strands of a story, and in doing so delivers a damning critique of global economic policies of the last 50 years. He argues that governments and citizens of every political hue are now so addicted to growth and resistant to change, that a prolonged period of chronic stagnation, sustained by large infusions of monetary morphine and continuous interventions, or an unavoidable financial, political and social breakdown are the only possible outcomes.
The apartheid state was at war. It was a conflict intended to stifle demands for freedom, subjugate Southern Africa and benefit the grip on power by the ruling elite. It was a fight for survival, which was to intensify in the two decades before South Africa’s liberation in 1994. While internal resistance grew, the United Nations imposed mandatory sanctions prohibiting the sale of strategic goods such as arms and oil to South Africa. The regime was confronted with an existential threat – isolation. A covert network of over 50 countries, including big powers and sworn enemies, was constructed to counter sanctions to illegally supply guns to Pretoria. Under the cloak of secrecy, allies in corporations, banks, governments and intelligence agencies sprung into action.
Apartheid, Guns And Money: A Tale Of Profit is an exposÚ of this machinery created in defence of apartheid. They include heads of states, arms dealers, aristocrats, plutocrats, senators, bankers, spies, journalists and members of secret lobby groups. Moving in the shadows, these people were complicit in a crime against humanity. The motivation for some was ideological as part of the Cold War anti-communism crusade. Others felt kinship with the last white regime in Africa. The book also addresses questions of unsolved murders and domestic complicity by South African business with the apartheid state.
This deeply researched book lifts the lid on some of the darkest secrets of apartheid’s economic crimes never before fully investigated. The stories weave together material collected in over two dozen archives in eight countries over four years, providing readers with an insight into tens of thousands of pages of newly declassified documents. Interviews with businessmen, politicians, sanctions busters and freedom fighters provide eyewitness accounts of acts of complicity and contrition.
The book argues that networks of state capture have been with us for decades. These must be confronted to deal with the corrupt networks in our democratic political system. In forging the country’s future a new generation needs to grapple with the baffling silence of apartheid-era economic crime and ask difficult questions of those who benefitted from it. This book provides the evidence and the motivation to do so.
The contribution of slavery to the economic and social development of South Africa is an important part of our heritage, particularly in the Cape. In this informative and accessible account, Alan Mountain describes the history and experiences of slaves and slave owners. He recounts many and varied aspects of cultural, social and economic life at the time.
Part I covers the period from 1654 to emancipation in 1834, during which time many slaves were brought from Indonesia, India and parts of Africa. In the process Islam was introduced to our shores. With the demise of slavery, an epoch in South Africa?s past came to an end.
Part II tackles the legacy of slavery and the significant contribution it made to the development of the country.
The third part of the book is a user?friendly guide to the many sites that are linked to slavery in the Western Cape. Many of them have been declared heritage sites. Full?colour photographs, maps and location details are included, making An Unsung Heritage the ideal reference for locals and visitors alike.
Alan Mountain is the author of a number of books including First People of the Cape. He is also a skilled photographer.
The story of the economists who championed the rise of free markets and fundamentally reshaped the modern world. As the post-World War II economic boom began to falter in the late 1960s, a new breed of economists gained in influence and power. Over time, their ideas curbed governments, unleashed corporations and hastened globalization. Their fundamental belief? That governments should stop trying to manage the economy. Their guiding principle? That markets would deliver steady growth and broad prosperity. But the economists' hour failed to deliver on its premise. The single-minded embrace of markets has come at the expense of economic equality, of the health of liberal democracy, and of future generations. Across the world, from both right and left, the assumptions of the once-dominant school of free-market economic thought are being challenged, as we count the costs as well as the gains of its influence. Both accessible and authoritative, exploring the impact of both ideas and individuals, Binyamin Appelbaum's The Economists' Hour provides both a reckoning with the past and a call fora different future.
With Britain's empire collapsing and Stalin's ascendant, U.S. officials under new Secretary of State George C. Marshall set out to reconstruct western Europe as a bulwark against communist authoritarianism. Their massive, costly, and ambitious undertaking would confront Europeans and Americans alike with a vision at odds with their history and self-conceptions. In the process, they would drive the creation of NATO, the European Union, and a Western identity that continues to shape world events. This is the story behind the birth of the Cold War, and the U.S.-led liberal global order, told with verve, insight, and resonance for today. Bringing to bear fascinating new material from American, Russian, German, and other European archives, Benn Steil's book will forever change how we see the Marshall Plan. Focusing on the critical years 1947 to 1949, Steil's gripping narrative takes us through the seminal episodes marking the collapse of postwar U.S.-Soviet relations: the Prague coup, the Berlin blockade, and the division of Germany. In each case, Stalin's determination to crush the Marshall Plan and undermine American power in Europe is vividly portrayed. And in a riveting epilogue, Steil shows how the forces which clove Europe in two after the Second World War have reasserted themselves since the collapse of the Soviet Union. A polished and masterly work of historical narrative, The Marshall Plan is an instant classic of Cold War literature.
Africa is a continent with boundless potential — it has the natural resources, the population, and the landmass to become a major player on the global stage. Why then, is the gap between Africa and the rest of the world increasing?
While the continent has seen improvements in terms of key indicators of human wellbeing like infant mortality and life expectancy, Africa still suffers from massive poverty, weak economic growth, de-industrialisation, an underdeveloped agricultural sector and poor regional integration, among others. What needs to be done to unleash Africa’s potential and ignite a growth revolution?
In this book, Jakkie Cilliers examines where the continent is at and where it will be in 2040 if it continues on the current path.
Named a Best Book of 2018 by the Financial Times and Fortune, this New
York Times-bestseller exposes how a 'modern Gatsby' swindled over $5
billion with the aid of Goldman Sachs in 'the heist of the century'.
The extraordinary, and largely unchronicled, account of the Cuban people's struggle for survival in a post-Soviet world In the aftermath of the fall of the Soviet Union, Cuba faced the start of a crisis that decimated its economy. Helen Yaffe examines the astonishing developments that took place during and beyond this period. Drawing on archival research and interviews with Cuban leaders, thinkers, and activists, this book tells the remarkable story of how Cuba survived while the rest of the Soviet bloc crumbled. Drawing on contemporary events Yaffe shows how Cuba has been gradually introducing select market reforms. The government claims that these are necessary to sustain its socialist system, but many others believe they herald a return to capitalism. Examining key domestic initiatives including the creation of one of the world's leading biotechnological industries, its energy revolution, and medical internationalism alongside recent economic reforms, she shows why the revolution will continue post-Castro. This is a fresh, definitive account of Cuba's socialist revolution and the challenges it faces on its sixtieth anniversary.
The epic successor to one of the most important books of the century: at once a retelling of global history, a scathing critique of contemporary politics, and a bold proposal for a new and fairer economic system.
Thomas Piketty’s bestselling Capital in the Twenty-First Century galvanized global debate about inequality. In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.
Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.
Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new “participatory” socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.
Bread, cash, dosh, dough, loot. Call if what you like, it matters now more than ever. In The Ascent of Money, Niall Ferguson shows that financial history is the back-story to all history. From the banking dynasty who funded the Italian Renaissance to the stock market bubble that caused the French Revolution, this is the story of booms and busts as it's never been told before. With the world in the grip of the biggest financial crisis since the Great Depression, there's never been a better time to understand the ascent - and descent - of money. 'Beautifully written ... Breathtakingly clever' Sunday Telegraph 'A lucid and racy account of financial history' New Statesman 'A fine, readable and entertaining history' Dominic Sandbrook, Daily Telegraph, Books of the Year 'The tales he tells of boom and bust, of triumph and disaster, of bubbles that inflate ... are the very essence of financial history' Bill Emmott, Financial Times 'An often enlightening and enjoyable tour through the underside of great events, a lesson in how the most successful great powers have always been underpinned by smart money' Robert Skidelsky, New York Review of Books
How does a democracy die? What can we do to save our own? What lessons does history teach us? In the 21st century democracy is threatened like never before. Drawing insightful lessons from across history - from Pinochet's murderous Chilean regime to Erdogan's quiet dismantling in Turkey - Levitsky and Ziblatt explain why democracies fail, how leaders like Trump subvert them today and what each of us can do to protect our democratic rights. 'A useful primer on the importance of norms, institutional restraints and civic participation in maintaining a democracy - and how quickly those things can erode when we're not paying attention' President Barack Obama 'A must-read' Andrew Marr, Sunday Times 'Excellent, scholarly, readable, alarming and level-headed' Nick Cohen, Observer 'The greatest of the many merits of Levitsky and Ziblatt's How Democracies Die is their rejection of western exceptionalism. They tell inspiring stories I had not heard before. Excellent' Nick Cohen, Observer 'Provocative, timely. One of my favourite reads this year' Elif Shafak, author of The Bastard of Istanbul 'Anyone who is concerned about the future of democracy should read this brisk, accessible book. Anyone who is not concerned should definitely read it' Daron Acemoglu, co-author of Why Nations Fail 'A lucid and essential guide to what can happen' Jennifer Szalai, New York Times 'We owe the authors a debt of thanks for bringing their deep understanding to bear on the central political issue of the day' Francis Fukuyama, author of Political Order and Political Decay 'In this brilliant historical synthesis, Levitsky and Ziblatt show how the actions of elected leaders around the world have paved the road to democratic failure, and why the United States is now vulnerable to this same downward spiral. This book should be widely and urgently read as a clarion call to restore the shared beliefs and practices-beyond our formal constitution - that constitute the essential 'guardrails' for preserving democracy' Larry Diamond, author of The Spirit of Democracy
How and why did the US become the most successful economy in history? One of The Economist's Best Books of 2017, America, Inc explains the rise of America's economic power and how so many US businesses have succeeded. In a winning, accessible style, Bhu Srinivasan boldly takes on four centuries of American enterprise, revealing the unexpected connections that link them. The story is entertaining, eye-opening and sweeping in its reach. America, Inc takes us on a journey through the inventions, techniques and industries that drove America forward: from the telegraph, the railroad, guns, radio and banking to flight, suburbia and sneakers, culminating with the Internet and mobile technology at the turn of the twenty-first century. We learn how Andrew Carnegie's early job as a telegraph messenger boy paved the way for his leadership of the steel empire that would make him one of history's richest men; how the gunmaker Remington reinvented itself in the postwar years to sell typewriters; and how the inner workings of the Mafia mirrored the trend of consolidation and regulation in more traditional business. Reliving the heady early days of Silicon Valley, we are reminded that the start-up is an idea as old as capitalism itself.
'Forget almost everything you thought you knew about Britain ... You will not find a better informed history' David Goodhart, Evening Standard 'A striking new perspective on our past' Piers Brendon, Literary Review From the acclaimed author of Britain's War Machine and The Shock of the Old, a bold reassessment of Britain's twentieth century. It is usual to see the United Kingdom as an island of continuity in an otherwise convulsed and unstable Europe; its political history a smooth sequence of administrations, from building a welfare state to coping with decline. Nobody would dream of writing the history of Germany, say, or the Soviet Union in this way. David Edgerton's major new history breaks out of the confines of traditional British national history to redefine what it was to British, and to reveal an unfamiliar place, subject to huge disruptions. This was not simply because of the world wars and global economic transformations, but in its very nature. Until the 1940s the United Kingdom was, Edgerton argues, an exceptional place: liberal, capitalist and anti-nationalist, at the heart of a European and global web of trade and influence. Then, as its global position collapsed, it became, for the first time and only briefly, a real, successful nation, with shared goals, horizons and industry, before reinventing itself again in the 1970s as part of the European Union and as the host for international capital, no longer capable of being a nation. Packed with surprising examples and arguments, The Rise and Fall of the British Nation gives us a grown-up, unsentimental history which takes business and warfare seriously, and which is crucial at a moment of serious reconsideration for the country and its future.
Shortlisted for the 2019 Financial Times & McKinsey Business Book of the Year. 'A landmark book....A massively reported deep dive into the unparalleled corporate industrial giant Koch Industries....This impressively researched and well-rendered book also serves as a biography of Charles Koch, with Leonard providing an evenhanded treatment of the tycoon. Leonard's work is on par with Steve Coll's Private Empire and even Ida Tarbell's enduring classic The History of the Standard Oil Company.' Kirkus Reviews 'Leonard's superb investigations and even-handed, clear-eyed reportage stand out....American capitalism at its most successful and domineering is at the center of this sweeping history of a much-vilified company.' Publishers Weekly 'Leonard's intricately developed and extensively researched history of the Koch empire is a colossal corporate biography that sheds important light on this closely guarded enterprise while simultaneously scrutinizing the nefarious underpinnings of American economic policies and practices.' Booklist 'This page-turning expose reveals the full extent of the Koch brothers' influence on American capitalism.' Book Riot 'If you want a crash course in the evolution of postmodern capitalism over the last five decades read Kochland....Leonard's study is exhaustive and engaging.' New York Journal of Books The annual revenue of Koch Industries is bigger than that of Google, Goldman Sachs and Kraft Foods combined. But very few people have ever heard of Koch Industries because the billionaire Koch brothers want it that way. Now, in Kochland, Christopher Leonard has managed what no other journalist has done before: to tell the explosive inside story of how the largest private company in the world became that big. In doing so, Leonard also tells the epic tale of the evolution of corporate America over the last half-century, in all its glory and rapaciousness. Koch is everywhere. It controls the fertilisers at the foundation of our food system. It controls the synthetics that make our diapers and carpets. It controls the chemicals that make our bottles and pipes. It controls the building materials that make our homes and offices. And it controls much of the Wall Street trading in all of these commodities. It makes money at every end of almost every deal. For five decades, CEO Charles Koch has kept Koch Industries quietly operating behind a veil of secrecy, with a view toward very, very long-term profits. When Wall Street came calling twenty years ago, trying to take Koch public, Charles Koch said no. He's a genius businessman: patient with profits, able to learn from his mistakes, determined that his employees develop an almost a worshipful dedication to free-market ruthlessness, and a master disrupter. We think of disruption as something that happens in Silicon Valley, but this book will upend your understanding of what disruption really is. Charles Koch's business acumen has made him and his brother David (Koch Industries' co-owner) together richer than Bill Gates. But there's a dark side to their story. If you want to understand how we killed the unions in this country, how we widened the income divide, how we stalled progress on climate change and how corporate America bought the influence industry, all you have to do is read this book. Seven years in the making, Kochland reads like a true-life thriller, with larger-than-life characters driving the battles on every page. The book tells the ambitious tale of how one private company consolidated power over half a century - and how in doing so, transformed capitalism into something that feels so deeply alienating to many Americans today.
Even in the midst of runaway economic inequality and dangerous social division, it remains an axiom of modern life that meritocracy reigns supreme and promises to open opportunity to all. The idea that reward should follow ability and effort is so entrenched in our psyche that, even as society divides itself at almost every turn, all sides can be heard repeating meritocratic notions. Meritocracy cuts to the heart of who we think we are. But what if, both up and down the social ladder, meritocracy is a sham? Today, meritocracy has become exactly what it was conceived to resist: a mechanism for the concentration and dynastic transmission of wealth and privilege across generations. Upward mobility has become a fantasy, and the embattled middle classes are now more likely to sink into the working poor than to rise into the professional elite. At the same time, meritocracy now ensnares even those who manage to claw their way to the top, requiring rich adults to work with crushing intensity, exploiting their expensive educations in order to extract a return. All this is not the result of deviations or retreats from meritocracy but rather stems directly from meritocracy's successes. This is the radical argument that The Meritocracy Trap prosecutes with rare force, comprehensive research, and devastating persuasion. Daniel Markovits, a law professor trained in philosophy and economics, is better placed than most to puncture one of the dominant ideas of our age. Having spent his life at elite universities, he knows from the inside the corrosive system we are trapped within, as well as how we can take the first steps towards a world that might afford us both prosperity and dignity.
A Times Best Business Book of 2018 What can the ideas of history's greatest economists tell us about the most important issues of our time? 'The best place to start to learn about the very greatest economists of all time' Professor Tyler Cowen, author of The Complacent Class and The Great Stagnation Since the days of Adam Smith, economists have grappled with a series of familiar problems - but often their ideas are hard to digest, before we even try to apply them to today's issues. Linda Yueh is renowned for her combination of erudition, as an accomplished economist herself, and accessibility, as a leading writer and broadcaster in this field; and in The Great Economists she explains the key thoughts of history's greatest economists, how their lives and times affected their ideas, how our lives have been influenced by their work, and how they could help with the policy challenges that we face today. In the light of current economic problems, and in particular economic growth, Yueh explores the thoughts of economists from Adam Smith and David Ricardo through Joan Robinson and Milton Friedman to Douglass North and Robert Solow. Along the way she asks, for example: what do the ideas of Karl Marx tell us about the likely future for the Chinese economy? How does the work of John Maynard Keynes, who argued for government spending to create full employment, help us think about state investment? And with globalization in trouble, what can we learn about handling Brexit and Trumpism? In one accessible volume, this expert new voice provides an overarching guide to the biggest questions of our time. The Great Economists includes: Adam Smith David Ricardo Karl Marx Alfred Marshall Irving Fisher John Maynard Keynes Joseph Schumpeter Friedrich Hayek Joan Robinson Milton Friedman Douglass North Robert Solow 'Economics students, like others, can learn a lot from this book' - Professor Paul Collier, author of The Bottom Billion 'Not only a great way to learn in an easily readable manner about some of the greatest economic influences of the past, but also a good way to test your own a priori assumptions about some of the big challenges of our time.' - Lord Jim O'Neill, former Chairman at Goldman Sachs Asset Management, former UK Treasury Minister, and author of The Growth Map 'An extremely engaging survey of the lifetimes and ideas of the great thinkers of economic history.' - Professor Kenneth Rogoff, author of The Curse of Cash and co-author of This Time is Different 'This book is a very readable introduction to the lives and thinking of the greats.' - Professor Raghuram Rajan, former Governor of the Reserve Bank of India, and author of I Do What I Do and Fault Lines 'Read it not only to learn about the world's great economists, but also to see how consequential thought innovations can be, and have been.' - Mohamed el-Erian, Chief Economic Adviser at Allianz, former CEO of PIMCO
This lively book takes Oklahoma history into the world of Wild West
capitalism. It begins with a useful survey of banking from the
early days of the American republic until commercial patterns
coalesced in the East. It then follows the course of American
expansion westward, tracing the evolution of commerce and banking
in Oklahoma from their genesis to the eve of statehood in 1907.
Law and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics. The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the state, the application of the Commerce Clause and the Fourteenth Amendment of the US Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.
Shortlisted for the FT & McKinsey Business Book of the Year 2018 'An inspiring, rip-roaring read - like the astonishing story it describes' Liam Halligan, Daily Telegraph Where does prosperity come from, and how does it spread through a society? What role does innovation play in creating prosperity and why do some eras see the fruits of innovation spread more democratically, and others, including our own, find the opposite? In Capitalism in America, Alan Greenspan, legendary Chair of the Federal Reserve, distils a lifetime of grappling with these questions into a profound assessment of the decisive drivers of the US economy over the course of its history. In partnership with Economist journalist and historian Adrian Wooldridge, he unfolds a tale of vast landscapes, titanic figures and triumphant breakthroughs as well as terrible moral failings. Every crucial American economic debate is here - from the role of slavery in the antebellum Southern economy to America's violent swings in its openness to global trade. At heart, the authors argue, America's genius has been its enthusiasm for the effects of creative destruction, the ceaseless churn of the old giving way to the new. Although messy and painful, it has lifted the overwhelming majority of Americans to standards of living unimaginable even a few generations past. At a time when productivity has again stalled, stirring populist furies, and the continuing of American pre-eminence seems uncertain, Capitalism in America explains why America has worked so successfully in the past and been such a gigantic engine of economic growth.
Globalization and the Politics of Institutional Reform in Japan illuminates Japan's contemporary and historical struggle to adjust policy and the institutional architecture of government to an evolving global order. This focused and scholarly study identifies that key to this difficulty is a structural tendency towards central political command, which reduces the country's capacity to follow a more subtle allocation of authority that ensures political leadership remains robust and non-dictatorial. Thus, Motoshi Suzuki argues that it is essential for a globalizing state to incorporate opposition parties and transgovernmental networks into policy-making processes. Providing an in-depth analysis of the theories of institutional change, this book introduces readers to a wealth of perspectives and counterarguments concerning analysis of political decision-making and policy adjustment on both the national and international scale. Placing Japanese policy reform in the global context and relating policy reform to leadership's political strategies, the author gives a detailed chronological and analytical overview of Japan's challenging institutional, political and bureaucratic transformations since the Meiji Restoration of the late nineteenth century. Analysis of globalization and policy reform in a non-liberal state, and the relationship between politicians and bureaucrats from an international perspective is included. For those interested in historical and contemporary Japanese politics from a theoretical perspective, particularly the implications of globalization and the politician-bureaucrat relationship, this is an indispensable resource.
A crisis is a period of uncertainty that may or may not lead to disaster, depending in part on the capacity of actors to make sense of what is happening and respond effectively. Disasters in different spheres occur and recur at different speeds and in idiosyncratic ways, but in essence they follow the same pattern. In the wake of the Global Financial Crisis and Eurozone upheavals this timely book argues that the disaster cycle - a framework normally used in the context of natural disasters - is equally applicable to the analysis of other types of catastrophe. Employing a modified version of the disaster cycle framework to compare and analyse a range of catastrophes in different spheres, the author draws on ideas from a variety of disciplines including economics and economic history, disaster studies, management, and political science. This unique comparative approach presents case studies of several important disasters: Hurricane Katrina, the First World War, the depression of the early 1930s, Welsh coal mining accidents, the deadly effects of smoking tobacco, and the Global Financial Crisis and Eurozone catastrophe of the early twenty first century. The author argues that economists and economic policy makers routinely misuse the term crisis to describe episodes that ought to be called disasters. This accessible and fascinating exploration will appeal to students and scholars in economic history, disaster studies, management, public policy, and related disciplines. The comparison of crisis and disaster management is also essential reading for policy makers.
Ronald H. Coase, one of the most innovative and provocative economists of the twentieth century, has had a lasting influence in economics, law and economics, organization theory, management and political science. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars, including two Nobel Laureates, offer the first global assessment of the initial impact of Coase's work and the continuing inspiration that researchers and policy makers find in his contributions. The book presents a review of the continuing power of Coase's work, including the reshaping of public policies with particular respect to public utilities and network industries. Further chapters explore research programmes that he initiated including the concept of transaction costs and the analysis of property rights, especially in terms of the regulation of the communications industry and the creation of markets for the right to pollute. The book clearly demonstrates the originality of Coase's work and the challenge that it posed to conventional perspectives which has been a hallmark of his research throughout his life, from his initial view on the nature of the firm to his recent analysis of the development of capitalism in China. Less well-known features of Coase's research going beyond his famous papers on `The Nature of the Firm' and `The Problem of Social Cost' are also explored in detail. From economics to public policy, this complete and thorough assessment of Coase's vast contribution will be an invaluable reference to all those interested in the many areas influenced by this great economist.
Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.
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