Today, the tragedy of the Great Depression looks gratuitous and unnecessary: Our economists and policy makers simply have gained too much experience since then. It could never happen again. Or could it? Over the course of the last two years, six Asian economies have experienced an economic slump that bears an eerie resemblance to the Great Depression. Russia defaulted on its debt in 1998--an event that, halfway around the world, drove Brazilian interest rates through the roof and terrified the U.S. bond market. Some of the brightest financiers in the world, working for the Long-Term Capital Corporation, thought they had the market licked only to find themselves in a jam that had all the makings of the overleveraged positions that caused the 1929 stock market crash. Paul Krugman, one of the world's top economists, recounts these events and more: He points out that they raise significant questions for which policy makers may not have answers. This paperback edition features a brand-new preface by Krugman on the financial realities of the past year.

"Today's most urgent problems are fundamentally global. They require nothing less than concerted, planetwide action if we are to secure a long-term future. But humanity's story has always been on a global scale, and this history deeply informs the present. In this book, Jeffrey D. Sachs, renowned economist and expert on sustainable development, turns to world history to shed light on how we can meet the challenges and opportunities of the twenty-first century. Sachs takes readers through a series of six distinct waves of technological and ideological change, starting with the very beginnings of our species and ending with reflections on present-day globalization. Along the way, he considers how the interplay of geography, technology, and institutions influenced the Neolithic revolution; the spread of land-based empires; the opening of sea routes from Europe to Asia and the Americas; and the industrial age. The dynamics of these past waves, Sachs contends, give us new perspective on the ongoing processes taking place in our own time-and how we should work to guide the change we need. In light of this new understanding of globalization, Sachs emphasizes the need for new methods of international governance and cooperation to achieve economic, social, and environmental objectives aligned with sustainable development. The Ages of Globalization is a vital book for all readers aiming to make sense of our rapidly changing world"--

In the past, government and business were as much partners as rivals, resulting in broad-based growth and healthy social development. But advocates of anti-government market fundamentalism are intent on scrapping the instrument of nearly a century of unprecedented economic and social progress. Hacker and Pierson examine why what's good for American business elites and what's good for Americans have become misaligned.

In this urgent new book, Noam Chomsky surveys the dangers and prospects of our early twenty-first century. Exploring challenges such as the growing gap between North and South, American exceptionalism (including under President Barack Obama), the fiascos of Iraq and Afghanistan, the U.S.-Israeli assault on Gaza, and the recent financial bailouts, he also sees hope for the future and a way to move forward - in the democratic wave in Latin America and in the global solidarity movements that suggest ''real progress toward freedom and justice.'' Hopes and Prospects is essential reading for anyone who is concerned about the primary challenges still facing the human race.

Conquest, Famine, War, Death – the four horsemen are coming, in the form of the national debt, widespread dependence on government, turmoil in the Middle East, and the expansion of the bureaucratic state. In Obama’s Four Horsemen, syndicated columnist David Harsanyi takes a provocative look at how the Obama Administration allowed four big problems to mushroom into looming disasters we can no longer avoid or postpone. In his famous conversational, fact-driven, and humorous tone, Harsanyi argues that President Obama’s handling of both domestic and foreign crises has set the stage for a disaster of Biblical proportions. Under Obama, America has become a land of more dependence, more hand-outs, more federal programs, and more government agencies. The great danger is that Americans have gotten used to it. Many people today expect, as a matter of fact, that the government will hand them health insurance, student loans, birth control, and anything else they might need or desire – while they are increasingly numb to the pernicious creep of the bureaucratic state and the alarming escalation of unsustainable spending and debt. Meanwhile, powerful forces abroad seek to destroy American and Western culture while Obama has sat on his thumbs and looked the other way, tossing out politically correct platitudes when asked about his response to their open threats and aggression. America is facing a time of great upheaval, domestic and global – Obama’s Four Horseman is a provocative expose on how we got here, and a chilling prediction of what’s to come.

A critical examination of economics's past and future, and how it needs to change, by one of the most eminent political economists of our time The dominant view in economics is that money and government should play only a minor role in economic life. Economic outcomes, it is claimed, are best left to the "invisible hand" of the market. Yet these claims remain staunchly unsettled. The view taken in this important new book is that the omnipresence of uncertainty makes money and government essential features of any market economy. Since Adam Smith, classical economics has espoused nonintervention in markets. The Great Depression brought Keynesian economics to the fore, but stagflation in the 1970s brought a return to small-state orthodoxy. The 2008 global financial crash should have brought a reevaluation of that stance; instead the response has been punishing austerity and anemic recovery. This book aims to reintroduce Keynes's central insights to a new generation of economists, and embolden them to return money and government to the starring roles in the economic drama that they deserve.

Even in the flattest landscape there are passes where the road first climbs to a peak and then descends into a new valley. Most of these passes are simply topography with little or no difference in climate, language, or culture between the valleys on either side. But some passes are different: they are true divides. History too knows such divides. Once these divides have been crossed, the social and political landscape changes; the social and political climate is different, and so is the social and political language. Some time between 1965 and 1973 we passed over such a divide and entered "the next century." Challenging, insightful, and provocative, Peter Drucker's "The New Realities" anticipates the central issues of a rapidly changing world. When it was initially published, in 1989, some reviewers mistakenly thought "The New Realities" was a book about the future, or in other words, a series of predictions. But, as indicated in the title, the book discusses "realities." Drucker argues that events of the next thirty to forty years, or even further on, had already largely been defined by events of the previous half-century. Thus, Drucker discusses episodes in world history that had not yet happened at the time of the book's initial publication, such as: the archaism of the hope for "salvation by society" in "The End of FDR's America"; the democratization of the Soviet Union in "When the Russian Empire is Gone"; the technology boom of the 1990s in "The Information-Based Organization"; and the evolution of management in "Management as Social Function and Liberal Art." Graced with a new preface by the author that discusses both reactions to the original publication of the book and how important it is for decision-makers to consider the past and present when planning for the future, "The New Realities" is mandatory reading for understanding politics, government, the economy, information technology, and business in an ever-changing world.

An examination of the central trends and developments of the next decades and the problems and opportunities they present.

A fascinating state-of-the-world report from the man the New York Times called "arguably the most important intellectual alive". Here are a few excerpts:* We now have an international economy and we're moving towards the international state - "creating", to quote the business press, "a new imperial age with a de facto world government".* NAFTA is a secret document whose decisions will override those od Congress, states, localities. It's a real success in the long-term project of depriving democratic structures of any substance.* Biotechnology, genetic engineering, designing animal species, etc. is potentially vastly more important than electronics. In fact, compared to the potential of biotechnology, electronics is sort of a frill.* Much of the disparity between blacks and whites is actually a class difference, and the gap between poor and rich whites is also enormous. But you're not allowed to talk about class in the US. As soon as you say the word, everybody falls down dead.

"He predicted the energy crisis. Now he has a revolutionary solution to America's #1 problem." (Quoted from front cover blurb.) See Wikipedia, /wiki/Barry_Commoner

This is the first English translation of one of the classical works of Marxist economic theory. When Rudolf Hilferding’s Finance Capitalwas first published in 1919 it was acclaimed by reviewers as a continuation of Marx’s Capital, and it has a major influence upon subsequent Marxist thought, especially in the analysis of imperialism where it provided some of the fundamental ideas for the theories of Bukharin and Lenin. But Hilferding’s work was much more than a study of imperialism, which was presented only in the last section of the book. It set out to examine the main tendencies in the development of the capitalist mode of production as a whole at the beginning of the twentieth century, beginning with an exposition of the theory of money (in which particular attention was paid to the growth of credit money), then analysing the increasingly important role of the banks in the mobilization of capital, along with the development of large corporations, cartels and trusts, and finally outlining a theory of economic crises. Hilferding’s book has, however, more than an historical interest. It is a model for any renewed attempt to understand the ‘latest phase of capitalist development’ in the closing decades of the twentieth century, and Hilferdin’s ideas still provide essential elements for the elaboration of theoretically enlightened and realistic policies in the socialist movement.

International institutions, from the International Monetary Fund to the International Olympic Committee, are perceived as bastions of sclerotic mediocrity at best and outright corruption at worst, and this perception is generally not far off the mark. In the wake of the 2008 financial crash, Daniel W. Drezner, like so many others, looked at the smoking ruins of the global economy and wondered why global economic governance structure had failed so spectacularly, and what could be done to reform them in the future. But then a funny thing happened. As he surveyed their actions in the wake of the crash, he realized that the evidence pointed to the exact opposite conclusion: global economic governance had succeeded. In The System Worked, Drezner, a renowned political scientist and international relations expert, contends that despite the massive scale and reverberations of this latest crisis (larger, arguably, than those that precipitated the Great Depression), the global economy has bounced back remarkably well. Examining the major resuscitation efforts by the G-20 IMF, WTO, and other institutions, he shows that, thanks to the efforts of central bankers and other policymakers, the international response was sufficiently coordinated to prevent the crisis from becoming a full-fledged depression. Yet the narrative about the failure of multilateral economic institutions persists, both because the Great Recession affected powerful nations whose governments managed their own economies poorly, and because the most influential policy analysts who write the books and articles on the crisis hail from those nations. Nevertheless, Drezner argues, while it's true that the global economy is still fragile, these institutions survived the "stress test" of the financial crisis, and may have even become more resilient and valuable in the process. Bucking the conventional wisdom about the new "G-Zero World," Drezner rehabilitates the image of the much-maligned international institutions and demolishes some of the most dangerous myths about the financial crisis. The System Worked is a vital contribution to our understanding of an area where the stakes could not be higher.

This book illustrates how the first social science, that of economics, was built. It examines and discusses the work of Josiah Child, Nicholas Barbon, John Collins, William Petty, John Locke and Dudley North and the economic theories of the seventeenth and eighteenth centuries.

This popular illustrated history explores the dramatic highs and lows of Wall Street and its development through the 19th century.

"John Maynard Keynes (1883-1946) was arguably the most important economist of the twentieth century; his ideas have fundamentally altered the way governments approach economic policy. Exploring the enduring relevance of his ideas, Robert Skidelsky emphasizes Keynes's conception of economics as a moral science. Keynes was deeply invested in the broader societal implications of economic policies, and this book highlights his belief in economics as a tool for achieving the good life. Skidelsky sheds new light on Keynes's views on capitalism, discusses his advocacy of low interest rates, and delves into his thoughts on economic instability. He also offers fresh insight into Keynes's ideas about money, his philosophical foundations, and his unique approach to uncertainty and probability. Ultimately, Skidelsky shows how Keynes's vision of an economic policy that prioritizes the common good can be adapted to help solve our current economic and political challenges"--

What is the exact nature of the consumption function? Can this term be defined so that it will be consistent with empirical evidence and a valid instrument in the hands of future economic researchers and policy makers? In this volume a distinguished American economist presents a new theory of the consumption function, tests it against extensive statistical J material and suggests some of its significant implications. Central to the new theory is its sharp distinction between two concepts of income, measured income, or that which is recorded for a particular period, and permanent income, a longer-period concept in terms of which consumers decide how much to spend and how much to save. Milton Friedman suggests that the total amount spent on consumption is on the average the same fraction of permanent income, regardless of the size of permanent income. The magnitude of the fraction depends on variables such as interest rate, degree of uncertainty relating to occupation, ratio of wealth to income, family size, and so on. The hypothesis is shown to be consistent with budget studies and time series data, and some of its far-reaching implications are explored in the final chapter.

This study begins with a brief survey of economic thought on the relationship between foreign trade and national power, from the Mercantilists on. Chapter II attempts a systematic theoretical approach to the subject. It first makes clear the fundamental basis of the possible use of foreign trade as an instrument of national power policy. Using well-known concepts of economic analysis, it proceeds to show under what conditions and by means of what policies this instrument is likely to attain its highest efficiency. The principles of power policy thus deduced theoretically are then compared with the actual practices followed by German trading methods in recent years. Toward the end of this chapter the reader will be carried into a detailed discussion of certain problems of the theory of international trade, which are touched upon earlier in the chapter. Chapter III is applied to the historical background of our problem. It gives a survey of the literature on "economic aggression" before and during World War I and brings out the importance of the Paris Economic Conference of the Allies in 1916 for the Versailles Treaty and postwar economic policies. In Chapter IV we review in the light of our theoretical and historical analyses certain safeguards or remedies which could be or have been proposed to prevent the use of foreign trade as an instrument of national power policies. Certain questions raised in Part 1 can be answered in quantitative terms. Part 2 consists, therefore, of an exposition of various trends of international trade in recent years disclosed by statistical analysis. In Chapter V we calculate an index number expressing the extent to which the trade of the large trading nations is or has been directed by preference toward the smaller trading countries. Chapter VI gives index numbers for the degree of concentration of their foreign trade on one or a few big markets or sources of supply. Finally, in Chapter VII we measure the extent to which world trade has been based primarily on an exchange of manufactures against raw materials and foodstuffs. This title is part of UC Press's Voices Revived program, which commemorates University of California Press’s mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1945, with an expanded edition published in 1980.

This is the only book by Drucker in which he systematically develops a basic social theory. He presents the requirements for any society to be functioning and legitimate, and then applies these general concepts to the special

" The description for this book, A Culture of Growth: The Origins of the Modern Economy, will be forthcoming. "--