"Why do democracies keep lurching from success to failure? The current financial crisis is just the latest example of how things continue to go wrong, just when it looked like they were going right. In this wide-ranging, original, and compelling book, David Runciman tells the story of modern democracy through the history of moments of crisis, from the First World War to the economic crash of 2008. A global history with a special focus on the United States, The Confidence Trap examines how democracy survived threats ranging from the Great Depression to the Cuban missile crisis, and from Watergate to the collapse of Lehman Brothers. It also looks at the confusion and uncertainty created by unexpected victories, from the defeat of German autocracy in 1918 to the defeat of communism in 1989. Throughout, the book pays close attention to the politicians and thinkers who grappled with these crises: from Woodrow Wilson, Nehru, and Adenauer to Fukuyama and Obama.The Confidence Trap shows that democracies are good at recovering from emergencies but bad at avoiding them. The lesson democracies tend to learn from their mistakes is that they can survive them--and that no crisis is as bad as it seems. Breeding complacency rather than wisdom, crises lead to the dangerous belief that democracies can muddle through anything--a confidence trap that may lead to a crisis that is just too big to escape, if it hasn't already."--

A celebrated historian recounts Hubert Humphrey’s role as a liberal hero of twentieth-century America Hubert Humphrey was liberalism’s most dedicated defender, and its most public and tragic sacrifice. As a young politician in 1948, he defied segregationists and forced the Democratic Party to commit itself to civil rights. As a senator in 1964, he made good on that commitment by helping pass the Civil Rights Act. But as Lyndon B. Johnson’s vice president, his support for the war in Vietnam made him a target for both Right and Left, and he suffered a shattering loss in the presidential election of 1968. Though Humphrey’s defeat was widely seen as the end of America’s era of liberal optimism, he never gave up. Even after his humiliation on the most public stage, he crafted a new vision of economic justice to counter the yawning political divisions consuming American politics. This biography reveals a deep-dyed idealist willing to compromise and even fight ugly in pursuit of a better society. Elegantly crafted and strikingly relevant to the present, True Believer celebrates Hubert Humphrey’s long struggle for justice for all.

Leon Trotsky has become one of the twentieth century’s most enduring political legends. Joining the Bolsheviks on the eve of the 1917 revolution he played a vital role as Lenin’s right-hand man in the insurrection and went on to lead the Red Army to victory in the ensuing civil war. Having lost to Stalin the struggle for power which followed Lenin’s death, he became an implacable opponent of the dictator over the next three decades—a stance which cost him his political career, his citizenship and ultimately his life. A charismatic orator, a prolific author and a political philosopher whose ideas continue to resonate in the wake of the collapse of the Stalinist regimes of Eastern Europe, Trotsky made an indelible mark on world history. Ernest Mandel, one of the foremost leaders of the international movement which Trotsky founded before the Second World War and an influential economist and political theorist, is uniquely placed to review the life and work of Trotsky. In Trotsky as Alternative he presents a portrait of his subject which is appreciative yet critical. He shows that Trotsky’s contribution to the history of the twentieth century was primarily political rather than sociological, and this in a practical as well as a theoretical sense. He locates Trotsky’s theory of uneven and combined development as a crucial tool whose explanatory power of the mechanisms of world imperialism is as relevant to the late capitalism of the 1990s as it was to the first three decades of the century when it was formulated. Ranging across Trotsky’s struggles against Stalin’s bureaucracy, his formulation of an alternative economic strategy, his theories relating to the Third World, fascism and the national question, his extensive literary criticism, and concluding with a moving assessment of an extraordinary life, this book is a fitting testimony to a man who, in Mandel’s words, “will be judged by history as the most important strategist for the socialist movement.”

Few documents have had more of an impact on the course of history as has the Communist Manifesto. From its famous opening lines--"A specter is haunting Europe: the specter of Communism"--to its final rallying cry--"Workers of the world unite!"--the words of Marx and Engels have moved millions to join in the struggle against capitalism. But they have also inspired a legion of critics, detractors, and even a few despots to intentionally distort their meanings so as to sow confusion and justify untold horrors. According to Hal Draper, these mis-readings have, in part, been made possible by the enduring prevalence of translations from the original German that fail to accurately capture the intended meaning of certain key phrases. In this magisterial volume, Draper assembles the original German text, the first English translation, the officially authorized English translation--providing enlightening commentary throughout--as well as his own new translation of the pamphlet.

With a new introduction by the author, this is an enduring analysis of British politics, stressing the lessons to be learnt from history. By the winner of the 1993 Wolfson History Prize awarded as 'tribute to a lifetime's contribution to the study of history.'

Michael Polanyi's The Contempt of Freedom quite plausibly helped to steel Friedrich Hayek to write The Road to Serfdom. In a 1941 review of Polanyi's book, Hayek wrote: The four essays [of the present book] were...written during the five years between 1935 and I940 when the ideas of liberty "were left almost uncultivated" and "the progressive minds were so fascinated by the prospects of the revolution in Russia that they had little interest left for the fate of the traditional liberties." [Polanyi's] analysis...in the essay on the "Rights and Duties of Science " is perhaps the most illuminating discussion yet attempted of the psychological propensities which so frequently turn the man of science into an ardent advocate of central planning, and of the inconsistencies which this attitude involves. While Professor Polanyi has no doubt that "the major force behind this attitude is the passionate desire to put science into the consciously organised service of human welfare", he is convinced that a consistent policy of "organising" all scientific research..."would actually stop the development of science altogether". Discover here an early work of the man who coined the term "spontaneous order" and wrote Science, Faith and Society (1946), The Logic of Liberty (1951), Personal Knowledge (1958), The Study of Man (1959), and The Tacit Dimension (1959).

A new English translation of Isaak Illich Rubin’s classic Essays on Marx’s Theory of Value. First published in the Soviet Union in 1923, Rubin’s book sparked a fierce value controversy with contemporary Soviet economists during the late 1920s. As such, the present translation is conceived as a variorum edition, including all the essential supplementary materials related to this foundational work in Marx’s value theory, published here in English for the first time. In addition to Rubin’s main work, this edition includes his four most important related publications, as well as ten debate articles written and published by his contemporary proponents and opponents.

This is the third book of essays on the United States and the world economy produced by the fruitful collaboration of Monthly Review editors Paul M. Sweezy and Harry Magdoff. In these essays, written between 1977 and 1981, the authors assess the results of efforts taken to stabilize the economy after the epochal changes of the early 1970s, the end of capitalism's "golden age," by attempts to counteract the effects of inflation, debt dependence, speculation, and financial instability.