In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, capping a meteoric trajectory from a rural South Carolina childhood to professorships at Stanford and Princeton, to public service in Washington's halls of power. There would be no time to celebrate, however -- the burst of the housing bubble in 2007 set off a domino effect that would bring the global financial system to the brink of meltdown. Here, Ben Bernanke pulls back the curtain on the tireless and ultimately successful efforts to prevent a mass economic failure. Working with two U.S. presidents and two Treasury secretaries, Dr. Bernanke and his colleagues used every Fed capability, no matter how arcane, to keep the U.S. economy afloat. From his arrival in Washington in 2002 and his experiences before the crisis, to the intense days and weeks of the crisis itself, and through the Great Recession that followed, Dr. Bernanke gives readers a unique perspective on the American economy.

"Capitalism Hits the Fan differs sharply from most other explanations offered by politicians, media commentators, and academics. Step by step, Professor Wolff shows that deep economic structures - the relationship of wages to profits, of workers to boards of directors, and of debts to income - account for the crisis. Government bailout interventions have thrown too little money too late at a problem that requires more than money to solve. As this book shows, we must now ask basic questions about capitalism as a system that has now convulsed the world economy into two great depressions in 75 years (and countless lesser crises, recessions, and cycles in between). The book's essays engage the long-overdue public discussion about basic structural changes and systemic alternatives needed not only to fix today's broken economy but to prevent future crises." --Book Jacket.

From the legendary former Fed Chairman and the acclaimed Economist writer and historian, the full, epic story of America's evolution from a small patchwork of threadbare colonies to the most powerful engine of wealth and innovation the world has ever seen. Shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year Award From even the start of his fabled career, Alan Greenspan was duly famous for his deep understanding of even the most arcane corners of the American economy, and his restless curiosity to know even more. To the extent possible, he has made a science of understanding how the US economy works almost as a living organism--how it grows and changes, surges and stalls. He has made a particular study of the question of productivity growth, at the heart of which is the riddle of innovation. Where does innovation come from, and how does it spread through a society? And why do some eras see the fruits of innovation spread more democratically, and others, including our own, see the opposite? In Capitalism in America , Greenspan distills a lifetime of grappling with these questions into a thrilling and profound master reckoning with the decisive drivers of the US economy over the course of its history. In partnership with the celebrated Economist journalist and historian Adrian Wooldridge, he unfolds a tale involving vast landscapes, titanic figures, triumphant breakthroughs, enlightenment ideals as well as terrible moral failings. Every crucial debate is here--from the role of slavery in the antebellum Southern economy to the real impact of FDR's New Deal to America's violent mood swings in its openness to global trade and its impact. But to read Capitalism in America is above all to be stirred deeply by the extraordinary productive energies unleashed by millions of ordinary Americans that have driven this country to unprecedented heights of power and prosperity. At heart, the authors argue, America's genius has been its unique tolerance for the effects of creative destruction, the ceaseless churn of the old giving way to the new, driven by new people and new ideas. Often messy and painful, creative destruction has also lifted almost all Americans to standards of living unimaginable to even the wealthiest citizens of the world a few generations past. A sense of justice and human decency demands that those who bear the brunt of the pain of change be protected, but America has always accepted more pain for more gain, and its vaunted rise cannot otherwise be understood, or its challenges faced, without recognizing this legacy. For now, in our time, productivity growth has stalled again, stirring up the populist furies. There's no better moment to apply the lessons of history to the most pressing question we face, that of whether the United States will preserve its preeminence, or see its leadership pass to other, inevitably less democratic powers.

Ben Bernanke's history of the Federal Reserve and its response to the 2008 financial crisis In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.

This devastating and inspiring book, by one of the world's leading economic thinkers, lays out not only the course of the financial crisis which began in 2007, but also its underlying causes, and shows why much more radical reforms are needed than are currently being contemplated if we are to avoid similar 'systemic' crises in the future. Frefall shows why the bailout has been only marginally effective and how it could have been much more so, and outlines the enormous opportunity - not yet taken - to design a new global financial architecture. It is highly critical of many of the actions not only of George Bush's administration, but also of Barack Obama's. It shows why the bulk of the cost of recovery should be borne by those in the financial sector - not just for reasons of natural justice, but for compelling economic reasons also. More than any of this, it reminds readers to think constantly about what economics are for. Out of the crisis of our times, Joseph Stiglitz has crafted a tract which goes to the heart of economics and will be read long after the immediate impact of these mismanaged years has passed.

From one of America's foremost economic and political thinkers comes a vital analysis of our new hypercompetitive and turbo-charged global economy and the effect it is having on American democracy. With his customary wit and insight, Reich shows how widening inequality of income and wealth, heightened job insecurity, and corporate corruption are merely the logical results of a system in which politicians are more beholden to the influence of business lobbyists than to the voters who elected them. Powerful and thought-provoking, Supercapitalism argues that a clear separation of politics and capitalism will foster an enviroment in which both business and government thrive, by putting capitalism in the service of democracy, and not the other way around.

The former dean of the Yale School of Management and Undersecretary of Commerce in the Clinton administration chronicles the 1971 August meeting at Camp David, where President Nixon unilaterally ended the last vestiges of the gold standard--breaking the link between gold and the dollar--transforming the entire global monetary system. Over the course of three days--from August 13 to 15, 1971--at a secret meeting at Camp David, President Richard Nixon and his brain trust changed the course of history. Before that weekend, all national currencies were valued to the U.S. dollar, which was convertible to gold at a fixed rate. That system, established by the Bretton Woods Agreement at the end of World War II, was the foundation of the international monetary system that helped fuel the greatest expansion of middle-class prosperity the world has ever seen. In making his decision, Nixon shocked world leaders, bankers, investors, traders and everyone involved in global finance. Jeffrey E. Garten argues that many of the roots of America's dramatic retrenchment in world affairs began with that momentous event that was an admission that America could no longer afford to uphold the global monetary system. It opened the way for massive market instability and speculation that has plagued the world economy ever since, but at the same time it made possible the gigantic expansion of trade and investment across borders which created our modern era of once unimaginable progress. Based on extensive historical research and interviews with several participants at Camp David, and informed by Garten's own insights from positions in four presidential administrations and on Wall Street, Three Days at Camp David chronicles this critical turning point, analyzes its impact on the American economy and world markets, and explores its ramifications now and for the future.

"This book looks at the role illegality or undocumentedness plays in our society and economy. It shows how the status was created, and how and why people, especially Mexicans and Central Americans, have been assigned this status. The first three chapters look at the histories of social exclusion. One looks specifically at the Mexican and Guatemalan contexts to understand why such large numbers of people from these countries enter the United States without documents, and how those who do so understand their own motivations. Two chapters focus on the role of illegality in the economy. Undocumented people tend to work in three different kinds of jobs: jobs that have been historically marginalized, like those in agriculture; jobs that have been downgraded from well-paid, unionized work to low-wage labor, like meatpacking; and newly booming job categories that underlie post-war consumerist prosperity like landscaping and childcare work. One chapter looks at children and families, focusing especially on the experiences of undocumented youth and youth with undocumented parents, and at the leadership role that undocumented youth have taken in the undocumented rights movement. One looks at the dizzying complexity of status to point out that virtually nobody really understand what "illegal" means. It looks at the detention system and the interests behind it. Finally, the last chapter explores the different "solutions" to the problem of undocumentedness that have been proposed and implemented over time, and shows why they have failed. Undocumentedness is deeply imbedded in global and national political and economic systems, and the concept itself must be understood and challenged in order to create a more just system. "--

Publisher's description: Robert Rubin was sworn in as the seventieth U.S. Secretary of the Treasury in January 1995 in a brisk ceremony attended only by his wife and a few colleagues. As soon as the ceremony was over, he began an emergency meeting with President Bill Clinton on the financial crisis in Mexico. This was not only a harbinger of things to come during what would prove to be a rocky period in the global economy; it also captured the essence of Rubin himself--short on formality, quick to get into the nitty-gritty. From his early years in the storied arbitrage department at Goldman Sachs to his current position as chairman of the executive committee of Citigroup, Robert Rubin has been a major figure at the center of the American financial system. He was a key player in the longest economic expansion in U.S. history.

With his classics of social commentary "The Geography of Nowhere and "Home from Nowhere, James Howard Kunstler has established himself as one of the great commentators on American space and place. Now, with "The Long Emergency, he offers a shocking vision of a post-oil future. The last two hundred years have seen the greatest explosion of progress and wealth in the history of mankind. But the oil age is at an end. The depletion of nonrenewable fossil fuels is about to radically change life as we know it, and much sooner than we think. As a result of artificially cheap fossil-fuel energy we have developed global models of industry, commerce, food production, and finance that will collapse. "The Long Emergency tells us just what to expect after we pass the tipping point of global peak oil production and the honeymoon of affordable energy is over, preparing us for economic, political, and social changes of an unimaginable scale. Are we laboring under a Jiminy Cricket syndrome when we tell ourselves that alternative means of energy are just a few years away? Even once they are developed, will they ever be able to sustain us in the way that fossil fuels once did? What will happen when our current plagues of global warming, epidemic disease, and overpopulation collide to exacerbate the end of the oil age? Will the new global economy be able to persevere, or will we be forced to revert to the more agrarian, localized economy we once knew? Could corporations like Wal-Mart and McDonald's, built on the premise of cheap transportation, become a thing of the past? Will the misguided experiment of suburbia--considered a birthright and a reality by millions of Americans--collapse when the car culturebecomes obsolete? Riveting and authoritative. "The Long Emergency is a devastating indictment that brings new urgency and accessibility to the critical issues that will shape our future, and that we can no longer afford to ignore. It is bound to become a classic of social science.

Popular conservative blogger Pamela Geller and "New York Times "bestselling author Robert Spencer sound a wake-up call for Americans to stop the Obama administration from limiting our hard-won freedoms, silencing our democratic voices, and irreparably harming America for generations to come. America is being tested in a way that she has never been tested before. Since taking the oath of office in January 2009, President Barack Obama has cheered our enemies and demoralized our allies. He is hard at work "remaking" America by destroying the free-market system and nationalizing major segments of our economy, demonizing dissent and restricting freedom of speech, turning against our longtime friends, and above all, subjecting us to the determinations of foreign authorities. In this timely and urgent battle cry, Pamela Geller, founder of the widely popular website www.AtlasShrugs.com, and "New York Times "bestselling author Robert Spencer team up to expose the Obama administration's destructive agenda--largely ignored by the mainstream media--and rally Americans to protect the sovereignty of a country that is under siege by the highest levels of its own government. As Americans see their paychecks shrinking every day, Obama ignores our forefathers' founding principle: individual rights. Instead, he seeks to level the playing field--to transform both the global and national landscape in favor of our enemies--even if it means cutting America off at the knees. He envisions himself as more than just a president of the United States, but as a shaper of the new world order, an internationalist energetically laying the groundwork for global government: the president of the world. A vital guide to helping conservatives prepare for the tough battles ahead, "The Post-American Presidency "critically examines the Obama administration's ominous and revealing moves against our basic freedoms, particularly as he seizes c

In this valuable resource, more than thirty of the world's top economists offer innovative policy ideas and insightful commentary on our most pressing economic issues, such as global warming, the global economy, government spending, Social Security, tax reform, real estate, and political and social policy, including an extensive look at the economics of capital punishment, welfare reform, and the recent presidential elections. Contributors are Nobel Prize winners, former presidential advisers, well-respected columnists, academics, and practitioners from across the political spectrum. Joseph E. Stiglitz takes a hard look at the high cost of the Iraq War; Nobel Laureates Kenneth Arrow, Thomas Schelling, and Stiglitz provide insight and advice on global warming; Paul Krugman demystifies Social Security; Bradford DeLong presents divergent views on the coming dollar crisis; Diana Farrell reconsiders the impact of U.S. offshoring; Michael J. Boskin distinguishes what is "sense" and what is "nonsense" in discussions of federal deficits and debt; and Ronald I. McKinnon points out the consequences of the deindustrialization of America. Additional essays question whether welfare reform was successful and explore the economic consequences of global warming and the rebuilding of New Orleans. They describe how a simple switch in auto insurance policy could benefit the environment; unravel the dangers of an unchecked housing bubble; and investigate the mishandling of the lending institutions Freddie Mac and Fannie Mae. Balancing empirical data with economic theory, The Economists' Voice proves that the unique perspective of the economist is a vital one for understanding today's world. To learn more about the electronic journals published by The Berkeley Electronic Press, please visit http://www.bepress.com/ev.

After two consecutive elections in which Democratic candidates failed to turn economic advantages into electoral victory, a debate is raging over what the Democrats should do now. Here, Clinton's economic advisor Sperling argues that the best strategy for our nation--and the best strategy for progressives whether they be Democrat, Republican, or Independent--is to pursue policies that are both progressive and pro-growth, that promote progressive values of upward mobility, fair starts, and economic dignity as well as embrace markets and innovation. Democrats too often pretend that the way to promote progressive values is to slow the pace of the global economy, stop outsourcing, and intervene in the market. Republicans hold fast to the bankrupt vision that the best thing for economic growth is the smallest government possible. Sperling lays out a third way, a realistic vision in which government can improve education, reduce poverty, and restore the country to fiscal sanity.--From publisher description.

Widely reviewed and critically praised, Emmanuel Todd's After the Empire predicts that the United States is forfeiting its superpower status as it moves away from traditional democratic values of egalitarianism and universalism, lives far beyond its means economically, and continues to anger foreign allies and enemies alike with its military and ideological policies. As America's global dominance evaporates, Todd foresees the emergence of a Eurasian alliance bringing together Europe, Russia, Japan, and the Arab-Islamic world. Todd calmly and straightforwardly takes stock of many negative trends, including America's weakened commitment to the socio-economic integration of African Americans, a bulimic economy that increasingly relies on smoke and mirrors and the goodwill of foreign investors, and a foreign policy that squanders the country's reserves of "soft power" while its militaristic arsonist-fireman behavior is met with increasing resistance. Written by a demographer and historian who foresaw the collapse of the Soviet Union, this original and daring book cannot be ignored. --

Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europeâe(tm)s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollarâe(tm)s shadow. The essays collected in this volume explain why. Because of Americaâe(tm)s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europeâe(tm)s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the worldâe(tm)s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.

The renowned economist discusses the impending global economic crisis and the eight-step program that America can begin in order to head it off

"A bold case for massive population growth in the name of national greatness--from Vox co-founder and host of "The Weeds" podcast Matt Yglesias. America is in decline. Fewer children are born each year due to financial pressure. Thousands flee our iconic cities with their housing shortages and broken infrastructure. While we tie ourselves into knots trying to stop the flow of immigrants, our exhausted economy deflates the heartland's already shrinking population. To survive China's impending global takeover (not to mention Russia), we can't afford to be weak. We need to get bigger, much bigger. We need one billion Americans. In this timely and provocative book, Matthew Yglesias makes the case for massive population growth through humane family and immigration policy. Of course, more people requires more housing, not to mention better transportation, improved education, a revitalized welfare system, and climate change mitigation. Why not do it all, and stay on top forever? Written with Yglesias's signature humor and analytic rigor, One Billion Americans challenges readers across the political spectrum to take decline seriously. Drawing on economic theory and research from leading policy experts, he offers ideas from around the globe--from Singapore's approach to traffic jams to Canada's town planning--that move us beyond left-right divides, to explore the practical and creative solutions our times call for"--

It is widely believed that most Americans not only distrust but also despise China. Considering the country's violent political history, unprecedented economic rise, and growing military capabilities, China has become America's strongest market competitor and arguably the most challenging global threat to the United States.Nevertheless, a full consideration of American opinion proves the opposite to be true. Carefully analyzing all available polls and surveys, Benjamin I. Page and Tao Xie find most Americans favor peaceful engagement with China. The public view has been surprisingly coherent and consistent, changing only in response to major events and new information.While a majority of Americans are not happy that China's economy is projected to become as large as that of the United States, they are prepared to live with it. "Unfair" Chinese trade practices and their impact on American jobs and wages are a concern, along with the quality and safety of Chinese-made goods. However, Americans favor free trade with China, provided it is tempered with environmental and workplace protections. They also believe that the United States should "balance" Chinese power through alliances with neighboring countries, such as Japan. Yet they oppose military action to defend Taiwan. Page and Xie examine these opinions in relation to facts about China and in light of current U.S. debates on diplomacy and policy

The all-encompassing embrace of world capitalism at the beginning of the twenty-first century was generally attributed to the superiority of competitive markets. Globalization had appeared to be the natural outcome of this unstoppable process. But today, with global markets roiling and increasingly reliant on state intervention to stay afloat, it has become clear that markets and states aren’t straightforwardly opposing forces. In this groundbreaking work, Leo Panitch and Sam Gindin demonstrate the intimate relationship between modern capitalism and the American state, including its role as an “informal empire” promoting free trade and capital movements. Through a powerful historical survey, they show how the US has superintended the restructuring of other states in favor of competitive markets and coordinated the management of increasingly frequent financial crises. The Making of Global Capitalism , through its highly original analysis of the first great economic crisis of the twenty-first century, identifies the centrality of the social conflicts that occur within states rather than between them. These emerging fault lines hold out the possibility of new political movements transforming nation states and transcending global markets.

On Saturday, August 2, 1941, the Washington Post reported that President Franklin D. Roosevelt would depart the next day for a fishing vacation aboard his yacht, Potomac. By the morning of August 5, the Potomac was sailing toward the fishing waters off Cape Cod -- but the president was not on board. Having quietly disembarked in the middle of the night, the president, now joined by his top military advisors, was headed for Newfoundland, where the U.S. and British governments would meet in a secret summit to coordinate their military efforts, although the United States had yet to declare war on Germany. The British were appalled at the state of American preparedness, one British colonel remarking, "They have a long way to go before they can play any decisive part in the war." But ready or not, the United States would be catapulted into World War II within a matter of months. Alan Schom's superb histories and biographies have been lauded for their dramatic sweep, their focus on extraordinary personalities, and their refreshingly iconoclastic perspective. Schom begins this magisterial account of World War II in the Pacific by demonstrating an ironic paradox: on one hand, the American government and people were as inadequately prepared for war as any major power ever has been; on the other, the Japanese high command plunged headlong into the Pacific campaign despite clear evidence -- from their own analysts -- that Japan had too little oil and too feeble an economy to prevail against the United States. It was a war that should not have been fought. Schom recounts a tense saga of diplomatic maneuvering, strategic blunders, and pivotal successes played out in the halls of the White House, Downing Street, and the Imperial Palace, as well as on the seas and shores of the Pacific. Key figures in the war come vividly to life in a series of brilliant biographical sketches: Emperor Hirohito, a devotee of Western pursuits such as golf and jazz, who hungered to expand Japan's global reach; the destructively egotistical General Douglas MacArthur, whose splendid achievements in World War I stood in stark contrast to his incompetent leadership in the Philippines; Rear Admiral Kelly Turner, whose realism and tactical savvy played a crucial role in turning the tide of the war; and the cool-headed Admiral Tanaka Raizo, who repeatedly slipped through the Allied net, transporting troops and supplies to and from Guadalcanal. The Eagle and the Rising Sun embraces the broad strategic concerns of the war and the telling details and turning points of individual engagements. As Rear Admiral Thomas Marfiak, Ret., CEO and publisher of the U.S. Naval Institute, writes in the Foreword: "From time to time, we are privileged to be given extraordinary insights into the history of our age. Alan Schom has given us a tapestry, into which he has woven figures of immense proportions, yet he has not lost sight of their humanity. He writes ... in the grand tradition of Barbara Tuchman's The Guns of August." Book jacket.