Freefall: America, Free Markets, and the Sinking of the World Economy Book

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Freefall: America, Free Markets, and the Sinking of the World Economy

By Joseph E. Stiglitz
  • ISBN Code: : 9780393077070
  • Publisher : W. W. Norton & Company
  • Pages : 320
  • Category : Business & Economics
  • Reads : 301
  • Book Compatibility : Pdf, ePub, Mobi, Kindle
  • Pdf : freefall.pdf

Book Excerpt :

An incisive look at the global economic crisis, our flawed response, and the implications for the world’s future prosperity. The Great Recession, as it has come to be called, has impacted more people worldwide than any crisis since the Great Depression. Flawed government policy and unscrupulous personal and corporate behavior in the United States created the current financial meltdown, which was exported across the globe with devastating consequences. The crisis has sparked an essential debate about America’s economic missteps, the soundness of this country’s economy, and even the appropriate shape of a capitalist system. Few are more qualified to comment during this turbulent time than Joseph E. Stiglitz. Winner of the 2001 Nobel Prize in Economics, Stiglitz is “an insanely great economist, in ways you can’t really appreciate unless you’re deep into the field” (Paul Krugman, New York Times). In Freefall, Stiglitz traces the origins of the Great Recession, eschewing easy answers and demolishing the contention that America needs more billion-dollar bailouts and free passes to those “too big to fail,” while also outlining the alternatives and revealing that even now there are choices ahead that can make a difference. The system is broken, and we can only fix it by examining the underlying theories that have led us into this new “bubble capitalism.” Ranging across a host of topics that bear on the crisis, Stiglitz argues convincingly for a restoration of the balance between government and markets. America as a nation faces huge challenges—in health care, energy, the environment, education, and manufacturing—and Stiglitz penetratingly addresses each in light of the newly emerging global economic order. An ongoing war of ideas over the most effective type of capitalist system, as well as a rebalancing of global economic power, is shaping that order. The battle may finally give the lie to theories of a “rational” market or to the view that America’s global economic dominance is inevitable and unassailable. For anyone watching with indignation while a reckless Wall Street destroyed homes, educations, and jobs; while the government took half-steps hoping for a “just-enough” recovery; and while bankers fell all over themselves claiming not to have seen what was coming, then sought government bailouts while resisting regulation that would make future crises less likely, Freefall offers a clear accounting of why so many Americans feel disillusioned today and how we can realize a prosperous economy and a moral society for the future.

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Read Also This Books

The Financial Crisis and the Free Market Cure: Why Pure Capitalism is the World Economy's Only Hope

By John A. Allison
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : McGraw Hill Professional
  • Book Code : 0071806784
  • Total of Pages : 320
  • Category : Business & Economics
  • Members : 391
  • Pdf File: the-financial-crisis-and-the-free-market-cure.pdf

Book Short Summary:

The #1 Wall Street Journal Bestseller “Required reading. . . . Shows how our economic crisis was a failure, not of the free market, but of government.” —Charles Koch, Chairman and CEO, Koch Industries, Inc. Did Wall Street cause the mess we are in? Should Washington place stronger regulations on the entire financial industry? Can we lower unemployment rates by controlling the free market? The answer is NO. Not only is free market capitalism good for the economy, says industry expert John Allison, it is our only hope for recovery. As the nation’s longest-serving CEO of a top-25 financial institution, Allison has had a unique inside view of the events leading up to the financial crisis. He has seen the direct effect of government incentives on the real estate market. He has seen how government regulations only make matters worse. And now, in this controversial wake-up call of a book, he has given us a solution. The national bestselling The Financial Crisis and the Free Market Cure reveals: Why regulation is bad for the market—and for the world What we can do to promote a healthy free market How we can help end unemployment in America The truth about TARP and the bailouts How Washington can help Wall Street build a better future for everyone With shrewd insight, alarming insider details, and practical advice for today’s leaders, this electrifying analysis is nothing less than a call to arms for a nation on the brink. You’ll learn how government incentives helped blow up the real estate bubble to unsustainable proportions, how financial tools such as derivatives have been wrongly blamed for the crash, and how Congress fails to understand it should not try to control the market—and then completely mismanages it when it tries. In the end, you’ll understand why it’s so important to put “free” back in free market. It’s time for America to accept the truth: the government can’t fix the economy because the government wrecked the economy. This book gives us the tools, the inspiration—and the cure.

The Three Trillion Dollar War: The True Cost of the Iraq Conflict

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  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : W. W. Norton & Company
  • Book Code : 9780393068085
  • Total of Pages : 336
  • Category : History
  • Members : 741
  • Pdf File: the-three-trillion-dollar-war.pdf

Book Short Summary:

The true cost of the Iraq War is $3 trillion—and counting—rather than the $50 billion projected by the White House. Apart from its tragic human toll, the Iraq War will be staggeringly expensive in financial terms. This sobering study by Nobel Prize winner Joseph E. Stiglitz and Harvard professor Linda J. Bilmes casts a spotlight on expense items that have been hidden from the U.S. taxpayer, including not only big-ticket items like replacing military equipment (being used up at six times the peacetime rate) but also the cost of caring for thousands of wounded veterans—for the rest of their lives. Shifting to a global focus, the authors investigate the cost in lives and economic damage within Iraq and the region. Finally, with the chilling precision of an actuary, the authors measure what the U.S. taxpayer's money would have produced if instead it had been invested in the further growth of the U.S. economy. Written in language as simple as the details are disturbing, this book will forever change the way we think about the war.

Keynes Hayek: The Clash that Defined Modern Economics

By Nicholas Wapshott
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : W. W. Norton & Company
  • Book Code : 039308311X
  • Total of Pages : 400
  • Category : Business & Economics
  • Members : 840
  • Pdf File: keynes-hayek.pdf

Book Short Summary:

“I defy anybody—Keynesian, Hayekian, or uncommitted—to read [Wapshott’s] work and not learn something new.”—John Cassidy, The New Yorker As the stock market crash of 1929 plunged the world into turmoil, two men emerged with competing claims on how to restore balance to economies gone awry. John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek's contrary vision. From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.

The Age of Oversupply

By Daniel Alpert
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Penguin
  • Book Code : 1101601639
  • Total of Pages : 304
  • Category : Business & Economics
  • Members : 140
  • Pdf File: the-age-of-oversupply.pdf

Book Short Summary:

The invisible hand of capitalism is broken. Economic and political forces are preventing markets from correcting themselves, and we're now living in an unprecedented age of oversupply. Governments and central banks across the developed world have tried every policy tool imaginable, yet our economies remain sluggish or worse. How did we get here, and how can advanced nations compete and prosper once more? In this bold call to arms, economic policy expert Daniel Alpert argues that a global labor glut, excess productive capacity, and a rising ocean of cheap capital have kept the economies of the first world, and notably the United States, mired in underemployment and anemic growth. Distracted by a technology boom and a massive debt bubble in the 1990s and early 2000s, advanced nations failed to assess the ultimate impact of the torrent of labor and capital unleashed by formerly socialist economies. After the financial crisis of 2008, the United States and Europe joined an already sclerotic Japan in dire economic straits. Today, as the BRICs (Brazil, Russia, India, and China) and others poach jobs from Western Europe, the United States, and Japan, household incomes in the developed world continue to decline. Many policymakers believe in outdated supplyside economic remedies. They miss the connection between global oversupply and the lack of domestic investment and growth. But Alpert shows how they are intertwined: We cannot understand the housing bubble and the financial crisis without appreciating how the rise of the emerging nations distorted the economies of rich countries. And we can’t chart a path for growth in the developed world without recognizing that many of these distorting forces are still at work. The Age of Oversupply offers a bold, fresh approach to fixing the West’s economic woes through large-scale fiscal stimulus measures, investments in infrastructure, and an aggressive private debt reduction plan. It also delivers a vigorous challenge to proponents of austerity economics.

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By James K. Galbraith
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Oxford University Press
  • Book Code : 0199930864
  • Total of Pages : 336
  • Category : Business & Economics
  • Members : 140
  • Pdf File: inequality-and-instability.pdf

Book Short Summary:

As Wall Street rose to dominate the U.S. economy, income and pay inequalities in America came to dance to the tune of the credit cycle. As the reach of financial markets extended across the globe, interest rates, debt, and debt crises became the dominant forces driving the rise of economic inequality almost everywhere. Thus the "super-bubble" that investor George Soros identified in rich countries for the two decades after 1980 was a super-crisis for the 99 percent-not just in the U.S. but the entire world. Inequality and Instability demonstrates that finance is the driveshaft that links inequality to economic instability. The book challenges those, mainly on the right, who see mysterious forces of technology behind rising inequality. And it also challenges those, mainly on the left, who have placed the blame narrowly on trade and outsourcing. Inequality and Instability presents straightforward evidence that the rise of inequality mirrors the stock market in the U.S. and the rise of finance and of free-market policies elsewhere. Starting from the premise that fresh argument requires fresh evidence, James K. Galbraith brings new data to bear as never before, presenting information built up over fifteen years in easily understood charts and tables. By measuring inequality at the right geographic scale, Galbraith shows that more equal societies systematically enjoy lower unemployment. He shows how this plays out inside Europe, between Europe and the United States, and in modern China. He explains that the dramatic rise of inequality in the U.S. in the 1990s reflected a finance-driven technology boom that concentrated incomes in just five counties, very remote from the experience of most Americans-which helps explain why the political reaction was so slow to come. That the reaction is occurring now, however, is beyond doubt. In the aftermath of the Great Financial Crisis, inequality has become, in America and the world over, the central issue. A landmark work of research and original insight, Inequality and Instability will change forever the way we understand this pivotal topic.

Industrial Policy and Economic Transformation in Africa

By Akbar Noman,Joseph E. Stiglitz
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Columbia University Press
  • Book Code : 0231540779
  • Total of Pages : 368
  • Category : Business & Economics
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  • Pdf File: industrial-policy-and-economic-transformation-in-africa.pdf

Book Short Summary:

The revival of economic growth in Sub-Saharan Africa is all the more welcome for having followed one of the worst economic disasters—a quarter century of economic malaise for most of the region—since the industrial revolution. Six of the world's fastest-growing economies in the first decade of this century were African. Yet only in Ethiopia and Rwanda was growth not based on resources and the rising price of oil. Deindustrialization has yet to be reversed, and progress toward creating a modern economy remains limited. This book explores the vital role that active government policies can play in transforming African economies. Such policies pertain not just to industry. They traverse all economic sectors, including finance, information technology, and agriculture. These packages of learning, industrial, and technology (LIT) policies aim to bring vigorous and lasting growth to the region. This collection features case studies of LIT policies in action in many parts of the world, examining their risks and rewards and what they mean for Sub-Saharan Africa.

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  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Vintage
  • Book Code : 0307379221
  • Total of Pages : 336
  • Category : Business & Economics
  • Members : 253
  • Pdf File: 13-bankers.pdf

Book Short Summary:

In spite of its key role in creating the ruinous financial crisis of 2008, the American banking industry has grown bigger, more profitable, and more resistant to regulation than ever. Anchored by six megabanks whose assets amount to more than 60 percent of the country’s gross domestic product, this oligarchy proved it could first hold the global economy hostage and then use its political muscle to fight off meaningful reform. 13 Bankers brilliantly charts the rise to power of the financial sector and forcefully argues that we must break up the big banks if we want to avoid future financial catastrophes. Updated, with additional analysis of the government’s recent attempt to reform the banking industry, this is a timely and expert account of our troubled political economy.

How Markets Fail

By John Cassidy
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Farrar, Straus and Giroux
  • Book Code : 1429990694
  • Total of Pages : 400
  • Category : Business & Economics
  • Members : 523
  • Pdf File: how-markets-fail.pdf

Book Short Summary:

Behind the alarming headlines about job losses, bank bailouts, and corporate greed is a little-known story of bad ideas. For fifty years or more, economists have been busy developing elegant theories of how markets work—how they facilitate innovation, wealth creation, and an efficient allocation of society's resources. But what about when markets don't work? What about when they lead to stock market bubbles, glaring inequality, polluted rivers, real estate crashes, and credit crunches? In How Markets Fail, John Cassidy describes the rising influence of what he calls utopian economics—thinking that is blind to how real people act and that denies the many ways an unregulated free market can produce disastrous unintended consequences. He then looks to the leading edge of economic theory, including behavioral economics, to offer a new understanding of the economy—one that casts aside the old assumption that people and firms make decisions purely on the basis of rational self-interest. Taking the global financial crisis and current recession as his starting point, Cassidy explores a world in which everybody is connected and social contagion is the norm. In such an environment, he shows, individual behavioral biases and kinks—overconfidence, envy, copycat behavior, and myopia—often give rise to troubling macroeconomic phenomena, such as oil price spikes, CEO greed cycles, and boom-and-bust waves in the housing market. These are the inevitable outcomes of what Cassidy refers to as "rational irrationality"—self-serving behavior in a modern market setting. Combining on-the-ground reporting, clear explanations of esoteric economic theories, and even a little crystal-ball gazing, Cassidy warns that in today's economic crisis, conforming to antiquated orthodoxies isn't just misguided—it's downright dangerous. How Markets Fail offers a new, enlightening way to understand the force of the irrational in our volatile global economy.

The New Geography Of Jobs

By Enrico Moretti
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : HarperCollins
  • Book Code : 0547750145
  • Total of Pages : 304
  • Category : Business & Economics
  • Members : 905
  • Pdf File: the-new-geography-of-jobs.pdf

Book Short Summary:

In The New Geography of Jobs, award-winning Berkeley economist Enrico Moretti looks at the major shifts taking place in the US economy and reveals the surprising winners and losers ​— ​specifically, which kinds of jobs will drive economic growth and where they’ll be located ​— ​while exploring how communities can transform themselves into dynamic innovation hubs. “A timely and smart discussion of how different cities and regions have made a changing economy work for them ​— ​and how policymakers can learn from that to lift the circumstances of working Americans everywhere.” ​— ​Barack Obama We’re used to thinking of the United States in opposing terms: red versus blue, haves versus have-nots. But today there are three Americas. At one extreme are the brain hubs ​— ​cities like San Francisco, Boston, and Durham ​— ​with workers who are among the most productive, creative, and best paid on the planet. At the other extreme are former manufacturing capitals, which are rapidly losing jobs and residents. The rest of America could go either way. For the past thirty years, the three Americas have been growing apart at an accelerating rate. This divergence is one the most important developments in the history of the United States and is reshaping the very fabric of our society, affecting all aspects of our lives, from health and education to family stability and political engagement. But the winners and losers aren’t necessarily who you’d expect. Enrico Moretti’s groundbreaking research shows that you don’t have to be a scientist or an engineer to thrive in one of the brain hubs. Carpenters, taxi drivers, teachers, nurses, and other local service jobs are created at a ratio of five-to-one in the brain hubs, raising salaries and standard of living for all. Dealing with this split ​— ​supporting growth in the hubs while arresting the decline elsewhere ​— ​is the challenge of the century, and The New Geography of Jobs lights the way.

Then We Came to the End

By Joshua Ferris
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Little, Brown
  • Book Code : 9780759572287
  • Total of Pages : 400
  • Category : Fiction
  • Members : 949
  • Pdf File: then-we-came-to-the-end.pdf

Book Short Summary:

The National Book Award finalist and debut novel by the bestselling author of The Dinner Party: "A readymade classic of the office-novel genre. . . . A truly affecting novel about work, trust, love, and loneliness." --Seattle Times No one knows us quite the same way as the men and women who sit beside us in department meetings and crowd the office refrigerator with their labeled yogurts. Every office is a family of sorts, and the ad agency Joshua Ferris brilliantly depicts in his debut novel is family at its strangest and best, coping with a business downturn in the time-honored way: through gossip, pranks, and increasingly frequent coffee breaks. With a demon's eye for the details that make life worth noticing, Joshua Ferris tells a true and funny story about survival in life's strangest environment--the one we pretend is normal five days a week.

Engine of Inequality

By Karen Petrou
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : John Wiley & Sons
  • Book Code : 1119730058
  • Total of Pages : 288
  • Category : Business & Economics
  • Members : 636
  • Pdf File: engine-of-inequality.pdf

Book Short Summary:

The first book to reveal how the Federal Reserve holds the key to making us more economically equal, written by an author with unparalleled expertise in the real world of financial policy Following the 2008 financial crisis, the Federal Reserve’s monetary policy placed much greater focus on stabilizing the market than on helping struggling Americans. As a result, the richest Americans got a lot richer while the middle class shrank and economic and wealth inequality skyrocketed. In Engine of Inequality, Karen Petrou offers pragmatic solutions for creating more inclusive monetary policy and equality-enhancing financial regulation as quickly and painlessly as possible. Karen Petrou is a leading financial-policy analyst and consultant with unrivaled knowledge of what drives the decisions of federal officials and how big banks respond to financial policy in the real world. Instead of proposing legislation that would never pass Congress, the author provides an insider's look at politically plausible, high-impact financial policy fixes that will radically shift the equality balance. Offering an innovative, powerful, and highly practical solution for immediately turning around the enormous nationwide problem of economic inequality, this groundbreaking book: Presents practical ways America can and should tackle economic inequality with fast-acting results Provides revealing examples of exactly how bad economic inequality in America has become no matter how hard we all work Demonstrates that increasing inequality is disastrous for long-term economic growth, political action, and even personal happiness Explains why your bank's interest rates are still only a fraction of what they were even though the rich are getting richer than ever, faster than ever Reveals the dangers of FinTech and BigTech companies taking over banking Shows how Facebook wants to control even the dollars in your wallet Discusses who shares the blame for our economic inequality, including the Fed, regulators, Congress, and even economists Engine of Inequality: The Fed and the Future of Wealth in America should be required reading for leaders, policymakers, regulators, media professionals, and all Americans wanting to ensure that the nation’s financial policy will be a force for promoting economic equality.

Economics Does Not Lie

By Guy Sorman
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Encounter Books
  • Book Code : 9781594034381
  • Total of Pages : 250
  • Category : Business & Economics
  • Members : 276
  • Pdf File: economics-does-not-lie.pdf

Book Short Summary:

In the 20th century, privatization and market capitalism have reconstructed Eastern Europe and lifted 800 million people - in China, Brazil, and India - out of poverty. In Economics Does Not Lie, noted French journalist Guy Sorman reveals that behind this unprecedented growth is not only the collapse of state socialism but also a scientific revolution in economics - one that is as of yet dimly understood by the public but increasingly embraced by policymakers around the globe.

Average Is Over

By Tyler Cowen
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Penguin
  • Book Code : 0698138163
  • Total of Pages : 304
  • Category : Business & Economics
  • Members : 959
  • Pdf File: average-is-over.pdf

Book Short Summary:

Renowned economist and author of Big Business Tyler Cowen brings a groundbreaking analysis of capitalism, the job market, and the growing gap between the one percent and minimum wage workers in this follow-up to the New York Times bestseller The Great Stagnation. The United States continues to mint more millionaires and billionaires than any country ever. Yet, since the great recession, three quarters of the jobs created here pay only marginally more than minimum wage. Why is there growth only at the top and the bottom? Economist and bestselling author Tyler Cowen explains that high earners are taking ever more advantage of machine intelligence and achieving ever-better results. Meanwhile, nearly every business sector relies less and less on manual labor, and that means a steady, secure life somewhere in the middle—average—is over. In Average is Over, Cowen lays out how the new economy works and identifies what workers and entrepreneurs young and old must do to thrive in this radically new economic landscape.

Managed by the Markets

By Gerald F. Davis
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : OUP Oxford
  • Book Code : 0191607584
  • Total of Pages : 328
  • Category : Business & Economics
  • Members : 964
  • Pdf File: managed.pdf

Book Short Summary:

The current economic crisis reveals just how central finance has become to American life. Problems with obscure securities created on Wall Street radiated outward to threaten the retirement security of pensioners in Florida and Arizona, the homes and college savings of families in Detroit and Southern California, and ultimately the global economy itself. The American government took on vast new debt to bail out the financial system, while the government-owned investment funds of Kuwait, Abu Dhabi, Malaysia, and China bought up much of what was left of Wall Street. How did we get into this mess, and what does it all mean? Managed by the Markets explains how finance replaced manufacturing at the center of the American economy and how its influence has seeped into daily life. From corporations operated to create shareholder value, to banks that became portals to financial markets, to governments seeking to regulate or profit from footloose capital, to households with savings, pensions, and mortgages that rise and fall with the market, life in post-industrial America is tied to finance to an unprecedented degree. Managed by the Markets provides a guide to how we got here and unpacks the consequences of linking the well-being of society too closely to financial markets.

This Time Is Different

By Carmen M. Reinhart,Kenneth S. Rogoff
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Princeton University Press
  • Book Code : 1400831725
  • Total of Pages : 512
  • Category : Business & Economics
  • Members : 821
  • Pdf File: this-time-is-different.pdf

Book Short Summary:

A comprehensive look at international financial crises that puts more recent economic meltdowns into perspective Throughout history, rich and poor countries alike have been lending, borrowing, crashing—and recovering—their way through an extraordinary range of financial crises. Each time, the experts have chimed, "this time is different"—claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes—from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much—or how little—we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts—as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.

Age of Greed

By Jeff Madrick
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Vintage
  • Book Code : 0307596710
  • Total of Pages : 480
  • Category : Business & Economics
  • Members : 454
  • Pdf File: age-of-greed.pdf

Book Short Summary:

A vividly told history of how greed bred America’s economic ills over the last forty years, and of the men most responsible for them. As Jeff Madrick makes clear in a narrative at once sweeping, fast-paced, and incisive, the single-minded pursuit of huge personal wealth has been on the rise in the United States since the 1970s, led by a few individuals who have argued that self-interest guides society more effectively than community concerns. These stewards of American capitalism have insisted on the central and essential place of accumulated wealth through the booms, busts, and recessions of the last half century, giving rise to our current woes. In telling the stories of these politicians, economists, and financiers who declared a moral battle for freedom but instead gave rise to an age of greed, Madrick traces the lineage of some of our nation’s most pressing economic problems. He begins with Walter Wriston, head of what would become Citicorp, who led the battle against government regulation. He examines the ideas of economist Milton Friedman, who created the plan for an anti-Rooseveltian America; the politically expedient decisions of Richard Nixon that fueled inflation; the philosophy of Alan Greenspan, on whose libertarian ideology a house of cards was built on Wall Street; and the actions of Sandy Weill, who constructed the largest financial institution in the world, which would have gone bankrupt in 2008 without a federal bailout of $45 billion. Significant figures including Ivan Boesky, Michael Milken, Jack Welch, and Ronald Reagan play key roles as well. Intense economic inequity and instability is the story of our age, and Jeff Madrick tells it with style, clarity, and an unerring command of his subject.

Mismeasuring Our Lives

By Joseph E. Stiglitz,Amartya Sen,Jean-Paul Fitoussi
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : The New Press
  • Book Code : 1595585923
  • Total of Pages : 176
  • Category : Business & Economics
  • Members : 770
  • Pdf File: mismeasuring-our-lives.pdf

Book Short Summary:

In February of 2008, amid the looming global financial crisis, President Nicolas Sarkozy of France asked Nobel Prize–winning economists Joseph Stiglitz and Amartya Sen, along with the distinguished French economist Jean Paul Fitoussi, to establish a commission of leading economists to study whether Gross Domestic Product (GDP)—the most widely used measure of economic activity—is a reliable indicator of economic and social progress. The Commission was given the further task of laying out an agenda for developing better measures. Mismeasuring Our Lives is the result of this major intellectual effort, one with pressing relevance for anyone engaged in assessing how and whether our economy is serving the needs of our society. The authors offer a sweeping assessment of the limits of GDP as a measurement of the well-being of societies—considering, for example, how GDP overlooks economic inequality (with the result that most people can be worse off even though average income is increasing); and does not factor environmental impacts into economic decisions. In place of GDP, Mismeasuring Our Lives introduces a bold new array of concepts, from sustainable measures of economic welfare, to measures of savings and wealth, to a “green GDP.” At a time when policymakers worldwide are grappling with unprecedented global financial and environmental issues, here is an essential guide to measuring the things that matter.

Venture Labor

By Gina Neff
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : MIT Press
  • Book Code : 0262300524
  • Total of Pages : 210
  • Category : Language Arts & Disciplines
  • Members : 547
  • Pdf File: venture-labor.pdf

Book Short Summary:

Why employees of pioneering Internet companies chose to invest their time, energy, hopes, and human capital in start-up ventures. In the dot-com boom of the late 1990s, employees of Internet startups took risks—left well-paying jobs for the chance of striking it rich through stock options (only to end up unemployed a year later), relocated to areas that were epicenters of a booming industry (that shortly went bust), chose the opportunity to be creative over the stability of a set schedule. In Venture Labor, Gina Neff investigates choices like these made by high-tech workers in New York City's “Silicon Alley” in the 1990s. Why did these workers exhibit entrepreneurial behavior in their jobs—investing time, energy, and other personal resources that Neff terms “venture labor”—when they themselves were employees and not entrepreneurs? Neff argues that this behavior was part of a broader shift in society in which economic risk shifted away from collective responsibility toward individual responsibility. In the new economy, risk and reward took the place of job loyalty, and the dot-com boom helped glorify risks. Company flexibility was gained at the expense of employee security. Through extensive interviews, Neff finds not the triumph of the entrepreneurial spirit but a mixture of motivations and strategies, informed variously by bravado, naïveté, and cold calculation. She connects these individual choices with larger social and economic structures, making it clear that understanding venture labor is of paramount importance for encouraging innovation and, even more important, for creating sustainable work environments that support workers.

Business as Usual

By Paul Mattick
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Reaktion Books
  • Book Code : 1861899823
  • Total of Pages : 126
  • Category : Business & Economics
  • Members : 812
  • Pdf File: business-as-usual.pdf

Book Short Summary:

The recent global economic downturn has affected nearly everyone in every corner of the globe. Its vast reach and lingering effects have made it difficult to pinpoint its exact cause, and while some economists point to the risks inherent in the modern financial system, others blame long-term imbalances in the world economy. Into this debate steps Paul Mattick, who, in Business as Usual, explains the global economic downturn in relation to the development of the world economy since World War II, but also as a fundamental example of the cycle of crisis and recovery that has characterized capitalism since the early nineteenth century. Mattick explains that today’s recession is not the result of a singular financial event but instead is a manifestation of long-term processes within the world economy. Mattick argues that the economic downturn can best be understood within the context of business cycles, which are unavoidable in a free-market economy. He uses this explanation as a springboard for exploring the nature of our capitalist society and its prospects for the future. Although Business as Usual engages with many economic theories, both mainstream and left-wing, Mattick’s accessible writing opens the subject up in order for non-specialists to understand the current economic climate not as the effect of a financial crisis, but as a manifestation of a truth about the social and economic system in which we live. As a result the book is ideal for anyone who wants to gain a succinct and jargon-free understanding of recent economic events, and, just as important, the overall dynamics of the capitalist system itself.

America's Free Market Myths

By Joseph Shaanan
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 3319506366
  • Total of Pages : 303
  • Category : Political Science
  • Members : 251
  • Pdf File: america-s-free-market-myths.pdf

Book Short Summary:

This book describes and refutes thirteen ideas involving free market principles and the US economic system, arguing that these (mostly familiar) ideas are myths. The myths are deeply ingrained in the United States' self-image and in political discourse, and are hailed as indisputable, scientifically grounded truths. Unfortunately, an economy dominated by giant corporations bears little resemblance to a free market. So why is so much effort and expense devoted to disseminating these stories? The answer is simple. The different myths generate the recommendation that the system's rewards should flow upward to corporations and a small group of wealthy and politically influential people. The myths help entrench existing economic and political power while distancing America from a more productive and widely beneficial form of capitalism.

The Unnamed

By Joshua Ferris
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Reagan Arthur Books
  • Book Code : 9780316078177
  • Total of Pages : 320
  • Category : Fiction
  • Members : 286
  • Pdf File: the-unnamed.pdf

Book Short Summary:

He was going to lose the house and everything in it. The rare pleasure of a bath, the copper pots hanging above the kitchen island, his family-again he would lose his family. He stood inside the house and took stock. Everything in it had been taken for granted. How had that happened again? He had promised himself not to take anything for granted and now he couldn't recall the moment that promise had given way to the everyday. Tim Farnsworth is a handsome, healthy man, aging with the grace of a matinee idol. His wife Jane still loves him, and for all its quiet trials, their marriage is still stronger than most. Despite long hours at the office, he remains passionate about his work, and his partnership at a prestigious Manhattan law firm means that the work he does is important. And, even as his daughter Becka retreats behind her guitar, her dreadlocks and her puppy fat, he offers her every one of a father's honest lies about her being the most beautiful girl in the world. He loves his wife, his family, his work, his home. He loves his kitchen. And then one day he stands up and walks out. And keeps walking. THE UNNAMED is a dazzling novel about a marriage and a family and the unseen forces of nature and desire that seem to threaten them both. It is the heartbreaking story of a life taken for granted and what happens when that life is abruptly and irrevocably taken away.

Makers and Takers

By Rana Foroohar
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Currency
  • Book Code : 0553447246
  • Total of Pages : 402
  • Category : Business & Economics
  • Members : 157
  • Pdf File: makers-and-takers.pdf

Book Short Summary:

Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial sys­tem propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the sys­tem, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.

Measuring What Counts

By Joseph E. Stiglitz
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : The New Press
  • Book Code : 162097570X
  • Total of Pages :
  • Category : Business & Economics
  • Members : 807
  • Pdf File: measuring-what-counts.pdf

Book Short Summary:

A bold agenda for a better way to assess societal well-being, by three of the world’s leading economists and statisticians "If we want to put people first, we have to know what matters to them, what improves their well-being, and how we can supply more of whatever that is." —Joseph E. Stiglitz In 2009, a group of economists led by Nobel laureate Joseph E. Stiglitz, French economist Jean-Paul Fitoussi, and Nobel laureate Amartya Sen issued a report challenging gross domestic product (GDP) as a measure of progress and well-being. Published as Mismeasuring Our Lives by The New Press, the book sparked a global conversation about GDP and a major movement among scholars, policy makers, and activists to change the way we measure our economies. Now, in Measuring What Counts, Stiglitz, Fitoussi, and Martine Durand—summarizing the deliberations of a panel of experts on the measurement of economic performance and social progress hosted at the OECD, the international organization incorporating the most economically advanced countries—propose a new, “beyond GDP” agenda. This book provides an accessible overview of the last decade’s global movement, sparked by the original critique of GDP, and proposes a new “dashboard” of metrics to assess a society’s health, including measures of inequality and economic vulnerability, whether growth is environmentally sustainable, and how people feel about their lives. Essential reading for our time, it also serves as a guide for policy makers and others on how to use these new tools to fundamentally change the way we measure our lives—and to plot a radically new path forward.

After the Music Stopped

By Alan S. Blinder
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Penguin
  • Book Code : 1101605871
  • Total of Pages : 528
  • Category : Business & Economics
  • Members : 165
  • Pdf File: after-the-music-stopped.pdf

Book Short Summary:

The New York Times bestseller "Blinder's book deserves its likely place near the top of reading lists about the crisis. It is the best comprehensive history of the episode... A riveting tale." - Financial Times One of our wisest and most clear-eyed economic thinkers offers a masterful narrative of the crisis and its lessons. Many fine books on the financial crisis were first drafts of history—books written to fill the need for immediate understanding. Alan S. Blinder, esteemed Princeton professor, Wall Street Journal columnist, and former vice chairman of the Federal Reserve Board, held off, taking the time to understand the crisis and to think his way through to a truly comprehensive and coherent narrative of how the worst economic crisis in postwar American history happened, what the government did to fight it, and what we can do from here—mired as we still are in its wreckage. With bracing clarity, Blinder shows us how the U.S. financial system, which had grown far too complex for its own good—and too unregulated for the public good—experienced a perfect storm beginning in 2007. Things started unraveling when the much-chronicled housing bubble burst, but the ensuing implosion of what Blinder calls the “bond bubble” was larger and more devastating. Some people think of the financial industry as a sideshow with little relevance to the real economy—where the jobs, factories, and shops are. But finance is more like the circulatory system of the economic body: if the blood stops flowing, the body goes into cardiac arrest. When America’s financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected—and fragile—the global financial system is. Some observers argue that large global forces were the major culprits of the crisis. Blinder disagrees, arguing that the problem started in the U.S. and was pushed abroad, as complex, opaque, and overrated investment products were exported to a hungry world, which was nearly poisoned by them. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government’s actions, particularly the Fed’s, were previously unimaginable. And to an amazing—and certainly misunderstood—extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen again.

The Physics of Wall Street

By James Owen Weatherall
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : HMH
  • Book Code : 0547618298
  • Total of Pages : 304
  • Category : Business & Economics
  • Members : 904
  • Pdf File: the-physics-of-wall-street.pdf

Book Short Summary:

A look inside the world of “quants” and how science can (and can’t) predict financial markets: “Entertaining and enlightening” (The New York Times). After the economic meltdown of 2008, Warren Buffett famously warned, “beware of geeks bearing formulas.” But while many of the mathematicians and software engineers on Wall Street failed when their abstractions turned ugly in practice, a special breed of physicists has a much deeper history of revolutionizing finance. Taking us from fin-de-siècle Paris to Rat Pack–era Las Vegas, from wartime government labs to Yippie communes on the Pacific coast, James Owen Weatherall shows how physicists successfully brought their science to bear on some of the thorniest problems in economics, from options pricing to bubbles. The crisis was partly a failure of mathematical modeling. But even more, it was a failure of some very sophisticated financial institutions to think like physicists. Models—whether in science or finance—have limitations; they break down under certain conditions. And in 2008, sophisticated models fell into the hands of people who didn’t understand their purpose, and didn’t care. It was a catastrophic misuse of science. The solution, however, is not to give up on models; it’s to make them better. This book reveals the people and ideas on the cusp of a new era in finance, from a geophysicist using a model designed for earthquakes to predict a massive stock market crash to a physicist-run hedge fund earning 2,478.6% over the course of the 1990s. Weatherall shows how an obscure idea from quantum theory might soon be used to create a far more accurate Consumer Price Index. The Physics of Wall Street will change how we think about our economic future. “Fascinating history . . . Happily, the author has a gift for making complex concepts clear to lay readers.” —Booklist

Global Economic and Cultural Transformation

By M. Rabie
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 1137365331
  • Total of Pages : 217
  • Category : Business & Economics
  • Members : 470
  • Pdf File: global-economic-and-cultural-transformation.pdf

Book Short Summary:

Society today faces multi-dimensional challenges that are hard to define and even harder to deal with. Social and economic systems throughout the world are becoming more complex and interdependent, and globalization is moving beyond the sphere of economics to engulf other aspects of life, particularly culture and security. Our current theories, strategies, and road maps are fast becoming out-dated and no new ones have emerged to take their place. Mohamed Rabie re-examines the relevance of major ideas and systems of the recent past, including ideology and its relation to society in Global Economic and Cultural Transformation. This book is an attempt defines and explains this transitional period and provides a new conception of economic and societal world history, which us understand how we got here and where we are going.

Confidence Men

By Ron Suskind
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Harper Collins
  • Book Code : 0062225324
  • Total of Pages : 528
  • Category : History
  • Members : 888
  • Pdf File: confidence-men.pdf

Book Short Summary:

The hidden history of Wall Street and the White House comes down to a single, powerful, quintessentially American concept: confidence. Both centers of power, tapping brazen innovations over the past three decades, learned how to manufacture it. Until August 2007, when that confidence finally began to crumble. In this gripping and brilliantly reported book, Ron Suskind tells the story of what happened next, as Wall Street struggled to save itself while a man with little experience and soaring rhetoric emerged from obscurity to usher in “a new era of responsibility.” It is a story that follows the journey of Barack Obama, who rose as the country fell, and offers the first full portrait of his tumultuous presidency. Wall Street found that straying from long-standing principles of transparency, accountability, and fair dealing opened a path to stunning profits. Obama’s determination to reverse that trend was essential to his ascendance, especially when Wall Street collapsed during the fall of an election year and the two candidates could audition for the presidency by responding to a national crisis. But as he stood on the stage in Grant Park, a shudder went through Barack Obama. He would now have to command Washington, tame New York, and rescue the economy in the first real management job of his life. The new president surrounded himself with a team of seasoned players—like Rahm Emanuel, Larry Summers, and Tim Geithner—who had served a different president in a different time. As the nation’s crises deepened, Obama’s deputies often ignored the president’s decisions—“to protect him from himself”—while they fought to seize control of a rudderless White House. Bitter disputes—between men and women, policy and politics—ruled the day. The result was an administration that found itself overtaken by events as, year to year, Obama struggled to grow into the world’s toughest job and, in desperation, take control of his own administration. Pulitzer Prize-winning journalist Ron Suskind intro-duces readers to an ensemble cast, from the titans of high finance to a new generation of reformers, from petulant congressmen and acerbic lobbyists to a tight circle of White House advisers—and, ultimately, to the president himself, as you’ve never before seen him. Based on hundreds of interviews and filled with piercing insights and startling disclosures, Confidence Men brings into focus the collusion and conflict between the nation’s two capitals—New York and Washington, one of private gain, the other of public purpose—in defining confidence and, thereby, charting America’s future.

Professionals Making Judgments

By A. Styhre
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer
  • Book Code : 1137369574
  • Total of Pages : 232
  • Category : Business & Economics
  • Members : 637
  • Pdf File: professionals-making-judgments.pdf

Book Short Summary:

Professionals Making Judgments examines the role of judgment in professional work. The book makes the argument that too many studies of professionalism put emphasis on rational decision making. The more theoretical parts of the book are complemented by empirical studies of three distinct domains of professional practice.

Free Markets and the Culture of Common Good

By Martin Schlag,Juan Andrés Mercado
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Springer Science & Business Media
  • Book Code : 9400729901
  • Total of Pages : 260
  • Category : Philosophy
  • Members : 132
  • Pdf File: free-markets-and-the-culture-of-common-good.pdf

Book Short Summary:

Recent economic development and the financial and economic crisis require a change in our approach to business and finance. This book combines theology, economy and philosophy in order to examine in detail the idea that the functioning of a free market economy depends upon sound cultural and ethical foundations. The free market is a cultural achievement, not only an economic phenomenon subject to technical rules of trade and exchange. It is an achievement which lives by and depends upon the values and virtues shared by the majority of those who engage in economic activity. It is these values and virtues that we refer to as culture. Trust, credibility, loyalty, diligence, and entrepreneurship are the values inherent in commercial rules and law. But beyond law, there is also the need for ethical convictions and for global solidarity with developing countries. This book offers new ideas for future sustainable development and responds to an increasing need for a new sense of responsibility for the common good in societal institutions and good leadership.

The World Market and Interreligious Dialogue

By Catherine Cornille,Glenn Willis
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : Wipf and Stock Publishers
  • Book Code : 1610975006
  • Total of Pages : 316
  • Category : Religion
  • Members : 391
  • Pdf File: the-world-market-and-interreligious-dialogue.pdf

Book Short Summary:

The fair and equitable distribution of wealth and the cultivation of proper attitudes toward material goods and economic development concern all religious traditions alike. In so far as the dynamics of the world market or the global economic system transcend the competency and control of any particular religion, dialogue between religions, as well as between religionists and economists becomes both possible and necessary. This volume brings together religious thinkers from various traditions as well as economists to reflect on the possibilities and the challenges of such dialogue.

Globalization and Its Discontents Revisited: Anti-Globalization in the Era of Trump

By Joseph E. Stiglitz
  • File : Pdf, ePub, Mobi, Kindle
  • Publisher : W. W. Norton & Company
  • Book Code : 0393355225
  • Total of Pages : 336
  • Category : Business & Economics
  • Members : 687
  • Pdf File: globalization-and-its-discontents-revisited.pdf

Book Short Summary:

An International Bestseller "Accessible, provocative, and highly readable." —Alan Cowell, New York Times In this crucial expansion and update of his landmark bestseller, renowned economist and Nobel Prize winner Joseph E. Stiglitz addresses globalization’s new discontents in the United States and Europe. Immediately upon publication, Globalization and Its Discontents became a touchstone in the globalization debate by demonstrating how the International Monetary Fund, other major institutions like the World Bank, and global trade agreements have often harmed the developing nations they are supposedly helping. Yet globalization today continues to be mismanaged, and now the harms—exemplified by the rampant inequality to which it has contributed—have come home to roost in the United States and the rest of the developed world as well, reflected in growing political unrest. With a new introduction, major new chapters on the new discontents, the rise of Donald Trump, and the new protectionist movement, as well as a new afterword on the course of globalization since the book first appeared, Stiglitz’s powerful and prescient messages remain essential reading.