Book Description

Does rapid population growth diminish countries' economic development prospects? Do policies aimed at reducing high fertility help families escape poverty? These questions have been at the heart of policy debates since the time of Malthus, and have been particularly heated during the last half-century of explosive Third World population growth. In this carefully constructed collection of recent studies and analyses, the authors offer a nuanced, yet clear and positive answer to these questions---a refreshing step forward from the ambiguous conclusions of much of the literature of the 1970s and 1980s. ... Read more

Book Description

In the past decade of rapid change in the world economy, Randy Charles Epping's Beginner’s Guide to the World Economy has been the most reliable tool for keeping track of what's happening. The third edition updates the information in previous editions and explains many new concepts.

What is the new economy? What is globalization? Is the euro the final seal on European Union? How is e-commerce transforming our world beyond economics? What is virtual money, and does it have real value? How do social concerns and societal ills (drugs, poverty, AIDS, endangered natural resources) play a part in the rapidly changing world economy. What are multinationals, and do they signal the end of nationalism? These and many other pertinent issues are concisely addressed in the most accessible primer for those who want to be economically literate (and who doesn't?). ... Read more

Reviews (9)

A book for beginners that beginners can understand!
As I am taking my first class ever on Economics, which is focused on Microeconomics, this book comes in handy as a reference book where I can find a down-to-earth discussion of basic concepts that relate to Macroeconomics. It pretty much did for me in Economics what "The Wall Street Journal Guide to Understanding Money & Investing" did for investing. It is broken down in a chapter-like fashion, much in the style of the dummies guides and written in layman's tems by Mr. Epping, an American who holds a degree in International Finance from Yale, who has held management positions all over Europe and who is fluent in six languages.

Easy to understand economics
I used this book with my children preparing for a debate on foreign trade. Easy to understand. Broken down nicely to find just the information you are looking for. Highly recommended!

Great for liberal Arts folks to learn about econ/finance!
A Beginners's Guide to the World Economy is a good introduction into financial and economic terms. The book is segmented into 81 basic economic concepts, which the authors state, "will change the way you see the world." I believe their phrase is definitely hyperbole because I didn't find any "earth shattering" commentary.

The book is a compilation of information/tidbits you would learn in economics, finance and international finance/business classes. The concepts, in many cases, are common sense and the average person, who has no formal education in the subject, probably would know 10-15 of them minimum.

If you don't know anything about finance or economics it might be worth a good read over 7-8 nights, covering 10-15 subjects a night. The book is easy reading but I wouldn't recommend it to anyone with a business or finance degree wanting to see if this is a "refresher" book because it is very light but a great introduction to economics/finance for those with liberal arts backgrounds. If any liberal arts folks seek a bible of finance it is called "Valuation" and is a mckinsey book. It is used in just about every top MBA program. Tough stuff but if you want to learn about financial analysis and crunching #'s that is the book to get.

A Great Starting Point
I have been reading "The Economist" for over a year and really felt like I needed to gain a deeper understanding about Economics. This was the first book I read and I was not disappointed at all. My only real nitpick is that he does not explain the concept of the "core" of an ecnonomy for example "core inflation" which is something mentioned regularly when I read Economic news.

This book helps you think for yourself
This book helps you understand the basics of economics so you can develop your own views on the national and international economic issues of the day. There's no set view he wants you to endorse, he just wants readers to understand economics so that they can more intelligently form their own opinions. He explains economic concepts in an interesting, easy to understand way that makes for good reading. ... Read more

Amazon.com

In this memoir, the man most responsible for Singapore's astonishing transformation from colonial backwater to economic powerhouse describes how he did it over the last four decades. It's a dramatic story, and Lee Kuan Yew has much to brag about. To take a single example: Singapore had a per-capita GDP of just $400 when he became prime minister in 1959. When he left office in 1990, it was $12,200 and rising. (At the time of this book's writing, it was $22,000.) Much of this was accomplished through a unique mix of economic freedom and social control. Lee encouraged entrepreneurship, but also cracked down on liberties that most people in the West take for granted--chewing gum, for instance. It's banned in Singapore because of "the problems caused by spent chewing gum inserted into keyholes and mailboxes and on elevator buttons." If American politicians were to propose such a thing, they'd undoubtedly be run out of office. Lee, however, defends this and similar moves, such as strong antismoking laws and antispitting campaigns: "We would have been a grosser, ruder, cruder society had we not made these efforts to persuade people to change their ways.... It has made Singapore a more pleasant place to live in. If this is a 'nanny state,' I am proud to have fostered one."

Lee also describes one of his most controversial proposals: tax breaks and schooling incentives to encourage educated men and women to marry each other and have children. "Our best women were not reproducing themselves because men who were their educational equals did not want to marry them.... This lopsided marriage and procreation pattern could not be allowed to remain unmentioned and unchecked," writes Lee. Most of the book, however, is a chronicle of how Lee helped create so much material prosperity. Anticommunism is a strong theme throughout, and Lee comments broadly on international politics. He is cautiously friendly toward the United States, chastising it for a "dogmatic and evangelical" foreign policy that scolds other countries for human-rights violations, except when they interfere with American interests, "as in the oil-rich Arabian peninsula." Even so, he writes, "the United States is still the most benign of all the great powers.... [and] all noncommunist countries in East Asia prefer America to be the dominant weight in the power balance of the region." From Third World to First is not the most gripping book imaginable, but it is a vital document about a fascinating place in a time of profound transition. --John J. Miller ... Read more

Reviews (32)

An unpleasant character revealed
This is a very interesting book that can be read on and off. Obviously it says a lot about how Singapore developed over the past 30-odd years. Indeed, just go to Kuala Lumpur or Jakarta and you can see Singapore's achievement - much of it due to Lee Kuan Yew.

In a way, it would be nice to applaud LKY, but his conceit is so great that's just not possible. He has a ludicrously inflated view of himself, not least as a world statesman sought after by other leaders for advice. He doesn't have a solitary ounce of humility. He dwells on trivialities too much, while his response to criticism - including that from the media and opponents - shows he's incapable of dealing with it, except through twisted legal or authoritarian means.

One achievement he forgets to mention is that Singapore has achieved the seemingly impossible: it's made Chinese people lose their entrepreneurial spirit.

I haven't got there yet, but the gist of last page will be something like:

"And when the final curtain comes down and I depart from the Garden City up into the even greater Garden City in the neverworld above - the one with an even taller hotel, bigger fountain of wealth and busier container port - I hope I'm remembered as a humble man who knew his strengths - many - and recognised his weaknesses - none whatsoever.

I've had a happy life, apart from the last ten years with that imposter Mr Goh in charge. Who does he think he is? He is but a caretaker manager, to use that old British footballing term (ah, England... that green and pleasant land, where name-dropping meant something and I was regular and welcome guest at the highest tables [Top Table: "Lee Kwan who?"]), keeping the hot seat hot for my son.

And when I say "hot," I mean "warm." If I hear a word about those good-looking bodyguards who go jogging in the dewy dawn with my boy, I'll be onto my lawyers immediately. And by strange coincidence, just as my son is clearly the most able and uniquely qualified candidate to be PM, so the judge at court will have not doubt worked at my law firm. Aaargh... I already feel more damages on the way.

I leave as my legacy a few words of compassion for my foes - "rot in hell" - and a new shopping mall for my friends - one that's close to where they're building an MRT station and some property I own. Farewell."

Lee Kuan Yew: A builder of Civilzation
I have both read the book and been to Singapore. I must say Singapore is a charming place. Mr. Lee is harsh, a bit repressive, and intolerant, but he took a small island from the third world to first. What ever you say of Mr. Lee Yew, you can't deny Singapore's GDP per capita. Mr. Lee has created an affective legal system and a wealthy nation. Yes, sometime he did not always stick to the free market, but he got the job done! Let the old man enjoy his victory, the controls he imposed where need at the time, when the old guard is gone, the controls will relax. However they should not completely go away. Remember that Singapore is lucky, they should thank Lee Kuan Yew.... How many countries in black Africa or Latin America would love to be in Singapore's shoes. Remember things in Singapore could be worse, they could have a standard of living like Indonesia. Really, Singapore is a great place to live and to study, we should praise Lee Kuan Yew not curse him.
There are many anti-capitalism, anti-globalization idiots out there, they wish to castigate Singapore for not remains poor and backward, so that they can claim the free-market oppress non-Europeans. The facts are, it took Europe hundred of years to develop the intuitions that allow it to be both prosperous and exercises free speech. Singapore did not have the luxury of developing these intuitions over 300 years, so it had to leap frog and that required the abrogation of some rights.
For a country at the bottom of the third world (GDP per capita of less then $2,000.00 -anything under $10,000.00 is third world in general-) a choice has to be made, do they want democracy or do they want prosperity, you cannot have both. Democracy forces a nations leadership to look at the short term (the election cycle) rather then at the long term. Often they refuse to make the hard decisions, such as labor reform and ending the welfare state, because if they do the general mass, still poor with a third world "give me money" mind set will boot them out of office. Even if they do make the tough decision, they are often reversed after they are removed from office.
Since World War 2 there has not been a single country that has moved its self from the third world to the first using democracy. All the nation to do so (Singapore and Hong Kong) while allow outright democracy, even "democratic" Hong Kong had a government appointed by the British, with out elections.
Some might point to the example of Japan as a democracy that has become first world, but that is a fallacy, because Japan was first world before WWII (e.g. its industrial base that allowed it to fight the West) thanks to the Meiji Restoration that also used Authoritarian methods.
I am not say that every Authoritarian regime is good or that they will being their nation in to the first world, but they do have an advantage over democratic nation. Some might say that the abrogation of important liberties is a high price to pay, I would argue that most liberties that we praise are economic liberties and any regime looking to develop must allow a great deal of liberty.
I ask you, what good is it to live in a country that has a free press, but the average person can't afford to buy a news paper or a country that holds regular elections, but the average person is starving.
I would much rather live in a country that has a censored press, but where the people in the middle class can afford a BMW or a country that does not hold election, but the grocery stores are stocked with food.
Until you have been to a real third world nation, not a Brazil, but a real third world country where there is massive starvation like Ethiopia, you have no right to castigate Singapore or Lee Kuan Yew.
Lee did what he had to do to see his nation serve, G-d bless him!
I would live in the so-called "sinister" and "phobacratic" Singapore with it's clean street, new shopping malls, and clean drinking water, then the third world hell hole that is the democracy of India!

A must read for those interested in development
Singapore is one of the few nations in recent history, which has managed to transform itself from a struggling third world nation to a high tech society in less than fifty years. All this was possible - aside from many other factors - because of the genius of one man: Lee Kuan Yew. This book is the story of his quest to change Singapore.

The first part of the book deals with the various projects he initiated or oversaw that changed Singapore. Lee Kuan Yew gives an overview of what he did to deal with those problems facing every developing nation - crime, education, housing, investment etc...
Reading his memoirs, one cannot help but admire this man's moral character and sense of purpose, other leaders of developing nations would do well to learn from this man.

The second part of the book gives Mr Yew's views on nearly every country Singapore has had significant dealings with. His views are, as he himself says on many occasions, not meant to be politically correct. This means that those fluent in 'diplomatese' may find his language crude and some of his views upsetting.

Not surprisingly the last part of the book, which deals with his family and his personal life is very brief. Given the formal tone throughout, it would not be in keeping to speak at length about his own personal life, although no doubt that would be interesting reading.

For those students of economics or politics and for those curious about Singapore or the Asia-Pacific region in general, I would highly recommend this book. The writing is extremely clear and the chapters are arranged in a logical order, (unlike the haphazard ranting in other memoirs) which makes reading a pleasure rather than a pain. Read this book to be inspired.

As Singaporean.....
The world seems to split in their judgement against Mr Lee (I'm sorry, in Chinese, his surname, or last name in the USA, comes in the front). The third world nations tend to look upon him while the developed nations tend to view him as a dictator. As a Singaporean and after reading his book, I cannot stop to give my point of view.

Mr Lee is a great visionary and Asian states in the 50s and 60s cannot be ruled like those states in the western world. Singapore ran into chaos with racial riots and problems with Malaysia. Indeed, we were kicked out of the Malayan Federations due to differences in point of view, deeply rooted in the differences of religion and race. That day proved to be the happening days and the greatest day in the history of Singapore.

To overcome those problems, Singapore cannot be open and people cannot be given that many "rights" since everything is "wrong". Singapore has to be sensitive towards neighbouring countries, which happened to be Muslim majority, while adopting western way of economic development.

THere are lots of criticisms from within Singapore about those harsh rules but without those rules, things cannot be straighten and Singapore cannot adopt new and effective policies quickly. Indeed, when one reads that book, we must appreciate that a too democratic government will do more harm to a third world country than a semi-dictatorial one. Mr Lee is not a total dictator, he is hard and tough, and that's what a developing nation needs.

Singapore is unlike Hong Kong, which tend to enjoy racial and cultural homogenity. Again, harsh rules are important to make sure the minorities are taken care of. Indeed, Singapore has the fairest policy for the minorities as compared to the US and many countries in the western worlds... we cannot discredit that since Chinese remain the majority but power sharing has been deeply rooted in the Singapore culture as all races are given equivalent representation in the government.

We are a small nation, though many African countries would have admire our strategic location, but sincerely, many of these countries are also strategic themselves. Indeed, it is the reason that Singapore has no resources and that the culture in Singapore is to continue upgrade itself to compete with the rest of the world, that makes Singapore what it is today.

Mr Lee is the captain of the ship, Singaporeans are the crews. WIthout a good and tough captain, the ship has no direction but without good crews, the ship cannot get to sail.

Again, Singapore cannot be served as an example to the rest of the world, cos we are too small and we have our own unique problem. We can just act as an inspiration to the rest. This is again what the US should be... rather than imposing on the rest of the world their style of democracy and human rights, they should allow forms of government that are suitable for each cultures to develop.

I believe this is the hidden message behind this book.

A Dictator's Views - Read Alongside Other Accounts
Here is the second enormous volume (900 plus pages!) of Harry Lee Kuan Yew's memoirs of how he created Singapore, written in a relaxed, confident style by a dictator who says he cares not whether anyone disagrees with him. According to this book, Harry built Singapore out of "a few pineapple plantations." But I recommend the following titles to anyone planning to visit or live in Singapore to get a more balance account of this squeaky clean, sinister place. Stan Sesser's *Lands of Charm and Cruelty* has a wonderful essay on S'pore describing *"the fear that even the best educated Singaporeans feel towards their government"* and much info on the way Malayan and Indian S'pore citizens feel second class. Ian Buruma's essays in *God's Dust* and *The Missionary and the Libertine*, including the famous *"The Nanny State of Asia"* fill in more of the gaps left out by old Harry. Christopher Lingle's two books, especially *Singapore's Authoritarian Capitalism* are merciless, dead-accurate critics of what Lee's done to S'pore during his tenure. Francis Seow's *To Catch a Tartar: A Prisoner in Lee Kuan Yew's Singapore* tells you all you need to know about Harry's supposed indifference to dissent. One of the most unpleasant of Lee's omissions is his leaving out how many skilled and talented Singaporeans emigrate from Singapore to the First World to start new lives in freer surroundings. All of these books tell you something about Harry's manipulation of history - his claim of building S'pore out of a few pineapple plantations is laughable - Singapore was in fact handed the number one port in Asia by the departing British. A less grotesquely insecure leader would take pride in Singapore's successfull development of that port, especially in a region where dictatorships are usually inept as well as frightening. But Harry does not possess that security, as his two autobio volumes - 900 pages each! - clearly show. Singapore is a lot like an Arab gulf state floating on oil, it has successfully exploited its inheritance from elsewhere to some material good for its physically very small self. But 1800 pages of insecure bragging is not the only story. I was reminded by this book of Singapore's poor, sad History Museum, once the famous Raffles Museum of British days, now almost entirely restricted to the history of Harry's time. There's just so much more to know. A good book for the family/business person moving to Singapore is Bo Yang's * The Ugly Chinaman and the Crisis of Chinese Culture* a book that deals frankly with the underbelly of Chinese culture and is very helpful to understanding personality's like Lee's (and little Lee's elsewhere). It will help you end up with greater understanding of things Chinese, and leave your mind clear to enjoy the great side of Chinese culture: the poetry of Li Po and Tu Fu, Confucius, the classic Chinese novel The Story of the Stone, Wallace's Malay Archipelago, Paul Theroux's Singapore novel Saint Jack (and his Singapore short stories), etc. Good luck in Singapore. Order these books here, you can't get them all in Harry's country. ... Read more

Book Description

Presents a global view of stratification in an interesting but theoretically sound way, using an effective combination of academic works, lively stories, and news reports. Helps to educate the social science major or general student about social and cultural differences across the world, and teaches about growing global interdependence and how this is connected to contemporary social problems.

Reviews (1)

Extremely Informative
This was an excellent read!Great for people who are curious about the effects of globalization on the world's labor force.The authors have divided the world's labor markets into regions and provided extensiveinsight into the effects of globalization on under developed regions; andthe consequences faced in the Americas as a result of increasedglobalization.Easy and interesting read.The other books in this series,Sociology for a New Century are great as well. Try Waves od Democracy next. ... Read more

Book Description

From the bestselling author of The God of Small Things comes a scathing and passionate indictment of big government's disregard for the individual.

In her Booker Prize-winning novel, The God of Small Things, Arundhati Roy turned a compassionate but unrelenting eye on one family in India. Now she lavishes the same acrobatic language and fierce humanity on the future of her beloved country. In this spirited polemic, Roy dares to take on two of the great illusions of India's progress: the massive dam projects that were supposed to haul this sprawling subcontinent into the modern age--but which instead have displaced untold millions--and the detonation of India's first nuclear bomb, with all its attendant Faustian bargains.

Merging her inimitable voice with a great moral outrage and imaginative sweep, Roy peels away the mask of democracy and prosperity to show the true costs hidden beneath. For those who have been mesmerized by her vision of India, here is a sketch, traced in fire, of its topsy-turvy society, where the lives of the many are sacrificed for the comforts of the few. ... Read more

Reviews (16)

Dams, poverty, and nuclear insanity
This is a short but effective book. It's divided into two parts. In part one, Arundhati Roy writes about dam-building in India. This heavily-footnoted chapter gets a longer treatment in her next book, Power Politics. Here she introduces the topic, adding a lot of context to the statistics. Her outrage is palpable. This leads into the second part, and angry essay about India and Pakistan becoming part of the nuclear fraternity (both countries publicly tested nuclear weapons in May of 1998). Both countries have so many problems --- and so much tension between them over Kashmir --- that this development can only be considered a disaster for the hundreds of millions of people in the region.

Arundhati Roy is someone we should all listen to. She's an activist, novelist, and a great writer. This book is a good introduction to her work.

very compelling writing
The Cost of Living is the second book by Arundhati Roy, but is her first non fiction book. Her first book was the phenomenally good novel The God of Small Things . The Cost of Living is a collection of two essays.

The first is "The Greater Common Good" and deals with the building of the Big Dams in India (Roy is native to India and still lives there). Roy writes about some of the politics involved in the building of the dams and makes clear enormity of the human cost and the lives lost and displaced. Roy is vehemently against this ongoing project, and while this essay only presents one side of the argument, it is still a well crafted and well written and emotionally compelling argument.

The second essay is "The End of Imagination". This essay was written in 1998 shortly after India had revealed that it was doing nuclear testing. Apparently, the party line was that nuclear weaponry = patriotism = Hinduism = India. By this logic, any Indian who was not in favor of the testing was also against India itself. Flawed logic, and Roy takes the government to task focusing on nuclear testing when so much of the nation is starving, uneducated, and needs true assistance. Roy's arguments against nuclear testing are wide ranging. She discusses the fact that most of the nation is uneducated and does not know what it means to have nuclear weapons and what the negatives are. She writes against the government, lining its pockets at the expense of the nation. She writes against the United States for introducing the nuclear game to the world. The biggest loser in this game, Roy believes, is India. India believes itself to be a world player, but Roy explains the national delusion and why this is simply not the case.

This is a short, but interesting book. Roy is an excellent writer and while her thoughts skirt the extreme, she writes with a passion that cannot be ignored.

Powerful
This is the first book by Roy that I read, and my favorite. In comparison to The God of Small Things, that's saying a lot. The first essay is the most powerful and clear explanation I have ever read anywhere about the failings of organisations such as the WTO; however, it is not only an attack on international financial institutions. It also discusses the abuses that occur on a national and local level in conjunction with the work of international groups. I suggest this book to anyone who is having trouble understanding the objections to globalization and the WTO.

Aware; insightful
Contrary to her critics, I do not believe this woman can be neatly dismissed as a 'Marxist'. In many places she describes how these kind of huge, overblown, poorly considered projects are the natural result of India's huge, titularly 'socialist' bureaucracy. Like me, and unlike Noam Chomsky or others, she does not traffic in conspiracy theories. That is, she does not insist that a hidden, evil intelligence is in charge of the events she describes. Rather, she is aware of the DISorganization that naturally occurs whenever human beings get together in large groups--like militaries or bureaucracies, leftist or rightist, with good intentions or ill.

It would also be a mistake for anyone to think this book pertains only to India. As an American, I can see many of the same sorts of elements she describes: a failure to understand the links between ecology and economy; false economies (that is, technology that awes in its scale yet fundamentally degrades rather than improves human life); misplaced government priorities; rule by the courts, etc.

Roy's values and sensitivities shines
In her newest offering Arudhati Roy , the writter of the widely known and multi-awarded The God Of Small Things presents a deep , careful study on the impact " progress " has made on the life of thousands of people in her country . She describes an India with many cultural and racial entities where the goverment keeps building huge dams in the valley of Naramada with no certain strategy and essential reasons . What she seems to be asking is this : " even if these dams are useful , does it eventually worth sacrificing so many people's lifes and houses for them ? " . In the end the book wins the reader not so much because of Roy's writing style but thanks to the power of her own personallity . She's a young , beutiful and wealthy woman who never forgets though the poor part of her country's population . Instead , she keeps standing by them with her writtings and her actions . ... Read more

Book Description

Two renowned investment advisors and authors of the bestseller The Great Reckoning bring to light both currents of disaster and the potential for prosperity and renewal in the face of radical changes in human history as we move into the next century. The Sovereign Individual details strategies necessary for adapting financially to the next phase of Western civilization.

Few observers of the late twentieth century have their fingers so presciently on the pulse of the global political and economic realignment ushering in the new millennium as do James Dale Davidson and Lord William Rees-Mogg. Their bold prediction of disaster on Wall Street in Blood in the Streets was borne out by Black Tuesday. In their ensuing bestsellar, The Great Reckoning, published just weeks before the coup attempt against Gorbachev, they analyzed the pending collapse of the Soviet Union and foretold the civil war in Yugoslavia and other events that have proved to be among the most searing developments of the past few years.

In The Sovereign Individual, Davidson and Rees-Mogg explore the greatest economic and political transition in centuries -- the shift from an industrial to an information-based society. This transition, which they have termed "the fourth stage of human society," will liberate individuals as never before, irrevocably altering the power of government. This outstanding book will replace false hopes and fictions with new understanding and clarified values. ... Read more

Reviews (46)

A bold, unemotional thesis - ignore at your peril!
Davidson and Rees-Mogg put forward a dispassionate and compelling argument on the ramifications and logical outworkings of the information age. What sets the book apart from its peers' is the unemotional and, some would say, cold logic the authors use in developing their hypothesis, argument and conclusions. By comparison, most authors attempting to 'predict' the future tend to use an emotional, idealistic approach to the argument proposed - little, or dubious emperical evidence is put forth. As a result the reader will either agree,or disagree, on the basis of their personal belief system. We can assume, in the marjority of cases, that neither party will change his views.

This book is therefore fundamentally different, the case provides a wealth of evidence, facts and historical precedent to support the hypothesis. The reader is challenged to seek out for himself the signs that these 'megapolitical' changes are, in fact, occuring. Recent examples include, the 'asian financial meltdown', the 'revenue problems' that taxation departments are experiencing world wide, the rise of xenophobic 'nationalist' parties reacting to globalisation and technology (Australias "One Nation Party"), the 'luddite' irrational argument of the evironmental movement, the list goes one - however, as Davidson and Rees-Mogg clearly state, you must find out for yourself.

Even within this review section, several reviewers have argued, bitterly, against this book using emotional and idealistic arguments. I am afraid that 'wishful' thinking will matter not in the least as these megapolitical events unfold.

However, this reaction is entirely expected.

PS: The "offshore" services and facilities proposed by the authors to protect your assets and avoid predatory taxation are now readily available - use your 'browser'! Sorry 'state worshippers' the 'cats already out of the bag', so to speak.

Interpretive history by authors who know some economics
This book makes many forecasts about what the 21st century will be like; many, perhaps most, will prove wrong. This is not intended as a criticism of the authors, but as a reminder of the perils of the crystal ball business! In any event, Davidson and Rees-Mogg can be quite guilty of wishful libertarian daydreaming.

Nevertheless, I value The Sovereign Individual for its interpretation of our past. Reading this book, any intelligent lay person will understand that the technologies of taxation and violence are deep factors underlying the rise and evolution of the nation-state. Now information technology is increasing the possibilities for untaxable income. This will erode the power of nation-states, which is no more than the power to use the threat of violence to compel payment of taxes. Granted, many of us pay taxes voluntarily. But if nations had to rely solely on voluntary taxation, they would be a lot weaker than they are at present. Information technology has implications for the future payoff to private violence (crime, terrorism) and national violence (war), but these are less evident.

For those of you out there who are academic economists, Davidson and Rees-Mogg interpret history and politics in terms strongly derived from Coase and Oliver Williamson (transaction costs, property rights, asset specificity, opportunism, and so on). And it is definitely true that if a firm owns a lot of physical assets that can be rendered worthless during a strike, its workers can easily hold those assets hostage in exchange for higher wages.

Impressive but needs balance
This is probably a work of most impressive historical analysis as I have read ever. It had a great impact on my way of thinking but I have some reservations that might be of interest to new readers.

Authors prove that logic of violence explains most of human progress in western history but they end up skewing it towards the narrow realm of simplistic political structure of the west, conservatives VS librels. To be a work of real depth the authors should have given more attention to the other 'neccessary evil ;)' side of the capitalistic equation, i-e the economic impact and future of labor capital, and the underpreviledged in a society.

The capitalists can't logicaly sustain limitless greed in the name of output and efficiency, and be happy go lucky customers who control the government. All this efficiency through technology is truely great, but people operate techology and there are ones who don't, aren't capitalists, but still manage to do beautiful things, unseen or unsung. will you say they are not smart as capitalists?

Also, I think in essence so-called 'Muslim Fundamentalists' want the same thing captalists want, 'a better life' through logic of violence. So what is the difference?

brilliant
Whether it be Genesis as a parable for the agricultural revolution, or our mistrust of politicians and bureaucrats as a sign of impending change, this book provides insights into both where humanity has been and where it is going.

Those who do not learn from history are doomed to repeat it!
So said a wise philospher!

This book could have easily had this maxim as its subtitle. The authors cogently, and compellingly use historical trends to show that democracy as we know it is at an end.

Many will decry this book's "apocalyptic tone" but the fact remains that statistics don't lie: the majority of people do not vote in any election, which is one of the leading indicators of a democracy's demise. The authors use the example of the Roman church's hold on power during the Dark ages as a prime example of a system that lost its hold due to decadence from within. Because the leader's lived large at the expense of the common man, people no longer felt that religion had a relevence to their lives.

The same is true with politics today. We all know that the ruling class in this country lives large with perquisities and privaleges befitting royalty, all at taxpayer expense. Washington, or "inside the Beltway," is perceived as being so far removed from our daily lives that most politicians are looked upon with derision. Just watch how mercilessly they are pillioried in the popular culture, and in the media. This contempt for the nobles is but one of many signs that the nation-state is at an end.

It is very hard to get the average person to understand that times have changed, and the changes will dramatically effect our lives in every way. It is natural to want to hold onto what is familiar and safe. But the things that will be, will be regardless of protest or mawkish sentimentality, and these two authors have their fingers on the pulse of the future. ... Read more

Book Description

Development Macroeconomics was hailed on its publication in 1996 for providing a clear, rigorous, and long-needed synthesis of recent work in the field. This revised edition brings that achievement up to date. Addressing an audience of policy-oriented economists and theorists, graduate students, and advanced undergraduates, Pierre-Richard Agénor and Peter Montiel review and assess the burgeoning research done in the past two decades, paying special attention in this new edition to issues that have recently gained in importance among developing countries, such as the interaction between macroeconomic policies and long-term growth, the political economy of macroeconomic reform, the management of capital inflows, and currency crises.

As Agénor and Montiel show, development macroeconomics has become a vital subdiscipline of macroeconomics. In the past, general macroeconomic perspectives on developing countries were divided into the ideologically charged categories of "monetarist" or "structuralist," but a vast literature has since developed that treats the problems of developing countries with the analytical tools of modern macroeconomics. The authors' coherent and rigorous treatment presents this new analysis and empirical work in an unusually lucid and unified way. It includes extensive empirical material describing the characteristics of the developing-country macroeconomic context. It explores how the analytical tools of modern macroeconomics can be adapted to accommodate such characteristics, and it uses the resulting models to analyze a diverse set of macroeconomic issues that developing countries have confronted in recent years. This is a crucial book for anyone wishing to understand this rapidly changing field. ... Read more

Reviews (1)

An illuminating offer for macroeconomics scholars
This book by Agenor and Montiel has succeeded to a large extent in their objective of integrating macroeconomic theory with the issues of the less developed countries. Proves to be an useful book which could be a decent alternative to the various textbooks in macroeconomics which are divorced of the diverse features of the less developed countries. Indeed an asset for the subject and the researchers. Worth possessing. But the cost is a little bit unaffordable for those in the developing world ... Read more

Book Description

Economics has become a bestselling text through its step-by-step introduction to both micro- and macroeconomics. This package contains a book and two 40-minute DVDs, which feature the bestselling tutorial software DiscoverEcon as well as all-new videos with Paul Solman of "The News Hour with Jim Lehrer." Three bonus chapters are available online for further information, while lively vignettes give life to central themes.

Amazon.com

The "commanding heights," according to Pulitzer Prize-winner Daniel Yergin and international business advisor Joseph Stanislaw, are those dominant enterprises and industries that form the high economic ground in nations around the globe. In their analysis of the new world economy, The Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the Modern World, they examine "theindividuals, the ideas, the conflicts, and the turning points" that are responsible. And by considering events such as the ongoing Asian monetary crisis, they suggest what the ultimate interconnection of financial markets might mean in the future. ... Read more

Reviews (35)

Very good read but flawed
As we are used from the authors ( The Prize and their work in CERA) we get a very well written and well researched expose. It is by far not as dry as most books on this subject and actually it is quite light reading.

It starts of well by demonstrating the rise and decline of Government dominated economies in the West as well as in other parts of the world. They describe the initial successes and later failures. The transition to the free market economies we have seen in the past two decades is described well. Unfortunately the book does little more than that...description.

In particular the idea that we have fixed everything now with the global free markets radiates from some of the pages on the Chicago/Harvard experts. The questions posed in the introduction on e.g. how to deal in terms of social and moral systems with the new economic order do not get attention. Instead we gate the same feeling as with reading Fukuyama's End of the World History which at that time was pretentious and looks utterly ridiculous today.

It is not only the current economic crisis but also the imbalances the new system has brought ( eg overproduction of commodities, loss of control over currencies, destabilized capital flows) that has not been identified as possible outcomes of the free market policy. This leaves alone the many disasters the world has seen with privatization.

Therefore, a very good and entertaing read but a bit short on the thought provoking side.

Offers insightful understanding of globalization.
Daniel Yergin provides the reader extraordinary insight into contemporary globalization. In a masterful, sweeping work that encompasses economic and social history of the post-war era, Yergin (who won the Pulitzer Prize for "The Prize," his study of the oil industry) and his co-author Joseph Stanislaw help us understand how economies around the world, but especially in the third world, are abandoning the old faith in big government and are embracing the marketplace. But Yergin and Stanislaw also warn that the marketplace -- laissez-faire -- is fraught with perils for countries that don't have sound governance and indigenous institutions and entrepreneurs who are able to function responsibly in an increasingly interdependent world. I found the book's analysis particularly lucid; the chronology at the end, which details the evolution of economic theory as well as cites political trends, should be especially useful to students. This is a book I'd recommend highly for laymen and scholars alike.

Resource Allocation and the Battle of Economic Ideals
In Carl Sagan's "Contact," the unknown entity encountered by Arroway after her journey into the wormhole delivers a scathing critique of the human condition, and goes on to express his concern about Earth's "astonishingly backward economic systems." "Commanding Heights" is a comprehensive account of those "backward" economic systems and chronicles the seemingly amaranthine battle between governments and the marketplace for control of the most important elements of the global economy. The discussion centers on the economic events of the second half of the twentieth century, sandwiched between the establishment of the British welfare state at the conclusion of the Second World War and the Asian financial contagion unfolding at the time of the book's publication.

The theme of "Commanding Heights" is the superiority of resource allocation via free markets vis-à-vis resource allocation by means of government control of strategic business undertakings. Along this free market-government control continuum, there are three fundamental, ideological positions concerning the workings of an economy: economic totalitarianism, strategic intervention, and non-interventionism. Given this backdrop, the second half of the twentieth century is depicted as a colossal experiment in wealth creation and redistribution. Advocates of neoclassical economics such as Friedrich von Hayek pitted their ideas against Keynesians and supporters of the command-and-control system.

World War II and its concomitant cost in human lives and shattered economic potential served as the catalyst for a remaking of the global economic order. Policymakers and politicians began questioning the effectiveness of a purely laissez-faire market system in mitigating the impact of macroeconomic failures and in addressing the issues of equity, poverty, and unemployment. Keynes provided a blueprint for the emergence of the so-called mixed economy, advocating government intervention through fiscal and monetary measures. Nationalization of strategic industries, central planning, and direct regulation were some of the tools made available to administrators.

By the time of the oil shocks of the 1970s, it became increasingly clear that this system of state control over essential economic activities was ill-equipped to deal with market shocks, and that regulatory capture rendered direct government supervision of natural monopolies and fundamental services ineffective and untenable. At the end of the 1980s, concerns about market failure started to give way to belief in the superiority of the market in allocating resources and ensuring that economic actors adhere to the principles of equity and fair play. Government began to take a back seat from managing the commanding heights of the economy, and privatization, deregulation, and liberalization became the norm.

The authors are unabashedly in favor of laissez-faire economics; this is shown by the recounting of recent economic history as a set of multifarious journeys undertaken by various countries that nearly invariably leads to the adoption of neoclassical economics as the sole logical solution to the ills caused by big government.

Ultimately, whether the experiment with 'enlightened' free enterprise and the continuing retreat of government will succeed or not in the long term will depend on a host of factors, such as: (1) is the pursuit of pure profit by erstwhile government-owned entities detrimental to public welfare? (2) will liberalization ensure a fair distribution of wealth? (3) does internationally mobile capital impinge on national sovereignty? (4) is the marketplace inherently superior in price determination, especially in the short term? and (5) will the "balance of confidence" turn out to be in favor of free markets?

GREAT BOOK
Extraordinary ! Hard to write, easy to read ! Academic approach with a non-academic language ! While you are reading this book, you are learning without realizing ! This book makes learning economics enjoyable.
A good look at the battle between government and market forces in the history of economy. New economies, emerging markets, economic thoughts, governments, all of them are included in this book. From China to Argentina, you can trace the history of economic battle between the governments and market forces. All I can say is , if you are interested in world politics and world economics, if you are running for presidency, if you are a businessman or bureaucrat, you need this book in order to get some lessons from the past.

Did You Say "A Lively Economics Book"?
Don't be scared, Commanding Heights, in every sense, is a lively yet informative economics book. A text for everyone, from the main street person to Milton Friedman

The writers, Daniel Yergin and Joseph Stanislaw, are both players of the business world, and Ph.D. holders (Yergin's from Cambridge University, where he was Marshall Scholar, and Stanislaw holds a Ph.D. from Edinburgh University). Furthermore, Yergin's book "The Prize" was awarded the Pulitzer Prize. One could only expect a dry, scholarly frightening work from the two, but, surprisingly, Commanding Heights is anything but intimidating.

This is a very good introduction to 20th century's economic plans and philosophies- from Gandhi's "swadeshi" to Thatcherism of the late 1970s and 80s to the 'global economy' of the 90s and present.

The book's treatment of Thatcher and Thatcherism is very good and readable, and almost enlightening. The portrayal of Margaret Thatcher is illuminating, if not flattering for the subject. The Thatcher of the book is not the evil witch of left-wing politics, but that of a hard-working, decent and uncompromising woman from a lower middle class background. Her (political) partnership with Joseph Keith and her devotion to Keith's plan is intriguing, and her David-and-Goliath battles with the 'establishment' is inspirational. ("I am the rebel head of an establishment government" she once boasted). Keynesians beware- this book might turn you into a Thatcherite!

Another highlight is the book's treatment of Latin America's economic dogmas and policies. Here, Chapter Nine of the book, it reads like a dark, compelling, political thriller authored by Vargas Llosa (Not surprisingly, Llosa's name appears in this book). Like the rest of the book, this chapter is highly fascinating and lively.

With great clarity and intelligence, this is a highly recommended 'big' book. A great companion as we face a new century. READ IT! ... Read more

Reviews (1)

An insightful analysis of the World's economic systems.
This book explores and compares the different economic systems throughout the world in an easy, almost non-academic manner (it's used in several universities as a textbook.) Mr. Gardner writes in an entertaining and easy-to-understand style, and his explanations are precise and informative. Having been written in 1988, the book still dedicates a good portion of its content to the Soviet communist economic system, which is now a "distant" memory. Still, it's a good reminder of how divided the world was economically and philosophically for almost the entire 20th Century. All in all, a must read for people who want to learn the basics (and a lot of nuances) of the main economic systems of the world ... Read more

Book Description

The U.S.-Mexico border is the busiest in the world, the longest and most dramatic meeting point of a rich and poor country, and the site of intense confrontation between law enforcement and law evasion. Border control has changed in recent years from a low-maintenance and politically marginal activity to an intensive campaign focusing on drugs and migrant labor. Yet the unprecedented buildup of border policing has taken place in an era otherwise defined by the opening of the border, most notably through NAFTA. This contrast creates a borderless economy with a barricaded border.

Peter Andreas argues that the sharp escalation in law enforcement provides a political mechanism for coping with the unintended consequences of past policy choices. Law enforcement is enthusiastically embraced as a remedy for the very problems state practices have helped to create. The high-profile display of force, Andreas emphasizes, has ultimately been less about deterring illegal crossings and more about re-crafting the image of the border and symbolically reaffirming the state's territorial authority.

Extending the analysis to the borders of the European Union, Andreas identifies different forms of law enforcement escalation that reflect distinct historical legacies and regional contexts. Andreas challenges the notion that borders are irrelevant in an age of globalization and stresses that, rather than eroding, some critical borders are being reinforced and remade. ... Read more

Book Description

A galvanizing new work from America's leading economic critic—a book that will set the terms of the political debate for years to come.

No one has more authority to call the shots the way they really are than Paul Krugman, whose provocative New York Times columns are keenly followed by millions. One of the world's most respected economists, Krugman has been named America's most important columnist by the Washington Monthly and columnist of the year by Editor and Publisher magazine.

In this long-awaited work containing Krugman's most influential columns along with new commentary, he chronicles how the boom economy unraveled: how exuberance gave way to pessimism, how the age of corporate heroes gave way to corporate scandals, how fiscal responsibility collapsed. From his account of the secret history of the California energy crisis to his devastating dissections of dishonesty in the Bush administration, Krugman tells the uncomfortable truth about how the United States lost its way. And he gives us the road map we will need to follow if we are to get the country back on track. ... Read more

Reviews (180)

Bush fans need not read! Keep your head in the sand......
If you are a George Bush fan this book is probably not for you. Paul Krugman is currently a columnist for the New York Times but is an economist and has been involved with politics since he worked with committeemen in the Reagan administration. The book was taken from his columns from 2000 to 2003. While he tries to simplify things his primary method of explaining things is through the use of numbers.

Krugman explains what happened to the surplus and why the big tax cuts are aimed at ELIMINATING Social Security. Paul Krugman also has some harsh words for his fellow journalists for taking comments from the administration at face value without even doing minimal investigation to check on their validity. If you are a moderate or left in your politics and want to know what happened in the last 3 years this book is for you. If you just want snappy comebacks for your right wing friends then I suggest Al Franken' book instead.

After all, the top 20 reasons for going to war stated by Bush, Cheny, Powell, and Rice have ALL been PROVEN wrong. We give tax breaks to the rich, yet the Bush administration announces they want to cut back on Social Security benefits. WOW! Don't you see something wrong with this?

Economist and Princeton professor Krugman explains why we are back into deficits, why the right-wing GOP refuses to work within the limits of the American political framework, why Americans are now pessimistic about most things, and he exposes George W. Bush for what he is -- A power hungry liar.
But, not only does Krugman point all this out with his great logic and wit, he also (unlike most current political authors) offers ideas on how we can get our great country back on the right track again.

If you are open minded and looking for those books begging for its pages to be turned...look no further. I just read a copy of Edgar Fouche's 'Alien Rapture,' which also blew me away. Fouche was a Top Secret Black Program 'insider', whose credibility has been verified over and over. I also really liked Dan Brown's 'Angels and Demons.' Want to be shocked, check out Dr. Paul Hill's 'Unconventional Flying Objects' which NASA tried to ban.

Ab Uno Disceomnes--From One Thing Learn All
I first read this book several months ago, and have had time to think about it and to refer to it periodically. At first I was disappointed. I expected a book of analysis on what has happened to the country under the Bush presidency. Instead, I found a collection of Mr. Krugman's columns. Because I already read his op-ed pieces every Tuesday and Friday for free on line in the New York Times, I felt a little cheated. But Mr Krugman is an economist, and getting paid twice for the same work is very economical, I guess.

But as I read "The Great Unraveling" the technique grew on me, and I accepted the book for what it was. The introduction (pp 6-20) is truly compelling. Here Krugman introduces his readers to the concept of the "revolutionary power." He borrows the idea from Henry Kissinger's PHD dissertation "A World Reborn." He argues that the neocon movement the Bush Administration represents is such a power. These people do not play by established rules of conduct. Their values and goals differ from those of the established order. Krugman delineates the characteristics of such a movement from again borrowing from Kissinger's work. It was reminiscent of a conversation between Sean Connery as a streetwise Chicago cop and the idealistic Eliot Ness played by Kevin Costner. In the exchange the elder man tells Ness how he has to approach getting Capone

Also, Krugman writes as an economist and not as a journalist; he makes this point early in the book. Because of his training as an economist he did not buy into the Bush campaigns statements about how they would meet government obligations and offer huge tax cuts at the same time. His professional training would not allow him to buy the oft cited equation in the book that 2-1=4. His training as an economist allows him to spring board into a broader discussion about areas beyond pure economics.

An old friend of mine told me that though I was a complete failure that "I could always serve as a bad example." This is how Krugman studies economics, looking at bad examples, mistakes that have occurred in foreign economies so that he can predict what will happen in our country and in our economy.

The book begins with an examination of bubbles in the economy--how the exuberance they create works to undermine economies. He talks about the bubble in the Asain Rim and ultimately in American high tech stocks. He explains the Ponzi scheme and how it applies to contemporary economics and why the feeding frenzy that ensues is often so irrepressible. He rues the role of Alan Greenspan in perpetuating the irrational exuberance that the tech rallies fomented. In the following section he takes on the crony capitalists--that group of beneficiaries of greed at Enron, Global Crossing, Adelphia, etcetera, explaining the reasoning for why CEO's plunged their companies into the abyss as they did. It involves stock options and cooking the books.

The sections of the book are designed to follow different threads of this unraveling. In retrospect I realized that this was indeed the best way to watch something come apart--reports over time on a variety of topics. It is interesting to watch Krugman's thinking emerge.

Also, it is interesting to watch that thinking evolve away from just economics and into the things that economics impacts--which is everything. He discusses the impact on health care, the Iraq War, terrorism, the treatment of veterans and of little people. There is a compelling quote in the book where Krugman questions whether Dick Armey and Tom Delay really believe the draconian free market solutions they espouse or whether they just "hate poor people." He talks about injustice to veterans--how the Bush administration tries to conceal benefits from them.

Krugman, at bottom, is not an ideologue. He is interested in economic results. He attacks some of the arguments against globalization. He contrasts economists like Larry Summers and Larry Lindsay, showing how ideology can effect solutions. He states that sound economists, regardless of how they are labeled right or left, differ little in their assessments of conditions given sound information. He writes that the collapse of the Argentine economy had not so much to do with free market solutions as it did faulty monetary policy. Conversely, he shows that Sweden, while a highly taxed mixed economy, is doing very well--low unemployment and 4% growth.

Mr Krugman is an "honest broker" who believes that he should report according to the best evidence, measure results and not ideological purity. As he does report, he watches those who do believe in ideological solutions press on in their great unraveling.

Much-Needed Wakeup Call
Krugman has been a beacon of truth in some very dark days in American politics. Because he is an economist rather than a journalist, Krugman can expose the Bush administration's deceptions by doing the math and checking the sources. It's a rare talent these days, when most news reporting consists of little more than printing a quote from side A and an opposing quote from side B ("balance" accomplished!), with no regard for the objective truth of these claims.

While the book is essentially a collection of Krugman's New York Times columns, I found it very valuable for seeing how various stories unfolded, from the growing awareness that California's energy crisis was in fact engineered by Enron traders "gaming" the system to the deceitful manner in which the Bush adminstration lured the country into the misguided and tragic war in Iraq.

But more than anything, this book is not to be missed because of Krugman's excellent introduction, in which he explains how the Bush administration constitutes (in Henry Kissinger's term) a "revolutionary power" that will brook no compromise and will do anything (issue bogus terror alerts, out CIA agents, knowingly lie to the American public, etc.) to maintain and extend its power and ram its extremist agenda down our throats.

The Great Unraveling is a much-needed wakeup call for the American public and an urgent and timely warning of the dangers the Bush administration poses to our cherished democracy.

Ex-Enron Consultant fails to come clean
When will Krugman talk about how he was a (well) paid for Enron as they were scamming investors and Enron employees who lost their life savings. Come clean Krugman!

Outdated anthology of spiteful and shallow op-eds
A member of my extended family recommended this book as "the" book that would "convert" me from my moderate stance. He said he was just sure I would read it and begin to "hate Bush" as much as he does. He was just sure I would "see the light."

So I read it, with an open mind, yet skeptical that one book could sway me.

It is trash. And, as it turns out, I had already read the entire book in its many pieces.

First off, it is shallow. Because it is essentially just a collection of old op-eds, there is no depth, no real substance. If you want the gist of this book, just go to the NYT archive and pull up a few of his op-eds.

Which brings me to my second point, that it is repetitive. The op-eds are hollow and short, yet some of them cover almost the same ideas. If you've read one on a particular subject, you've read them all. My advice for Mr. Krugman: either elaborate or go to a new subject, por favor. Thanks.

Third, Krugman contradicts himself over and over. For example, his paranoid belief that President Bush wants to de-fund the government and take away the social safety net secured by FDR doesn't jive with his bemoaning of the deficits (and blaming them solely on Bush, nothing else) we now face.

Fourth, the guy just seems angry. I guess some Americans share his anger, and if you are angry and pessimistic about life and our country, this is the book for you, but he just is such a vindictive and bitter writer that it is hard to take him seriously.

Fifth, along those same lines, his hyperbole makes him not very credible. He seems to believe the worst about the direction of the country and the leadership of the Bush administration, no matter what he is talking about. Even good news becomes bad news to Paul Krugman.

If you are a moderate, you will be repulsed and repelled, as I was. If you are a conservative, you will probably become energized to fight against it. If you are a liberal (or just anti-Bush), this probably won't enlighten you or give you anything new to use at happy hour or around the water cooler, but it will, in a rather shallow way, reinforce your anger and resolve to oust Bush (notice, I didn't even say it would reinforce your ideology or positions or beliefs, because it likely will not). ... Read more

Book Description

Widely regarded as the best, most comprehensive text available for the in-depth study of labor market theories, The Economics of Labor Markets calls upon excellent pedagogical elements and empirical research to introduce students to labor economics.The authors' balanced approach to the material enables students to gain an understanding of the background of the field as they explore its latest developments and unique topics not covered in most competing texts.Intended as the basic text for an undergraduate course in labor economics or labor relations, this book also is suitable as a survey or reference text for a graduate level course. ... Read more

Book Description

One of the first U.S. economic history books on the market, this classic text ties America?s past to the economic policies and debates of today and beyond. Presenting economic events chronologically for ease of understanding and to provide continuity, the authors equip students with a firm foundation in the evolution of American economic history. ... Read more

Book Description

A Guide to the World Bank is a reference guide to the five institutions that make up the World Bank Group: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the

International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). This book serves as a general overview of the World Bank's history, organization, mission, and purpose.

The book begins with the basic facts about the World Bank Group.It then describes the World Bank's operations, giving a brief overview of policies, projects, and procedures.An introduction to the wealth of information resources produced by the World Bank will help readers understand and navigate the types of documents, statistics, and reports that are available from the World Bank, on its Web site, and in print publications.

A chapter on Topics in Development summarizes the hot issues in development economics today and the World Bank's response to each. A chapter on organization explains what the different units within the World Bank Group are and how they work together to help reduce poverty.

A good introduction for anyone interested in understanding what the World Bank does and how it does it, this book shows readers who want to learn more where to begin. ... Read more

Book Description

For more than a decade, Japan's dismal economy -- which has bounced from deflationary collapse to fitful recovery and back to collapse -- has been the biggest obstacle to economic growth. Why has the world's second largest economy been unable to save itself? Why has a country, whose financial might in the 1980s was the most feared force on the globe, become the sick man of the world economy? Why has the industrial transformation once called the Japanese Miracle frozen into the Japanese malaise?

Saving the Sun answers these questions by telling the story of Long Term Credit Bank, one of the nation's most respected financial institutions, and its attempts to transform itself into a Western-style bank. Through the stories of three extraordinary men, former Financial Times Tokyo bureau chief Gillian Tett brings to life the bank's long struggle to regain its financial health. In the process, she shines a light into the secretive world of Japanese banking where business is done in sex bars and gangsters lurk behind the scenes. And, in a fast-paced narrative, Tett chronicles the internal conflicts between reform-minded and tradition-bound factions within the bank, as well as the powerful and protective Japanese bureaucracy.

Filled with dramatic scenes involving some of the most important figures and institutions in international finance -- -Paul Volcker, Lawrence Summers, John Reed, Goldman Sachs, UBS, and CSFB -- Saving the Sun charts the growing confusion between a government eager to revive the economy but unwilling to accept the necessary compromises and the Western bankers (profiled here for the first time) who too openly scorned Japanese capitalism and its paramount interest in social harmony over pure profit.

What emerges is the first viable explanation of what caused Japan to stumble from such economic heights -- readers will finally understand what has hobbled that country. But what also emerges is the realization that a profound rift still exists between Japan and the rest of the world. Though Long Term Credit Bank's transformation into Shinsei bank has been a rousing success in financial terms, the Japanese press, government, and people have all but turned against the idea of American-style capitalism. Indeed, instead of reforming Japan, the banking crisis may have convinced ordinary Japanese, more than ever before, that they must go it alone.

Reviews (12)

Good but not the whole story
Overall Tett has done an exemplary job in summarizing the basic events surrounding LTCB / Shinsei. Her access to senior Japanese management of the old LTCB is particularly impressive. No Japanese journalist has gotten such close personal access to the men involved. In addition, her book provides very thorough background of the history of Japanese banking right up through the "bubble" years. Tett's book , however, does have some shortcomings. First and foremost, she overstates the role of Yashiro and drastically understates the key role of Chris Flowers and Brian Prince in the bad loan cleanup phase. Those two, more than anyone else, deserve credit for doing the really tough work. Moreover she appears to have fallen under the spell of the very glib Tim Collins and therefore has exaggerated his contribution as well. Collins is essentially a money raiser, he is not the architect of the LTCB/shinsei deal. Flowers again deserves the credit here. Perhaps Tett missed this because Flowers is famous for his reticence with the press. Lastly Tett seems overly focussed on the (gasp!) fact that some financial sector employees in Japan (gasp!) frequent strip clubs and hostess bars. I guess she hasn't been out on the town in London or New York recently....

SUMMARY: Good general chronological summary and overview but lacks deep understanding of key element -- the bad debt workout.

Outstanding focused explanation of the Japanese loan problem
This book chronicles the fall of Japan's Long Term Credit Bank (LTCB, not to be confused with American Long Term Capital Management) and it's resurrection as Shinsei. The story starts with the problems created in Japan's real estate bubble, and how they left Japanese banks saddled with poor performing loans. The story zeroes in on the problems that caused LTCB to fail. It then covers the revival of the bank with the assistance of an American private equity fund, and the struggle of the new managers to play within the constraints of the Japanese system.

This book highlights several issues with reform in Japan:
1) The business problems are never what they seem on the surface.
2) There are deep cultural issues at play that transcend mere language barriers.
3) Working on a turnaround in Japan is a tremendously challenging ordeal for people on both sides.
4) There is no simple economic or cultural solution.

So was it a success? Well, depends on how you define a success. Collins and Flowers put a $1.2 billion in the bank. The government accepted $10 billion in returned loans, on top of a recapitalization. $27 billion in bad loans were disposed of. The bank winds up with a projected market cap of abo