Book Description

For over 15 years, New York Times bestselling author Harry S. Dent, Jr. has been uncannily accurate in predicting the financial future. In his three previous works, Dent predicted the financial recession of the early 90s, the economic expansion of the mid-90s, and the financial free-for-all of 1998-2000.

The Next Great Bubble Boom offers a comprehensive forecast for the next two decades, showing new models for predicting the future behavior of the economy, inflation, large and small cap stocks, bondsd, key sectors, and more. Dent gives advice on everything from investment strategies to real estate cycles, and shows not only how bright our future will be, but how best to profit from it.

Dent gives us something to look forward to, including:

• The Dow hitting 40,000 by the end of the decade
• The Nasdaq advancing at least ten times from October 2001 lows to around 13,500, and potentially as high as 20,ooo by 2009
• Another strong advance in stocks in 2005 with a significant correction into around September/October 2006
• The Great Boom willl resurge into its final and strongest stage in 2007, and even more fully in 2008, lasting untill late 2009 to early 2010

In The Next Bubble Boom, Dent reveals how the economic growth of the late 1990s was a prelude to the great boom around the corner and how all of us can reap its benefits. ... Read more

Reviews (2)

A well researched publication, athough biased in argument.
Firstly, let me say the research Nicholas Lardy has conducted is commendable and a welcome addition to the existing literature. His data sources are vast and highly informative. The major limitation of this publication is that the central argument is biased. Lardy selects those data and pieces of existing literature which support his own view. As a result, major sections of the literature concerning financial reform in transitional economies are simply ignored or brushed over. Lardy's view is the typical Western, dare I say "American" argument. Primarily he uses financial criteria to evaluate the economic performance of China's state banks. This methodoloy is extremely poor - particularly in the context of China's trannsitional economy. Financial criteria are a horrible guide to both internal and allocative economic efficiency. If anyone would like elaboration on this point feel free to email me. In summary, Lardy's book is informative and makes for interesting reading. However as a piece of economic analysis, its usefulness is limited. The major reason for this is a total lack of economic theory(as indicated by the previous reviewer) which has resulted in a poor methodology.

Timely, critical but not theoretical enough
This timely book by Lardy explains: 1) the intermingling of China's gradualist reform, the inefficiency of SOE and the evolving banking system; 2) the structure and practise of the banking system of China; 3) some of the implications of the looming financial crisis in China. It thus serves as a critical and timely piece for readers to gauge what has been wrong for China and why are the policy implications. There are a few points worth highlighting. First, the cost of the gradualist reform approach is the resulting inefficiency in SOE and the related banking crisis, a cost which is usually forgot in the debate on the pace of reform for emerging economy. Second, the relative size of SOE in China, despite all the measures to stimulate private sectors for the past two decades, is still large, particularly from the perspective of bank lending. This has been reducing the strength of the banks and limiting the availability of funds to private enterprises. Third, due to the lack of other forms of investment, Chinese banking system has absorbed most of the saving from the private sector. However, because of the fragile banking system, deposit rate has been politically controlled at a very low level. This is effective taxing the Chinese household and subsidising the borrowers, i.e. the inefficient SOE. Forth, related to the third point, liberalisation of capital market will post a serious threat to the banking system because it will take away the funding source from the banking system. Fifth, the Asian flu would post limited short term threat to the Chinese system primarily because it is still a closed system. However, long term implication is clear and the Chinese leaders are aware of the similarity of the Chinese symptoms to those of the Asian flu. The only problem from this reader perspective is the level of theoretical underpinning. The piece is full of details in most of the aspects it is addressing. The missing piece however is that it fails to put the banking crisis into a larger perspective of the transformation of socialist system. Although a full discussion in this aspect may perhaps require an entire book itself, a brief discussion seems appropriate given that Lardy commented on some of the more theoretical aspect of the study in Chapter 5. ... Read more

Book Description

In the first four years of this decade, Japanese exports rose 32%, the yen rose 27%, and Japanese employers created a net 3.2 million jobs.Though Japan is now the world's largest manufacturing economy, Fingelton argues that Americans are still underestimating the country's economic prowess.

"... a crisp, well- written, well-executed alarum."--New York Times Book Review ... Read more

Reviews (13)

Isn't it time to stop worrying about the Japan threat?
This is another in a long line of "mercantilism" books on how other nations are going to overtake the US. These books view global economic activity as a zero sum game in which nations gain only at the expense of other nations. This idea fell out of favor in the economics profession in the 1700's but remains a favorite in pop economics. In fact we benefit from economic prosperity overseas: it means better, cheaper goods for us to buy and growing markets for our goods. Unfortunately, as recent experience atests, the Japanese have done a great job of producing and marketing industrial products, but have never put together a modern financial/service sector. Japan's economic demise is drag on the global economy and if the global economy is to right itself, we can only hope the title to this book is correct!

An Eye Opener
I was speaking to a friend of mine who is in the insurance sector in Tokyo. During the course of our discussion, we came to the topic of economic slump and how people who visit Tokyo on business are led to believe that the slump is much larger and more devastating than what the press reports.
My friend laughed it off and said the Japanese are good artists of deception and he went on to give me an example. India ( like most developing countries of the region ) takes loans from ADB. apparently ADB is funded by Ministry of Finance, Japan to a large extent. Now an ADB loan is used for infrastructure development like say laying of roads.
Japanese cos. are given the contract for providing the raw material and equipment for the same like Mitsubishi Tar and Sumitomo cement and so on citing that Indian cos are below par for such raw material ( its a different matter that L & T cement is used in construction of airports in many countries )

Finally for the repayment of the loans, the Japanese Govt formally issues a soft loan to repay the ADB debt. In the larger scenario not only has the govt benefitted from this but Japanese cos also are benefitted in the longer run. So the money given out as loan by the govt reaches Japan through the Keiretsus.

A lot of this may not be available in the open to be proved but is definitely the source of speculation and thus may never be proved.

On reading Blindside such practices only come out in the open.

Overall, one of the best books i have read - both in fiction as well as non-fiction.

Brilliant analysis of a World beating economic system
Brilliant analysis of a World beating economic system
Reviewer: Patrick Walsh from Amsterdam, North Holland The Netherlands
Don't pay any attention to the detractors of this author.
He lives in Japan.
He has worked as a successful financial journalist around the world.
His correct forecasting of the Japanese economy is on record (e.g. Euromoney Magazine).
He has been widely praised (see two sites, unsustainable dot org and, fingleton dot net).
Check out the above dot org site for current articles from
this author.
You will be surprised at the articles on there that deal
with the press, who widely report a slump in Japan that
never seems to happen.
If Japan is in a slump, why such continued strong export performance in the hi-tech area?
Japan may have "crippling" debts, but you can be sure
its not foreign debt and,
therefore much less of a problem, unlike
the USA which is burdened by a debt with
a large foreign component.
Fingleton rightly points out in this book that
the Japanese economy cannot be understood
without looking at it in terms of a big picture.
Read the content on the above sites, think a little,
read this book and, his more recent work
"In Praise of Hard Industries" and, you will
be a lot farther along the road to understanding
where the World economy is going.

this one has not aged gracefully
In the late 1980s and early 1990s a number of journalistic books appeared which purported to explain how Japan was eating our lunch. "Blindside" is typical of the genre.

These books tended to be based on simplistic anecdote-based economics. Their starting point was Japan's strong postwar economic growth (exagerrated by Japan's asset price bubble of the late 1980s). They uncritically ascribed this to Japan's unique economic institutions or "the Japan model" and then extrapolated forward.

The subtitle of the book "why Japan is still on track to overtake the U.S. by the year 2000" hints that by the time this book was published in 1995 that something was going wrong. Indeed, by 1995, it was apparent to close watchers of the Japanese economy that something was seriously amiss, putting cheerleaders like author Eamonn Fingleton on the defensive. This one was past its "sell by" date the day it was published.

The intervening years have not treated Japan or this book gently. Rather than overtaking the U.S., Japan's economic performance between 1990-2000 was the worst decanal performance exhibited by any industrial country in the postwar period.

This book provides only inadvertant insight into why things went right in Japan for an extended period of time and then began going horribly wrong beginning around 1990.

this guy knows Japan
for anyone wishing to understand the Japanese economy and the people that make up that economy, this is the book. Fingleton gets beneath the surface-view of Japan that so many Westerners use to describe the country. those who label Fingleton as alarmist or racist follow the lead of typical Japanese thinking that equates criticism of the government's policies with anti-Japanese sentiment.

Fingleton has a deep respect for the Japanese government's ability to manipulate both its own citizens and the U.S. in order to strengthen its economy. The premise of the book is to reveal the mindset of the Japanese government and people so that Americans can better understand how they are viewed by Japanese and respond more adroitly to the challenges of the ever-expanding U.S.-Japan relations.

The most interesting part of the book are the 40 pages devoted to the history of U.S.-Japan relations in the chapter "The Will to Win".

If you need one book to give a well-documented overview of the Japanese economy, this is it! ... Read more

Book Description

India's economy over the last decade looks in many ways like a success story; after a major economic crisis in 1991, followed by bold reform measures, the economy has experienced a rapid economic growth rate, more foreign investment, and a boom in the information technology sector. Yet many in the country still suffer from crushing poverty, and social and political unrest remains a problem. These essays by leading academics, policymakers, and industrialists -- including one by Amartya Sen, the 1998 winner of the Nobel Prize in economics for his work on poverty and inequality -- examine the facts of India's recent economic successes and their social and cultural context.

India's rate of economic growth after the 1991 reforms were instituted reached a remarkable 7 percent for three consecutive years, from 1994 to 1997. Several contributors to India's Emerging Economy ask what this means for the nation as a whole. In his essay "Democracy and Secularism in India," Amartya Sen argues that economic progress is not the only way to measure a nation's performance. Other essays examine the actual effect India's economic growth has had on reducing poverty and recommend policies to empower the poor. Essays also address such issues as globalization and the vulnerabilities and opportunities it creates, India's experience with monetary and fiscal reform, the rapid growth of the information technology sector (including a case study of India's software industry), and India's grassroots economy. ... Read more

Book Description

Americans have fallen for the ticker tape. We watch our portfolios, happily or nervously. We know there were a few bad apples at Enron and World Com, but we also know:
-The advent of mutual funds, low-cost brokerages, and the Internet has meant that the stock market is now more transparent, honest, and accessible to the small investor than ever before;
-401(k)s give the individual responsibility and control over their retirement savings, and that makes us more responsible citizens;
-Federal deficits are bad for the economy, especially, somehow, when they"re linked to social spending; and
-Controlling inflation is the most important task of our economic policy.

But as economist Ellen Frank shows us, what we know is wrong. Over the past twenty years, Americans have been fed a mash of confusing financial and economic information. This information has distorted popular understanding of how the economy really operates and camouflaged the transformation of economic policy from a tool for improving the living standards of all to a tool for securing the perquisites of those with financial wealth. ... Read more

Reviews (5)

Botswana?
After a series of ad hominem attacks a Reader from Washington, DC writes (below): "Her characterization of Botswana is a perfect example of the chasm in her own knowledge. It's very clear to the reader that Ms. Frank has no idea that Botswana has enjoyed the highest per capita growth rate of any country in the world over the last 35 years when she cites it as an example of a developing country that has suffered from poor economic choices by its government."
It is true that Botswana has a public sector debt equal to a mere 10 percent of its GDP. This is very low and it gives Botswana high marks with DCReader and the International Monetary Fund. But is that really a mark of a successful economy? Switzerland, the UK and the USA have debts exceeding 50% of their GDP. Canada has a debt almost equal to the GDP and Italy and France have debts exceeding the GDP. On the other hand the HIV rate in Botswana is 38.8% -- more than one person out of every 3 has HIV. President Festus Mogae (Botswana) issued a chilling warning last year that his AIDS-ravaged country faced extinction if it failed to slow the spread of the deadly virus.
Dr. Frank actually wrote: "The International Monetary Fund, increasingly regarded as a voice for financial interests throughout the world, routinely requires fiscal austerity plans from developing countries as a condition for receiving loans. The financial community's insistence that developing countries balance their national budgets has killed efforts to spur internal growth through public spending programs. In an article on the downgrade in Japan's bond-rating, the New York Times pointed out that Botswana has a public sector debt equal to a mere 10 percent of its GDP. The authors do not point out that the population of Botswana, decimated by AIDS, might be better off had their government utilized more of the country's resources on their behalf."

Provocative and accessible
Ellen Frank argues convincingly that economic policy has been hijacked by an economic elite who put protection of their own assets above other social goals like promoting jobs and protecting ordinary Americans from poor health, old age and unemployment. Unlike other books that focus on the outcomes of this political shift --growing inequality and so forth -- Frank's book details how the policy shift is sold via mind-numbingly confusing debates about technical financial issues -- federal debt,inflation, the value of the dollar. It is a very engaging, provacative and accessible book. The chapter on
the Fed and inflation alone is worth the price of admission.

Pulling the curtain aside
We all know that things are seldom what they seem. The earth is not flat. The sun does not move around the earth. The stars are not tiny pin pricks of light. The "solid wall" before us is almost entirely empty space. And that is just the physical world - how much more deceptive is the world we create - the world of stocks, money, debt and finance. What does it really mean to own something? Is money wealth? Would it still be wealth if there is nothing to sell? Is a stock certificate wealth? What about a house? Dr. Frank does an excellent job of explaining the difference between the money economy (the economy of money, stocks, mortgages and other paper) and the "real economy" (the economy of houses, bread and cabbages).

It is no surprise that the people with some understanding of these things are robbing the rest of us blind. Trying to understand them is more than just idle curiosity - it is self-defense. Ellen Frank pulls the curtain aside and allows us to see what this human world is really like. "The Raw Deal" and William Greider's "Secrets of the Temple" should give every reader a fighting chance to keep her head above water.

Dr. Frank gives an excellent summary in Chapter 1. I will simply add that the book more than lives up to the promise. In addition it is really quite readable and interesting.

"Each of the following chapters is an attempt to dispel the myths and illusions surrounding money, financial markets, federal finances, the financial policies of the Federal Reserve, and the policies of global financial institutions. At each turn, we will examine the myths promulgated in the media, the policies these myths engender, and the real impact these policies have on ordinary wage- and salary earners.

"Because the shifts in economic policy rest, to such a degree, on aligning the perceived interests of wage earners with financiers, chapter 2, will focus on the illusions surrounding the stock market and individual stock investing. Recent events shattered some, but not all, of those illusions. And recent corporate scandals have left Americans no less dependent on financial markets for funding retirement and higher education. I will argue that the stock market can never provide economic security for the majority. The problem is not simply that financial markets are volatile, or that they have been rigged by insiders. Rather, stocks and savings accounts provide middle-class households with no secure claim on the production of the real economy.

"The politics of finance and money rest on a deliberate misrepresentation of government finances, fostering the belief that governments operate under restraints that are not, in fact, operative. Chapter 3 assesses the debates over federal borrowing, debt, and the prospects for Social Security.

"The economic origins of our current impasse lie in the extraordinary power ceded to the Federal Reserve and other central banks in the 1980s and 1990s. Chapter 4 casts a critical eye on myths surrounding the conduct of monetary policy and the problem of inflation.

"The economic consequences of the raw deal are today most evident in developing countries that, under the tutelage of the International Monetary Fund, geared their policies single-mindedly toward the protection of financial wealth. Chapter 5 looks at the role of the dollar in the world economy and the devastation that efforts to ensure the dollar wealth of international investors have wrought on the real economies of Asia and South America."

Chapter 6 offers suggestions for how to move beyond financial myths and construct policies that sustain and share the real wealth of the economy."

Economics explained at last
If you are trying to understand the rudimentaries of money,
interest rates, the fed, public debt and all that jazz and
would like a perspective to the left of the typical college
text, this is the book for you've been waiting for. Beautifully
written, strongly argued. This is the kind of book
Heilbroner used to write.

Advancing an Agenda and Not Education
Ellen Frank's "The Raw Deal" may be the ultimate proof of a vast right-wing conspiracy intent on ruling America for the benefit of a wealthy elite. What else would explain how such a flawed book that purportedly illustrates how economic terms and concepts are willfully misused, but is actually a call for a more socially conscious economic policy could ever be published? Her analytical skills are rudimentary, her choice of illustrative examples is skewed, and her aversion to financial markets borders on paranoia. It is so easy to dismiss much of what she writes on a simple factual basis that the reader is not forced to confront some of the harsh inequities that do exist. Many of the issues she raises - the politicization of the Federal Reserve, the dubious merits of replacing the Social Security system with individually-controlled accounts, etc. - deserve a more even-handed and thorough examination. In addition, if Ms. Frank insists on continuing to write on this subject, she would be well advised to team with an expert on international economics and the effects of globalization. Her characterization of Botswana is a perfect example of the chasm in her own knowledge. It's very clear to the reader that Ms. Frank has no idea that Botswana has enjoyed the highest per capita growth rate of any country in the world over the last 35 years when she cites it as an example of a developing country that has suffered from poor economic choices by its government. ... Read more

Amazon.com

After nearly a decade of bull markets, Americans have come to equate free markets with democracy. Never one for mincing words, social critic Thomas Frank, editor of The Baffler and author of The Conquest of Cool, challenges this myth. With his acerbic wit and contempt for sophistry, he declares the New Economy a fraud. Frank scours business literature, management theory, and marketing and advertising to expose the elaborate fantasies that have inoculated business against opposition. This public relations campaign joins an almost mystical belief in markets, a contempt for government in any form, and an "ecstatic" confusion of markets with democracy. Frank traces the roots of this movement from the 1920s, and sees its culmination in market populism as a fusion of the rebellious '60s with the greedy '80s. The overarching irony is the swapping of roles--suddenly Wall Street is no longer full of stodgy moneygrubbers, but cool entrepreneurs "leaping on their trampolines, typing out a few last lines on the laptop before paragliding, riding their bicycles to work, listening to Steppenwolf while they traded." Meanwhile, "Americans traded their long tradition of electoral democracy for the democracy of the supermarket, where all brands are created equal and endowed by their creators with all sorts of extremeness and diversity." Frank's close reading of the salesmen of market populism nails such financial gurus as George Gilder, Joseph Nocera, Kevin Kelly, and Thomas Friedman. Their writings, he contends, have served to make "the world safe for billionaires" by winning the cultural and political battle--legitimizing the corporate culture and its demands for privatization, deregulation, and non-interference. Frank's incisive prose verges on brilliant at times, though his yen for repetition can be exasperating. In either case, his boisterous reminder that markets are fundamentally not democracies is worth repeating as the level of wealth polarization in America reaches heights not seen since the 1920s. --Lesley Reed ... Read more

Reviews (39)

Good Work
Good work, Thomas Frank. This book is a revealing transcoding of the corporate mythology of the 90's, a rabidly hyped symbolic order cooked up by admen, marketers, and management gurus at the behest of the top 1%. It goes by the name market populism. If you've read Fredric Jameson, you will recognize the practical, real-world analyses of the 're-narratavized' cultural fragment. Capital takes cultural artifacts which may have opposed it previously, (e.g. revolution, class war, freedom, democracy), and re-appropriates it for use in its' own narrative, to justify its own ends (the inflation of securities and paper wealth). Thus historical data, or ideological conflict or even Marxist utopianism is re-narrativized by big money in the mass media. Plenty of explanation of how Capital effaces the differences between all those dialectical poles,like a home-grown Baudrillard with easy-to-follow examples. Where the book lacked was in it's not drumming home what exactly the costs were, especially in terms of the destructive effects of international finance capital, the dis-lodging of a billion people into shanty towns by Global Capital, and the environmental destruction rent by Trans-national Capital. You might take a look at one of David Korten's book for this, or George Soros' On Globalization. But most important about the book is the fact that it questions what has been so vigorously sold as 'inevitable' to the rest of us, it maintains the possibility of negating what seems so Universal on CNN or Fox News. It is a supreme act of historical transparency, pointing to a way we might go from a way we've already been.

Valuable Counter-Point to Blind Faith in "Markets"
While I disagree with Thomas Frank a lot, I am forced to admit that there is more than a grain of truth in his criticism. At times polemic, other times ranting, sometimes he just says something that blows away a lot of the "conventional wisdom" that we are fed and many times accept.

The largest strength of this book is not that it offers any sort of alternative (It really doesn't), it is that he is criticizing things that need to be criticized. Over the last 20 years or so, critical writing and commentary has lapsed, and offered little voice of reform or change. It is nice to see that someone offers dissent to many cultural values that have become solidified and crusty (even if it is at 90+dB).

In an age of blind faith in "The Market" there is a voice of skepticism in Thomas Frank's _One Market Under God_. If you are a God fearing, Capitalist-loving, Market Driven, person, this book may be especially valuable to read -- if for no other reason, to hear from someone who disagrees with you and has no fear in stating it clearly!

I disagree with a lot of his thesis, but I cannot give this book anything less than 5 stars!

What's the fuss all about?
This thoughtful, well researched, highly praised, and cogently written book was published three years ago, so why all the recent vitriol from negative reviewers? In fact, these harshly negative reviewers are *really* annoyed at the favorable response to the author's new book (see the just-published WHAT'S THE MATTER WITH KANSAS?). And in their zeal to trash the author and his useful discussion of how conservative voters have ceded their own true economic interests to calculated -- but essentially dead-end -- appeals to conservative values, these frustrated rightwing critics have extended their campaign to all things Tom Frank-related. If they actually read any of Frank's books, they might find much in his work that is sympathetic and fair-minded. Unfortunately, they have yielded to the right-wing preference for shrillness and black and white thinking over nuanced argument and real debate (but alas, that's what's the matter with liberals). Ignore the bombast and read this book -- and decide for yourself.

Can you say "Whiner"?
In the war for hearts and minds, the left lost BIG TIME economically (socially is another matter, but that's also a subject for another day). The ideas spelled out by Frederich Hayek a few generations ago and popularized by as diverse a crowd as Ayn Rand, Ronald Reagan and Alan Greenspan have won out. Gone are the days when even a Republican president might occasionally backslide into anti-free market practices (ala Nixon's price fixes). Nowadays, less than half the Democrats in office support protectionism and market tampering.

So here we have what amounts to an all-out whine. Frank marks himself as anti-capitalism and, thus, anti-freedom. Oh, what is a good little social planner to do when the peons begin to take responsibility over their own economic conditions?

Lack of perspective and attacks New Democrats
I guess I was hoping this would be an updated version of Robert Kuttner's Everything for Sale: The Virtues and Limits of Markets. But this book treats the Clinton Democrats as if they were the far right wing of the political spectrum. After 3 years with Bush, I have little tolerance for left wing attacks on Clinton's New Democrats. I have not read beyond the first chapter, but potential readers should know that the author is focusing his complaints on the pro-business policies of the Democrats, seemingly without cognizance of the Republicans. Perhaps in early 2000 the author felt they were irrelevant. Big surprise! Extreme lack of perspective here! This says it all: the author chooses to cite Paul Krugman as the typical economist promoting the triumph of markets. If you are looking for a book that provided a backdrop for the downfall of Gore at the hands of the Nader left, this will read well. But these days, accusing the Democrats of being too pro-business seems quaint. ... Read more

Book Description

This is an introductory survey of the history and recent development of Latin American economy and society from colonial times to the establishment of the military regime in Chile. In the second edition the historical perspective has been enlarged and important events since the Cuban Revolution, such as the agrarian reforms of Peru and Chile, the difficulties of the Central America Common Market and LAFTA, the acceleration of industrialisation in Brazil and the consolidation of the Cuban economy, are discussed. The statistical information has been extended to the early 1970s and the demographic data to 1975. ... Read more

Book Description

Low-income housing programs and lesser-known initiatives have harmed those they were meant to help while causing grave collateral damage, Mr. Husock argues.He emphasizes the deep but unappreciated importance to American society of economically diverse urban neighborhoods, and he demonstrates the historic and continuing importance of privately built "affordable" housing. ... Read more

Reviews (1)

Sowell recommends
Haven't read it yet, but on Thomas Sowell's recommendation, I will. ... Read more

Amazon.com

Always something of an enigma to Westerners, Russia has become a veritable paradox in the decade following its transformation from communism to capitalism. In Sale of the Century, journalist Chrystia Freeland offers a riveting bird's-eye view of this conversion that should prove fascinating to everyone still hoping to do business there, and to anyone intrigued by the erstwhile superpower. Be forewarned, though: Freeland, who began reporting on the country in 1995 as Moscow bureau chief for the Financial Times, describes a nation of troubling extremes. The nation has evolved into a giddy utopia for some of its citizens, but one unable so far to handle its sudden affluence. The author portrays trendy Versace boutiques and bustling Mercedes-Benz dealerships lining Moscow's fashionable streets, whose sidewalks are patrolled by machine-gun-toting policemen trudging through the corrosive chemical waste used for melting the snow.

In well-written first-person accounts, Freeland goes on to describe how scrappy entrepreneurs made overnight fortunes and then lost them just as quickly to widespread corruption and the 1998 Russian stock market crash.By the end of the 1990s, the economy was half what it had been at the start of the decade, producing less than Belgium and only 25 percent more than Poland. Meanwhile, power blackouts, wildcat strikes, and water shortages had become commonplace. Additionally, the ordinary citizen often grew worse off than before the fall of communism, while a powerful few came to own nearly everything. This cautionary tale ends with a more "workaday economy" emerging from the wreckage, and the author's hope that Russia's economic leaders can stay this new, more-balanced course. All signs to date, however, leave her decidedly pessimistic. --Howard Rothman ... Read more

Reviews (12)

A Thorough History of Capitalist Russia
The failure of Russia's transition to a market economy easily ranks as one of the most important stories of the 1990s. Unfortunately, while this story is important, it is not well known. In part, this must be blamed on the nature of Russia's market transition: much of it was done behind closed doors in the proverbial "smoke filled room."

This fact makes Crystia Freeland's book all the more valuable, for she, through in-depth interviews with nearly all the important players, has penetrated beyond this haze to give us the real story of the capitalist transition in Russia.

Freeland spent several years in Russia writing for the Financial Times and it shows, as her book echoes with every nuance and detail of this story. Through direct quotes, a myriad of background details, and anecdotes, the leaders of Russia's marketization are transformed from names to living, breathing entities. Furthermore, where other accounts might be satisfied to present only the most oblique facts, Freeland's book digs deep to provide the real story of what happened behind the scenes.

Although the depth of this book is certainly a strong selling point, Freeland's prose is also notable. Often gripping, never cumbersome, her prose exceptionally conveys the details of this story from her notebook to our eyes. Freeland's own analysis and insight gives us a valuable insiders' interpretation of events and adds a personal touch. Where appropriate, irreverent details are sprinkled in providing color to the story as well as quite a few shocks.

Overall, you'd be hard pressed to find a better account of Russia's market transition than the one Crystia Freeland presents in Sale of the Century.

A classic
Wow, what a great book! Not just one of the best books on post-Communist Russia, but one of the best books on anything.

Ms Freeland brings to life the key characters in what is undoubtedly one of the most gripping stories of our time. It is a real page-turner. She writes beautifully, colouring her text with engaging personal anecdotes which bring the realities of modern Russia to life.

The book is a work of journalism (based on personal interviews) rather than history or economics. All the same, Ms Freeland also has an excellent understanding of the theory and practice of economic reform. A first-class journalist, she can break a complicated issue down to its essential core, in terms anyone can understand.

Her analysis and judgements are very level-headed and fair. From the perspective of 2001 she is probably too pessimistic about Russia's economic transition. Still, Ms Freeland is a lot more balanced than so many other commentators (notably hysterical Americans of the "who lost Russia?" school). For example, she draws a necessary distinction between the early phase of Russian privatisation, and the sordid "loans-for-shares" scheme of the mid-1990s, which is the centrepiece of the book.

The book probably overstates the centrality of the loans-for-shares scheme. But it isn't really a comprehensive survey of Russian economic transition. Rather it concentrates on the rise (and ultimate falling out) of the oligarchs, whose corrupt and scheming ways culminated in the 1998 crash. As the Financial Times correspondent in Moscow, Ms Freeman knew all these remarkable characters intimately.

At the same time, though, the book shows the complexity of post-communist Russia, with a colourful cast that goes beyond the oligarchs and their cronies. Here are the "young reformers", whose story of hubris followed by nemesis gives the tale elements of classical tragedy (Ms Freeland draws apt parallels with the stories of Dr Faustus and Dr Frankenstein). Here are the New Russians and Red Directors. The shifting alliances and conflicts between them are expertly described, with telling personal detail. Ms Freeman shows how these conflicts are as much social and generational as economic - which is essential to understand what post-communist Russia is really all about.

I think that this book will become a classic, which people will read in decades to come to get a first-hand understanding of Russia during the turbulent 1990s.

well-written
Chrystia Freeland, Moscow bureau chief for the Financial Times, chronicles Russia's roller-coaster ride from communism to crony capitalism. She writes poetically, with creative metaphors, colorful word pictures, and a keen insight into Russian history. The copious adverbs, adjectives, and details--sometimes superfluous-may, however, irritate those reading her book for the "bottom line." The book also omits analysis of organized crime in general. On the other hand, a key strength of Sale of the Century is Freeland's ability to bring to life the key players in Russian politics: Yeltsin, Gaidar, Chubais, and the handful of wealthy oligarchs. As a journalist, she was able to meet most of them often. The book enables the reader to develop a more refined and differentiated understanding of the oligarchs.
Among these are Mikhail Friedman ("the outsider") who heads the Alfa Group, an oil, industrial, trading, and financial conglomerate. As a Jewish Ukrainian barred from prestigious educational establishments, Friedman began his entrepreneurial ventures early, starting with illegal bartering of theater tickets and later obtaining Western consumer goods for top officials (p. 115).
Mikhail Khordokovsky ("the apparatchik") is also Jewish and leads Menatep, the bank and financial-industrial conglomerate. Outwardly docile with a soft voice and slight stutter, Khordokovsky is adept at winning the trust of the government officials, having pursued a parallel career in the Komsomol. Beneath the subordinate exterior, however, lies a ruthless person who installs hidden video cameras in his buildings and does not hesitate to fire slackers (p. 121).
Unlike Friedman and Khordokovsky, Vladimir Potanin ("the blueblood") was the son of a senior Soviet trade official and already had a promising Soviet career. He realized in the nick of time that, as the Soviet Union's collapse accelerated, "the advantages that had ensured Potanin's advancement suddenly threatened to become golden handcuffs" (p. 129). He started his own business, which eventually became Oneximbank, which now handles the "juiciest" government accounts, including the State Customs Agency .., and the state arms-trading company "Rosvooruzheniye," which keeps "a few tens of millions" on Potanin's books (p. 131).
Vladimir Gusinsky ("the impresario") dabbled in many entrepreneurial activities (driving a gypsy cab, peddling blue jeans, and "medicinal" copper bracelets) and also worked as a theater director before founding the consortium of banks (the Most group) and persuading his patron Yuri Luzhkov, mayor of Moscow, to transfer money to them from Soviet-era banks. He founded inter alia the newspaper Segodnya and the first independent television channel (NTV).
His main rival is Boris Berezovsky ("the nomad"), although the two oligarchs have functioned temporarily as allies. Perhaps the most unsavory of all the oligarchs, Berezovsky, also Jewish, has been particularly good at winning the favour of members of Yeltsin's entourage (especially the latter's youngest daughter, Tatyana Dyachenko) and directly influencing the presidential elections of 1996 and 2000.---Johanna Granville, Ph.D.

Memorable, comprehensive and readable!
Freeland's book presents the events that took place in a Russia recovering from a disastrous, failed experiment with communism and its first attempts at capitalism and the free-market economy in a detailed and highly-readable format. One of the most important chapters in the history of modern Russia is beautifully embossed in Freeland's elegant language. She captures the key players well with memorable phrases and interviews and life in Russia during that period with personal anecdotes. Sale of the Century definitely takes readers on a wild ride to the Russia in transition!

A Indispensable Account of the Human Side of the Story
As other reviewers and readers have noted, Freeland's book _The Sale of the Century_ offers a vivid account of the human side of the story that is so essential to grasping the magnitude of what really happened in the Russian Nineties. The narrative clearly reveals the author's exceptional competence in the area of Russian current affairs. Her familiarity with the turns of history so central to Russia's shaky experiment in marketization makes this work indispensable for the student of contemporary Russia. While the myriad anecdotes, names, and intricate descriptions of events can definitely require slogging through, a careful reading will be an excellent education in the political and economic history of contemporary Russia. Also included, scattered amidst the detailed journalistic narrative, are intense historical insights on the nature of Russia's destiny and self-image in civilizational history. Overall, highly recommended. ... Read more

Book Description

The need for better understanding of the role location plays in economic life was first and most famously made explicit by Bertil Ohlin in 1933. However it is only recently, with the development of computer packages able to handle complex systems, as well as advances in economic theory, that Ohlin's vision has been met and a framework developed which explains the distribution of economic activity across space. This book is an integrated, non-mathematical, first-principles textbook presenting Geographical Economics to advanced students. Its emphasis is on examples, diagrams, and empirical evidence, making it the ideal starting point prior to monographic and journal material. ... Read more

Book Description

Who filled the trough? Who set the table at the banquet of greed? How has it been possible for corporate pigs to gorge themselves on grossly inflated pay packages and heaping helpings of stock options while the average American struggles to make do with their leftovers?

Provocative political commentator Arianna Huffington yanks back the curtain on the unholy alliance of CEOs, politicians, lobbyists, and Wall Street bankers who have shown a brutal disregard for those in the office cubicles and on the factory floors. As she puts it:

“The economic game is not supposed to be rigged like some shady ring toss on a carnival midway.” Yet it has been, allowing corporate crooks to bilk the public out of trillions of dollars, magically making our pensions and 401(k)s disappear and walking away with astronomical payouts and absurdly lavish perks-for-life.

The media have put their fingers on pieces of the sordid puzzle, but Pigs at the Trough presents the whole ugly picture of what’s really going on for the first time—a blistering, wickedly witty portrait of exactly how and why the worst and the greediest are running American business and government into the ground.

Tyco’s Dennis Kozlowski, Adelphia’s John Rigas, and the Three Horsemen of the Enron Apocalypse—Ken Lay, Jeff Skilling, and Andrew Fastow—are not just a few bad apples. They are manifestations of a megatrend in corporate leadership—the rise of a callous and avaricious mind-set that is wildly out of whack with the core values of the average American. WorldCom, Enron, Adelphia, Tyco, AOL, Xerox, Merrill Lynch, and the other scandals are only the tip of the tip of the corruption iceberg.

Making the case that our public watchdogs have become little more than obedient lapdogs, unwilling to bite the corporate hand that feeds them, Arianna Huffington turns the spotlight on the tough reforms we must demand from Washington. We need, she argues, to go way beyond the lame Corporate Responsibility Act if we are to stop the voracious corporate predators from eating away at the very foundations of our democracy.

Devastatingly funny and powerfully indicting, Pigs at the Trough is a rousing call to arms and a must-read for all those who are outraged by the scandalous state of corporate America. ... Read more

Reviews (55)

Communist?!
I just read "Pigs" on a cross country flight. I thought it was an excellent analysis of how the U.S. government no longer functions as a democracy. It works like a radio station payola scheme. Inbred corporate directors steal money from investors and workers by giving each other outrageous amounts of money despite poor performance. Some politicians try to pass laws against these abuses, but these corporate govenors fund election campaigns making it impossible to change the system. Huffington lays out the issues that need to be addressed in order to correct these problems and gives out information on groups working to fix these issues.
I find the attack of this being a communist book to be [silly]. Huffington shows ways to make us back into a democracy where our vote counts and competition is fair. Corporate welfare is a form of communism if you ask me.
In regard to the cliches. Huffington uses the same wit that you could see on the Daily Show, or Politically Incorrect. This isn't a masterpiece, but it is a very accessible and useable guide to how our government currently works.

Maybe Ms. Huffington should direct her anger elsewhere
Arianna Huffington, the failed gubernatorial candidate in the 2003 California recall campaign, attempts to write a subject to which she has very little actual experience. First, Ms. Huffington's premise is that most corporate executives are greedy and therefore laws need to be enacted to hamstring our managers who wish to exercise the best interest of their shareholders. She does not emphasize how any of her so-called "reforms" will actually benefit long-term shareholders who wish for chief executives to take risks to earn a decent return on their investment. Further, Ms. Huffington fails to emphasize how there are already laws on the books to punish chief executives who have abused the trust positions to which they have been appointed. It is the executive branch's duty to punish those who engange in fraud, something the Bush Administration is already doing. However, we would not hear about that in Ms. Huffington's book, because that would hurt her premise, which is that Bush is in on the fraud too.

Most of the research contained in Ms. Huffington's book is related to stories she has read about, not people or companies she has actually chosen to research on her own. As such, practically anyone who has a modicum of research experience could write a similar book of her type -- without having any documentary evidence to prove the assertions made therein.

One thing that is most lacking in Ms. Huffington's book is the notion that honest chief executives are able to work on behalf of their shareholders and employees. There is a sense that the position of chief executive necessarily entails a sense of greed that will infect the entire operations of the company. In a sense, by stating that all chief executives are guilty, Ms. Huffington is too leniant towards those truly guilty of malefensense. In truth, the system does work: witness the convictions the U.S. Department of Justice has been able to secure on crooked corporate executives. But the capitalistic system itself--a markedly effecient system where sharehoulders can exercise their disapproval of managers at any time--will carry on despite Ms. Huffington's heckling. One could hope the same could be said about our so-called "great" governmental institutions such as Social Security, the public schools, and the post office.

Waking up the American people
I had heard of this book, and 'on a lark' bought it. Reading this was a real educational event. EVERY AMERICAN should read this.

Mrs. Huffington, gives names of CEO's that have been convicted, ones investigated, outlines what they did to amass their fortunes. Mrs. Huffington (who is a Rhodes Scholar), explains corrupt methods, used by many of these CEO's, in a such plain terms, anyone should be able to understand.

How did you lose your 401K, you pension, why did your job go overseas? Let me quote from the excellent book:

[quote]

"Since the beginning of the new century [2000], over 570 public companies--including most famously Enron, Global Crossing, Adelphia, WorldCom and Kmart--have declared bankruptcy."
"Nearly $9 trillion in market value has been lost on Wall Street. But while the average American has suffered staggering losses in 401(k) and pension value, and many have struggled to stay afloat, the average CEO has added millions to his personal wealth. In corporate America, apparently, nothing succeeds like utter failure."
"At Enron, after tens of billions of dollars vanished--including over $1 billion in employees' pension funds---and over 4,000 employees had been laid off, Enron's "Kenny Boy" Lay strolled out the door with over $100 million."
" In his last three years at Tyco, Dennis Kozolwski received $466.7 million in salary, bonuses, and perks. He did such a bang-up job that since the summer of 2001, Tyco has closed or consolidated 300 plants and laid off 11,000 workers."
"When Bernie Ebbers resigned from WorldCom--claiming he didn't understand that WorldCom was defrauding investors of $7 billion--and received over $44 million in pay; His severance package promised him $1.5 million a year for the rest of his life, and the use of the WorldCom jet for 30 hours a year. And medical benefits. And life insurance. And a desktop computer."

Source-"Pigs At The Trough"-Arianna Huffington;copyright-2003; ISBN 1-4000-4771-4;-page-38-9

Do you wonder why the price of prescription drugs remain high?

[quote]

"The pharmaceutical industry spent a whopping $177 million on lobbying in just the last two years. And of their 623 registered lobbyists, more than half are former members of Congress or former government employees. Which is nice, because if you're a young politician selling off your vote and your integrity, it's easier if there's a seasoned veteran involved who was once in your shoes."
"Secretary Donald Rumsfeld was formerly CEO of drug giant G.D. Searle, and White House Budget Director Mitch Daniels was a senior vice president at Eli Lilly."

Source-"Pigs At The Trough"-Arianna Huffington;copyright-2003; ISBN 1-4000-4771-4;Page-139

Everyone should read this book.

Yea!
Well researched and cleverly written. It is engrossing, but is almost difficult to read at times as she exposes the details of unbelievable corporate greed.

Brilliant and on the money
Arianna Huffington articulates the basic thoughts that many of us already knew we had; the rich get much richer at the expense of people that have to go to work every day.

The funny thing is this - I have worked many years for big companies and as I read the book, it dawned on me that she has only barely scratched the surface. Fact is, I don't think she has actually seen some of the folks she writes about in action. I have lived through quite a few of these folks as well as future "lion's of business" in the making.

The only criticism I have about this book is that it presents an excellent post mortem on the greed and avarice that permeates boardrooms but it doesn't really outline how common people can effect change in our society and in companies to prevent this kind of malfeasance.

Further, while touching upon government duplicity, I would have liked to have seen more depth given to the subject of how our government facilitated and even created circumstances for this to happen.

Overall, this is an excellent book that should be part of the core curriculum of any business ethics class. Unfortunately, my fear is that history will repeat itself and many future up and coming business elite will read this only after they are booted from the boardroom, at the expense of working people with families that have to clean up their mess. As always Arianna Huffington approaches the most malignant in our society with wit, humor and an irreverence that makes the book worth reading even if you don't agree with her. I agree with her completely. ... Read more

Reviews (4)

Get his other book "History of Economic Thought"
I don't recommend this book because his other book, History of Economic Thought, is much more accessible.

The reason is that Property and Prophets is too short for what it wants to cover. I think that the strength of his other book is that, while it is much longer and more expensive, it explains everything, including his approach to understanding ideas historically.

Critique is a Good Thing
This book provides an alternative view of the nature of capitalism.Economics is the lap dog of capitalist ideology.This work provides both an alternative approach as well as historical truths and information that help the reader better understand both economics and capitalism.

A Critical Perspective On Capitalism:
Hunt's penetrating vision delivers both the history and the ideas, which have shaped our world.This book is of interest to those well read in economic theory as well as those seeking an introduction to how both its defenders and critics have viewed capitalism.Hunt explains the ideas of great economists like Smith, Ricardo, Malthus, Marx, Veblen and Keynes while insightfully describing the birth and continued evolution of capitalism.While Heilbroner's The Worldly Philosophers elevates the economist as the center of attention Hunt's Property and Prophets returns the emphasis to the arguments for and against capitalism.
At the dawn of the 21st century we find ourselves in the midst of a new wave of globalization that has resurrected centuries old debates over the efficacy of markets; those debates are described in this book.Those struggling to put people over profits should reconnect with the centuries of ideological struggle that preceded them and make Hunt's critical perspective required reading.

more leftist propaganda
this book is exactly what you would expect of a left-wing self appointed intellectual.the book paints a picture of capitalism as an evil force out to destroy the world.to do so, the author uses the typical scare tactics, half-truths, lies, misquoted authors and thinkers, and his own bizarre facts and fallacies.in doing so, this guy tries to act original, and wants us to think that he has his own ideas, but in attempting to do so just sounds like he's talking down to us common dumb people in true al gore fashion.of particular note is his insistance that mercantilism and capitalism are the same economic system, which is simply stupid. ... Read more

Book Description

* An invaluable guide to business practice and trading opportunities

* Includes contributions from prestigious international partners from the accounting, banking and legal worlds

* Free online access to a dedicated website, which gives readers up-to-the minute information (with unique password for each reader)

Provides entrepreneurs and research institutions with an authoritative appraisal of the new economic and investment climate, an update on market potential in the key sectors, and unique best practice advice on all aspects of investing in or trading with the Czech Republic.

Data for the book and the website is supplied by a unique network of contacts in the Czech Republic including the local offices of Deloitte & Touche, Bank Austria and CMS Cameron McKenna. Information on Risk is supplied by Coface, and Grey Area Dynamics by Merchant International Group. This includes links to their web sites and offices in the Czech Republic. ... Read more

Book Description

In Australia you can register a business in 2 days, in Haiti, you need 203. In Denmark, you don't pay anything to start a business, while in Cambodia you pay 5 times income per capita. In Tunisia, you can enforce a contract in 7 days, while in Guatemala it takes more than 4 years.Credit information systems contain credit histories on almost every adult in New Zealand, Norway, and the United States, but cover less than 1 percent of the population in China, Nigeria and Pakistan. Resolving bankruptcy takes half a year in Ireland but more than 11 years in India.

These dramatic differences are found in a new, annual publication from the World Bank Group, Doing Business in 2004: Understanding Regulation, which provides readers with both qualitative and quantitative information on the business climate in over 130 countries.

New indicators on the regulatory environment for private sector development plus informative case studies of real-life exerpience make this a comprehensive resource on business environments throughout the world, the factors that influence them, and how conducive they are to private sector development.

Doing Business collects and analyzes data in over 130 countries, including OECD countries. The analysis is based on assessments of each country’s laws and regulations, with input from and verification by local experts who assist entrepreneurs in starting a business, hiring and firing workers, enforcing contracts, getting credit, and closing a business.

Doing Business in 2004 covers the fundamental aspects of a business life cycle from starting a business to bankruptcy and offers answers to these critical questions:

Which is the most expensive country for starting a business?
Which countries have the most rigid regulations on hiring and firing?
Which countries have themost extensive business entry procedures?
Why does heavy regulation lead to inneficiency and corruption?
What countries are most efficient in the area of contract enforcement?
How do clearly-defined property rights enhance prosperity?
What are the most successful regulatory models? Why?

An ambitious effort to study the determinants of private sector development, Doing Business is an invaluable reference for investors, economic advisers and policymakers, as well as scholars and students of international business and development economics. ... Read more

Reviews (1)

Why are poor countries poor?
If you want to know the answer to this question, Doing Business in 2004 is your book.

Various eminent scholars have put forth theories as to why the rich countries get richer and the poor stay poor, including theories about culture, religion, geography, climate, trade openness, political regimes, and even accidents of history. Doing Business puts forth a compelling, and much simpler, story. Poor countries stay poor because their governments intervene excessively in business activity, driving entrepreneurs into informality. Growth is retarded, as is democracy, since many people are left in the fringes of economic and social life.

Lots of statistics on starting a business, hiring and firing workers, getting credit, and the like. Makes you appreciate how easy we have it here! ... Read more

Book Description

The Survival Guide for Paralegals: Tips from the Trenches, by Karen Levine and Alan Gelb, offers hundreds of tried and true tips from successful legal professionals on how to survive your job. The book discusses paralegal work issues, dress, asking for a raise, and office politics in a highly motivating, fun, and empathetic way. From research and interviews to administrative responsibilities and time management, this book is a resource of user-friendly and user-tried hints. ... Read more

Reviews (1)

A Survival Guide for Paralegals
I am looking for my first job in the paralegal field, and thought this book would be more helpful so far as providing insight into the various areas within the field. However, there are only two chapters that cover specific specialties in the field, one on litigation and the other describes the corporate culture. The rest of the book deals with very general topics, such as how to get along with people in the office, how to be organized, how to deal with stress. Give me a break! ... Read more

Reviews (1)

Comprehensive Review of the 1930's
Ellis kept a running diary for most of his adult life. He culls much interesting information from this source as well as several better known authors in painting a vivid picture of what happened in America starting in 1929 and why. This is not to say that the book does not have some flaws. For one thing Ellis has a tendency of placing trivial comments such as "Rexford Tugwell was quite the handsomest New Dealer of them all" which frankly could have been better left unsaid. However, some of his historical information, particularly his chapter on the National Recovery Act, entitled the Blue Eagle, are well researched and very easy to read. I also like the opening chapter on the death of the original Waldorf-Astoria Hotel (now the site of the Empire State Building). This is an excellent juxtaposition considering that this event took place in the infamous year of 1929 and happened on May Day to boot. ... Read more

Book Description

Reviews (2)

Clear, concise, compassionate
I assigned this book to my Asian-American Studies class prior to having read it myself, on the strength of colleagues' recommendations. This book is a rare combination -- an eye-popping page turner that is also informative, ethically reponsible non-fiction. I couldn't put the book down until I had finished it. I felt as though I had met a wise insider who decided to spill secrets for the long-term good of the community. Mr. Kwong's analysis is clear and compelling. I can't say enough good things about this book.

Reality Meets the Movies
Sometimes Reality is more entertaining than the movies. Peter Kwong introduces us to a Chinatown seldom seen by outsiders. His portrayal of Chinatown's underworld hold over politics and his understandings of the ethnic enclave are both accurate and revealing. This is a MUST READ for anyone interested in learning about the happenings inside the Chinatowns of New York City and and other cities all across America. Along with William Lee's Chinese Playground, this book gives us the big picture in the understanding of the workings in today's urban communities. ... Read more

Book Description

From the revered author of the classic The Death and Life of Great American Cities comes a new book that will revolutionize the way we think about the economy.

Starting from the premise that human beings "exist wholly within nature as part of natural order in every respect," Jane Jacobs has focused her singular eye on the natural world in order to discover the fundamental models for a vibrant economy. The lessons she discloses come from fields as diverse as ecology, evolution, and cell biology. Written in the form of a Platonic dialogue among five fictional characters, The Nature of Economies is as astonishingly accessible and clear as it is irrepressibly brilliant and wise–a groundbreaking yet humane study destined to become another world-altering classic.
... Read more

Reviews (18)

a book unlike any other
This is a truly unique book--a serious book on a critical topic written with much insight, originality, and an unbelievable amount of imagination. I've heard much talk of the author before--especially her seminal book "The Death and Life of Great American Cities"--but "Nature of Economies" is the first book by Jacobs I've ever read. I'm glad to report that all the positive things I've heard about the author is true: she is as sharp and thoughtful a thinker as they come. What's even more endearing (for me anyway) is that she eschews the jargons and pompous prose of academy and writes with simplicity and grace so that anyone and everyone can understand her points. (I can't remember the last time that I've read a book on economics or sociology and not been put off by the awful language.)

Another special thing about this book, as most of you've probably heard by now, is that Jacobs has cast her thoughts in the dialogue form: conversations between 5 intimate friends. I must say it's quite strange to come upon a serious treatise on economics and nature, written and published in the first year of the 21st century, that uses what seems (to me) an 18th- or 19th-century format (I'm thinking in particular of those philosophical dialogues on religion, morality, etc., written by the likes of David Hume and Giacomo Leopardi, not to mention all those "philosophes" of the Enlightenment), which was in turn an imatation of the Platonic dialogues. Well, why not? After all, Jacobs has the brilliance of mind and sharpness of wit to get away with it. (Though it does mean getting some used to for an average reader like me.)

As for what the book is trying to say, I'm still trying to figure it out. It's such a tiny little book but yet I'm not embarrassed to say that I've not fully grasped all her points. But I do know that this book has all the trappings of a classic (in the best sense of the word) and it'll be read and reread, debated over and written about, agai