Book Description

Makes Japanese sources accessible in English
Although much of the work on Japanese economic history is inaccessible to Westerners, many of Japan's leading economic historians have published widely in English. Combined with the work of Western economists who can utilize Japanese-language sources, this series assembles a wide range of English-language articles on the key issues in Japanese economic development. Individual volumes cover the interwar period, postwar reconstruction and growth, the textile industry, demographics, agriculture, trade, and the rise of commerce and "protoindustry" in the Tokugawa era.

An information-packed classroom and research resource
An introductory essay in each volume discusses the significance of the articles, compares various economic development in Japan with those in other countries, and puts studies in the context of similar studies in Europe. A versatile research resource, this 7-volume set is a veritable gold mine of hard-to-find information and data from diverse sources and a godsend to everyone interested in comparative economic and social history. Professors will appreciate the collection because it gives them instant access to less familiar English-language sources and is an easy way to introduce students to doing their own research. Students will appreciate the many articles as a mother lode of information for reports and papers. Researchers will be pleased by the coverage of more than three centuries of Japanese history and life. ... Read more

Book Description

Macroeconomic Policy is an applications oriented textdesigned for individuals who desire a hands-on approach to analyzingthe effects of fiscal and monetary policies. The book demystifies thelinkages between monetary and fiscal policies and key macroeconomicvariables such as income, unemployment, inflation and interest rates.MBA and Executive MBA students who appreciate the importance ofmonetary and fiscal analysis will find this text to be right ontarget. Financial analysts and individual investors who need to stripaway economic myths and jargon and systematically examine andunderstand the effects of macro policies will also find the bookextremely useful. A unique feature of this book is the extensive use of speciallywritten "newspaper" articles designed to simulate currentmacroeconomic news. Topics such as unemployment, soft landings,overheated economies, asset-price bubbles, liquidity traps,hyperinflations, and exchange rate meltdowns are incorporated in thesearticles. Each chapter contains exercises that enable the reader torelate specific underlined passages in these articles to the theorypresented in preceding chapters. This distinctive approach ensuresreal-world applicability, and supporting diagrams further enable thereader to relate current economic news to the theoretical materialdiscussed. Macroeconomic Policy is designed for a global audience. A keyfeature of this book is its emphasis on the role of expectations and"paradigm shifts" in implementing fiscal and monetary policies, bothin developed as well as in emerging economies. This approach explainswhy once-successful macroeconomic models suddenly cease to beeffective, and why Keynesian as well as Supply-Side models canlegitimately coexist in several developed economies. ... Read more

Reviews (12)

Excellent Preparation for CFA Level 1
I am an employee at Merrill Lynch (I have my series 7,63,65,24,4), and currently studying for the CFA Level 1 Exam, however, my background is in Biochemistry and Biology so it is pretty obvious that I was behind my peers relative to our formal academic background.So, I felt that I needed a book that that could clearly communicate the macroeconomic policies that govern this country. However, because the CFA level 1 is a difficult exam, I could not afford to have the author dilute the information, or overly simplify the information. Fortunately, the literature provided in this book not only conveyed the information better, and clearer than, the actual CFA preparatory classes that I had been taken, but it was such a fun book to read.The beauty of this book is that it provides actual contemporay, and historic global examples to supplement the literature.Prior to reading this book, I had read other books on macroeconomic policy that were so dry that I could not even finish the chapters (and I had read some pretty dry books during my days as an undergrade pursuing my double major in Biotechnology and Biology), but this book was the type of book that I did not want to put down from the moment I started reading it.Furthermore, this book also assisted me in getting a better understanding of the markets (equities and real estate) for future investments as well.After reading this book, I am such a sharper investor, I can now dissect the nonsense from the valid information that is being promoted on TV and in magazines.I highly recommend this book for everyone who is interested in getting a deeper understanding of how our government works, and how our economy works relative to the rest of the world.

Excellent Preparation for CFA Level 1
I am an employee at Merrill Lynch (I have my series 7,63,65,24,4) and currently studying for the CFA Level 1 Exam, however, my background is in Biochemistry and Biology so it is pretty obvious that I was behind relative to my peers with regards to our formal academic background. So I felt that I needed a book that that could clearly communicate the macroeconomic policies that govern this country. However, because the CFA level 1 is a difficult exam, I could not afford to have the author dilute the information or overly simplify the information. Fortunately, the literature provided in this book not only conveyed the information better, and clearer than the actual CFA preparatory classes that I had been taken, but it was such a fun book to read. The beauty of this book is that it provides actual contemporay and historic global examples to supplement the literature. Prior to reading this book I had read other books on macroeconomic policy that were so dry that I could not even finish the chapters (and I had read some pretty dry books during my days as an undergrade pursuing my double major in Biotechnology and Biology)but this book was the type of book that I did not want to put down from the moment I started reading it. Furthermore, this book also assisted me in getting a better understanding of the markets (equities and real estate) for future investments as well. After reading this book, I am such a sharper investor, I can now dissect the nonsense from the valid information that is being promoted on TV and in magazines. I highly recommend this book for everyone who is interested in getting a deeper understanding of how our government works, and how our economy works relative to the rest of the world.

Outstanding!
This book truly does demystify macroeconomics.Professor Langdana makes it accessible and easy to see the results of monetary and fiscal policy.I've never studied economics and I know I have a much better understanding of the subject thanks to him and his book!

Review of Langdana's Macroeconomic Policy
This book truly "demystifies" domestic and global monetary and fiscal policy.The strength of the book lies in the author's ability to not hide behind equations and math but to explain and analyze macropolicy clearly and intuitively.This should be required reading for all members of Congress!I wish I had a book like this while I was in graduate school!Superb!

Not recommended at all as a graduate level textbook
The book is not at all suited for a grad level course because none of the graphs or equations have any mathematicalderivations. The content of the book undermines the intellectual capabilities of a grad student. In short, there isn't much that a student can learn from this book. ... Read more

Reviews (41)

problems of economic globalization are daunting
Greider is clearly one of the very top liberal\populist economic analysts who writes for laypeople today. Greider proves, beyond a shadow of a doubt, that economic globalization as it is practiced today is fraught with contradictions and the potential for disaster. His book is simultaneously alarming and hopeful; the prospects for implementing his common sense reform proposals seem poor in the current conservative political atmosphere, meaning that global deregulation is sure to move even quicker now, causing new and frequent financial crises. The fundamental point in his book are sound: that an unequal income distribution, reinforced by the relocation of capital to low-wage areas, exacerbates a problem of inadequate aggregate demand, making recessions more likely. Greider is quite clear in his belief that a deflation of incomes, economies, and prices is the ultimate consequence of this fundamentally unjust new world economic order. To support his thesis, he takes the reader on a tour of a variety of places all over the globe, showing how, for example, the repression of labor rights in a place as far away as Indonesia contributes to a worsening of the wage-earning potential of first-world middle income workers. Greider is one of the few writers today who offers a genuinely humane and efficient economic vision that the world would be wise to follow. He suggests worker ownership of capital as a middle road between the inequities of capitalism and the disincentives of communism. He points out how transaction taxes on international capital flows would return stability to foreign exchange markets and, more importantly, national economies. He makes clear that the rule of finance capital, as manifest in high real interest rates, is only exacerbating the fundamental capitalist problems. (inadequate demand and excess capacity) Above all else, he makes apparent that economies, like all social institutions, are fundamentally human contrivances, and thus can be favorably altered by a populace with enough imagination to envision a more prosperous, equitable, and environmentally sustainable future. Greider is way left of almost anyone in D.C. today, but he is no communist, as is apparent from a reading of this book. All progressives should read this book, (though it is somewhat complex for those without prior exposure to economics) and use Greider's policy suggestions to pressure the political class to legislate real changes in our global economy so that we can create a more stable, equitable, sustainable, and democratic global community. As a final point, it is very heartening to see someone provide such plentiful evidence for what to me is a self-evident proposition: widely-shared prosperity requires genuine political democratization, everyone and anywhere in this tightly bound global economy.

Provocative, Insightful, Compassionate Look at the 3rd Wave
No one writes with more verve, insight, and human compassion than long-time Rolling Stone contributor and Editor William Greider. His perspective always centers on the human cost of social phenomena, and is always heartfelt, compassionate, and extremely well focused. In this book he centers in brilliantly on the ways in which the so-called "Third Wave" of global trading and commerce is poised to transform the social, economic, and political landscape of the countries in which it is being introduced. His writing skills are superb, and the ordinarily dry and stuffy stuff of economics come alive in this highly readable and quite entertaining work. In fact, reviewer Brink Lindsey of the Kirkus Review called this book "the best-written book on the global economy" he had ever read. Ditto, Mr. Lindsey, ditto.

I also agree with his observations calling the prose energized, clear, and sharp. However, I disagree with the negative criticism many other critics and reviewers have voiced concerning Mr. Greider's conclusions herein, which seem to center on the fact that he is not an apologist, fellow-traveler, or celebrant of the new global forces. Indeed, Mr. Greider's perspective is more sanguine, expressing concern of the many ways in which this fundamentally anti-democratic new commerce tends toward becoming a revolutionary & extraordinarily well-focused force literally power-hosing the new wealth generated by this commerce in the direction of the rich and well placed at the expense of almost everyone else.

Who can argue against the observation that we increasingly face an amazing conundrum when in face of the greatest sustained period of prosperity in the last forty years many people at the lower reaches of the socioeconomic spectrum are slipping farther and farther behind, that this prosperity is not acting to level the playing field, but, on the contrary is intensifying the distances and qualitative life styles of the affluent and the poor, or with the observation that consistently the indifferent, selfish and affluent conservative Republicans, ignoring the needs and problems of a majority of others, still demand a substantial tax refund for themselves at the expense of the rest of the populace? The truth speaks for itself in the sense that the governments of the world seem either uninterested or unable to regulate, limit, or meaningfully constrain the powers, policies, or dispositions of the multi-national corporations who now produce, distribute, and control the majority of the world's commercial efforts.

These corporations seem to be primarily motivated by motives much less socially responsive or oriented than they are profit-centered. Unless one actually believes in the silly, self-serving and patently ridiculous nonsense about Adam Smith's 'invisible hand' of the market place, believing that somehow an unregulated and unconstrained world economy will automatically and magically manage and self-corrrect itself through the countervailing forces of the marketplace (can I sell you some of my old lottery tickets?), one must take heed of the plethora of examples one can readily observe concerning the changes in our social, economic, and political environment that stem from the effects of this new 'global economy'.

In summary, Greider argues that the world is headed for a difficult & chaotic set of social & economic circumstances; disastrous levels of industrial plant overcapacity, unmanageable surplus goods, unemployable labor pools, frantic & often irrational stock speculation, unserviceable debts, and chronic massive unemployment. While all may seem to be wonderful to a casual observer watching along the surface, we are in fact skating bravely over the very thin ice of a totally new and revolutionary set of socioeconomic circumstances, and we should hardly be racing across this fragile and frozen expanse so quickly or so recklessly, trusting so blindly in so many anonymous corporate forces that historically have never bothered to concern themselves with the social, economic or political consequences following in the wake of their profit-oriented activities. Given the increasingly random & uncontrollable flow & use of capital, coming to terms with this emerging bulwark of the 'new world order' will be increasingly problematic. His conclusions are similar to those of neo-Luddite authors like Sales Kirkpatrick and Theodore Roszak, who have come to similar conclusions about the increasingly serious situation emerging concerning a technical, commercial, and economic world spiraling out of control. In my opinion, Greider's book is a heaven-sent call to arms; the first issued by a mainstream social critic whose argument we would all do well to consider.

His conclusions drive the narrative
"The Storm Upon Us ... everything seems new and strange ... nothing seems certain ... masses of people are tangibly deprived of their claims to self-sufficiency ... this revolution is steadily creating the predicate for its own collapse ... the prospect of an economic or political cataclysm of unknown dimension ... ." These and similar claims are found on just the first two pages of the book. To be fair, Mr. Greider also references the "great fortunes" thrown off by globalization and the fact that millions escape poverty, but right from the start you get the feeling that he is working backwards from his conclusions and choosing his rhetoric and his examples to sell his point of view. It's almost as if Mr. Greider is suggesting that, now that the West has gone through the very sort of radical transformation he describes with shock and dismay, the rest of humanity should just stay where they are at while we in the industrialized world figure out if and how they should reach for the security and the lifestyle that we take for granted. If you are looking to validate an anti-globalization bias you already hold then this may be the book for you, but I think it's fair to say that most readers would like to benefit from Mr. Greider's considerable experience and expertise without having to interpret his selective or overly cynical presentation. In a nutshell, my problem with the book is not that it argues against globalization and is wrong, but that it is as committed to persuasion as it is to education. I chose not to finish the book and will look for a more neutral resource.

A Close Look At Globalism
I've been meaning to write about One World, Ready Or Not (1997) by William Greider for some time since I finished reading it a few weeks ago, but it is a difficult book to describe in detail given it's scope and content. I first encountered Greider in the pages of Rolling Stone magazine where he writes about politics and economics and was impressed by his intelligence and rational thinking. Needless to say, he is somewhat liberal and progressive. This book is an excellent look at globalism, especially how economic systems and policies affect the world. Some of these sections are bit difficult to follow, but I found his case studies of different companies and labor movements quite fascinating, especially the section about the airplane industry and Boeing in particular. He explained how Boeing parcels out parts contracts to countries that order airplanes as a sort of kickback for countries doing business with them.

The section about the negative impact of free trade zones on the poor people who work in them is very telling. (For a more comprehensive look at the exploitation of third world workers see Naomi Klein's excellent No Logo, which is a good companion text to this). It is something that has troubled me since I saw a large group of peasant girls lining up at the gates of a textile factory in Cambodia, they looked like they were twelve, it was very Dickensian. The fact that they make around $20 a month for shoes that cost over $100, is absurd to me. I'd like to present some of the suggestions he has for reforming the global economic system, which has been spiraling out of control. All of them seem quite reasonable to me.

1. Tax capital instead of labor.

2. Reform the terms of trade to ensue more balanced flows of commerce, compelling export nations to become larger consumers of the global production.

3. Bring the bottom up-raising wages on the low end as rapidly as possible-by requiring trading nations to honor labor rights.

4. Forgive the debtor-that is, initiate a general write-off of bad debts accumulated by poorer nations.

5. Reform the objectives of central banks so they will support a pro- growth regime instead of thwarting it.

6. Refocus national economic agendas on the priority of work and wages rather than trade or multinational competitiveness, as the defining issue for domestic prosperity.

As Greider mentions, none of the propositions I have suggested is especially radical or even new in historical terms, since they all have been actively employed at one time or another. Nonetheless, I don't really expect to see any of these reforms adopted given the fact that there's no real economic motivation to do so. The problem as Greider states it, is that there is no governing body with the best interests of workers overseeing economic policies. As a result the gap between the haves and have-nots will continue to extend. All in all, a very thought provoking look at global economics.

Amateur Opinions in Print
Grieder likes playing the role of a public intellectual- one who cuts through it all to see what is really going on. One who sees all that escapes supposed experts, particularly economists. What he sees is a destructive machine that is out of control. There is no one at the wheel of global capitalism, it is wreaking havoc, and will undo itself. To prove this point he describes capitalism and 'free market theory' with disparaging adjectives. To make his case he needs do explain why these theories are wrong and provide valid evidence. He does neither.

His evidence is at best, anecdotal. At worst it is from questionable or unnamed sources. Discussion of the free market concepts he opposes is almost totally lacking. The author claims that free market economics is unscientific and derides it as 'dogma' and 'a value laden form of prophecy' (p48). But, he tells his audience little about these supposedly false ideas. In fact, he admits (p53) that he does not argue much with this 'dogma'. So he admits to evading a serious discussion of the concepts he slanders.

He speaks in terms of absurdly simplistic supply and demand type reasoning, and mentions arbitrage, but he ignores the real issues that pertain to his subject matter. His chapter on wages and work ignores the issue of labor productivity- he barely mentions it (p67+76). The economic arguments that he dismisses hinge on marginal productivity, but it is not clear that knows anything about this supposed dogma. Instead, he focuses on income distribution between capital and labor. He sees international competition in labor markets as benefiting capital- consumers seem not to benefit from this at all. Later in this book (p122), he stumbles into the notion that competition benefits consumers, but fails to realize that he has damaged his own argument.

Greider claims that the most successful Asian economies rejected Laissez Faire and free markets (p87). But, the most successful postwar Asian economies (including Japan) have some of the freest markets. They have some governmental intervention, but far less than other nations. This is not Laissez Faire in the strictest sense, but who would deny that Hong Kong has a high degree of Laissez Faire? Successful Asian nations developed after considerable (not complete) privatization and deregulation.

He writes that the general claim by economists that free trade benefits people generally and causes only temporary and narrowly focused dislocation (p73) is wrong. His condemnation of trade theory is strong, yet he fails to demonstrate an understanding of important concepts, like the principle of comparative advantage. If he wants to engage in idle conjecture that is fine. But if he is going to claim that the experts are generally wrong, he could at least demonstrate a basic understanding of what the experts actually say.

Greider is fond of labor unions. He employs a simplistic high wages=prosperity argument to argue that labor competition benefits capital only and is per see bad for workers (p59). Efforts to restrict competition do raise wages for some workers. It also renders other workers unemployable (productivity matters) Greider provides an example of this principle in action with his Thailand example of job losses following higher minimum wages (p 70). This contradicts his dismissal of economic theory. Greider also writes much about things like social cohesion, shared responsibility, and collective identity. These are catchy phases, but indicate little more than his own dissatisfaction with current trends. He claims that people are helpless in the face of global capitalism, but voluntary consumer spending drives it. There is 'someone' at the wheel of global capitalism- global consumers.

Greider also has nice things to say about Veblen and Keynes (p51-2). In Veblen's case, there is some reason to show some admiration. Veblen was an interesting, though mistaken thinker. Keynes is a different matter. Greider tries to substitute discredited Keynesian ideas regarding overproduction for sound economic theory. He explains neither theory, provides no relevant evidence, and instead assumes the superiority of the demand-side economics of Keynes. This is mere conjecture rather than argument.

Greider complains that America is the worlds 'buyer of last resort' that absorbs surplus production. We supposedly buy imported VCR's, TV's, cars, beer, and clothing not because we derive consumer satisfaction from these goods. We are desperately trying to prop up global Capitalism by spending beyond our means! This, of course, is doomed to failure because we cannot accumulate debt forever. So he accepts Keynesian theory, which promotes deficit spending, but complains about he practice of deficit spending.

Greider admires Keynes' optimism about the supposed possibility of abundance (p440). Once having solved the economic problem, we can 'become social beings on a larger scale, discarding barbarism' and so on. Instead of private property in capital, we should have universal capital ownership- in other words, socialism. Greider dodges all the economic objections concerning socialism, all the incentive and knowledge problems. Instead he whines about how Capitalism induces 'infantile responses'- the pursuit of self interest and evasion of responsibility for collateral consequences of actions. This all reveals that Greider is merely a utopian dreamer. Limited life spans and physical resources put abundance permanently out of reach. Self interest is a part of human nature. As for evading responsibility, that is what socialism does. It socializes costs. Property rights enforcement under Capitalism forces people to bear responsibility for their actions. Some try to avoid this, but that is a violation of Capitalist ethics, not a consequence of them.

Perhaps his most obvious error is in blaming industrial capitalism for the rise of Nazism (p38). Everybody knows that the treaty of Versailles and hyperinflation wrecked German economy and led to Hitler's rise to power- everybody but Greider.

Grieder derides professional opinion rather than criticizing it. Of course, there is no reason why amateurs cannot criticize professional opinion. But Greider does not do this. He offers conjecture, derision, and utopian fantasies, but no substantive analysis. This book should not be taken seriously. ... Read more

Book Description

Civil war usually has devastating consequences – it is development in reverse. As civil wars have accumulated and persisted, they have generated or intensified a significant part of the global poverty problem that is the World Bank’s core mission to confront.

Part of the purpose of this Report is to alert the international community to the adverse consequences of civil war for development. These consequences are suffered mostly by civilians, often by children and by those in neighboring countries. Those who take the decisions to start or to sustain wars are often relatively immune to their adverse effects. The international community therefore has a legitimate role as an advocate for those who are victims. The second reason why the World Bank should focus on civil war is that development can be an effective instrument for conflict prevention. The risk of civil war is much higher in low-income countries than in middle-income countries. Civil war thus reflects not just a problem for development, but a failure of development.

The research yields three main findings. First, civil wars have highly adverse ripple effects that are obviously not taken into account by those who determine whether they start or end. Second, the risks of civil war differ massively according to a country’s characteristics, including its economic characteristics. As a result, there is a conflict trap, and civil war is becoming increasingly concentrated in relatively few developing countries. The third finding is that feasible international actions could substantially reduce the global incidence of civil war. ... Read more

Book Description

Praise for the first edition ". . . a valuable reference for anyone interested in Japan's economy. . . provides essential background information as to how Japan's bureaucracy functions, how its trade relationships have developed, and why some policies are as firmly entrenched as they are." -- Far Eastern Economic Review

The MIT Encyclopedia of the Japanese Economy was the first English-language encyclopedia to cover all major aspects of Japan's postwar economy. The second edition has been fully revised and expanded, and includes previously unpublished data as well as coverage of recent developments in the economy. The definitional entries concisely explain major economic concepts and include translations of Japanese economic terms and cross references to the longer topical essays. The 180 topical essays cover banks, financial systems, major industries, corporate groups, management practices, labor unions, international trade and investments, government economic policies, and more. They also include comprehensive statistics, American and Japanese views on economic relations between the two countries, and suggestions for further reading. A new index contains names of major companies. ... Read more

Reviews (1)

Invaluable reference source
As an international equity portfolio manager specializing in Japanese equities, this book is a very valuable reference source. The book describes many of the key institutions and their interlocking nature. Full of cross references, addresses & phone numbers (for institutions) and mini bibliographies for most major concepts, this book is a great hub for studying the Japanese economy. I look forward to the next edition. ... Read more

Book Description

In recent years the media have reported, frequently with alarm, on the increasing use of genetically modified crops in agriculture. Some groups have expressed concern about consumer safety and the risks of large-scale ecosystem damage. Others have noted the resulting shift of power away from locally controlled farming operations toward large agribusiness and biotech companies, and the particular vulnerability of farmers in the developing world to this trend.

In Seeds of Contention: World Hunger and the Global Controversy over GM Crops, development specialists Per Pinstrup-Andersen and Ebbe Schiøler focus attention on the less discussed issues ofthe potential benefits and costs of genetically modified crops for developing countries. Pinstrup-Andersen and Schiølerreview the basic issues and discuss the potential that such crops have for addressing the great needs of poor and undernourished peoples throughout the world. They explain how increased agricultural productivity is not enough in addressing the problem of famine. People in developing countries need crops that are disease-resistant, can fend off insect predators, and can withstand severe environmental conditions in order to produce larger crop yields.

Pinstrup-Andersen and Schiøler are sober in their assessment of these prospects, for they acknowledge that GM crops alone will not solve the world's food problem. They argue, however, that they may be one element in the solution and people in developing countries should have information about benefits and risks and the freedom to make their own decisions about whether or not to grow and consume GM crops. ... Read more

Book Description

A witty and accessible tour de force that is immersed in the latest economic thinking, Culture and Prosperity is an indispensable guide to the world around us and destined to become a classic text for understanding the politics of globalization.

Guided by the belief that a combination of lightly regulated capitalism and liberal democracy -- the American business model -- is not just appropriate for America at the dawn of the twenty-first century, but a universal path to freedom and prosperity, the United States is an unrivaled colossus seeking to remake the world in its own image.

After a decade of successive market revolutions around the world, beginning with the collapse of the Berlin Wall and continuing in countries as diverse as Argentina and New Zealand, the effectiveness of the market economy as a route to prosperity and growth is not in question, but a more sophisticated appreciation of the strengths and limits of markets is urgently required.

In this new and illuminating analysis of the nature and evolution of the market economy, John Kay attacks the oversimplified account of its operation, contained in the American business model and favored by politicians and business people. He even questions whether it offers an accurate description of the success of the American economy itself.

In an absorbing argument that rewards close reading, and rereading, Culture and Prosperity examines every assumption we have about economic life from a refreshingly new angle. Taking the reader from the shores of Lake Zurich to the streets of Mumbai, from the flower market of San Remo to the sales rooms at Christie's, John Kay reveals the connection between a nation's social, political, and cultural context and its economic performance.

Reviews (5)

A book for social democrats and europhiles
New Keynesians, Europhiles, and those who like to set up a straw-man model of the American economy and then have it will like this book a great deal. Mr. Kay has an elegant and confident style that inspires belief that his pronouncements are the way things are. He does not have much use for the Chicago school of economics, nor of the idea that small government and lower taxes can add vibrancy to an economy. He is a Social Democrat who sees little difference between Mao, Stalin, and the management at Ford Motor Company.

This idea is so strange as to seem laughable to me. Mao and Stalin brutalized entire peoples and mismanaged entire countries. Ford, an international company, is still a miniscule part of the American economy and any mismanagement it might engage in has much more limited effects. Employees who dislike working at Ford and consumers who become disenchanted with its products have other places to work and other products to buy. The citizens of the USSR and China had no such option.

Mr. Kay also says, strangely, that European productivity is higher than that in America but really doesn't explain the way the measurement is made nor the effect the recently higher Euro against the Dollar has played in that measurement. I am not declaring him wrong, I simply would like to have a more complete demonstration of his claim.

A most egregious mistake he makes, like many who dislike capitalism, is to equate greed with self-interest. He claims that many people do things that are not directly related to acquisition or more money or material goods and claims this to be a proof that people don't act as capitalism claims. Adam Smith and other explainers of the capitalist model and any of us who believe it in always talk about rational self-interest NOT naked greed, which is a form of irrationality. That people want to build concert halls or have parks or shelters for the indigent is not irrational nor against a person's self-interest. However, opponents of capitalism need to have greed as the straw man to knock down however silly the claim that it is a foundational principle of capitalism.

Does the book explain why some nations are rich but most remain poor as the subtitle promises? I think that Hernando Desoto's "The Mystery of Capital" is much more convincing. But I have my own beliefs, and while I am a fan of European history and culture, I think that Socialism has cost Europe a great deal. However, you may believe differently and if you do, you will likely enjoy this book more than I.

A description of how complex comparative economics is
There have been many arguments put forward as to why some nations seem forever destined to remain poor and others, primarily European in cultural heritage, are prosperous. Those arguments range from the extreme believers in absolutely free markets as the reason for wealth to the relentless and continuous exploitation of the poor as the reason for poverty. As is nearly always the case when there are two extremes, the truth is somewhere in the middle, with each nation having different reasons for their economic performance. However, there are some general reasons, and Kay cites them with examples.
The first requirement for prosperity is a government whose members are not concerned solely with increasing their personal wealth. Although there are many others that he could have used, Kay cites the example of Joseph Mobutu in the Congo (Zaire). In terms of natural resources, the nation is extremely wealthy, but under Mobutu the country, with the exception of his cronies, was completely bankrupted. Kay also places a lot of blame on Western institutions that supported the Mobutu regime, lending billions of dollars that have largely vanished with no physical evidence remaining. Organized mineral production in the country has largely ceased.
In general, the countries of sub-Saharan Africa all suffer from the problem of greed and weak, incompetent government. In an excellent quote, Tom Friedman states, "Come to Africa- it's a freshman Republican's paradise. Yes, sir, nobody in Liberia pays taxes. There's no gun control in Angola. There's no welfare as we know it in Burundi, and no big government to interfere in the market in Rwanda. But a lot of their people sure wish there were." These examples also demonstrate that free markets are not the answer. Some of the freest markets in the world are in these countries, where bandits rule by controlling mining and then sell their ill-gotten gains to the highest bidder. Government leaders also readily sell their decisions to the one willing to pay the most. It is very sad to note that in many of these countries, economic productivity is now lower than it was when they were still under colonial rule.
Stable governments with honest leaders are also not enough. Kay cites the example of Tanzanian President Julius Nyerere, one of the few honest leaders to emerge in sub-Saharan Africa. Nyerere ran a government largely free of corruption and tried to develop factories and a stable economic infrastructure. Under his rule, Tanzania was considered one country that could possibly rise from the muck that is the disaster of Africa. Unfortunately, despite all of the aid and advice from Westerners, the GDP of Tanzania was lower when Nyerere retired than it was when he took office. One giant factory designed to supply the entire country with shoes was a disaster and never operated at more than 5% of capacity before it was closed.
Kay also has a true sense of history, something often lacking in modern commentators on economics. He reminds us that the early industrial revolution in England was very hard on the social structure, people and the environment. Thousands were herded into slums to provide the labor pool, and left to fend for themselves when they were no longer needed. Children were forced to work very long hours at dangerous jobs that required someone of their size and dexterity. Westerners travel to sweatshops in third world countries and are strongly critical of the conditions they find. It is often forgotten that the conditions they find are much better than when Europe industrialized. The reality is that economic conditions eventually dramatically improve, it just takes some time.
In examining the conditions that lead to a country being prosperous, Kay concludes that the following conditions must hold:

* Stable, honest government.
* Laws that clearly define property rights and that are enforced in an even-handed way.
* A sense of community, where people do not blindly follow the path of personal self-interest.
* A spirit of innovation, where new ideas are constantly generated, tried in small experiments and then only executed in the large when they have passed the initial tests.

Kay also spends a great deal of time on the American stock market bubble fueled by the dot-com craze of the nineties. His statements and conclusions regarding the behavior of the American economy will not please those who praise it as the model of efficiency. He considers the descriptions of the American economy to be vastly oversimplified and even whether they accurately describe how it functions.
I enjoyed the book, especially the examples of economic successes and failures. So much so, I wished there had been more of them. A large section is spent on describing the fundamentals of markets, which I largely skimmed. One thing is very clear. In performing a comparison of the economic performance of countries, you realize how complex economic productivity is. Those who argue that all will be well if only free markets and democracy take hold are misguided and/or simple-minded. Societies and cultures are extremely complex and Kay demonstrates that even well intentioned actions can be detrimental.

Analysis of the intersection of culture and economic theory
The subtitle to this book describes the content succinctly - "Why Some Nations are Rich but Most Remain Poor". Author John Kay, a prominent British economist, postulates that one of the reasons is due to cultural factors. These cultural norms may both free and confine the society when it comes to prosperity. If international trade benefits both rich and poor countries then why do poor countries remain poor? In a brilliant exposition of economics he argues that it is not the free markets and constant search for materialistic acquisition that has made America prosperous but it is largely a factor of the various institutions we have in place. That is one reason why many countries have been unsuccessful in trying to emulate the American economic machine. If our success were based entirely on free markets then bringing them to other countries would allow them to prosper, but they often do not. If you were taught the traditional Adam Smith and Keynesian economic models you will be delighted with this additional perspective on the international market and why our models often don't work in other countries. By the same token the models that work in their cultures may not work at all in ours. A fascinating read and a fresh view of international economics, "Culture and Prosperity" is a highly recommended book.

Illuminating if a bit dense
John Kay is one of those writers with the rare knack for making economics understandable, and his skills are in full display in this book. Kay offers a sophisticated critique of the assumption that markets can, on their own, guarantee prosperity, and he shows how culture and institutions play a crucial role in driving economic growth. At the same time, he rejects facile attacks on capitalism, arguing convincingly that markets remain the most powerful engine of prosperity ever invented.

Kay's style is generally quite readable, but at times here -- more so than in his FT work -- he gets bogged down in theory and detail, and there are ponderous passages to wade through. On the whole, though, this is illuminating stuff, and anyone interested in understanding why some parts of the world are rich while others are poor should take a look.

Informative and entertaining
This excellent book is an illuminating introduction to the key economic issues of our time. I had never imagined that a book on economics could be interesting, yet this work has shown me not only that the label of 'the dismal science' is unjustified, but also that the workings of the market economy can be explained with wit and lucidity. Highly recommended. ... Read more

Book Description

With grand announcements, recycled promises, and much hype about debt relief by the leaders of the world's rich creditor countries, the International Monetary Fund (IMF), and the World Bank since 1999, many of us can be forgiven for believing that the debt crisis of the world's poor countries is over. Far from it.

Reviews (6)

Very sensible propositions
Noreena Hertz's basic principle is that the rights of creditors do not stand above fundamental human rights.
Debt repayments should not be imposed on governments when they could put in danger a minimum level of food, health care, clothing, water, education and housing for the entire population.

But as US president Calvin Coolidge said to the English delegation after WWI: 'We lent you money. Didn't we?'
The fact is that a lot of money was lent to corrupt and despotic regimes (Suharto, Marcos, Abacha, Ceaucescu, Mengistu, the South-African apartheid regime ...). More, after the end of the cold war, the US asked immediate debt repayment from States which were no longer strategically important.

Democratic governments should not be responsible for irresponsible lending by States or International Organizations.
She remarks that 60-70 % of all World bank projects under Mc Namara were failures and that only 10 % were ecologically and socially sound investments.

For her, debt should be forgiven if it was lent to undemocratic regimes, if the investments were against the interests of the majority of the population and when those who gave the money knew for what it was disbursed.
Ultimately, debt forgiveness will ot only favour the poor but also the rich countries, for it should not force nations to implement unsound policies and should improve security in the world.

By the way, she rightly lambastes massive arms investments (4 stealth bombers represent 1 schoolyear for 155 million children) and agricultural subsidies in the US and Europe (every cow receives 2,20 $ per day, or more that 1 billion human beings on our planet).

This book is a must read about a crucial problem for a massive part of the world population.

Honest, but .....
Just as her other great book , The Silent Takeover, this one is an honest effort, well documented and basically well intended.I think Ms. Hertz is brilliant and brave in her exposure of the facts. But...and there is always a but. I think that, her final proposals tend to be naive. Do not misunderstand me. Herproposals would be very good...if and only if, the people with the power to move ahead with the kind of actions that are needed were really interested in the fate of poor countries and in the people of their own countries ( as she very well explains). What they are interested in , I mean the elites everywhere,is in PROFITS and power..that is the reason and the blood of limitless capitalism. All other issues, including the welfare of the people or the environment are simply not considered.
Another point is that the role of the corrupt political elite in third world countries is in some way minimized. These guys are gangsters and must be treated as such. But instead they are very well treated by the political and corporative elites in the developed nations...and when they no longer represent PROFITS or geopolitical advantages they are simply discarded..Just remember Noriega or Saddam...The sad point is that the people of these countries can not discard these gangsters by their own means..Why?? Because of the support the corrupt Govts' receive from the rich countries..And they preach about moral and ethics....!!!Very good read....Worth your time.

The Plague
Back in the good old days of Western imperialism, Western powers used the same tried and true approach over and over again to extract wealth from and subdue non-Western peoples: invasion and/or colonization, and/or enslavement. This method was effective for a few hundred years, until subjugated populations after living in close quarters with their masters and learning their weaknesses, mounted various successful forms of resistance against them, e.g., the Algerians' violent resistance of the French, or Gandhi's non-violent resistance of the British.After the First World War, the Western powers (although with much backsliding, evident now in Iraq), began to withdraw their armies and close up their colonial shops.After the great bloodbath ofWWI the old cover stories -- "The White Man's Burden" - were so threadbare that the average Westerner could at last see imperialism for the nasty racket it was.

But wait. It turns out that was just the opening chapter of imperialism.There's a new chapter, or in business-speak a "new paradigm."Through the relatively abstract miracle of debt, rich countries since WWII have been able to reclaim their hegemony. The beauty part for the West has been that invasion through debt does not require much in the way of armies and colonists.In fact, what is really sweet about the new way of doing business is that invaders get to dictate terms to poor countries and don't usually have to back up their threats with armies.Instead there's the threat that global traders will lower poor nations' bond ratings, squeeze their economies, and, by extension, their people, until they see the light. Kind of like loan sharking when you think about it.

Loan sharks, contrary to the stories told in movies and books, generally like to keep their customers alive, because after all, they want to get their money back.In this new form of colonialism that's pretty much true, too.But still, people do get killed like they did during the traditional imperialist paradigm.Hertz shows in chilling detail, for instance, how a cholera epidemic swept through Peru because Alberto Fujimori, following the dictates of the IMF and World Bank, sent every nickel he could get his hands on to pay the interest on Peru's national debt so Peru would get back into the good graces of the financial markets.Healthcare services, welfare and other human services were curtailed or cut to pay the debt.When Peru and opened up its economy to the international market as per the IMF just as commodity prices dropped, unemployment and poverty rates went through the roof.Rural dwellers moved to the city seeking work.Work was not available; unsanitary conditions were.So desperate was their poverty that these Peruvians couldn't afford soap to wash their hands or kerosene to boil their water.And so cholera killed nearly 4,000 in less than a year.

Ms. Hertz provides much needed insight into the history of the debt threat.It began in the Cold War - the era of the "chessboard and the checkbook" in Thomas Friedman's phrase - when the U.S. and the Soviets were buying allies.Few restrictions applied to these loans.Dictators and oligarchs could spend it any way they wanted as long as they remained friends.Then in the 70s came the commercial U.S. banks, awash in petrodollars, making loans and betting that Uncle Sam would reach into the pockets of the U.S. taxpayer to bail them out if necessary.After the Soviet collapse ended the era of checkbook diplomacy, a newly invigorated IMF and World Bank began its recent career as a lender of last resort.Their one size fits all free market approach placed the same onerous restrictions on every nation they did business with.Debt enslaved nations meekly agreed to more enslavement lest these agencies tighten the screws further.

Ms. Hertz takes us through this history at a brisk pace and shows through examples that though the approach may have changed, the result is the same: poor countries in thrall to rich countries.She shows with gripping examples not only how the racket works but, more importantly, how these practices put the West in danger by promoting dangerous conditions around the world.For instance, disease can now board an airplane and land in any Western nation in a matter of hours.Poor people grown even poorer because of their nations cannot afford basic health services and so grow weaker, more susceptible.Their afflictions mutate and metastasize, and soon the entire body of humanity is at risk.Then, of course, there is the wholesale destruction of the environment as poor countries rip up their forests and sell their oil to the West so it may be burned or turned into toxins.And, of course, there are terrorists who find an ever expanding pool of ready recruits among the poor, a whole new class of young men who are boiling with resentment and rage.Tragically, in the narrow Western ethos of profit and loss, payment of debt must override all other concerns, because profit-making is the only goal, and capitalism the best of all possible alternatives.

With THE DEBT THREAT,Ms. Hertz's continues to demonstrate how the forces of global hypercapitalism that she explored in her first book ("The Silent Takeover") put the lives of everyone in physical, and at the very least, moral jeopardy.As in that book, her personal story gives one hope: an economist trained at Wharton (she was there to help "jump start" the Soviet economy in the early 90s and was witness first hand to the anti-human ethos of the free-market fabulists), she has switched her allegiance to the other side of the barricades.On a positive note, global protests and activism has managed to arrest some of the worst abuses of the World Bank and IMF, the commercial banks and ECAs.One can only hope that this cogently argued work will awaken more and more people to this latest, and perhaps even more deadly strain of imperialism.

Third world debt is a noose and a time bomb
Large amounts of government debt are a combination of a noose around the neck of many developing countries as well as a potential time bomb that could explode and threaten the developed countries as well. When I was growing up, I was repeatedly told how much the United States was giving to the poor countries of the world in foreign aid: money, equipment and food. I also heard many times about the anti-American stance that people in those countries had and how their lack of gratitude was disgraceful. Once I entered graduate school, I encountered people from other countries and we talked very frankly about how they perceived the United States. Those from Chile talked about how they watched the Chilean military round up their friends and take them to the soccer field, and how they later heard gunshots and never saw the people again. They also described how the same thing was happening in Argentina. At the time, those regimes were strongly backed by the U. S. as fellow anticommunist governments and received substantial amounts of American aid.
Students from other countries considered U. S. allies also talked about how the aid sent by the United States and other western countries was used to buy arms and equipment for the government forces and very little was ever distributed to the people. A large amount of the aid that the United States sent to third world countries before the collapse of the Soviet Union was used to buy weaponry or to bribe the leaders. The only two conditions imposed on them were that the weapons had to be purchased from the west and the country had to maintain a firm stance against communism. If the leaders receiving the money followed these guidelines, then they were free to skim whatever they felt they needed with no threat of the funds being cut off. Therefore, those nations are now overloaded with vast amounts of debt that they can never repay. One of the main themes of the book is that most of the debt of the third world countries should be forgiven. Since it was the price that the west paid to defeat communism, that is one strong argument in favor of the debt cancellation.
There is also the ugly history of the origin of much of the debt, namely greedy bankers who literally pushed the debt onto governments, giving out massive loans, knowing that the U. S. government would step in to avoid defaults in the worst cases. The International Monetary Fund (IMF) and the World Bank have forced debtor governments to institute policies that have made bad situations worse. In Rwanda, after the horror of the genocide was over, and there was not even so much as a stapler in the government buildings, the new government pleaded with the IMF to give them an emergency loan. The response was that they first needed to pay the three million in interest that they currently owed.
This theme of western rapaciousness in the face of increasing problems is the saddest aspect of the situation. In western societies, if a person goes bankrupt, the law allows them to keep some of their assets and at least tries to let them keep enough so that they can work, seek medical care and avoid starvation. That has not been the case with the IMF, which has forced nations to chose between making their interest payments and providing medical care and education for their citizens. In many nations, schools and hospitals have closed, as there is no longer any money to keep them open. The IMF had dictated that in order to get additional assistance, they must make their onerous payments. Such policies will only make the situation worse in the long term and is breeding a great deal of resentment. As Hertz points out, many of those nations are Muslim and this is the source of a great deal of anti-western hostility.
The worst two aspects of this situation are how rich some western people and institutions are getting from this. She describes how much money many of the lending institutions have made from these bad loans; few of them have truly lost significant money, even when a nation has defaulted. In my mind, the worst is what Hertz refers to as the debt vultures. These are people who spend their time in the legal system acquiring what few assets the debtor nations have in the west, stripping them of one of the few things they have of value. This is done in an attempt to pay off some of their debt. When she interviews one and asks about any feelings of remorse he may have because he is literally forcing thousands of people to an early death from starvation and disease, the vulture shows none. Such actions are considered criminal in the United States, but are routinely committed against the poor of the third world.
Hertz was in the former Soviet Union as it was collapsing, working with the international banking agencies and implementing their policies. Her opinion is that those policies were so destructive and shortsighted that they helped accelerate the collapse of the Russian economy. By trying to impose a western style capitalist economy, the functional parts of the old Soviet economy collapsed and this led to the rise of the underground and criminal economy.
This is a book that all people who study the relationships between the wealthy and poor nations should read. I will never forget my discussions with my classmates from Chile. While we all got along and they enjoyed being in the United States, there was bitterness in their voices when they talked about the events in their country. I realize that they will never forget that the United States encouraged and bankrolled the Chilean military and will always assign some blame to the United States. I also understand that they are only a few of the billions of people around the world who have similar reasons to hate the United States. It is time that western banking and political institutions recognize that it is in their best interests to implement a policy that will allow the debtor nations to recover from their indebtedness and begin to expand their infrastructure, educate their people, treat their sick and protect their natural resources.

Important and accessible history (and solutions)
A highly readable and accessible book on an important subject that most people believe is too difficult to understand. Hertz's history of third world debt, which takes us from the Bretton Woods agreements to the present day, is interspersed with stories from the author's work and observations, such as Bono's Jubilee activism and the author's own foray to Russia as a consultant for the World Bank and International Monetoary Fund. Every American should read this book -- particularly every American who finds the subject off-putting, doesn't think it really matters, or has wondered why all those people are protesting globalization. ... Read more

Book Description

Coffee is traded in one of the few international markets ever subject to effective political regulation. In Open-Economy Politics, Robert Bates explores the origins, the operations, and the collapse of the International Coffee Organization, an international "government of coffee" that was formed in the 1960s. In so doing, he addresses key issues in international political economy and comparative politics, and analyzes the creation of political institutions and their impact on markets. Drawing upon field work in East Africa, Colombia, and Brazil, Bates explores the domestic sources of international politics within a unique theoretical framework that blends game theoretic and more established approaches to the study of politics.

The book will appeal to those interested in international political economy, comparative politics, and the political economy of development, especially in Latin America and Africa, and to readers wanting to learn more about the economic and political realities that underlie the coffee market. It is also must reading for those interested in "the new institutionalism" and modern political economy.

Reviews (22)

A Book to Reinvent Our Goals
Alan Weisman, a journalist hired by NPR to investigate solutions for environmental crises, spent years collecting information in a tiny, remote village at the eastern edge of the war-torn country of Colombia. That village was Gaviotas; this book is his result.

I read this book on a recommendation from Daniel Quinn, author of "The Story of B" and "Beyond Civilization." Quinn's entire philosophy rests on two ideas: living in a sustainable manner, and allowing the reader to come up with their own solutions for doing so. Gaviotas is a community where people did just that - through ingenuity, creativity, and hard work, the residents of this planned village created a place where water is pulled from the ground using pumps attached to children's see-saws, heat is provided by the sun, and electricity by the wind.

It's a progressive's dream come true, and an experiment that has succeeded in all possible ways. This book lays out the history of Gaviotas and its unique founder, Paolo Lugari, and places it within the context of the ongoing struggles in Colombia. In the wake of the World Trade Center attack, I decided to re-read Gaviotas to remind myself that not only is there hope for humanity as a whole, but hope that individuals will begin to take responsibility to begin freeing ourselves from the confining forces of our self-imposed prisons called "civilization," but still manage to retain the good things, too.

Every person on earth should read and re-read this book. If you haven't, buy it now or start hoofing it to the library.

Wonderful, Inspiring, Hopeful!
It was one of the best books I've ever read.
Go get it right now!

Gaviotas is an inspiring story of hope and success
Gaviotas the place is amazing! I can't believe how many good ideas were put into practice in one community! Incredible. All working/aspiring engineers, city planners, architects, etc. should having a working knowledge of the theories and practices Alan Weisman describes in this book.

Humans CAN be part of a non-destructive, even a positive, productive relationship with their surroundings. We CAN prosper without decimating everything with which we interact. Gaviotas is a good start--a good example for the rest of the world.

READ THE BOOK! BUY THE BOOK!

Hope Floats
I read this book after one of my Colombian friend recommended it. I could not put it down once I started reading it. It is not an easy reading and it requires you to think about how everybody in the western world takes life and facilities for granted which people in countries like Colombia strive hard to achieve.

This book is a fantastic tale of individuals who don't take no for an answer, who had a dream and they worked to achieve it and in the process created an outstanding example of the fact that 'life and nature can co-exist' because that is how they were before we made discoveries and inventions to conquer nature.

The book ends with a final message...If you have a dream then pursue it...you will meet people along the way who share your thinking...Hope floats.

A vision of humanities existence
Gaviotas

I can honestly say that this book completely changed the way I look human existence and relation to nature. Not only are the people of Gaviotas innovators, but visionaries aided by the studies past and present technologies. While reading this tale I was not only amazed by the resourcefulness of a few people, rather what the implications are to the human family as a whole. It seems that the people of Gaviotas have given themselves an education that no classroom can offer. In fact quite the contrary, they are scholars of the laws of nature.
One thing that I learned from this book is that it is easy to get stuck thinking within the parameters of modern society. It seems that every technology around us is based purely on the short term and hard resources. However it is the natural dynamics of Earth which run the resource base for the natural world, the wind, hot, cold and ultimately the sun. ... Read more

Reviews (1)

What the back cover really says about this book
"Oatley offers a brilliant text that will soon replace all contenders on existing IPE syllabi. My students find it stimulating, informative, and well written; they latch on to the politically relevant examples and the easy access that it offers to important theoretical concepts. Quite simply, this is the best IPE text on the market." Jonathan Moses, Norwegian University of Science and Technology

"The author has a real ability to make complex topics understandable for college undergraduates." Francis Adams, Old Dominion University

"This is a well-written, easily accessible text that makes theoretical concepts and historical material understandable to students without 'talking down' to them." Michael Mastanduno, Dartmouth College ... Read more

Book Description

The extraordinary growth enjoyed over the last several decades by many East Asian countries has amounted to nothing less than an economic miracle. Employing unorthodox policies, Hong Kong, Indonesia, Japan, Malaysia, the Republic of Korea, Singapore, Taiwan, and Thailand have all produced dramatic results with far-reaching improvements in human welfare and income distribution, leading many to ask whether a similar achievement can be duplicated elsewhere.

Written for the nonspecialist, this World Bank Policy Research Report--the first in an important new series--discusses in detail the means by which these high-performing Asian economies (HPAEs) realized their staggering success between 1965 and 1990. Examining how these countries stabilized their economies with sound development programs that led to fast growth, the book also shows how they shared the new prosperity by making income distribution more equitable.

The book makes clear how the HPAEs promoted rapid capital accumulation by making banks more reliable and encouraging high levels of domestic savings, while universal primary schooling and better primary and secondary education quickly increased their skilled labor forces. Also included are illustrative examples of productive agricultural programs, modest tax policies, the modification of price distortions, foreign technology and investment, and the cooperation of government and private enterprise.

Exposing to a broad audience the revolutionary process that transformed East Asia into the collection of economic juggernauts that it is today, this provocative World Bank report offers wisdom for today's up-and-coming markets, highlighting the policies that will make a difference as well as those that, despite their effectiveness in the Orient, could prove disastrous elsewhere. ... Read more

Reviews (1)

Good pre1997 crisis book, interesting contradictions
This book explores the causes for the extraordinary growth experienced by a few Asian countries in the pre-1997 crisis era. It describes, in great detail, the policies adopted in each country that are believed to have spurred such development; to its credit (being a World Bank book), it even suggests that some unorthodox policies may have been beneficial, even though it does suggest that these benefits are not there to be reaped again by a country trying to emulate them. One of the main arguments is also that income distribution improvements have been a common experience across these countries, which is a topic not often discussed in development economics.

There are, however, some obvious fallacies in this book. Having been written pre-1997 crisis, it does highlight the strenght of the banking system in many of these countries; these banking systems were later to be blamed for much of the pain in the 1997 crisis.

I find this book fascinating, not as a source of development ideas (those can be found elsewhere), but due to the historical context in which it was written (praising economies that were about to collapse). Of course, these economies are still better off that most developing countries, so I do not believe that they are mistaken in many points, but there are certain contradictions that arose with the crisis that make it worth reading this book to determine what is good advice and what is hot air. ... Read more

Book Description

The Sen and Dreze omnibus comprises three outstanding works by two of the world's finest economists. The volume is a trilogy on the causes of hunger, the role public action can play in its alleviation, and the Indian experience in this context. Together the three works provide a comprehensive theoretical and empirical analysis of relevant developmental issues. ... Read more

Reviews (2)

to better the understand the third world
Handelman provides what the third world has to deal with to become industrialized democracies. He foucses on underdevelopment, democratic changes. religion and politics, ethnic conflict, women in development, agrarian reform, and rapid uranization among other topics. THe book was published recently so it even has some information about 9-11 and its impact.

Good source for third world development.

Great Textbook and Resource Tool
I had to read this book for an undergraduate course on the politics of the developing world.It can be difficult to read at times if the reader does not have some understanding of the developing world or the theories that surround their slow development into modernity.Overall it is an wonderful text for building a knowledge base and an excelllent reference tool. ... Read more

Book Description

Hardbound. For this Handbook authors known to have different views regarding the nature of development economics have been selected. The Handbook is organised around the implications of different sets of assumptions and their associated research programs. It is divided into three volumes, each with three parts which focus on the broad processes of development. Volume 1 of the Handbook begins by discussing the concept of development, its historical antecedents, and alternative approaches to the study of development, broadly construed. The second part is devoted to the structural transformation of economies. The role that human resources play in economic development is the focus of the last section of this volume. ... Read more

Book Description

China’s spectacular economic growth over the past two decades has dramatically depleted the country’s natural resources and produced skyrocketing rates of pollution. Environmental degradation in China has also contributed to significant public health problems, mass migration, economic loss, and social unrest. In The River Runs Black, Elizabeth C. Economy examines China’s growing environmental crisis and its implications for the country’s future development.

Drawing on historical research, case studies, and interviews with officials, scholars, and activists in China, Economy traces the economic and political roots of China’s environmental challenge and the evolution of the leadership's response. She argues that China’s current approach to environmental protection mirrors the one embraced for economic development: devolving authority to local officials, opening the door to private actors, and inviting participation from the international community, while retaining only weak central control. The result has been a patchwork of environmental protection in which a few wealthy regions with strong leaders and international ties improve their local environments, while most of the country continues to deteriorate, sometimes suffering irrevocable damage. Economy compares China’s response with the experience of other soci