Reviews (15)

international economics
This book describes in a very detailed way all the general theories of economics concerning trade. It is very well done as there are many examples and it is optically inspiring. Your eyes won't get tired too quickly, as the layout is done fine. The content of the book is fine, a good book for students of economics, even though it is advisable to read more down the line. But for the overview of a topic it serves allright.

The Undergraduate International Economics Standard
Well, I will start off by saying that the book really probably only deserves somewhere between 4-4.5 stars, but I'll give it 5 to offset some of the questionable reviews below.

No, the book is not perfect. However, it is an academic standard at pretty much any major college or university for teaching undergraduate International Econ/Trade theory, and for good reason. The book makes a clear a concise presentation of basic theory and policy, perhaps in points it is a little too simple. As pointed out, while I'm not sure about the 6th edition, there were some diagrammatical mistakes in the 5th...I bet, however, these were done by a graduate student. A quick bit of reasoning and a second of thought should yield the appropriate picture, however. And yes, I think a bit of Krugman's bias comes through, though its not terribly off-putting.

The book could use a bit more math I think. The real equations and difficult problems are few and far between, and are, for the most part, pretty straight forward. At the very most it would take a basic understanding of calculus, but the majority of the problems and equations can be explained and done without it. I have read a number of undergraduate economics books with far more intensive math. Despite this lack, however, the intentions come across pretty well.

No, this book is not for beginners to economics. At least an undergraduate course or reading in both micro and macro are needed, and really and truly, an intermediate level in each is probably better if one wants to get the most out of the book.

If you find the subject matter within to be terribly math intensive and you cannot get motivated to read the subject matter because it doesn't use "pizza and beer" (and um...I don't think I'd want an imported pizza anyway, but thanks), well I guess the subject and this book are not for you. However, if you are trying to enrich your understanding of economics at a very basic level, this book provides a good way to do so.

And, if you want graduate level book, and like Obstfeld, I recommend he and Rogoff's book.

Not a bad book.... Too bad its a bit baby
Having taken a class on Commodity Flow Theory (Micro) and a seperate class on Int'l Finances (Macro), I can say that I enjoyed the former much more then the latter. I used Krugman's latest edition for the former and thought it was adequatly written for the scope of the class.
I really wish they would make undergraduate Economics more rigirous as I believe many undergrads who have taken 2 or 3 university math courses (up to the linear algebra level) could easily understand most of the mathematics found in "high brow" Economics theory.
Seeing I've only had the pleasure of reading two textbooks on the subject (and different sections of each respective book), I am not in a position where I can make a relative judgment on the quality of the material.
I felt Krugman's writing (I am assuming the majority of the micro section is his writing) was mostly neutral. I found, from my reading, the only section that could have been biased was the section on political economy, but since I am unfamiliar with that field in general I cannot make a more descriptive comment.
Overall, I liked the fact that their was some mathematical indexes at the end of the chapter (something my other int'l economics textbook lacked). I've come to expect the option of a more quantiative treatment in most modern textbooks (both my intermediate macro/micro and econometrics text were layed out in this fashion).
So in conclusion, the text was easy to understand, well organized, and perhaps abit biased.... However, if you are just being introduced to the matter, I doubt you will notice much of the bias since the majority of what he covers in the book are well established models and theories.

Save your money!!!!
This guy is an idiot!!! Either he is confused about economic theory or he trying push some sort of an agenda. He repeatedly contradicts himself in a way that undermines his crediblity. A word of advice Mr. Krugman--STICK TO THE NY TIMES EDITORIALS and stay out of academia.

Save your Money--Get the Caves, Jones, et al World Trade...
Krugman et al constantly contradicts earlier statements throughout the text in the international trade section, it will give you a headache. The finance side is better. If you really want to learn international trade and finance (for undergrad), get the Caves, Jones, Frankel text.... I learned the hard way and had to pay restocking fees (etc) when I wanted to exhange it for Caves et al. Krugman should stick to writing editorials for the NY Times b/c this text needs some serious help!!! ... Read more

Book Description

From one of our most perceptive commentators and winner of the National Book Award, a comprehensive look at the new world of globalization, the international system that, more than anything else, is shaping world affairs today.

As the Foreign Affairs columnist for The New York Times, Thomas L. Friedman has traveled the globe, interviewing people from all walks of contemporary life: Brazilian peasants in the Amazon rain forest, new entrepreneurs in Indonesia, Islamic students in Teheran, and the financial wizards on Wall Street and in Silicon Valley.

Now Friedman has drawn on his years on the road to produce an engrossing and original look at globalization. Globalization, he argues, is not just a phenomenon and not just a passing trend. It is the international system that replaced the Cold War system; the new, well-greased, interconnected system: Globalization is the integration of capital, technology, and information across national borders, in a way that is creating a single global market and, to some degreee, a global village. Simply put, one can't possibly understand the morning news or one's own investments without some grasp of the system. Just one example: During the Cold War, we reached for the hot line between the White House and the Kremlin--a symbol that we were all divided but at least the two superpowers were in charge. In the era of globalization, we reach for the Internet--a symbol that we are all connected but nobody is totally in charge.

With vivid stories and a set of original terms and concepts, Friedman offers readers remarkable access to his unique understanding of this new world order, and shows us how to see this new system. He dramatizes the conflict of "the Lexus and the olive tree"--the tension between the globalization system and ancient forces of culture, geography, tradition, and community. He also details the powerful backlash that globalization produces among those who feel brutalized by it, and he spells out what we all need to do to keep the system in balance. Finding the proper balance between the Lexus and the olive tree is the great drama of he globalization era, and the ultimate theme of Friedman's challenging, provocative book--essential reading for all who care about how the world really works. ... Read more

Reviews (321)

McDonald's Theory of Conflict Avoidance and More
I've been a fan of Thomas Friedman's New York Times foreign affairs column since September 11, when I found his voice about the Arab world and how it relates to this tragedy and our daily lives here in the United States. This book created a helpful foundation for understanding our changing planet.

The premise on which he bases the book is that there is a conflict in our world between olive trees, which represent our cultural heritage and identity, our spirituality and our rituals, and the Lexus, which is manufactured in technologically advanced factories for people who have cashed in on the globalized American capitalist system and can afford the amenities, and can buy them in increasing outlets worldwide.

Friedman makes a convincing case that this current era of Globalization (he suggests that an earlier era in the late 19th and ealier 20th centuries incited the backlashes that we call today Communism, Socialism and Facism) has replaced the former world order created by the Cold War. Then, everything was bipolar, and nations aligned themselves and propped themselves up
politically and financially with their alliances to either the Soviet Union or the United States. Now, Friedman states, there is only globalization, or global capitalism, and if your nation isn't plugged into it, your people will suffer.

Sometimes the full-bore theme of this book feels heavy, that there is no alternative to market capitalism worldwide seems a little biased, to me. But, Friedman, thankfully, doesn't only concentrate on this, but gives thought, particularly at the end of the book, to the public policies that nations can initiate to protect their olive trees, while not turning their backs on the Lexus.

He has some interesting theories, too, that I enjoyed reading about, particularly the idea that no country with a McDonald's franchise has ever attacked another country with a McDonald's franchise. (His first edition came out before NATO v Yugoslavia, but he still stands by it, as NATO isn't a nation...) His
idea here is that market capitalism can be a stabilizing force in the world because once people have a big enough middle class to support franchises like McDonald's they are hard pressed to risk their lifestyles for war.

I found this edition, which came out in 2000 to be somewhat painful, as his passages about what he calls "super-empowered individuals," who don't need to be in control of a country or its military to attack other nations or groups, somewhat vaguely but eerily predicted the September 11 plot. His position that the
increasing democratization of finance/capital, information and technology can improve life and destabilize it too are convincing, especially in what we've seen happen since the book was published.

The book, written in a pleasant, colloquial style with a lot of well-known examples is engaging and easy to read. I strongly recommend it.

An overview, but not enough for "understanding"
Over the years, New York Times reporter Tom Friedman has earned a reputation for his crisp and engaging writing and his ability to present the complex world events in ways that are easy to understand. If you're looking for an introduction to issues involved in the globalization of commerce, this is one of the best books on the market for it. Friendman's descriptions of things like the "electronic herd" of global capital investment and his McDonald's theory of international conflict bring a lot of sense to an otherwise confusing landscape of issues.

This strength of the book is also its limitation. Friedman is a clear writer because he paints with a broad brush. There is a strong bias at work here, but Friedman tends to try to keep hidden both his bias and points of debate that would contradict his theses. For example, he argues that market capitalism is now the one and only way to participate in the global economy, ignoring that there are several distinct flavors of "market capitalism" (US, Japanese, and European, for example) with very different rules and very different outcomes. Reading Friedman, one might assume that the Asian tigers had achieved their success by following the US model (which is the laissez-faire approach also advocated by the World Bank), while in fact they achieved robust growth through an approach more or less like that followed by the Japanese, which involved a combination of protectionism, currency management, and mandated savings. Friedman uses the 1997 Asian economic meltdown to argue that this Japanese-style approach is no longer valid and that global capital investment will not return until they better conform to the financial market transparency typical of the US. During the current slump, however, capital has fled from the US back to many of these economies because of their performance and not because of their transparency.

The question with globalization isnt whether it's "good" or "bad," but whether and how it should be managed. If you're looking for a more in-depth discussion of these issues and a more honest revelation of the author's biases, there are better books available, such as William Greider's "One World, Ready or Not." But this book isn't a bad place to get your feet wet.

Sort of rambles, has some great anecdotes and analogies.
The Lexus and the Olive Tree is an important book, but in many ways Thomas Friedman renders his own creation irrelevant. He is almost schizophrenic in his writing style, arguing with himself as if he has yet to make up his mind about the things he is writing. In some ways, it seems like he just prefers to share anecdotes (which are vivid and usually humorous) from his travels around the world, rather than the typical kinds of fact-based research one finds in these sort of books. The result is that the reader can understand some of the concepts, but they can also get a little tedious, and it is hard to translate the anecdotes into something that I assimilate into my worldview.

Furthermore, Friedman seems to love to quote people at length, but one wonders if indeed he is quoting word-for-word, or if he is just sort of crafting something to fit his book out of a vaguely similar comment the person may have made. But, then one thinks again, because the book is almost a little choppy in places because Friedman quotes random characters from all around the world for pages upon pages. One would prefer that he just paraphrase or use shorter quotes.

Because it was written 5 years ago, some of the reading is tedious (he explains what a DVD player is, for example), and in some areas he seems to be caught up in the "irrational" dot-com whirlwind. In his revised version of the book, it sort of just drones on, pontificating for about 20-30 pages too much. Thomas Friedman is a very personable guy, and he has a lot of interesting things to say about the world, but honestly, one doesn't care for his own political/religious philosophy being injected, mostly toward the end of the book. It was just awkward to read through the final chapter or two; the book has multiple personality disorder in some regards.

One almost feel like the book is written for an audience of Dick Gephardts. He wants to win the protectionist wing of the Democratic Party over with the book. He seems to be speaking to them. Maybe he is speaking to Republicans as well, but if so, he lectures a little too sanctimoniously on the environment and the notion of a social safety net (he calls Republicans "mean-spirited voices... uninterested in any compromise" and tries to argue that Africa, with its near-anarchy in places, would be a Republican's dream) to win conservatives over entirely. He sort of just randomly breaks into prostheletyzing, arguing, for example, "That the NRA should feel guilty about the Colombine massacres went without saying." Why even go into that? That's just tacky.

Finally, a reader gets sort of annoyed reading his own made-up terms (Golden Straightjacket, Electronic Herd, etc.), over and over, particularly since none of them caught on whatsoever in the past half-decade since the book came out.

Some of it is dead on, though, particularly when he writes as an observer of the world rather than an activist, and this book is a good way to conceptualize globalization for those who are having a hard time adapting their political ideology in the post-Cold War era. In general, I'd say The Lexus and the Olive Tree starts off strong, ends weak, and that's a shame. It was on track to get 5 stars from me, even with the early tributes to Al Gore and other political cheap shots, but the final part of the book was just THAT lacking, that it falls to 3 stars.

Basic, almost insulting.
In the book friedman describes several interesting points ranging from the trade offs of culture and capitalism, to the basic efficiencies of different economies, though the way he describes things is almost insulting. The metaphors and anologies used seem to indicate a journalist writing for the elderly or those who have no idea what a digital medium is. Being a young student this quickly wore on my attention span.

I tried to read the book twice and failed becuase I get so fed up with his style. For example, he has a tendency to end paragraphs with exclamations that are as corny as the saying "click on that!" This drove me to the point where I would read the entire paragraph except the last sentence, obviously not the best way to read a book.

The good news is that the liberal bias seen in From Beirut to Jeuraslim(sp) is nowhere to be seen, replaced by ideas that only the free-est of the free markets would survive, a complete contradiction to his pro-arab Beruit book.

I would recommend milton friedman over thomas friedman, anyday, if you want an accurate portrayal of the power of the free market.

Excellent primer for the novice and interested alike
Friedman's book "The Lexus and the Olive Tree" is an excellent illustration of basic globalization principles and strategies, told in simple and easy language for the layman's point of view. The heavy use of anecdotal evidence also lends a comfortable "storytelling" perspective that generally keeps the reader's attention focused.

One of the things that interested me about this book was Friedman's attempted placement of his work alongside other authors on similar subjects. In the introduction, he plainly states that his purpose in writing this book is not only to fully explain the concept, analysis, and anecdotal evidence of globalization, but also to add to the body of knowledge that is shaping and defining the post-Cold War era in history. Citing other seminal works that have been described as groundbreaking descriptions of this time in history, he lists 3 other books that he hopes to complement on that very subject: "The End of History and the Last Man" by Francis Fukuyama, "The Clash of Civilizations" by Samuel Huntington, and the collected works (books and articles) of Robert Kaplan. In truth, I have recently read all 3 of these selections and can honestly agree that Friedman has successfully accomplished his goal.

For the most part, I already understood globalization (and how it ties in with the greater subject of economics and capitalism) so I thought I might get bored with his tedious simplification and excessive detail... but surprisingly, I found this not to be the case. Overall, I found Friedman to definitely be an expert on the subject, which is often rare for newspaper journalists - and especially the NY Times foreign affairs correspondent who covers the entire planet. This subject is less about "foreign affairs" than economics... but then again, Friedman was the Wall Street correspondent at the Times before he took the foreign affairs desk.

One caveat, though.... this book was published before 9/11 - the first edition was 1999 and the 2nd was in early 2001. So one or two of his predictions didn't pan out, but as to globalization I don't think he'd change much in a 3rd edition. I can only think of one subject in the book where Friedman was dead wrong - his idea that stronger US relations with eastern Europe (specifically the Baltic states) was a bad idea because it might antagonize Russia. Turns out NATO expansion into Europe has gone relatively well... and Russia has practically eliminated their early protestations since 9/11, and in fact are already looking to stronger ties directly with NATO.

Having read those other 3 works, I can honestly say that Friedman has penned a true masterpiece on the post-Cold War body of knowledge. And Friedman is mostly pro-globalization too (unlike the anarchist WTO and G-8 protestors that get all the press), even when he objectively presents both sides of the argument. His overall thesis is basically this: globalization is here to stay, there really isn't anything people can do to stop it (much like the sunrise), so it's best to get used to it, understand it, and realize how you can find yourself moving with it instead of against it. In the end, Friedman uses his considerable journalistic (if not storytelling) talents to offer a subject where readers at all levels of economic expertise can find something to enjoy. ... Read more

Book Description

Within 20 years -- possibly far sooner -- China will have the world’s largest economy. That will powerfully impact you: your job, your company, your economic future, and your country. In The Chinese Century, Oded Shenkar shows how China is restoring its imperial glory by infusing modern technology and market economics into a non-democratic system controlled by the Communist party and bureaucracy.

Shenkar shows why China’s accelerating growth differs radically from predecessors such as Japan, India, and Mexico -- and how it will lead to a radical restructuring of the global business system. Discover why the U.S. is most vulnerable to China’s ascent... how China’s disregard for intellectual property creates sustainable competitive advantage... and how China’s growth impacts every global business and consumer.

Above all, Shenkar shows what you must do to survive and prosper in "the Chinese Century."

· Cheap labor + millions of high-skilled professionals

· How China will sustain dominance in low-tech industries as it enters high-tech realms

· Building tomorrow’s Toyotas and Sonys... faster and cheaper

· Chinese multinationals: learning from joint ventures, preparing to lead

· Leveraging Hong Kong, Taiwan, Singapore, and the "Chinese diaspora"

· Bringing together the world’s most powerful pool of human resources

· $2 Rolexes, and beyond

· Piracy, counterfeiting, bootlegging, and stolen intellectual property

· From economics to geopolitics: counterbalancing America

· Previewing China’s increasingly assertive foreign policy ... Read more

Book Description

The hallmark approach of this very successful market-leading text is its clear and concise treatment of international trade and finance theory illustrated with a wealth of the most up-to-date contemporary issues and examples.Carbaugh demonstrates the relevance of theory through real-world economic issues.Theoretical discussions are presented in both verbal and graphical terms, making the book highly accessible to students with little economics background.Its concise and flexible format makes it an ideal fit for most one-term courses. ... Read more

Reviews (5)

Not the best for undergrad international economics
As an instructor teaching an undergrad international economics, I used this textbook as designated reading for the class. There are several merits about this textbook: simplicity, tons of real-world examples, and plain description. Unfortunately, there are several disadvantages about this book that I can't stand:
1. Typos, there are many typos in this 9e. Some of them were even correctly printed on 8e.
2. Lack of econ models: I can see how difficult it is to write a realworld-oriented international econ textbook with more intuition and less intimidating math models. But what makes Economics different from other social science is the powerful models that give us insights and perspectives. Sometimes it is easier to understand the complicated international economics with some simple models. I don't think Carbaugh did a good job offering econ models at where we need most, especially in the balance of payment and government policies part. I can accept simple, intuitive explanation, but I cannot accept oversimplification.
3. Redundancy:
Carbaugh spend major part of the textbook talking about international trade but not enough on international finance. There are several topics in international trade that can be combined and some topics in international finance that can be elaborated more. But I think this is author's choice.

In conclusion, I think this is a good book if you want to have a general idea about international economics. But I won't recommend it for using in class simply becuase it raises more questions than it explains.

Clarity of writing makes topic accessible
I had Dr Carbaugh as a student at UW Eau Claire, and enjoyed the clarity of his lectures.His book is nearly as good.My (first) edition is still worth consulting when I have the opportunity to teach econ.

Wonderful book, profound observations
This book gave me a really deep understanding of international economics, markets and macroeconomics. However, material in this book requires knowledge of some economics basics

Fantastic!Easy to read, even for non-econ. people...
First of,I must confess that I am prejudiced about this book, because the author, honorable Dr. Robert Carbaugh, was my economics Professor at the University.But, seriously now, I was not an economics majorand Ialso was not a very good student, meaning I missed far too manyclasses...But, whenever I sat down to read the book, it was very easy tocatch up with the rest of the class. In fact, even if you are not a studentat all, but just interested in the basics of international economics, youwould still find this book very useful.I took four other economicsclasses and all of them were boring, mainly because of the teachers'inability to teach well. Thisbook, however, is areflection of agood-natured, quick witted, and highly intelligent economist, who TEACHESREAL STUFF EVERY DAY to the average university students and manages to keeptheir attention. It's a hell of a job to do that HERE, I tell you!

book is simple
Hi, I am a Grad Student. I have gone through this book. Looks nice & simple. But I suggest he(Author) could have given some more examples for this writings. Thanks. Yours truly, Praveen Kumar ... Read more

Book Description

The idea of China has always exerted a pull on the adventurous type. There is a kind of entrepreneurial Westerner who just can't resist it: red flags, a billion bicycles, and the largest untapped market on earth. What more could they want? After the first few visits, they start to feel more in tune and experience the first stirrings of a fatal ambition: the secret hope of becoming the Mr. China of their time.

In the 1990s, China went through a miraculous transformation from a closed backwater to the workshop of the world. Many smart young men saw this transformation coming and mistook it for their destiny. Not a few rushed East to gain strategic footholds, plant their flags, and prosper. After all, the Chinese had numbers on their side: a seemingly endless population, a thirst for resources, and the tide of history. What they needed was Western knowledge and lots of capital. Or so it seemed ...

Mr. China tells the rollicking story of one man's encounter with the Chinese. Armed with hundreds of millions of dollars and a strong sense that he and his partners were -- like missionaries of capitalism -- descending into the industrial past to bring the Chinese into the modern world, Clissold got the education of a lifetime.

The ordinary Chinese workers, business owners, local bureaucrats, and party cadres Clissold encountered were some of the most committed, resourceful, and creative operators he would ever meet. They were happy to take the foreigner's money but resisted just about anything else. At every turn, the locals seemed one step ahead of Clissold's crew threatening to take the Westerners for all they were worth.

In the end, Mr. China isn't a tale of business or an expatriate's love for his adopted land. It's one man's coming-of-age story where he learns to respect and admire the nation he sought to conquer.

Reviews (20)

A first-hand look into China's complex business culture

In "Mr. China," we get a genuine look into the, "Now you see it, now you don't," world of foreign investment in China.

You'll laugh, and cry, when you read Clissold's frightening tales.You'll find out first-hand what it's like to be a pioneer in an emerging market, still entrenched in communism, where firing workers is off limits, regulations are deliberately complicated, and property ownership is a moving target.

Much of what has been written about China deals with the economic boom in coastal cities.Clissold takes us out into the hinterlands, some areas of which have only recently been opened to westerners.Out in China's badlands, they can be trying to destroy you one day, and the next day they're your best buddies, staying up with you all night, sloshing down baijiu.Lucky for us (and for the author), he lived to tell about it.

This book is full of valuable lessons, not just about China, but which are relevant to any emerging market.Even if you're not looking to invest in China, this book is still worth reading.Because, like it or not, China is here to stay.And the more we understand their complex culture, the better we'll be able to deal with them as an economic superpower.

We should be thankful to pioneers like Clissold, who pave the way and take the arrows.Yet despite the extreme hardships, and tens of millions in losses, Clissold leaves us with hope that, some day, we'll be able to make this work."Mr. China" is definitely a step in that direction.

Unusual stories about investments in China that went wrong
For every success story that we hear about China investments, there must be many which have gone awry. Yet there are not many books that depict such tales from the first narrator viewpoint. Many are dry textbook-like, how-to narrations. Thus, Mr China provides a refreshing look into the realities of doing business in this vast land of 1.3 billion. I particularly enjoyed the story on the investment in Five Star Brewery- perhaps because it is a tale about a consumer product which makes it easier to grasp.

However, I do not understand why Mr Clissord kept using "arrived back from " when he could have used "returned from". Perhaps, it is due to his long stay in China that he started formulating his thoughts in Chinese?

It would also help if Mr Clissold could explain in greater detail the hierarchial structure of the Chinese governmental bodies.

On the whole, this is book worth your time.

A must-read for anyone wants to understand modern China
As a person who was born in Taiwan and came of age in the States, I marvel at Tim's in-depth understanding of Chinese culture.All those proverbs he quoted at the beginning of each chapter are old sayings that are known for almost all Chinese and capture much essence of Chinese view of life and world through ages.His sincerity and truthful portrait of the Chinese that he encountered makes this book truly educational for anyone who wants to do business in China, like many reviews have already mentioned. What makes this book so special is Tim's compassion toward fellow human beings, in the instance of this book, toward people who live in the land that European happened to call "China."Scratching the surface difference of customs or language, people everywhere are pretty similar--they all long for a better live, try to do the best of what they are given and want to be treated respectfully.Being a member of this exclusive five-thousand year old club, I admire and appreciate Tim's efforts to put a humane face of Chinese people and try to build deeper understanding between two great nations.

Must Reading Before Business Travel to China
Several days ago, I learned of the book Mr. China by Tim Clissold. I started reading it last night and finished it early this morning - only 252 pages. It is an absolutely mesmerizing chronicle of the investing in China in the 90's, and of the challenge to traveling out into the hinterlands of that enormous nation.

To a great extent it explains to me the situation I was actually in during my trip to Humen China last November - the balance between the Party and the private sector there, the role of the press, the work ethic and entrepreneurial drive of the Chinese, the intrigue of their nefarious rules/regulations and the balance between Beijing and the provinces. It reinforces the wisdom of our non-profit trade group having over 30 members with offices in China, a resouce we can draw from in our network. But this book is what individuals must read and come to grips with prior to travel to China.

I almost can not imagine what our members went through in opening factoriesthere. After you read this book, neither will you. And the same holds true for our many members there or soon to be in one form or another.

Simply amazing and an important, informative, moving and almost visceral read for those of us in this global game.

Great Emerging Market Lessons
I have worked extensively in Russia, rather than China, but most of the author's experiences and lessons are just as applicable to Russia or any other emerging market.

Other than describing some common pitfalls and challenges, the author does a great job of explaining with insight, humor, and feeling why people are attracted to invest and live in emerging markets.

A good, fun, quick, read that might actually teach you something.Highly recommended!

TMR ... Read more

Book Description

International Financial Management, 7e combines a strong foundation in international finance theory with current, practical applications.It provides thorough, up-to-date treatment of cutting-edge international finance issues along with traditional treatment of international financial management. This book is known for its readability and clear explanation as well as its extensive use of hands-on, real world applications and student-oriented pedagogy. ... Read more

Reviews (2)

Excellent for International Business!
The book was one of the best books I used throughtout my career, it's good for economist, finance people, and anybody who is in the international field in general.

A good study guide
This is a good study guide accompanied to the hardcopy of thetextbook Each chapter begins with specific objectives and an chapteroutline. Then all the definitiional, true and false and MC questions with easy access answers are presented. Readers can therefore quickly identify topics that are unfamilar to them and refer to the textbook for going into details.

Good for both students and busy professionals. END ... Read more

Book Description

"The hour of capitalism's greatest triumph" writes Hernando de Soto, "is, in the eyes of four-fifths of humanity, its hour of crisis." In The Mystery of Capital, the world-famous Peruvian economist takes up the question that, more than any other, is central to one of the most crucial problems the world faces today: Why do some countries succeed at capitalism while others fail?

In strong opposition to the popular view that success is determined by cultural differences, de Soto finds that it actually has everything to do with the legal structure of property and property rights. Every developed nation in the world at one time went through the transformation from predominantly informal, extralegal ownership to a formal, unified legal property system. In the West we've forgotten that creating this system is what also allowed people everywhere to leverage property into wealth. This persuasive book revolutionizes our understanding of capital and points the way to a major transformation of the world economy. ... Read more

Reviews (87)

Profound!!!
De Soto and Tom Friedman (The Lexus and the Olive Tree) are the two authors that make economics accessible. I have just graduated high school, and after basic economics, I understand what de Soto is saying. De Soto is one of the rare economists that has ditched the books and "gotten his hands dirty." He doesn't only forumlates theories, but also applies them in the real world. His research team is spread across the world - in nations such as Egypt, Haiti, Peru, and the Phillipines.

After reading this book, I have become cinvinced that the major problem in the developing and former communist world is the lack of property rights- de Soto's theory. He not only defends his theory, but explains how these thrid world countries can tap into the 9.3 trillion dollars worth of dead capital in their slums, shantys and "suburbs." The proposal is to adopt the society informal property laws into the national formal law in order to allow the poor to claim legal rights to their assets, and therefore allowing them to use their assets as collatoral for loans from banks. He is not idealistic -- he recognizes the problems and the obstacles that have to be met.

This book is fantastic. I read it in four days, and I am not a fast reader, especially econ books I HIGHLY recommend it.

-Joe

de Sota supplies one component for economic growth
The Mystery of Capital attempts to "reopen the exploration of the source of capital and thus explain how to correct the economic failures of poor countries." I believe the author makes an interesting argument within the book concerning the failure of capitalism to catch on in developing and post-communist countries. His argument deals with institutions we here in the West take for granted-property rights and other legal institutions. The connection between these legal institutions and economic growth is clear-and de Sota is clear on this point as well.

He states that an individual living outside the West faces an impenetrable wall of rules that bar them from legally established social and economic activities-such as deleterious bureaucracies that retard growth by wielding red-tape. De Sota sent teams to Peru, the Philippines, Egypt, and Haiti and they experienced firsthand how it takes several years to obtain legal verification of assets-years compared to days here in the West. Under these burdens, individuals create new laws-extralegal laws. These social contracts have created a vibrant but undercapitalized sector. This sector is known in economic layman's terms as the underground or informal economy. The author estimates that over half on the inhabitants in developing countries engage in this sector-using Dead Capital. The value of the assets in the informal markets are huge-surpassing the assets of rich countries sometimes. De Sota has brought attention to the core of the problem-he then states that the solution can be found at the heart of the countries.

He supplies the formula to fix the backwardness of the nascent capitalist nations. The first objective is to unify the many social contracts already existing in the extralegal sector into one, all encompassing social contract-by listening to the "barking dogs", or the people. Past attempts with this aim have failed because they have lacked the legitimacy and support from the current extralegal world. De Sota creates a bridge to fix this dilemma-a bridge that integrates old social property customs into a new all encompassing social contract. By working with their people, government leaders can forge a new regulatory framework. The second task is a task of a political nature because the plan outlined above requires the support of the poor, the elite, and the lawyers. The poor will gain the most because they will greatly increase their economic lifestyles with a more unified social property system that will enable them to use their assets as full functioning capital. The elite will harvest gains as well; they will benefit from an expanded market and growing capitalist economy. The lawyers must not use the current law, but instead fine-tune the law and change it to make it work for all.

De Sota's real world studies and solutions make sense in my mind. He identified a problem and supplied the solution. He may fall short though in his solution because a complex capitalist economy requires much more infrastructure than only property rights-of course I mean other forms of capital, such as human capital. By De Sota is on the right tract; a capitalist economy demands strict and discrete property laws that enable individuals to utilize their assets. His premise is right-under capitalism, the rich get richer, and the poor get poorer. In the third world, the poor don't have access to their assets, and they thus flounder in the extralegal sector.

One of the single best books on Economics I've read
Many of the other reviewers have given excellent in depth summaries of DeSoto's book, and I will not regurgitate what others have already done a good job of saying. I will just say this: if you want to know why 3rd world countries are 3rd world countries, and what Gov'ts around the world can do to create prosperity for their people, read this book. Nations are poor because of ill-guarded private property rights. It's that simple. They aren't poor because of lack of socialism (quite the opposite), they aren't poor because of lack of resources, it's because "It's the property rights, stupid!"

Books like this can give hope to the pessimist, that it is possible to end serious poverty in the world. Relative poverty will always exist, but the civilization-destabilizing poverty that exists in the Arab world, in Latin America, *can* be cured if Gov'ts would just put in place a system that allows capital (ie entreprenuers) to grow from the natural resources within the country. Replace Socialism w/ Rule of Law. I hope every member of the Iraqi CPA has read this book and heeded its lessons...

Packed With Knowledge!
Hernando de Soto's ideas cannot and should not be ignored. This book will open many eyes to the nature of capital. The author suggests a radically simple yet enormously challenging way of bringing the world's impoverished billions onto the track of capitalism and development: give them legal property rights to what they "own." The author's intriguing case is that a lack of property rights - not a lack of entrepreneurial zeal or competence - stymies development in the former East Bloc and Third World countries. This seemed to be a shockingly original notion when the author first propounded it in his bestseller The Other Patch, and it still does. If the book has a flaw, we warn, it is that the author's undisguised missionary ardor sometimes makes one wonder whether he is merely a zealot. Even if he were one, the book would merit reading.

Thoughts that come on doves' feet guide the world...
Other reviewers have commented on De Soto's originality in relation to prevailing economic tradition. They have also praised his style - very clear prose, interspersed by passages of honest elegance. Yet, for me, at least, what stands out most about De Soto is his interest in discovery, in reawakening a long forgotten question.

Who asks oneself seriously what capital is today? Is one even generally capable of understanding the question of what capital is? I doubt it - the first reaction is ridicule. Of course one knows what capital is, for one lives in a capitalistic society. One can hardly take such a question seriously.

Yet, this provocative question moves this book. De Soto has carried out first-hand research among the boiling global centres of 'marginal' economic activity. He has not looked for the 'right' theoretical answer to the question of capital, rather, he has tried to discover a way to pose, and answer, the question meaningfully. Meaningfully for whom? To those who have forgotten - those in the West - and to those who wish to learn in the developing world and the former communist nations. What is capital?

Other reviewers have criticised De Soto for redundancy, repetition. These criticisms are off the mark. De Soto has discovered the conceptual solution to the question of the potential of capital: a legitimate system of representation of property. Yet, he can not simply elaborate it in a few words, for one does not still understand the question he is answering. Because it is disturbing and fleeting, it is very difficult to grasp. Thus it requires constant reformulation. Shakespeare used parallel structure, De Soto uses masterful analogies (I particularly like his profound observation on something so seemingly apparent as barking dogs).

De Soto also tries to situate his thought within diverse traditions of Western thought, combining Continental philosophy with American analytics (it is rare to see someone who is capable of synthesizing Derrida with Wittgenstein, to say nothing of Searle!). He seems to be trying to say the same thing in many different ways - yet it is very difficult to understand what that thing (capital) is. De Soto helps the reader by offering many different pathways to the thing (capital) itself.

I feel that De Soto might have engaged more deeply with Plato's thoughts on representation and his analysis of the cave parable is somewhat superficial. A more in-depth engagement might provide the basis for a rethinking of some of the precepts behind private property and capital, which De Soto simply accepts as given. This is a personal quibble only, however, as such speculation would reduce the clarity of the book, and thereby reduce its tremendous practical value for concrete action, obviously the author's main intent.

De Soto has written a masterpiece around a a simple kernal of truth. It seems so obvious in hindsight! Yet, it is the very stillness of those words in which it is expressed which will bring on a storm. ... Read more

Book Description

In 1991, a small group of Russians emerged from the collapse of the Soviet Union claiming ownership some of the most valuable petroleum, natural gas and metal deposits in the world. By 1997, five of those individuals were on Forbes Magazine's list of the world's richest billionaires. These self-styled oligarchs were accused of using guile, intimidation, and occasionally violence to reap these rewards. This revelatory work examines the structure of the Russian economy and considers why it collapsed in 1998 and why it began its recovery in 1999. It also provides a close examination of the Russian oil industry and the oligarchs who control it and who have now decided to go "legitimate". ... Read more

Reviews (3)

How The Russian Mafia Destroyed Russia
I first became acquainted with this work through an NPR interview. The author, Marshall Goldman, was suddenly asked by the reviewer what he thought about top Mafia thug Mikhail Khodorkovsky giving a million dollars to the Library of Congress (as a means of legitimizing himself). Naturally, as I work at the Library of Congress, I perked up, paid attention, and then bought the book. Wow.

Khodorkovsky (currently in jail) started out as a good little communist, belonging to the Komsomol, and going to college. Johnny on the spot, he parlayed a small bank charter for
Menatep to become Russia's richest man. Unfortunately, Menatep was involved in the Bank of New York money laundering scheme, bilking the US out of billions. In 1994, the Federal Reserve ordered the CIA to investigate Russian banks, a study which concluded most Russian banks are Mafia controlled. Although the study is still classified, Menatep was the only bank publicly noted for being Mafia controlled (page148). Knodorkovsky started Yukos Oil, which was a swindle. Using this money, Khodorkovsky, with Henry Kissinger as a member of his board, gave one million dollars to the Library of Congress to start the Open Russia Foundation (page 149).

Another Library of Congress rent-a-thug was Vladimir Gusinsky. Gusinsky predated Khodorkovsky--probably because he's currently on the lam--and had helped fund the Librarian of Congress' Russia documentary film. Gusinsky had actually attended the University of Virginia to study financial management. He named his business empire MOST (a play on the word bridge)after the sign on ATM machines. Goldman also provides us with the "how" of how these two Mafia "oligarchs" could seem presentable given their backgrounds. Somebody got them the services of APCO, which is an offshoot of Arnold and Porter, a top DC law firm full of congressmen and other movers and shakers (page 129). The rest is history, as they say.

I also just have to mention one of the Russian jokes that Goldman repeats. Due to broad government theft this one circulated: A man parked under Yeltsin's office and walked away. A guard rushed up and said "You can't park under Yeltsin's office." "It's okay, the man replied, "I locked the car."

Goldman gives us the backgrounds and histories of all the top "oligarchs" and an explanation any layman can understand regarding just how Russia became so corrupted. This book, then, is not just for Library of Congress employees looking to see who the latest donors to our institution are.

Our Librarian of Congress, James Billington, is a former Sovietologist and "Russian scholar," so I suppose he knows what he is doing. Here is what Goldman thinks, though, "The more involved Russian businessmen become with the West, the more likely it is that they will come to adopt Western business practices, presumably good ones. But there is no guarantee. Given how deeply ingrained some of the less desirable practices are among Russian administrators (past and present) it is only to be expected that some of the more nefarious behaviour we have encountered inside Russia will also surface outside (page 118)."

An Absolute Must Read
I was first drawn to this book after hearing the author interviewed. He was talking about his book when he was interrupted and the interviewer asked Marshall Goldman about Russian Mafia PR campaign on US government officials.(...)In the book there is a brief mention of this fact on page 149, "To show how public-spirited YUKOS [the Mafia-run oil giant] had become, it donated $1 million to the U.S. Library of Congress and set up an Open Russia Foundation with, among others, Henry Kissinger as a member of the board of trustees." It was James Billington, the current Librarian of Congress and former "Sovietologist" professor who brought them all together. Wow.

This book is not just about the Mafia figure, Mikhail Khodorkovsky, who ownes YUKOS. What sets Goldman's book apart from others I have read, such as "Comrade Criminal," is the description of what went wrong in Russia when the Soviet Union fell. Dr. Goldman paints a rather bleak picture. Goldman explains the how and why of the vouchers scam and how out of Russia, a certain overnight class of incredibly rich "oligarchs" came on the scene. Goldman shows how these billionaires never developed an economy, at one point contrasting how in Poland the problems that occured in Russia never arose.

If you want to lose sleep you need to read this book as the inroads of Russian Mafia-controlled in America should cause real alarm. As cited on page 118, "The Russian were supposed to adopt out ways, not bring their ways to the United States." Congress is well aware of all this, as on page 128 Goldman relates how the CIA reported that half of Russia's banks were Mafia controlled. The only bank to be so named publicly is MENATEP (page 148). The man the Librarian of Congress brought to the Library of Congress was not just the founder of MENATEP, but also involved in the Bank of New York money laundering.

The two chapters on the oligarchs (pages 98-156)make for heavy reading, especially since two of the oligarchs are (now were) directly involved with the Library of Congress, Vladimir Gussinsky (who fled Russia) and Khodorkovsky (arrested in his jet and currently in jail in Russia). Goldman really gives you the average Russian viewpoint of these oligarchs and the Putin reactions. That the oligarchs are intertwined with the KGB and the fact that the Russian government is predominated by KGB types is described by Goldman. His repeating of jokes really gives the feel, like the one about the subway rider who asks the man standing on his foot if he is from Petersburg (Mafia central) or the KGB. When the man says neither, he is then asked "then why are you standing on my foot?" The other great joke describes the outright theft of the country through the story of the man who parks his car under the window of Yeltsin's office. You can't park under Yeltsin's office the guard says, which the man responds "It's okay, I locked my car."

It is all this together than makes this book a classic.(...)

Best book on the topic
I have read many books on the transfer of the USSR state economy to private hands and this is, by far, the best and clearest on the topic. If one has to read just one account, this is it.

Since this is one of the great economic changes of the 20th century, and robbery on a scale that has few if any precedents, Goldman's book is very valuable and important. He is candid about the monumental errors his colleagues made as advisers (ignoring those who dipped into the honey pot and made, by professorial standards, fortunes). He has interviewed countless people and made the arcane clear. Authoritative, well-written, an excellent piece of work. ... Read more

Book Description

Market-defining since it was first introduced, International Business, 4e by Charles W. L. Hill, continues to set the standard for international business textbooks. Charles Hill’s reputation as a leading thinker and actor in the international arena precede him, and he is regularly asked to explain world economic events on National Public Radio. His expertise lends itself to a book that is thorough and up-to-date. Because many issues in international business are complex, they necessitate exploration of pros and cons of economic theories, government policies, business strategies, organizational structures, etc. The author challenges the often shallow explanations that other books offer, while maintaining a tight integrated flow between the chapters. Hill’s book is practical in nature, focusing on managerial implications of each topic on the actual practice of international business. The author’s passion and enthusiasm for the international business arena is apparent on every page as he strives to make important theories interesting, informative, and accessible to all students. ... Read more

Reviews (6)

Excellent Textbook on Globalization of Business
Dr. Charles Hill has the rare combination of excellent subject matter expertise and writing skill. I purchased this textbook for an MBA course on Global Business and have been extremely impressed with Dr. Hill's work. It is organized, easy to read, the introduction and sidebars augment the text exceptionally, and the case studies are thorough and applicable. Unlike another reviewer, I found the depth of coverage to be appropriate for an MBA program and especially enjoyed the treatment of monetary systems and the weaving of economic theory throughout most chapters. This book is a keeper.

this book did NOT include the CD nor the map as stated
I ordered this book for a 6 weeks class I am taking and only ordered this one because it included the CD and the MAP that I needed. I could have ordered just the book for around $40, but I choose to pay the extra (almost to $90) because it this one SAID that it included the CD and the MAP - well guess what it didn't I was RIPPED off - the class is over a very short time period thus I have no time to return the book and get another
BUYER BEWARE!!!!!

WARNING
This is a third edition Book. Most classes that are now in session are looking for the fourth edition - I found this out the hard way. So watch out.

Excellent in-depth introduction
I found this book to be a well organized and stimulating. I have taken a course in Int Business as part of my undergraduate business degree. I discovered this book offered as part of an Int Business degree program at another institution and decided to purchase it. I found it to be so much better than the first go around that It was like I never learned Int business to begin with. Well written; I am very skeptical of typos and could only find one which was very minor. This book is a real eye opener and you will never want to stop reading it. It is one of my favorite text books! Thanks Charles Hill.

Most useful handbook
As a prescribed book for our MBA course (University of South Africa) I found this publication most enlightening. It is current and up to date, and addresses diverse topics which exert influences on business. Themes include national and cultural differences, global trade, politics and investment, the global monetary system, foreign exchange and capital market, strategic issues, and business operations.

I could find nothing wrong with the writer's style. References are copious and the text is fairly easy to understand. Although it could be argued that postgraduate students will grasp the contents easier, even an undergraduate friend of mine found the book fascinating and well written.

Whether for formal studies or personal interest I can highly recommend this volume. ... Read more

Reviews (49)

Natural Capitalism is a MUST READ for MBA's, CEO's, Politici
Throughout this extensively researched book, the three authors (Paul Hawken, Amory Lovins and Hunter Lovins) eloquently describe the mind-set required of businesses that wish to evolve their models of business successfully into the next millennium.

By providing a mix of real-world examples, coupled with logical extensions to the philosophies that have dominated main stream economic theories for the majority of the 20th century - the authors allow us to peak through the curtain - to catch a glimpse of what the world will be like in 50 years time.

Natural Capitalism espouses a vision of a world where long term profit is the driving force behind global strategy, where 'whole system thinking' dominates rather than simplistic compartmentalised agendas.

We have only just discovered the technologies that allow us to assess the impact of the techno-industrial systems which we have grown over the past 150 years. With a little imagination, and a lot of logic Natural Capitalism gently points out the way forward. Toward a trajectory where the (re)application of such systems can construct a new environment, together with the economic opportunities and rewards that come from such an evolution...

This a must read book for all entrepreneurs, businessmen, politicians, researchers, economists, environmentalists, educationalists in fact just about anybody who wishes to live both comfortably, profitably and in harmony during the next century. It argues for an extension to the economic theories that pervade organisational thinking, for a more realistic assessment of the life cycle costs involved in business processes, and above all for a more realistic assessment of the value of natural resources.

This book will help you think. This book will help you live. This book will help you work. This book will help add value to your life... READ IT!

Beyond Darwin
As this new century begins, if there is only one book which everyone on the planet should read, it would be Natural Capitalism. Why is it so important? In my opinion, because it provides the most convincing, the most compelling argument in support of Wendell Berry's assertion that "what is good for the world will be good for us." Darwin's concept of natural selection becomes irrelevant if there is no environment in which such selection can occur. The authors introduce us to "The Next Industrial Revolution" with all oif its emerging possibilities. In subsequent chapters, they continue to examine natural capitalism in terms of "four central strategies": radical resource productivity, biomimicry, service and flow economy, and investment in it. According to the authors, natural capitalism "is about choices we can make that can start to tip economic and social outcomes in positive directions. And it is already occurring -- because it is necessary, possible, and practrical." For me, the information provided in Chapter 3 was almost incomprehensible in terms of the nature and extent of waste. Of the $9 trillion spent every year in the United States, at least $2 trillion is wasted annually. How? For example: Highway accidents ($150 billion), highway congestion ($100 billion in lost productivity), total hidden costs of driving (nearly $1 trillion), nonessential/fraudulent healthcare ($65 billion), inflated and unnecessary medical overhead ($250 billion), and crime ($450 billion). All of this waste can and should be reduced, if not eliminated. What the authors present, in effect, is a blueprint for the survival of the planet. All manner of statistical evidence supports their specific recommendations. Unless "The Next Industrial Revolution" succeeds in implementing those recommendations, natural capitalism will eventually be depleted ...and no one left to regret its loss.

Not the environmental economics bible people seem to think
Natural Capitalism suffers some fatal flaws, while not a complete waste of time, not a book to read if you want great ideas that can make it out of the ivory tower. While claiming to provide a path for evnvironmental and social justice, this book blithely ignores the actual impacts of its ideas on the lower classes as well as the prevalence and tenacity of international monetary and banking organizations. While touting that having people pay for rental on material goods, or pay for the service they supply, rather than purchasing the item(such as washing machines) will reduce the number of them in landfills each year, he is ignoring that ultimately someone is going to be owning the machines and therefore holding the capital investment. Those who pay for the service(sound a lot like going to the laundrymat?) will simply be throwing their money into the maintenance of the company's capital investment. The authors further ignore that most countries outside the first world have their economics and politics dictated by international monetary regulations. While this book does present some instances of environmentally friendly ideas and archtecture, such as a banking building in Amsterdam, they do not provide the scripture that most people seem to feel they do. Further, they are basing environmental sustainability off technology such as photovoltaic cells, which do provide cleaner energy by process than oil or coal, but contain heavy metals that are put back into the environment as toxins and require large scale mining and smelting technology to produce. Ultimately, I thought this book was geared more toward engineering social response through the pocketbook, which the U.S. government already does, than a study in environmental econimics within the capitalist framework.

Nothing new Here
I find that this book fails to live up to expectations as
the authors are treading old water. Their idea of
Radical Resource Productivity, is already happening and
is a natural progression, sometimes taking longer than
we would hope, but nonetheless inevitable. They seem more
interested in Social Engineering than Economics, and simply
make observations about things already taking place, while
sprinkling in some projections for good measure.

If you're looking for ideas read Fuller's Critical Path, written
in 1981. His ideas are original and groundbreaking for the
time. Reading Natural Capitalism, I honestly felt like I was
attending a lecture given by people lauding mother nature.

I agree with their ideals and think that by and large many of the
methods can be implemented, over time, but the book isn't ground
breaking, and it fails to truly discuss economic factors, which
are so crucial to the success or failure of these methods. The
bottom line is there isn't enough practical discussion of the
factors holding these methods back. If there were it might be
possible for the authors to cut through them. Too often there are
economic factors holding companies back from making improvements
they may be fully aware would help them. That is one reason these
changes take time, lack of capital (not natural).

I think the authors are dreaming of a future that could
not possibly unfold as easily and seamlessly as they entail.

A new lease on life
Paul Hawken and the Lovins have teamed up to provide one of the best overall books on "Natural Capitalism" which offers a whole new approach to the way in which we do business. For too long we have taken natural capital for granted, squandering our natural resources and unleashing an unhealthy array of by-products which have further contaminated our world. It is time to add natural capital to the ledger sheets, properly balancing our record books. But, far from being a screed the book is meticulously researched with extensive notes and references to help guide your own research into the subject.

Everything from the Toyota Production System, which offered a leaner, much less wasteful approach to auto manufacturing, to the Hypercar which offers a hybrid-electric propulsion engine which would result in much greater fuel effeciency are illustrated. It is this lean thinking which the authors think will revolutionize the industrial sector, making for the greatest breakthroughs since the microchip revolution.

What is most heartening is that major companies such as Ford Motor Company and Carrier Air Conditioning are adopting these practices and making them work. They are doing so because it saves money and provides them with endless growth possibilities. The authors support the lease-use system which puts the onus on the manufacturer to produce better products and maintain them throughout their service to the user, the so called "cradle to cradle" concept. New materials are resulting in much lighter and more efficient components that would reduce our dependency on foreign oil, and in time phase out petroleum products all together.

Too good to be true you might say, but this is the shape of things to come once we get past the tired old dogmas that have greatly limited our economic potential. The authors show how regressive tax policies and federal subsidies have greatly handicapped our productivity and they encourage political leaders to rethink the way we hand out incentives for better business practice. This book will give you a whole new lease on life, and encourage you to rethink the way you live. ... Read more

Book Description

This easy-to-read book emphasizes how to use basic economic theory and where to apply it to international economic issues. It empowers readers to understand the international economics they will encounter in business publications such as the Wall Street Journal, and to use international economics to make business decisions. The first half of the book covers international trade, factor movements, and trade and economic development; the final ten chapters on international finance can be divided into at least three parts: national income accounting and exchange rate determination; purchasing power parity and the real exchange rate; and open economy macroeconomics. A useful reference for government officials dealing with international trade and finance issues, and for private citizens who want to learn more about the effect of international economics on business in the 21^st century.

Book Description

An in depth look at the tremendous potential of this vital market with expert advice from one of the foremost authorities. The foreign exchange market is the world's largest and fastest growing financial terrain.Despite its high trading volume, it is also a market little understood and little regulated.This definitive resource brings the universe of foreign exchange within reach of every investor.The revised edition includescomplete comprehensive coverage of the euro and the latest historical and economic changes in the market.

Cornelius Luca, a renowned authority on international investing, draws on the insights of leading experts in diverse fields of specialty to explain every crucial aspect of foreign exchange.He provides investors with an arsenal of trading weapons, many on the cutting edge of technology.Demystifying the intricacies of these markets, the book includes:

Analysis of the mechanics of the market, the major players and markets, the pertinent risks, corporate trading, and methods of trading execution.

A thorough overview of foreign exchange instruments and major option strategies, with clear explanations of why currencies are traded and how to forecast currency behavior. An in-depth look at the three types of analysis: fundamental, technical, and econometric.Featuring 200 charts and graphics, TRADING IN THE GLOBAL CURRENCY MARKETS is an indispensable guide to a daunting yet promising financial playing field. ... Read more

Reviews (22)

Trading in the Global Currency Markets
Loved Trading in the Global Currency Markets! While I only used it to brush up my FX knowldege, I had all my 5 FX traders read it to prepare them for this fast currency market. The book gives you everything you need, and then some. It's a very methodical book, leaving no stone unturned. It's also very objective. All other books on FX or technical analysis have "an angle". Not Luca's. In his book, he presents all facets of the industry. You just need to choose what's best for you.

Trading in the Global Currency Markets
"Trading in the Global Currency Markets" lands you smack in the middle of the currency markets and really makes you understand how all these FX traders maneuver money day in and day out. Due to the complexity of the subject I needed to take it easy, especially in the technical analysis sections. But I can now use the averages and MACD well enough to enter and exit successful FX transactions.

A 3rd Edition is called for . . .
In 2000, when this edition was released, it most probably provided a fair introduction and overview to the global forex market, but not for individual traders.

However, its use to traders, especially individual traders is limited. Since 2000, there has been an almost explosive growth in the number of forex market-makers and brokers, catering to the individual traders, making it possible and very easy for the individual to trade forex on the inter-bank system. One can now start trading a mini forex account with only $300 !!

These critical new developments in the forex trade, are unfortunately not covered in Mr Luca's book - hence my call for a 3rd edition. The amount of information contained in the various broker's websites - inclusive of "How to" sections, "FAQs", tutorials, and other background information, pretty much contains most of the info presented in Mr Luca's book, with the exception of forward contracts and options.

The Technical Analysis information presented, is similar to the stock market, but not covered extensivley. So, if you already have that knowledge, you wouldn't need to purchase this book to start trading forex. If you need to acquire this knowledge, then I would suggest any one of the excellent in-depth books on the topic of technical analysis available. These books, even though written for the equities market, will give any prospective forex trader most of the knowledge he/she will need to start trading forex.

Extremely informative!
Mr.Luca has out done himself. I am a 11 year veteran of the futures markets and I have written three book on futures trading. Mr.Luca's book exceeded my expectations. I read it and was completely enlightened at the chain of connections that drive the currency market. His technical analysis on forex trading was easily adaptable to my own strategies, plus I learned a few new tricks.

Mr.Luca's writing is very indepth and many beginners to forex trading will find a lot of information to wade through in order to find the nuggets they are looking for. That being said, any serious beginner will not have a problem with getting a thorough education in this fascinating subject.

Intermediate traders will see there mistakes and hopefully correct them by using this book.

Overall, this is a great book by Mr.Luca and I keep a copy as a refernce.

Great waste
There is nothing in this book. It's a waste of money and time reading it, and also even if it's free, you should not read it. ... Read more

Reviews (2)

a must-have for your private library
Currently I'm using this book for my class called Trade and Economic Growth I II. The nuances of microeconomic foundations found in chapters 1 to 5 are used to explain and develop the concepts studied in open economy macroeconomics and international finance; so it is recommended that you understand fully the first three chapters of this book at least to understand the rest. The authors try to explain the concepts as clear as possible; however, you have to derive for yourself the equations that appear in the text, which is a challenge for most first year graduate students who are not yet proficient in using the tools of static/dynamic optimization, etc. A reference on mathematical economics such as Chiang's "Fundamental methods of math. econ.," and "Elements of dynamic optimization," or Simon Blume's "Mathematics for economists" should be kept near at hand. Nevertheless, there are many real-world examples that help clarify matters and make the this book more readable and interesting.

Coherent synthesis of modern open economy macro literature
The authors recognized the problems with the way that the subject of open economy macroeconomics has been taught in graduate programs in the past. In particular, there was little agreement and no definitive text that tied together any unified theme. Eclectic reading lists, mainly from the 1960's and the 1970's, were provided on each subject area with major changes in analysis required to shift from one area to another. The counter argument from others in the field was that the modern literature lacked policy relevance. The authors' retort by claiming that the "classic approach" lacks internal consistency and the micro foundations required. Moreover, the older app