Book Description

In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.

Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries. ... Read more

Reviews (5)

Interesting Discussion but poor Presentation
The first thing that struck me was the large number of typo's.
Starting with page 4: "when we does development abroad help"
and on through the rest of the book. Also, the graphics appear
crude.
In part 1, I could not find any reference to the fact that
"free" trade does not exist in the real world. Countries use
tariffs, taxes, subsidies, etc. to further their own interests.

Understanding International Trade
A must read book for anyone with an interest in International Trade. Gomory and Baumol take an insightful look into trade in this era of multinational companies, expanded trade and developing countries. They develop a technique to determine whether a trade decision is mutually beneficial (or detrimental) to the parties. While no "magic" formula to precisely determine the benefits of an individual trade decision, at least there is a cogent framework to start from.

As a lay reader it was apparent that to assure our continued growth and successes that we must continually innovate to create the next big retainable industry as well as continue productivity gains to compete with low wage developing countries in easy to enter industries where we have a major interest.

An exceptionally thorough analysis of today's world of trade.

Trade For Dummies
Don't be put off by the title. This book should be called "Trade for Dummies." The authors kindly start where most of us left off in Econ 101 - with comparative advantage. We all remember that nature endowed England with a comparative advantage in wool, and Portugal in wine, so that this trade was an obviously good thing.

But what about today's vastly more complex economy where considerations go far beyond the mere geography of natural resource distribution? What about the role of industrialization? Or technology? Or information? Who has what advantage? And how to measure it? The authors have solved this seemingly daunting task, and present their conclusions in a few simple graphs that could fit easily onto Mr. Laffer's napkin.

How do I know that they solved the problem of reducing all the complexities of international trade to a few simple graphs? Well, I really don't know because I am not enough of an economist or mathematician to follow the technical stuff, but the authors very kindly put all that in the second half of this slim volume as kind of an appendix for the professionals. That the two authors are a leading economist and a leading mathematician is obvious from the brief biographies. And that the work passes professional muster is obvious from the blurbs. So while I can't personally check the authors' assumptions and methodology, I can accept and fully understand their conclusions as set forth in the first half of the book - the only part I read.

Not surprisingly, the graphs show that most international trade is indeed mutually beneficial. But not all. The graphs also reveal what the authors call a zone of conflict. It is to this area that attention needs to be paid. What attention do the authors suggest? Well, they are a little coy. I suspect that at this stage they are just trying to get acceptance for their framework of analysis. Anyone questioning any aspect of unrestricted free trade today is subject to being labeled a protectionist, which is only one step above racist, so the authors understandably tread very carefully.

A splendid and provocative little book dealing with a very big subject.

Gripping Eye Opener
These 73 pages kept this layman engrossed and enlightened. You learn why World Peace through World Trade ain't necessarily so, but can be a win-win situation for nations who understand the theory of the Global Trade game.

In cogent and concise language,the two gifted authors upset the notion that a dollar of National Trading Income is indifferent to what is being traded. National Trading Income from a "retainable" industry like computer chips produce strategic strengths for a nation compared to the same amount of National Trading Income from potato chips.

This new vector on Global Trade alerts business leaders to rearrange intellectually their risk-reward equation to secure a more favorable outcome.

Great stuff!
Gomory and Baumol are two heavy-weights from the world of Economics, Industry and Mathematics who have made use of a lifetime's worth of observations to create a new theory of international trade. Their work is truely original, theoretically rigorous, and highly applicable to real-world problems: A powerful combination. As a graduate student in economics, I have found few books so compelling. ... Read more

Book Description

This book allows readers unfamiliar with the international political economy to go from 0 to 60 mph: it is a comprehensive yet reader-friendly exploration of the theoretical perspectives of IPE, an investigation of security, trade, finance, and knowledge, and a discussion of current global issues. Sound organization and a wealth of current and historical examples and case studies allow readers to develop an understanding and an appreciation of the relevance of IPE in their daily lives. With much broader coverage than any other book of its kind on the market, Introduction to International Political Economy discusses the historical aspects of the subject; international finance; the global security structure; knowledge and technology; state-market tensions; North and South; the human connection; transnational corporations; and global problems. An excellent read and reference resource for anyone interested or involved in politics, international relations, and economics.

Book Description

This collection of seminal readings in international political economy charts the historical and theoretical evolution of the field from the eighteenth century to the present. Bringing together classic works and leading contemporary arguments, the book outlines the development of three schools of IPE thought -- Liberalism, Marxism, and Realism -- and also includes recent syntheses of these approaches to show how conventional theoretical categories are giving way to more eclectic conceptual schemes. The second edition features an added section on the "postmodern turn" and several new readings are included as well. ... Read more

Reviews (2)

great text
informative and very easy to read/ a must read for understanding IPE and its impact on the world today.

An Excellent Reader
This reader on International Political Economy by Gearge Crane and Abla Amawi start with a discussion of the various theories of IPE and then each is dealt with in a chronological order. Seminal writings for each theory are provided at the end of each chapter.

The chapters are on Classical Mercantilism, Classical Liberalism, Early Marxism, the revisions of these theories, Rational Choice Approach to IPE, Hegemonic Power and Stability and Regime Formation and Epistemic Communities. In the second edition of the book, postmodern arguments are also acknowledegd in the last chapter. The authors whose woek is provided as reading include Alexander Hamilton, Friedrich List, Adam Smith, David Ricardo, Karl Marx, V. I. Lenin, Richard Cooper, Robert Keohane, Joseph Nye, Robert Cox, Robert Gilpin, Mancur Olson, Bruno Frey, Immanuel Wallerstein, Susan Strange, Peter Haas, David Harvey and Michael Shapiro.

As can be seen, the readings are quite extensive in scope if not in length. This book is an essential reference work for graduate students of Political Science, International Relations and International Economics ... Read more

Book Description

Trade and environment issues are achieving ever-greater prominence in the WTO. This timely volume contains key papers on this important and highly contentious issue. There is a natural linkage between trade and environment through the use of policy instruments. But when does more trade help or hurt the environment? There is clash between the market-opening principles of free trade, as reflected in the WTO, and the environmental quality and market regulating instincts of environmentalists. This volume examines the conceptual issues involved, as well as the manner in which the subject has been handled by the WTO. It will be an invaluable source of reference for students and researchers alike. ... Read more

Book Description

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

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

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

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

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

Book Description

Designed to prepare upper-level undergraduate and graduate business students for work in the exciting field of global sales management, this text focuses upon the managerial and cross-cultural aspects necessary for leading the global sales force. ... Read more

Reviews (1)

Not that great
I read this book for an international studies class, but as an econ minor, i was really dissapointed.the book is targeted towards non-econ majors, i think, but it ended up just confusing most of my friends in the class who had no econ background.however, i did okay, not becuase of this book, but because of my own econ background that allowed me to fill in the gaps and understand the confusing explenations and definitions used in this book.there are better ways to say what gerber tried to say, in my opinion, so i would not recomend this book very highly.although it was decent, it could have been much better. ... Read more

Book Description

In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals.Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen.Central to this crisis was the exploitation of conflicts of interest.Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues.Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms.Policy response in the United States was quick.Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates.

But are these new regulations and safeguards adequate protection?What costs do they impose on the industry?This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system.Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers.This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests.Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking.

Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks. ... Read more

Book Description

Papua New Guinea is a complex, rapidly changing nation, where the economy has been profoundly affected by political change. Before independence the economy was largely based on agriculture; since 1975 it has focused on coal production. This book is the first to deal with these changes from an economic perspective. Coming at a time when interest in Southeast Asia is expanding rapidly, and containing a substantial amount of additional information on the controversial subject of Bourgainville, The Economy Of Papau New Guinea is an important addition to our well-received Growth Economies in Asia series. ... Read more

Book Description

The creation of the European Community ranks among the most extraordinary achievements in modern world politics. Observers disagree, however, about the reasons why European governments have chosen to coordinate core economic policies and surrender sovereign prerogatives. In this eagerly awaited book, Andrew Moravcsik analyzes the history of the region's movement toward economic and political union.

Do these unifying steps demonstrate the preeminence of national security concerns, the power of federalist ideals, the skill of political entrepreneurs like Jean Monnet and Jacques Delors, or the triumph of technocratic planning? Moravcsik rejects such views. Economic interdependence has been, he maintains in his provocative argument, the primary force compelling these democracies to move in this surprising direction. Politicians rationally pursued national economic advantage through the exploitation of asymmetrical interdependence and the manipulation of institutional commitments.

Focusing on Germany, France, and Britain, Moravcsik examines the five decisive agreements that propelled integration forward. He seeks to reintegrate the historical study of European unity with theoretical inquiry into the sources of international cooperation. ... Read more

Reviews (4)

Absorbing study of the EU's development
In this deeply researched book, Andrew Moravcsik studies five key moves toward wider and deeper European integration: the Treaties of Rome, consolidating the Common Market, monetary integration, the Single European Act and the Maastricht Treaty. He argues that the member governments chose ever closer union in order to promote their countries' economic interests. He aims to prove that economic interests, not political ideas, drive EU integration. He focuses on how the governments of Germany, France and Britain made their decisions.

Moravcsik argues that the British government's policy in the 1950s of opposition to joining the Common Market "was the rational one for a government that traded little with the Continent, had high tariffs in place, and feared competition with German producers." So there was economic logic to staying out. It is less clear that there was good reason for the subsequent reversal of policy: trading with a bloc does not oblige us to join it!

He shows that De Gaulle vetoed Britain's application not out of chauvinism, but because we opposed generous financing for French farmers through the Common Agricultural Policy. In 1969, Pompidou lifted the veto, but only in exchange for the British government's huge concession of agreeing to a permanent financing arrangement for the CAP. This made it CAP reform impossible.

Similarly, member governments have pursued integration through creating the Single Market and EMU. Moravcsik shows how Europe's multinational companies and the national employers' organisations backed integration. The European Commission admitted, "The single market programme has done more for business than it has for workers", a judgment true also of Economic and Monetary Union. Economic interests may well have determined the drive to a single state, but paradoxically the closer the cooperation between EU members has become, the worse their economies have performed.

Capitalist states and multinational companies have taken the EU road to lost sovereignty and economic integration, but the peoples of Europe are increasingly choosing otherwise, as the Irish people showed in the 7 June referendum on the Nice Treaty. In particular, here in Britain the option of leaving the EU looks more and more inviting.

Renewing the Debate about the Causes of European Integration
Andrew Moravcsik boldly makes the case for the centrality of the three largest member states in the construction of Europe. In this volume, Moravcsik articulates his "liberal intergovernmentalist" (LI) framework of analysis and utilizes primary sources to strengthen his response to Paul Pierson's "historical institutionalist" (HI) account of European integration. As Moravcsik explains, in making the choice for Europe

"...it was the deliberate triumphs of European integration, not its unintended side-effects, that appear to have increased support for further integration. This is the key point of divergence between HI theory and the tri-partite "liberal intergovernmentalist" interpretation advanced here. For most governments, inducing economic modernization-even with unpleasant side-effects-was the major purpose of European integration." (p. 491)

One of the strongest contributions of Moravcsik's volume is to revisit the classic neo-functionalist-intergovernmentalist debate and to place it in a new theoretical context. To Moravcsik's credit, this tome offers a detailed, thorough and remarkably organized assessment of competing explanations in the European integration literature. Students and scholars of integration will grapple with the issues raised as a result of this work for years to come.

Moravcsik's volume challenges the "myths" of European integration and calls into question the relevance of actions taken by supranational entrepreneurs. National versus supranational debates notwithstanding, Monnet's (and later Delor's) talent was to seize a moment in history when Europe was at the brink of continuity or change. Monnet's use of crisis as opportunity sought to alter fundamentally the way in which France and Germany interacted within the European system. Is this not the essence of the Schuman Plan in 1950, namely, to use the opportunity to modernize France economically as part of an equation to make future wars with its neighbor across the Rhine impossible?

Although convergence was already apparent among European economies, did the initial political decision to pool the critical resources in the making of war, to integrate in the European Coal and Steel Community (ECSC), require individuals like Schuman, Monnet, Adenauer and Hallstein to work against the fact that European states mistrusted each other and were therefore disinclined to integrate? It is most unfortunate that volume length does not permit Moravcsik to cover this initial case. In the light of the ECSC experience, was the agreement to create the Common Market in 1958 intrinsically about making European countries richer? The archival research of Raymond Poidevin and Andreas Wilkens sheds light on the experience of the ECSC. Their writings may help us evaluate the extent to which the initial experiments in integration, including the aborted European Political Community (EPC) and European Defense Community (EDC), influenced the interests of the Six during the Treaty of Rome negotiations. References to Poidevin's work are scarce among the 1116 footnotes in The Choice for Europe. There are some citations of Wilken's writings, but not those that critically evaluate the impact of Monnet's role during the period 1950-57.

In Moravcsik's analysis, economic interests, asymmetrical interdependence and more credible commitments, respectively, drive states to negotiate, cooperate and integrate in Europe. Moravcsik candidly (and correctly) acknowledges that his primacy of economics explanation is less helpful to our understanding of German motivations to cooperate in Europe. In the French case, does Moravcsik's revisionist account successfully convince us that de Gaulle emphasized national economic interests over geopolitical priorities or an ideology of grandeur? By asserting that ideas motivate only when no strong interest is involved, does Moravcsik's account draw an unnecessary dividing line between the General's socio-economic and geo-political goals? It may be argued that the General's priorities were inextricably intertwined as President to assure the country's place as the first among states in Europe. My own volume on the Maastricht process demonstrates the relevance of two-level analysis. Other writings about Britain's role in the Maastricht negotiations likewise stress the importance of simultaneous domestic-international interactions in intergovernmental conference diplomacy. Given that Moravcsik's own prior writings strikingly illustrate the contributions of Putnam's model, it is puzzling why he does not emphasize two-level games in The Choice for Europe. Moreover, the potential for interactions among the three analytical stages Moravcsik defines in his book, namely, preference formation, interstate bargaining and implementation, also warrants more attention in future editions.

The phenomenal number of sources cited in Moravcsik's tome is a compelling reason to include a bibliography, including the names, places and dates of all interviews conducted. This would help the reader locate cited materials more efficiently. Moreover, it would underline Moravcsik's attention to primary sources which brings us to a methodological point. Moravcsik does not cite magazine or newspaper articles and relies a good deal on confidential interviews. It may be argued that journalistic writings are helpful when "hard" primary sources, namely, internal government documents, are systematically cross checked with these accounts. Accurate journalistic reporting, when referenced consistently, can also confirm or deny explanations given in confidential interviews. These techniques allow for a greater degree of transparency in source materials.

The preceding points are evidence that, given the numerous questions this volume raises, Moravcsik has admirably achieved his most important objective: to renew the intellectual-practitioners' debate about the fundamental causes of European integration. The Choice for Europe is recommended to a wide audience as an unprecedented work that incorporates elements of comparative politics, international relations and political economy in a historical narrative that challenges us to think critically about the reasons why states choose to cooperate.

excellent revisionist overview of European integration
I found this book one of the best I have read on European integration history. It is a good example of revisionist history at its best. Compared to other books i have studied on the same subject this one makes a number of novel points and gives a completely different emphasis on driving factors & driving actors of the process of EU integration, putting the role of the Member States at centre stage all the way, and their economic interests as primary driving elements. To me, as an economist, this sounded convincing and certainly puts a novel slant on the traditional 'high politics' integration story. At the same time, I also found it a somewhat depressing account of the ineffectiveness of the Commission at crucial times of decision making. The book certainly puts into question some cherished notions about the role and functioning of the Commission, and since I am proud to work there it was not easy to take this in.

I found the first chapter hard going and somewhat obtruse, although i can appreciate the methodological points he makes, which are all to often ingnored. Once one is through that, though, the real story begins and a fascinating account it is, especially since it certainly does not follow the analysis i have read previously on this subject.

An excellent reference work, and certain to stimulate many a (heated) debate.

Political science for European integration historians
For once, here is a general text purporting to analyse the history of European integration that actually lives up to its billing. It is quite rightly considered a tour de force. Indeed, Andrew Moravcsik's "The choice for Europe" has already established itself as one of the most important publications to date on this subject. While it is obvious that the continued evolution of the European Union has been one of the most 'extraordinary political achievements' to have taken place during the 20th century, the reasons why this community of states was created in the first place and the ways in which it has since developed have not always been so convincingly explained or succinctly outlined, that is until now. What Robert Keohane describes on the fly-cover as the 'most compelling and significant analysis yet of the European Community' is just that.

Moravcsik is not a historian, but in this text he tries to integrate political science theory into a historical study of European unity; this is in order to discover why there has been such a high-level of cooperation between Western European states during the last half-century. His book fills an important gap in our knowledge by tracing the somewhat erratic developments that have led to a greater degree of economic and political union gradually being instituted throughout this region and by placing these in a theoretical perspective.

In this most accessible work, he persuasively argues that economic interdependence has been the prime motivator in successive governments making these rational choices. One of the weak (and strong) points however regarding Moravcsik's investigation is that it only focuses on the big European powers - Germany, Great Britain and France, as well as the European Commission - and does not really delve into small-power politics. Questions such as how these smaller nations tried to operate within, or negotiate entry into, the EEC as they became more aware and realistic about their world positions, how they operated in relation to the big powers, et cetera, must wait until their specific histories have been chronicled before they can be answered. At least historians now have a tool to do so.

In taking the case studies that he does, Moravcsik examines them in the context of what he sees as the five decisive agreements that have driven European integration all the way from Messina to Maastricht: via the Treaties of Rome in 1957, the EC Merger Treaty and other consolidatory and expansionary agreements enacted during the 1960s, the various examples of European monetary integration during the 1970s and early 1980s, and the Single European Act of 1986, all the way to Economic and Monetary Union in 1991. In so doing, he develops his thesis on integration history to fit the facts rather than the other way round, while providing a critique of existing theories and presenting us with one of the best existing analyses on this topic. This volume by Moravcsik is clearly a strong basis for future historiographical debate. ... Read more

Book Description

Violent conflict can spell catastrophe for developing countries and their neighbors, stunting and even reversing the course of economic growth. Recent World Bank research on the causes of conflict and civil war finds that the countries most likely to be blighted by conflict are those whose economies depend heavily on natural resources. Natural Resources and Violent Conflict: Options and Actions first explains the links between resource dependence conflict and then considers what can be done to help reduce the risk of civil war in these nations.

In this collection of previously unpublished essays by experts in the field, contributors consider the risks of corruption, secessionist movements, and rebel financing. They also consider the roles played by government, the development community, and the country’s population and propose an agenda for global action. Focusing on what we can do collectively to diminish the likelihood of civil war, contributors to this volume suggest practical approaches and policies that could be adopted by the international community—from financial and resource reporting procedures to commodity tracking systems and enforcement techniques, including sanctions, certification requirements, and aid conditionality.

A fascinating look at the results of important new World Bank research, this book represents an important addition to the dialogue on development ... Read more

Book Description

A comprehensive, balanced text, International Trade: Theory and Evidence is the perfect book for International Trade courses at the undergraduate level. It is appropriate either as part of a two-term International sequence (trade and finance) or in advanced courses in Trade that follow a one-term International Economics course. It can also be used as a background text for beginning graduate courses.Intermediate Microeconomics is an assumed pre-requisite for students using this text. ... Read more

Reviews (2)

great text!
We used this as a textbook for a one semester course in international trade relations. The writing is clear and the book is well-organized, making it very readable. It has very few errors, perhaps that's why a new edition hasn't come out lately. Most of the analyses of the models are done graphically and using only algebra, so it is suited for beginners of international trade theory/international economics. The questions at the end of each chapter vary from very easy to difficult, but the difficult ones can be answered after reading the text about two or three times and digesting its contents. This book is aimed primarily for undergraduates but first year graduate students can use this book as a review for more advanced texts in international trade such as "Lectures in International Trade",(1998) by Bhagwati et al. This textbook is highly-recommended and could be a better alternative than Krugman and Obstfeld's popular text ("International Economics: Theory and Policy").

Clear exposition - a good text
This book can be used in the international trade component of a two-semester ug course in international trade and finance (as the editorial review points).

The book uses - at least for me - an extremely useful approach to studying the rudiments of trade theory: after reviewing the standard concepts from consumer and producer theory, it provides a set of sufficient conditions that jointly determine the no-trade world. The core of the text then relaxes each of the mentioned conditions while keeping the others valid, showing why trade arises and at the same time providing a very clear overall picture. All models are discussed in a non-technical way but still with a fair amount of rigour, clearly stating the assumptions and proving the propositions.

The idea of using the revealed preference to show the existence of gains from trade in various settings is defenitely sth worth examining.

The trade policy part offers a chapter on strategic trade policy to shake the validity of the standard "trade barriers are harmful" belief from a perpective that is usually not presented by competitive texts.

Still, two elements could be improved: the part on the link between trade and economic growth is not very readable. Maybe the authors could do sth more about it by using algebra. Secondly, although the concept of intra-industry trade is discussed on many occasions, the authors could consider devoting an additional chapter to it just to summarise the already mentioned ideas.

To conclude: I consider the book as being better than, say, Krugman's or Salvatore's probably more popular texts. ... Read more

Book Description

Renowned investment advisor Marc faber sets out to find tomorrow's gold - the outperforming asset classes of the future.Far from being a sensational reading of the runes, this book delves deep into the past, to chart how old investor trends developed and assess how new patterns might emerge. ... Read more

Reviews (23)

a persuasive contrarian view on investment
I read this over the Christmas holiday and came around to Marc Faber's way of thinking. In a nutshell, here is what I took away from the book: the fiscal/monetary authorities control how much money sloshes around the world but cannot control where it ends up. In the 1980's and 1990's, excess liquidity found its way into stock and bond markets, asset classes which began the bull market much out of favor (remember in 1980, oil & gas partnerships and gold bars were hot, stocks were 8x earnings and bonds yielded 14%?).

As we sit in early 2003, we still have lots of money sloshing around in global markets but he argues we are in a mirror-image situation to 1981: commodities are very cheap and stocks and bonds are expensive. The recent rally in the CRB, in gold, and possibly in real estate, are the "shots across the bow" for a long-term investor shift back to hard assets and commodities in general. Deflation is the fear du-jour but Faber argues that all three major economic blocks (US, Europe and Asia) are debasing their currencies for stimulative reasons, meaning that all currencies are likely to devalue against hard assets -- ie the price of gold, real estate, etc. will rise. The coming inflation (still maybe a year or more away due to weak economic growth) will be bad new for bonds. He does favor emerging market stocks based on their strong correlation with commodity prices.

I found the chapter on Kondratieff to be less-convincing and more muddled. However, Faber backs up his arguments with lots of interesting charts and facts and all-in-all makes a coherent and persuasive argument for an emerging markets/commodities long-term bull market.

Rise of the East?
"Buy a basket of commodities and hold them". This is Marc Faber's investment advice for the future, distilled. He makes a case for the ascension of Asia, the relative decline of the U.S. and the debasement of common asset classes such as equities and bonds as stores of value. Why? In the case of the US, Faber believes the Fed will do anything it can to avoid deflation, and a managed devaluation of the dollar will be the way it achieves this. The argument for Asia (and particularly China) as an economic powerhouse is well made. Most of his theories are well supported, however I'm not a fan of cycle/wave economics which smacks a bit of astrology. Faber supports his theories on bubbles, business cycles and prices with quite long winded lessons in economic history. Depending on your fondness for this sort of writing, you might find it pretty dry. Style aside, the author is extremely well informed and since this issue went to print, has already been proved correct in respect of his calls on the dollar and metals. I think the future will continue to be validate his predictions.

The best investment book of the year
I am voracious reader of investment literature. There is no doubt that today Marc Faber is the best market analyst in the world. The books has truely helped me understand the importance of history to economic reasoning, even though I consider myself a mature Austrian. In the last 3 years I have read over 60 investment books, but this is the very best of them all. I highly recommend it; it is bound to change your future.

Long-term story obvious but what about the in-betweens?
Personally, I'm a little tired hearing about the long-term Asia bull story as we don't need to buy a book to realize it. What would be more important to me is if Asia and its governments have the ability ride out the peaks and troughs should the US economy collapse (afterall writers of the emerging "tigers" in the early nineties made similar long-term bull cases only to see their dreams shattered in 1997). As for those long-term sustainable issues, I would liked to have read more on whether or not political stability, democracy and less corruption are all achievable. I am also not convinced that China's economy is strong enough to take up the unwanted commodities if the US really does crash. It is true that many Asian economies gain from rising commodity prices but I would have thought that prices of rubber or palm oil, or any of the other agricultural products at the top of the list are likely to fall if serious problems came to bear at the world's largest economy in the foreseeable future.

A delightfully contrarian account on business cycles
The simple truth about business cycles and economic history conveyed in delightfully contrarian manner:-

In a time and age where economists consider business cycle theory unfashionable, why read a book about bubbles and cycles? Because, as Faber says, they exist everywhere all the time. The dot.com prosperity of the 90's made investors arrogantly hedonistic about market cycles; after all, they thought, oil crises, peso crisis, Japanese bank failure were all a thing of the past - happy times are here forever. This book will teach you to be wary of irrational exuberance and the 'error of optimism'.

The author is an enthusiastic collector of early 20th century texts on business cycle theory and it obvious he has an excellent command of the field. He quotes widely from classic texts, adding a lot of credibility to his point of view. However, these quotes are sometimes lengthy, boring and feel arcane.

Faber makes a wonderfully simple, yet compelling case for any investor to hold a basket of commodities such as gold, coffee, sugar, cotton and grains. The simplicity of argument in this book reminds me of my old professor John Eatwell's "Global Finance At Risk".

Discussion on the uncelebrated Kondrateiff Cycle and Batras Social Cycle theory give the argument a nice Contrarian twist. Again, the chapter on The Economics of Inflation presents an interesting Contrarian idea that Hyperinflation, in some cases can depress stock prices

Some parts of this book are over stuffed with statistical and geographic examples making the impatient reader yell in exasperation "make your point already!!!." The geographic and country examples probably stem from the authors obvious interest in economic geography. If you don't have the patience for empirical data, you might find the charts and numbers tedious.

My only gripe with this book: A distorted perspective of time and an irrelevant contextualizing of history.

Faber seems obsessed with the "very long term". He constantly strives throughout the book to prove that in the very long term all investment is worthless. The ancient city of Carthage (what is now Tunisia) 2000 years ago was a major center of wealth, today it is an economic ruin. Investment in Carthage therefore is worthless now says Faber. Why even consider the very long term is my point, why even look at 2000 year business cycles ? Should Faber not be more concerned with business cycles within a human life time ? As Keynes said, "in the long run" after all, "we are all dead."

Some data in this book go all the way back to 3100 BC and seem to be too ancient to be relevant in the present. The chapter on the rise and fall of centers of prosperity reads like a history book with detailed references to the rise and fall of cities like Babylon, Rome, Alexandria, Genoa and Goa. The author obviously is indulging in his favorite topic, but perhaps a pet topic will be better placed in a separate book dedicated to itself?

Don't get me wrong, the authors views on ancient history is indeed fascinating, but in a book on Investment Opportunities in Asia, it presents itself rather like a sore thumb. Faber seems to go far back in history to project far into the future, all but forgetting that we live in the present!

Never the less, this book contains valuable insight and proves to be an excellent read. ... Read more

Book Description

This book provides a multidisciplinary vocabulary for explaining general issues and trends facing the contemporary world involving cultural diversity, economic development, the natural environment, and international peace and violence. It affords equal time to the analysis of global issues using alternative perspectives.Eight major case studies—one for each of the central issues explored—encourage the application of concepts and perspectives presented in the narrative. These perspectives include Ethnicity and Global Diversity, Economic Development, Human Ecological Sustainability, World Ecology, and Peace and War.For individuals interested in an introduction to world issues—as they relate to anthropology, sociology, history, and political science. ... Read more

Book Description

In the near future the UK will need to decide whether or not to join the euro. Yet few of us really understand the issues at stake. Will the Government lose control of the economy if we join or will we lose investment and weaken our international voice if we remain outside the euro? When, if ever, will the time be right to join?
In this clear, accessible guide, Paul Temperton, explains in a straightforward and totally impartial manner the pros and cons of the UK joining the euro. This book contains all the information necessary for the layperson to make up his or her own mind about an issue that will affect the lives of everybody living in the UK.
... Read more

Book Description

The first book to give students the breadth and depth of scholarship they need to understand the politics of the world economy, THE POLITICS OF INTERNATIONAL ECONOMIC RELATIONS has been fully updated to reflect the sweeping changes that continue to reshape the international arena. This Sixth Edition strengthens the text's contemporary coverage of political and economic relations, economic polarization in developing nations, and the roots of economic decline in centrally planned economies. Its new emphasis on the impact of economic globalization makes this definitive text ideal for use as a core text for the International Political Economy course, or as a supplement in the International Relations course. ... Read more

Reviews (2)

Good Book on Political Economy
As the last reviewer, who appears to be the author, said, this is a good book for undergraduate courses on international political economy.It does a great job of explaining the basic concepts and is a very readable book.It was an assigned reading for a course I took on international political economy and it provided an excellent structure and basis for the course.

The only downsides are a few bad examples and minor factual details.It is nothing that seriously affects or hurts the book as a whole.Also, the book has a slight slant to the neo-liberal perspective on political economy.Marxism, as a serious alternative theory, is short-changed a bit in the text, although most other texts have an even larger bias in this area.Overall, it is a good text.

The Politics of International Economic Relations
This is a text book for use in undergraduate courses on international political economy.Currently, it is the top choice of many instructors because it provides a thorough but readable historical account of how the world economy has been managed since the end of World War II.The book is organized in chapters about the international monetary system, foreign direct investment, and trade in both the developed and developing countries.In addition, it contains chapters about world oil politics, theories of economic development, and economic transitions in the formerly communist countries. ... Read more

Book Description

Reviews (6)

The Politics of Writing
The Writers of books like Unholy Trnity make very little money for their hard work (usually a few hundred dollars a year for 3-4 years). They write books like this out of political commitment. And then people like "Not Right" (though he or she probably is, Right Wing) criticize the author for responding to an obviously political critique! This book, as the Publishers Weekly review says, provides a scholarly grounding for the anti-WTO, IMF and World Bank protests. The group of students and faculty who worked on it did a splendid job. Read it and you will see.

Not Right
I think that it is pathetic for one of the authors to actually review and rate his own book. It seems as if this person is obsessed with selling as many copies of his book as possible. This type of greed is exactly what he pretends to be writing against. It is also wrong for someone (perhaps also one of the authors), to attack another reviewer, just because he/she did not like the book. These things say a lot about the author/s of this volume.

Florida again
The Florida reviewer criticizes the book's discussion of Foucault, but doesnt know how to spell his (Foucault's) name! Specify the criticisms so they can be replied to. Dont leave them as empty words. So the concept of hegemony used in the book, or which data are not backed up with sources? I dont find any. What we have here is a political attack disguised as a factual review.

Horrible
Please do not buy this book; the author (...) lacks any knowledge of the topic he discusses. The whole discussion about Focault and the so-called "hegemony" is irrational and wrong. The authour is (...) prone to endorsing irrational ideas. The whole discussion of certain countries' roles (Argentina-Brazil) is simply wrong; the account given of those countries' recent history is false. The economic figures provided in the book are also false; no source of them is provided. Please do not buy this book(...).

Posing new questions, not answering ready-made ones
I am a contributing author to this book. This book was written over a period of two years, during which the authors carried an extensive and detailed research on how the global institutions came to be central actors in the contemporary global political economy, and why do they operate the way they do. We looked into the internal structure of these institutions, the broad political and economic context in which they emerged, and their historical transformations in the face of a changing world, in order to deconstruct their seeming inevitability and neutrality, and to situate them in real historical-geographical circumstances. We sought to explain and criticize the instrumental role these institutions play in producing economic and geographical inequality, and massive human misery all over the world in the name of development. The authors were not "obliged to give a negative view" because of the title of the book, as our 'critic' suggests, rather, because of what we found in researching the history and geography of these institutions. (And, for the authors, an unholy trinity sounds as "negative" as a holy one!)

We do not pretend to approach the subject with a neutral, apolitical attitude-our ultimate aim in writing this book is to explore different possibilities, and different worlds. Like our critic, we wonder what kind of world it would be without the IMF, the World Bank and the WTO; but we wonder for the future, not to justify and apologize for the past and present (mis)deeds of these institutions. We deliberately did not present "the other side"-by which is meant the global institutions' view of themselves; the reader can find such views in the many publications of the institutions and their apologists. They're literally all over the place, and this is one reason that motivated us to work on an alternative view, a different history. For not presenting arguments in favor of these institutions (although we always present them at length where we criticize them!), and although he finds the text "sometimes hard to understand" (quoting sentences out of context to demonstrate), our critic describes our analyses as superficial, and the discussion shallow. Maybe our critic was expecting to read another kind of book; better, maybe our critic would like to read the book again, and give another thought to what is truly "the other side". ... Read more

Reviews (3)

Wait until the dust settles
Of course neo-conservatives and the pro-war left will chant at me that the world has changed since the US/UK entente acted bilaterally and did not approach the UN for a second resolution on Iraq. Save your breath! I've heard it all before...

When the dust settles and there is a world realignment, the realist tendencies of states will again rise to dominate IR. You can even quote me on it.

I'm sure the framers of NAFTA and the FTAA had just these ideas in mind. Students of IPE: take notes!

Thorough scholarship and somewhat prescient
This is an extremely pertinent book for the next millenium. It is also quite popular in policy circles inside the Beltway. It is an indeispensible text for all Americans concerned with the future of international trade and the ongoing pathologies of our current trade regimes and the power relations they sustain to the detriment of the vast majority of human beings and the planet. It is thorough and scholarly throughout. While it is best read with a cup of Joe on a rainy day, it is worth the time and pays rereading many times over in light of current events. It's only shortcoming is it's neglect of the ecological dimensions of international trade and politics, nevertheless, it is a book for all who care about the human future.

A multi-course meal to political economy
Robert Gilpin's in-depth coverage of the multi-faceted world of political economy comes to fruition in tedium in the pages of this book. There is not a single author who puts together a traditional or classical view of the enviornment, international relations, economic policy, and strategy in such a comprehensive manner. Gilpin shows his true scholarly intellect of those before him and provides encouragement for those to follow. ... Read more