Reviews (3)

The end of the US hegemony?
Chaos and Governance in the Modern World System distills a systematic process out of the past Dutch and English hegemonies and applies it to the current American hegemony. The authors state that the end of a hegemony cycle always coincides with financial crisis. The current accounting scandals and stock market turmoil could be symptoms of the end of the American hegemony. The book goes into detail into the history and mechanics of each hegemony and describes the transition between each of them. In the conclusions, Asia and more particularly China is pointed out as the next potential hegemon.

The underlying theoretical canvas of the book makes sense. It gives a historical and scientific look on the mechanics of globalisation. The book is of course academic in nature, which doesn't always help readability, when having to navigate through references and footnotes. It is only in the conclusions that a more linear tone is taken. Next step for me, exploring some books on the future hegemon: China?

A fabulous book explaining our current global trouble
In a simple and concise way, Arrighi et al explain the rise and fall of the Dutch, English and American power in the modern world system (Since 1600 AD). In a 400 years sweep they show the evolution of geopolitics, state, finance, social classes and corporate structure in the rise and decline phases of each power.

After they described the processes which have affected the evolution from Dutch to English, English to American and the present weakening of the American power, book provides several possibilities for the future based on previous experiences. One of the conclusions is that corporations remain bound to their country of origin and that a corporate-led world will not survive the United States power, just like previous types of corporations did not survive English or Dutch demise. Another warning is the danger that the last phase of power, which is finance based and characterized by globalisation of finance always ends-up in a disaster: 1772-1773 crash in London, 1929 crash in Wall Street. Collapse of NASDAQ, trouble in Japan, California electricity could be the symptoms of this last phase of American power.

An essential book to understand the process of change and how to possibly adapt to it.

A thoughtful survey of 300 years of global power
Chaos and Governance in the Modern World System is a wonderful and comprehensive sweep of 300 years of power, politics and high finance. It is also a helpful counterpoint to some of the more gloating books filled with triumphilism or dire books of environmental doom-saying often found in when surveying the field. ... Read more

Book Description

This new edition contains full coverage of the deregulationand internationalization of banking and finance in the 1980sand 1990s (including a discussion of the growing importanceof Japanese finance). It integrates modern internationalfinance and open economy macroeconomics to provide readerswith a thorough, accessible, and up-to-date treatment ofinternational finance and economics. ... Read more

Reviews (2)

GREAT CLASSIC FOR EVERY STUDENT OF INTERNATIONAL FINANCE
The world leaders in the field of open macroeconomics still maintain the upper hand with this great book.It has no rival in its field.It examines the international monetary system, foreign exchange markets and introduces international economics. A must book for all levels.This book is recognized world wide for its clarity of convey complicated themes with the greatest of ease.

international finance without tears!
this book explains various aspects of international finance in a simple and lucid manner. the good thing about this book is that you dont have to an expert in economics or international finance to relish its contents. itexplains most of the terms and defines them too. even terms like spot andforward rates are explained with ease.a must for the beginners ininternational finance ... Read more

Book Description

Many students find introductory economics interesting but difficult, so they will really appreciate this study tool designed to make the core material easier to understand. A summary and list of key terms begins each chapter, providing readers with a "map" and hundreds of problems with detailed solutions illustrate and amplify key points. A chapter devoted to drafting and interpreting graphs helps students gain a facility with this material essential for mastering.

Reviews (2)

Disappointing
I used Schaum's Oulines to study for my accounting CLEP test, preparing for my MBA program. The Financial and Managerial Accounting titles were excellent. I have also used them to supplement my MBA texts in Operations Management and Financial Management. Overall, the series is lucid and easy to follow. I was expecting this title to follow suit.

Unfortunately, it did not.

The exposition is shoddy at best. Though I could solve the problems as they were given, I found myself struggling to understand economics. Since I was studying to CLEP test out of my prerequisite Micro and Macro Econ, I was concerned. After a few weeks, I purchased Harper Collins' College Outlines' Intro to Economics, and was pleasantly surprised to find that I could understand economics.

Buisiness Study Beginner from Korea
I am an old beginner in Economics. I just wanted to study to prepare my CMA certificate. Schaum's series are very popular in Korea, and maybe in the United States also for their selected many problems. That's why I chose this book for my preparation in Economics exam. Economics is very broad and practical studies. This book is written in 1995, 5 years ago from now. Someone feels it is too old to study. But I don't think so, because how much change in 5 years in Economics. The economy of a society is changing a lot in 5 years evidently but the Economics cannot be changed a lot in 5 years even in these E-days! I graduated from school longtime ago, and sometimes I was stupid in my school days because I just studied the text only without so many problems. I am now sure that the problem-driven study is the best way to conquer the complex theory. Good luck to you, and hope to find this book to help your understanding the Economics theory and extend to your real life. ... Read more

Reviews (9)

see Pop Internationalism
I bought this book, and I really wish I could have my money back!

Another reviewer wrote that Paul Krugman, a very highly respected economist who also writes for popular audiences, had published a refutation of Thurow's thesis in Head to Head. Actually Krugman wrote several in the early nineties, during the NAFTA controversy and Clinton's first term. These are collected in the book Pop Internationalism, which is a fine book for anyone to read, as are Krugman's other books.

Of course you can read Thurow's book, and it has some interesting observations, among its flawed analysis, of business cultures in Japan and Europe; they make interesting comparisons with business culture in the USA. For this I give it one star above the minimum.

Also, it is interesting that this new updated version includes only a new forward; the text remains unchanged. Perhaps this is a little disappointing, since it would be nice to see Thurow's predictions for the future from now. But its nice to see how wrong he was about all his predictions before. His new forward says that he was wrong because America read his book and reacted.

Actually, he was just wrong. So I recommend that you read Pop Internationalism in addition to, if not instead of, Head to Head.

Flawed zero-sum view of the world
This book is racy reading , and is made of the stuff non-fiction bestsellers are sometimes made of - a lack of intellectual rigour combined with a hypothesis that appeals to the general public. Tell the world that countries are like corporations , and that America and Japan (or any two countries) are engaged in a competitive game similar to that between Coca Cola and Pepsi - and there is a likelihood that a lot of heads will nod in supposed understanding.

No mention is made of the fact that international trade is NOT a zero-sum game , and that exchange based on comparative advantage will lead to a win-win situation for both countries involved. Instead the book harps on the assumption that somehow at the end of the game there will be winners and losers. In fact, it asserts that a united Europe will be the winner among the US , Japan and Europe. That prediction does not look like being borne out anytime soon , and Japan is languishing in a decade long mild recession - even though Japan did follow a policy of preferentially promoting "strategic" sectors , similar to what the book suggests.

The book's assertion that there are some high value-added sectors that ought to be promoted have been demolished by more careful analyses - notably by Paul Krugman's articles in Foreign Affairs ( March/April 1994) . These analyses show that productivity growth , rather than victory or defeat in some supposed economic Olympics , is the primary causal factor behind continued growth or stagnation.

Someone (I think Jagdish Bhagwati , but not sure) said in response to the assertion that it is better to produce semiconductor chips than potato chips ---- that you can produce sophisticated semicon chips, export them and import potato chips, lie in front of the TV all day long eating potato chips, and become a society of morons. On the other hand, you can produce potato chips , export it and import semiconductor chips, and use them to improve education. The hollowness of a lot of assertions in this Thurow book can be demolished by this silly-sounding but relevant quote.

The doctor's prescription is as follows - if you read this book , read some effective antidotes (like the Krugman articles) - otherwise you may be condemned to a view of the world that is siren-like in its appeal , but lacks even a modicum of truth.

Disappointing conclusion
Thurow made a good comparative sytudies between the economic models of Japan, US, and Europe. He illustrate the pros and cons of the three models very well.

However, I am disapointed with his conclusion. I still do not understand how he come to his conclusion that Europe will win the economic race in the future!

Seriously Flawed
The assertions in this book remain just that. Thurow has once again produced a populist book that lacks any academic foundation. Playing on current trends and American paranoia this book presents distorted facts and hence distorted conclusions- ignoring some of the most basic ideas of free trade, such as mutual gains. Read Krugman, Obstfeld or Rogoff, but please don't read this.

Bad Economics
The book is disappointing as it uses flawed arithmetics. The author views economics as a zero-sum game. He confuses competitiveness among corporations as being the same as amongst countries. The book seems intellectually rigorous but any serious economist will tell you it is full of fallacies. One gets a better idea of international economics by reading Pop Internationalism by Paul Krugman, one of the most brilliant younger economist. ... Read more

Reviews (1)

cases solutions?
I want to know if you have an edition with solutions of each case and price if is possible.thanks. ... Read more

Book Description

The last decade has seen important changes taking place in the tax regimes of many European countries. A comprehensive picture of what is happening in European fiscal systems has not been easy to find--until now. This impressive book featuring contributions from leading scholars, will be of great interest not only to academics but also to those involved in the financial sectors across the world. ... Read more

Book Description

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

Reviews (6)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Book Description

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

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

Reviews (1)

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

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

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

Amazon.com

From 1978 through the mid-1990s, China had the fastest-growing economy in the world, and it appeared poised to dominate Asia, and beyond, in the near future. But after focusing on facts rather than theory and looking at the conditions behind the spectacular numbers, Gordon Chang presents the People's Republic as a study in wasted potential: "Peer beneath the surface, and there is a weak China, one that is in long-term decline and even on the verge of collapse. The symptoms of decay are to be seen everywhere." For a nation that has always taken a long view of history, time is quickly running out. Chang believes China has about five years to get its economy in order before it suffers a crippling financial collapse--a timeline he seriously doubts can be met.

By failing to complete its reformation, China has maintained an illusion of progress, Chang explains, but in reality has caused more problems than opportunities for would-be entrepreneurs and foreign investors. Because reform has not been fast enough or comprehensive enough, China is unable to benefit from its modernization or keep up technologically with much of the world. The government's reluctance to get rid of state-owned enterprises has not only rendered China uncompetitive just as it prepares to join the World Trade Organization, but is causing the banks--which were forced to lend money to SOEs--to fail alongside them. Widespread unemployment, corruption within the Communist party, millions of resentful peasants, and a general lack of leadership further threaten stability. The Communist party "knows how to suppress but it no longer has the power to lead," Chang writes, arguing that the party is maintaining control only through the use of brute force and the people's instinct for obedience--popular support that could deteriorate as soon as the economy plunges. Simultaneously, societal ills such as gambling, drugs, and prostitution have become huge problems.

Stuck between Communism and capitalism, "China is drifting, unwilling to go forward as fast as it must and unable to turn back." It is uncertain what will be in the way when the giant finally falls. --Shawn Carkonen ... Read more

Reviews (63)

Pleasantly Surprised
Having heard negative reviews from others (who apparently didn't read the book but were put off by the title), I was pleasantly surprised by Gordon Chang's work. It's one of the best written books on China I have read and presents thought-provoking conclusions based on sound economic and political analysis, which is still relevant two years after the book's publication, and despite growing euphoria about China's role in the world.

Mr. Chang's insights on China's teetering financial system, its links to the state-owned enterprises, and political/ideological constraints to full reform are especially thought-provoking, particularly now that the WTO timetable for opening of China's markets means that competing foreign banks will soon have access to Chinese customers.

Insightful and Beijing goverment actually responses...
Pick up the book in Hongkong on my way to Shanghai. The inside look at China's SOE and bank and how they would cause the problems with China's future. It's a good reading for someone like me who's getting started with business in China.

Though the book is banned in China, I found a interesting Chinese publication called China International Business ... whose issue 174 has a cover story called "Breaking the Iron Rice Bowl." The issue discussed the problems with SOE and Banks. The magazine makes a complementary reading for the book. Some of the things Chang predicted that won't happen does happen. Privitization of SOE with private enterprise acquire SOE, massive layoff in the state bank and others.

One thing bad about the book is that Chang seems to lump sum the Chinese leadership as a collective like Borg in Star Trak. In reality, Chinese leadership is in constant struggle and prograssive and conservitive all win and lose sometime. WTO entry is a victory for the prograssive.

Also, I think Chang use too much Western standard judging Chinese politics. There are no "Read my lip" politics in Chinese politics. There are always something that can be done but never be said.

highly opinionated - few concrete facts
Motivated by a recent visit to China I have begun reading a few books on the subject. G. Chang's has disappointed not so much because it is very pessimistic (as I am certain there are many reasons to be) but rather because of the few facts he delivers. There is a lot of repetitive argument but little to substantiate. For example the accession of China to the WTO is mentioned every so often as an immense problem, yet there is no concrete mention of the sort of problems this will bring China.

Gordon Chang Mea Culpa
Go to Jamestown.org to read Gordon Chang professing his complete and utter ignorance -- slight exageration. Like all China experts (economists more or less excluded), Gordon Chang was trying to paint a picture of the place by viewing it through a straw.

I shouldn't rag on him too much. When facts repudiate his early analysis, at least he is man enough to retract his more egregious assessments.

So Gordon Chang gets 3 stars for sucking it up and being a man... but his book still deserves 1 Star.

open your eyes
To those 'China experts' who base their criticisms of this book on what they have seen in the tourist areas of Shanghai, Beijing, or Guangzhou, I would recommend that a healthy dose of reality is needed. When I flipped through this book when I was still in the West, I wrote the author off as being a pessimest with a chip of his shoulder, and only glanced through this book. But after wandering through the countryside and N.E of China, it became readily apparent that he was speaking in sooth. The facade of China that is presented to the outside world is scarily like the backgrounds used in the old Westerns- a strong gust of wind, and the whole thing will fall over. Perhaps time will prove the author wrong- I hope that it does. I will be sure to give this book a thorough reading when I get back home. ... Read more

Book Description

Networks are fastest-growing components in most industries. Network industries include the Internet, e-mail, telephony, computer hardware and software, music and video players, and service operations in businesses overseas, banking, law, and airlines. Oz Shy conveys the essential features of how strategic interactions among firms are affected by network activity, and how social interaction influences consumers' choices of products and services.Oz Shy is on the faculty of economics at the University of Haifa, in Haifa, Israel. His previous book is Industrial Organization: Theory and Applications (MIT Press, 1996). ... Read more

Reviews (2)

Buy Gottinger's book instead
This is a very interesting book that covers the full range of network industries - and is in many ways a welcome addition to the literature.

However, I found the pitch of the book to be not quite right. In an attempt to satisfy a student market, the presentation is a little simplistic in places. Although there are IO courses everywhere, there are few solely devoted to network industries - so it is surprising that the publishers risked producing a paperback.

As a consumer, the price of Professor Shy's book is an appealing factor, but I found Hans Gottinger's far more up-to-date, rigorous and analytical book of the same title (Routledge, 2003) more stimulating.

Network economics in one solid and compact book
This is an original academic textbook for network economics. Oz Shy starts the book by making some reasonable claims on his discipline at large: scientific papers in economics are too technical and use unnecessary amounts of calculus. Though the book is very analytical and covers a wide scope of issues, prerequisites are at a considerably low level. Because the book uses game theory and logical reasoning instead of calculus, it is accessible to readers with different backgrounds. This book will be in good use at least with the students of economics and engineering.

The book starts from the basic economics of networks and then analyses various networked industries from hardware to software and airlines to social interactions. Most topics stand separately on their own feet. The book ends with a compact presentation on the used game theoretical concepts as appendices.

Being a texbook in economics, however, does not excuse inaccurate and sometimes clearly misleading use of technical terms. I had serious problems understanding why "software" denotes in this book to all kind of digital content including music and movies. In my mind, the word software is restricted to computer programs and associated materials. Also, building models on some specific technology, Shy continuously leaps over the problem of defining its essential features, which should (or should not) be modeled. Taking definitions of technical terms as given (by Shy) can definitely confuse at least engineering students.

In overall, this book might be best characterized as an academic add-on to the well-known business book "Information Rules" by Carl Shapiro and Hal Varian. With some inaccurancies and perhaps some time-gap to real world applications, it makes a good textbook. Essential parts are timeless and presentation clear. ... Read more

Book Description

China and the WTO analyzes the nature of the reforms involved in Chinas accession to the WTO, assesses their implications for the world economy, and examines the implications for individual households, particularly the poor. Its key objective is to provide the information that will allow policy makers to implement WTO commitments and formulate supporting policies to contribute strongly to economic development and poverty reduction. ... Read more

Book Description

In this volume, distinguished economists and trade policymakers address the US initiatives to enter into free trade negotiations with a broad range of countries in the Asia-Pacific region, the Western Hemisphere, and Africa. The sheer number of these initiatives is unprecedented and has provoked major policy questions concerning US interests in the negotiations, the setting of priorities among the many contenders for concluding free trade agreements (FTAs) with the United States, the objectives of those trading partners, and the implications that these agreements could have for broader initiatives such as the Doha Round in the World Trade Organization and the Free Trade Area of the Americas. The volume includes a technical appendix with results of GTAP and gravity model simulations of the trade and welfare effects of the prospective agreements. ... Read more

Book Description

To celebrate the 20th anniversary of the book which helped launch the current economic miracle, Gateway Books is proudly repackaging and re-releasing The Way the World Works.Jude Wanniski's masterpiece defined the economic policies of the 1980s responsible for a booming stock market, the creation of thirty million new jobs, untold wealth, and unparalleled prosperity. ... Read more

Reviews (20)

Supply-side economics explained
Mr. Wanniski spends most of this volume examining world events in light of supply-side theory. He covers a remarkable range, from the beginnings of history to the present century; I have never read as cogent an explanation of both the Great Depression and the stagflation of the Carter years.

This book scares the Keynesian establishment, and it should--they are gradually going the way of the Newtonians. The only criticism of Wanniski (and of supply-side in general) seems to be ad hominem--some of which may be read in other reviews here (the nonsense written by Donald about Hoover and the Depression demonstrates a complete misunderstanding of the book's major theme).

Even irretrievable leftists, though, can find much in this book over which to ruminate. Wanniski is notably non-partisan and seems willing to share his ideas with whomever will listen. I found his group's web site after reading his book, and he posts a daily letter which is usually just as absorbing. If you have doubts about ordering the book, go to the site and read a few of his memos.

Over time, I think that _The Way the World Works_ will join _The Wealth of Nations_, _Das Kaptial_, and _The General Theory of Employment, Interest, and Money_ as one of the great treatises on economics--and it is by far the most fun to read.

Almost a Quarter-Century in print & still just as relevant
Wanniski first published this work in the throes of the Carter administration's stagflation malaise. For those who never experienced them, they were days of double digit inflation and unemployment, coupled with sky high interest rates. If the "Reagan revolution," undergirded by both Milton Friedman's Moneterism and Jude Wanniski's Supply Side Economics had not occured, a bloodier one may well have...the failed policies of Keynesian styled big government had failed that badly.

Though the entire book has been updated and revised over its long lifespan, Chapter 13; "Energy in Abundance" is extremely vital today. In it he describes the folly of the "doom & gloom," energy scarcity adherants - "The planet itself is a ball of energy, that rides in a sea of energy." Just how untapped are the earth's energy resources? Even today, over 80% of the oil wells ever drilled, have been drilled on the continental United States! Wanniski notes that, "Indeed, it can be argued that at present, there are more organic hydrocarbons being formed than are being consumed by the entire world population."

Wanniski does the best job of explaining why the Great Depression occured since Murray Rothbard addressed it in his work, "The Great Depression." In both his and Rothbard's view, protectionism (the Smoot-Hawley tariff among other protectionist measures) moved the world into a spiraling depression as international trade virtually dried up.

Wanniski coined the term "Supply Side Economics." A term that has been attacked but not reputed by proponents of Command Economies. Most of the world today operates under some sort of Supply Side structure. Even Russia has adopted a 13% flat tax with no Capital Gains nor "business taxes," which are actually "people taxes, as they're always passed on to the consumer.

"The Way the World Works" is a classic that puts the vagueries of economic theory into every day language and explains why individuals as entrepreneurs do a far better job of supplying the things we need than government bureaucracies do. A must read for anyone intersted in how and why both wealth and poverty are created.

A Primer on Impact of Tax Policies - Nothing More
Can lowering tax rates actually increase tax revenues? Yes. This counterintuitive answer is explained very well by Jude Wanniski's main topic: the Laffer Curve. The more taxes get levied, the greater the incentive to avoid paying taxes - including avoiding productive pursuits altogether.

Can a steeply progressive tax structure actually cause fewer tax revenues to derive from the wealthy? Yes. Wanniski offers support for this proposition as well.

Can trade tariffs actually depress the economy? Yes.

These facts are lamentable for a number of reasons. But Wanniski doesn't spend much time lamenting. He is fixated on the future potential of aggregate growth - however damaging to short-term labor markets - however conducive to the divide between wealthy and poor - however damaging to the production of social goods that are non-commercial in nature.

Perhaps Wanniski's sentinal contribution in this book is that there is in fact tradeoffs between aggregate growth and other non-comercial goals that society might pursue. But let's give the more socially conscious some credit. Most of them already know this. But now they will understand it better.

Why Wanniski only gets two stars, however, is for positing that the main tradeoff is between "growth" and "redistribution." This frame is oversimplified and works to mystify all societal goals other than aggregate growth by associating them exclusively with the politically charged concept of "redistribution" that has been misunderstood and abused widely. Not to mention that what "growth" refers to is aggregate growth in the economy as a whole - a growth that doesn't neessarily lead to improved quality of life for the masses of wage earners - but more like the growth of the wealth of the few who enjoy the stronger bargaining positions in society.

Not all non-commercial goals require redistribution. Social security is not a redistribution policy - but it keeps us all from failing to save for the future in order to keep up with the Joneses - for instance.

For a better exposition on human nature and the negative effects of competition, see "Choosing the Right Pond" by Robert H. Frank

The Best Book you will ever read
The Way the World Works (TWWW) is absolutely the best book that I have read my entire life. Wanniski has an extremely sharp mind, and his analysis combines the theories of the best economists of our times with his own in-depth knowledge of political science.
Wanniski has been able to forecast events in our national economy and society with outstanding accuracy.
The greatest thing that you will learn in this book is the ability to "think on the margin" which will help you understand not only economics and politics, but can help you be more successful in all areas of your life.
You can read materials published by Wanniski, for free, in his website ......
I have also created a website dedicated to the diffusion of Wanniski's ideas in Brazil. The site, which is in Portuguese, can be found at ......P>Marcelo Rocha DaSilva

A classic text on economics and human behavior
Whether you agree with tax cuts and supply side economics or not, this book is a great read. Using historical example of policy changes and their effect on the economy (and society) Wanniski demonstrates that when it comes to economic policy the people in Washington have failed to learn from history.

Note: if you are one of the people who still thinks a tax cut "costs" money, please read this book! ... Read more

Book Description

Book Description

By presenting the fundamentals of international economics clearly with a strong presentation of theory, policy and applications, The World Economy: Trade and Finance is an excellent choice for a broad range of trade and finance courses with an international economic focus.This text is believed to be the most technically accurate text available on the market.Yarbrough and Yarbrough's mission with this text is to allow the student to discover how key economic tools will help them understand international issues that affect them daily.At the end of each chapter you will find 3 to 5 cases to allow the instructor to bring in more applied material into the theoretical discussion. ... Read more

Reviews (3)

frustrating
This book takes the time to explain easy concepts in great detail (sometimes rearranging mathematical equations in trivial ways), but it fell short in explaining the difficult concepts. For example, on p532, it appears that the balance of payments is always zero for every completed transaction just because of accounting convention and not because of economic equilibrium; this doesn't seem right. Also, it makes some assumptions that could use some more discussion (for example, on p493, it states that supply of foreign-currency-denominated deposits is not influenced by the exchange rate, but is that really true?)

Easy to read and comprehensive undergraduate text
I used this text in the Multinational Economics 320 class, and I found it a very comprehensive and pleasurable reading. Principles are logically explained and profoundly supported with appropriate statistics. The book has rather broad scope, yet it remains thorough in explanation of basic principles. Suitable for undergraduate courses.

Too wordy. Boring. Only fit for American readers.
The book is too liberal with using words. The book is extremely long, although it needn't be. The author could have explained it in a shorter way. Extremely boring, especially for foreign readers since it deals too much with American laws, which are of no interest to us. ... Read more

Reviews (2)

Classic
Attempting to put numbers on past economic activity is a deeply fraught exercise, as the author freely admits.

That being said, this is a book full of useful information and striking estimates. I know of no better place to get a genuine feel for the economic history of the last millennia, but particularly the last two centuries. There is something to startle or surprise anyone within these pages. A necessary edition to the library of anyone seriously interested in history.

a good book
This book is seemingly a culmination of the painstaking works taken by Angus Maddison for decades. As I liked his previous works such as the Phases of Capitalist Development, so I like this book very much. Of course, the book contains many 'guesstimations' that are unacceptable to today's economists' rigor. This is more so when the author ventures into almost two millenia before 1820, for which he did relatively little work previously. But even here the book apparently provides reasonable figures synthesizing existing evidences with a lucid interpretation, providing illuminating starting points for future studies. ... Read more