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

One of the first U.S. economic history books on the market, this classic text ties America?s past to the economic policies and debates of today and beyond. Presenting economic events chronologically for ease of understanding and to provide continuity, the authors equip students with a firm foundation in the evolution of American economic history. ... Read more

Book Description

Now there’s an International Business text that truly goes beyond a US-centered perspective to take into consideration the business realities in other countries and their unique perspectives, highlighting the role of culture in international business and illustrating how its impacts as well as that of political, legal and social institutions permeates all business functions and processes.

Oded Shenkar and Yadong Luo’s INTERNATIONAL BUSINESS offers a highly integrated and action-focused approach to the field that helps students make explicit connections across concepts and functions, develop the skill they need to address various IB issues and problems, and most importantly, broaden their understanding of the global business environment and its repercussions for executives. ... Read more

Book Description

The international aspects of income taxation have become increasingly important as countries worldwide have become more economically integrated. International Tax Primer provides an introduction to the policies that countries seek to advance with their international tax rules, with numerous examples drawn from the practices of both developed and developing countries. It grew out of the authors' work with the OECD in conducting seminars on international tax for tax officials in countries emerging from the collapse of the Soviet Union. The book emphasizes tax treaties and other cooperative arrangements that countries employ to coordinate their income tax systems with the tax systems of their trading partners.International Tax Primer strikes a balance between the specific and the general by illustrating the fundamental principles and structure of international tax with frequent reference to actual practice in a variety of countries. Coverage includes: +the role of the tax adviser; + tax planning techniques;+ international double taxation; transfer pricing;+ anti-avoidance rules; + tax treaties, including discussion of the OECD and UN Model Treaties; + emerging issues, such as e-commerce and harmful tax competition. The work also offers such practical features as: + an extensive glossary of international tax terms; and + a selected bibliography of international tax reference materials, including a list of periodicals devoted to international tax.Students, government officials, and tax practitioners who may be confronting international tax issues for the first time, as well as experienced international tax practitioners, will find International Tax Primer a helpful articulation of the fundamental principles that arise again and again in this field. The book works as both an introduction and a refresher in an area where issues often prove more complex than they seem and where a return to the basics is often the most helpful means of untangling a multi-layered problem. The second edition provides updates for recent developments and expands the coverage by providing many new examples. A chapter dealing with harmful tax competition, hybrid entities, and the taxation of e-commerce has been added to the book. ... Read more

Reviews (1)

Truly a good primer
This is the only book I found that actually explained everything in its table of contents in a way that I could understand. This is an excellent book for a total beginner just trying to understand the basic issues of thin capitalization rules, deductions vs. exemptions vs. credits, double taxation, tax sparing, tax havens, etcetera. ... 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

The first edition of Managing Across Borders was hailed as a landmark book, widely praised for its pioneering insights into the management of companies operating in an international environment. With the introduction of an entirely new organizational form--the transnational--Bartlett and Ghoshal showed how the nature of the competitive game had fundamentally changed, requiring that companies simultaneously capture global-scale efficiency, respond to national markets, and cultivate a worldwide learning capability for driving continuous innovation across borders. In this newly revised edition, the authors revisit their breakthrough concepts, updating the material with fresh, timely examples drawn from today's leading global enterprises. The insightful profiles of global middle managers and the real-world case studies paint a complete picture of the issues, problems, and opportunities encountered on the road to becoming a transnational. Included with this edition is a new application workbook, a highly practical tool for translating the book's ideas into action. ... Read more

Reviews (2)

An appreciative book that looks forward into the future
Now in an updated second edition, Managing Across Borders: The Transnational Solution by Christopher Bartlett (Daewoo Professor of Business Administration, Harvard Business School) and Sumantra Ghoshal (Professor of Strategic and International Management, The London Business School) is an informative introduction to the "transnational corporation", the new corporate phenomena of the interconnected global and digital age, which stretches its competition worldwide and fundamentally rewrites the nature of doing business. A fascinating, appreciative book that looks forward into the future, Managing Across Borders is highly recommended reading for anyone seeking to understand and capitalize on what the 21st century business community is evolving for purposes of international trade in a truly global and increasingly "borderless" age!

Pathbreaking book
This seminal book has been a part of my professional library for almost a decade, now. I am an Associate Professor in International Business and teach the subjects covered in this book. From this book a number of concepts have grown which continues to dominate the discussion of global management. Let me jus mention a few: administrative heritage, which is the idea, that the organisational structure of multidomestic enterprises reflects the historical period they were established in - especially with respect to the regime of coordination and communication. For instance, whereas the typical american firm entering Europe after 2ww would follow a strategy of tight operational control (given the business circumstances of this firm) Phillips, a multinational from the 19th century would display a strategy of much more delegation and subsidary autonomy.

Another concept is that of transnational companies - firms which simultaneously seek to adjust to local circumstances and enjoy the benefits of global integration. This idea remains a hot issue in global management even today - more than a decade after this book was published. ... Read more

Book Description

If there's anything more challenging than designing a company, it's designing a global company. Balancing strategy and structure becomes even more daunting when geography, foreign governments, and worldwide customers and products are thrown into the mix. And no single design works for all organizations. In this book, internationally recognized expert Jay Galbraith shows companies how to match their own strengths and strategies with proven design options. Whether they're exporting their first product or already operating around the world, Galbraith gives companies the information they need to build flexible, global networks. And through real-world examples, he shows how successful international businesses are already navigating the global environment.

... Read more

Reviews (6)

Full of valuable insights for managers and scholars alike
Galbraith has succeeded in filling the gap that he intended to fill in that specific area of management literature where organization theory and international business research interact. Although I was initially rather skeptical of the scholarly value of the book - since it appears to be particularly aimed at practitioners - I was pleasantly surprised at the wealth of novel theoretical insights that I was able to extract from it. Although it clearly builds on Galbraith's earlier work (for which he is renowned), it definitely adds something to the field. This book will leave those interested in international business (both practice and theory!) with an enhanced understanding of some of the organizational aspects of the multinational corporation that seem to me to be relatively underresearched.

Geography is History!!
Background: Geography is History!! So went an advertisement from a telecom company a few years ago. And as globalization proceeds to breakdown national boundaries, open up cultures and increases access for economic activity, an awareness of this process of breakdown of geography has become a necessity for any corporation wanting to grow and flourish. Increasing size in this dynamic environment brings with it many challenges including increasing structural complexity, need for quick and seamless communication to manage this complexity, as well as an ability to assess and predict the changing external world, recognize opportunities therein and fashion nimble responses to gain competitive advantage. 'Designing the Global Corporation' is a book written to address such issues in an attempt to help managers structure their thinking towards an increasingly boundaryless world.

Synopsis: Jay Galbraith begins his book by arguing against the KISS principle (Keep It Simple, Stupid!) of organizational design. He recognizes that increasing foreign direct investment (FDI), breakdown of trade barriers and improved communications via media like the Internet along with a corporations need to reach customers globally have increased the complexity of doing business. Corporations could fight this complexity and simplify their operations, or learn to accept, manage and in fact use this complexity as a competitive advantage against simpler competitors.
He then goes on to inject great precision into the concept of a globalization for a corporation and defines 5 different levels of international development in increasing order of complexity. A corporation may develop a competitive advantage in its home country and then try to export this advantage to international destinations, evolving through different levels of international development. Or, a corporation like Logitech, may be designed as a transnational corporation from its very inception, with hardware R&D located in Switzerland, software development in California, manufacturing in Taiwan and sales in every country. Evolution from level 1 to level 5 may not be inevitable and/or desirable, with many companies deciding to settle into a particular niche depending upon the nature of their business and their long-term goals.
The rest of the book is devoted to a very clear, well-illustrated nuts and bolts description of designing global corporations with different levels of internationalization. The geographical entity headed by a country manager, multinational single business units and the multinational multi dimensional organizations are described in great detail. Underlying theme of this entire discussion is that the structure of the organization has to cater to its overall strategy, and the former has to change as the latter evolves.
The author spends considerable time and space on the need and means for developing informational and decision-making networks within such complex organizations. Here again he describes 5 different types of networks in increasing order of complexity beginning with informal voluntary communication and going up to a formally structured matrix organization. He discusses the advantages and limitations of each and how such networks may be used to propagate the agenda of the corporation. As a corporation increases its level of internationalization, it has to deal with increasingly complex networks that transcend geography, business function and culture.
He ends the book by describing the 5 dimensions that a global corporation must learn manage in order to remain successful. These 5 dimensions are managing functions, geographies, product lines (or business units), customers and solutions.
Finally, he writes, "Regardless of whether globalization continues, stalls, or even reverses, the models described in this book should continue to guide organizing choices.....and as businesses struggle to compensate and thrive on their ever expanding journey, the ideas and structures presented in this book can serve as a road map."

Critique: The author has presented his ideas very clearly and illustrated them with many examples from real companies. The organization of the book follows a logical flow of thoughts and the language used makes it fairly readable. Having said that, the complexity of many of the concepts presented in this book precludes it from being a casual bedtime reading, rather it demands full concentration and a careful attention to detail from the reader.

Highly Recommended!
Globalization has become such an overused buzzword that it has become nearly devoid of meaning. Here, author Jay R. Galbraith injects new precision into the concept: Going international means plenty of hard work and painstaking attention to detail. Because every company's strategy, market and competitive advantage is unique, it's impossible to define one single, perfect, organizational structure for an international business, but Galbraith provides some fascinating alternatives to consider. Although Galbraith's book is jargon-filled and dense, it is full of useful, illustrative examples. He manages to reduce international business to its simplest form: A company develops an edge, and then tries to take it abroad. This involves many challenges, which Galbraith describes in rich detail. So if your company is multinational - or wants to be - we at getAbstract recommend this book to you. It is tailor-made for executives who are involved in international business - or who hope to expand their global reach.

Organizations of third-generation strategies.
"Most companies do not have the capabilities to institute the multidimensional organizations that are required by their strategies and necessary to serve their global customers. In one memorable conversation,...Chris Bartlett summed up the situation well, stating that companies pursue third-generation strategies using second-generation organizations staffed with first-generation human resources. When first-generation managers attempt to institute third-generation multidimentional organizations, they fail and attribute the failure to the organizational form, not to their lack of capability. They then call for a return to simple, first-generation organizations. These simple organizations will work if the companies follow first-generation strategies in clear and stable industries. However, if a company wants to enter complicated countries like China, create value for the global customer desiring solutions, and be competitive in converging industries, it must pursue a third-generation strategy. This book is intended for those who wish to design the third-generation organizations required by third-generation strategies...I believe in 'keeping it simple' but with two twists. First, I believe we should keep it simple for the customer; a company should work toward being easy to do business. Second, I believe we should keep it simple for front-line employees-those people with direct customer and product contact...The new mandate to keep it simple for customers and front-line employees makes management's job difficult and complex; how to organize in order to manage this complexity is addressed in this book...Some firms, like ABB, IBM, and Citigroup, believe that the winning companies are going to be those that can manage global complexity. It is for these firms that this book is written" (from the Preface).

In this context, Jay R. Galbraith:

* highlights some of the reasons for adopting a global organizational capability as well as some of the inherent challenges in doing so, and also spotlights some of the managerial and business-environment mind-set that can prevent these strategies from being embraced and employed to full advantage.

* argues that the global organizations are complex and multidimensional networks as a result of balancing many strategic factors; and then describes these factors in four categories: level of international development, amount of cross-border coordination, activity of host local institutions, and diversity of international business porfolio.

* argues that the level of international development-one of the strategic factors that influence how a company organizes its international operations-consists of three dimensions: the role of subsidiaries, the mode of participation in the local economy, and the proportion of assets and employees located outside the home country; and then defines the different types of competitive advantages, and focuses on the different levels of international development and how a firm changes from one level to another.

* argues that after exporting, the next level of international development is investment in foreign countries with a partner; and then focuses on the partnering process itself and the organizational skills-particularly the organization design.

* describes six tasks of geographical division: (1)transfer advantages from existing geography, (2)localize the success formula, (3)build a local business, (4)communicate with and educate the home country, (5)champion the new subsidiaries, (6)build international capabilities; and also describes the organizational design decisions involved in performing these tasks.

* reviews the variety of multidimensional structures chosen by companies, like Nestle, ABB, HP, and DuPont, by varying strategic factors, like fixed costs, markets, products, customers, competitors, transportability, and portfolio diversity.

* defines the lateral organization as an informational and decision-making process that coordinates activities whose components are located in different organizational units, and describes different types and amounts of lateral network coordination related to the strategic factors.

* argues that the easiest lateral organization is the informal or voluntary organization, and management's role in this self-organizing process is to create the appropriate context and remove any barriers to free-flowing contacts. In the next level, management-building on the informal networks-designs formal cross-border groups to manage shared functions, coordinate business units, and create global products; and then describes what makes the groups formal, and discusses the design issues involved in creating formal groups that coordinate across borders.

* discusses the factors that are creating transnational form as the last level of international development, and then elaborates organizational-design issues of this in an example.

* argues, the full complexity facing many companies involves simultaneously managing functions, geographies, product lines (or business units), customers, and solutions-at the very least. These companies must use multidimensional structures, with the dynamics of global business requiring that these multiple dimensions be reconfigurable. Different customers require the services of different combinations of business units and country subsidiaries; to be competitive, a company must be able to configure and reconfigure its profit centers to create value for customers. And then presents the framework for organizing around multiple dimensions, with focusing on the customer and customer solutions in cases of Citibank and IBM.

Finally, he writes,"Regardless of whether globalization continues, stalls, or even reverses, the models described in this book should continue to guide organizing choices. The most likely new level of international development will probably be a consrtium or some type of electronic or virtual combination of local companies".

I highly recommend this invaluable study.

A Compass and a Map...Not a Blueprint
Let's begin with Galbraith's concluding remarks: "The new development process for global products [and services] is one of the key organizational capabilities that a firm must master when evolving into a multinational company. Even without the global challenge, the product development process has become complex: products [and services] have to not only meet market requirements but also be manufacturable, reliable, serviceable, useable, and recyclable, and meet target costs in shorter and shorter cycle times." If this brief excerpt describes the situation your organization is in now or one to which it hopes to relocate ASAP, this brilliant book is "must reading."

In a very real sense, Galbraith functions as both a management consultant and an architect. The emphasis on the principles of "design" is intentional and eminently appropriate. Here are some of questions he answers:

What is the challenge of organizational complexity? How to overcome it?

How to organize the global corporation?

What are the levels of international development?

What does partnering require? When and why is it beneficial?

What is the significance of geographical division?

Which multidimensional structures are most important? Why?

What are the most effective strategies for coordination between and among networks?

What are cross-border formal networks? What are their significance?

What are the most effective ways to shift power across networks?

What is the "transformational form"? What is its significance?

What is a "multidimensional multinational"?

What are the most effective organizational strategies to serve the global customer?

What is a "front-back hybrid organization"?

After "A Look Ahead", Galbraith provides an Appendix ("The New Global Process of New-Product Delopment") which, all by itself, is well worth the price of the book. To repeat, I consider it "must reading" for organizations already embarked upon globalization or which are now preparing to begin that perilous journey. There is another category of organizations which can also derive substantial benefit from this book: Those who now do business with or plan to do business with others now active in the global marketplace. With all due respect to Galbraith, there is no single "design" which is appropriate for all or even for most organizations. Moreover, today's appropriate design may well prove inadequate in the near future, if not by tomorrow. Therefore, I suggest that you use Galbraith's book to identify the questions which must be asked and then answered, to take full advantage of the advice he provides and of the guidelines he suggests, and to view the design process as a unique opportunity to energize (or re-energize) everyone involved. Galbraith asserts (and I agree) that companies CAN transform themselves to design local products or devise local services that capture global scale yet fit local-market requirements. Only those which do will prosper. The choice is theirs. It really is. ... Read more

Book Description

Economic indicators and economic policy have an incredible impact on the volatile financial markets, yet it is often up to traders and investors to interpret the effects and take decisive action. Trading the Fundamentals explains the significance and market impact of all widely followed economic numbers, including the Consumer Price Index, Employment Report and other well-known indicators. Completely updated and revised to reflect today's highly computerized environment, Trading the Fundamentals provides readers with all the tools they need to analyze economic news and make appropriate investment decisions. New topics include: A new emphasis on data availability through the Internet; More detail on indicators such as layoffs and productivity; A completely overhauled discussion of Federal Reserve policy; A discussion of the phases of the business expansion part of the cycle. ... Read more

Reviews (2)

Why isn't this book in print?
I have several economic books, yet this book (written by economic investment professionals) is the most understandable, readable, and usable book on economics I know of. You can understand this material without knowing economics! Since it gives web site addresses for the actual data, you can view the economic results online or sign up to have the results e-mailed to you. It includes tables, so you have a comparison guide to help you figure out whether the data fits in the recession, recovery or expansion phases. As someone who came to economics through the back door (from observation of the markets), economic data does MOVE the markets......This book should be considered essential for traders or investors!

The most important book a trader will ever read
The new edition of "Trading The Fundamentals" is a book no trader should be without.

This book explains what is important about each release, how they are compiled, and how the market interprets them.

If I could choose only one book - THIS WOULD BE IT.

Kevin Cotter, The Cents Financial Journal ... Read more

Book Description

In the tradition of his contemporary classic Parliament of Whores, the man who The Wall Street Journal calls "the funniest writer in America" is back with Eat the Rich, in which he takes on the global economy. P. J. O'Rourke leads you on an hysterical whirlwind world tour from the "good capitalism" of Wall Street to the "bad socialism" of Cuba in search of the answer to an age-old question: "Why do some places prosper and thrive, while others just suck?" With stops in Albania, Sweden, Hong Kong, Moscow, and Tanzania, P.J. brings along his incomparable wit and finds hilarity wherever he goes. ... Read more

Reviews (89)

Where was this when I was taking all that econ?
P.J. O'Rourke is without a doubt my favorite essayist and writer (I got hooked on P.J. when he was writing for "Car and Driver" and have never regretted my addiction), and this book didn't fail to live up to my expectations. P.J. takes a basic look at economics, and then flavors that look with real-world examples as gleaned from his globe-trotting excursions in the pursuit of truth.

He starts with a simple examination of the basic, mind-numbing econ a large number of us slept through in college, and arguably this is the weakest part of the book. While his presentation is brief, understandable, and to the point, it's also filled with just a bit too much diatribe against the pointlessness of much of economic theory. However, these sections are as short as they are acidic.

It's after that however that P.J. is at his finest; writing about what he sees and experiences as he makes a round-the-world compare and contrast paper out of the economies of a variety of countries (and if you like this, go read "Holidays in Hell"). Comparing the economies of Tanzania, Hong Kong, and Shanghai through his witty observations and anecdotal references is worth the price of admission. When he visits a country, he really visits the country, getting to see its seamy underside as well as the glitzy parts photographed in the travel brochures. And no one is better at producing the telling anecdote that completely sums up his point than P.J.

His conclusions? Well, they're a bit pointed (and, yes, he probably did have most of them in mind before he started all this), they support a lot of the status quo (which I prefer to think of as his gaining perspective rather than losing his edge), and they'll most likely offend a wide spectrum of people (and if you're easily offended, why are you reading P.J. O'Rourke?). But the bottom line is that he pretty much cuts to the chase on both his analysis and his conclusions, and he does it while making you laugh out loud (more than I can say for my copy of Mansfield).

Definitely worth a place on your bookshelf.

I would eat this book if I could...
I decided to read this book to enlighten my mind about the different economic systems of our world. P.J. O'Rourke's unique, frank writing style and humorous use of a few curse words helped to keep this book interesting.

He explains our stock market fabulously well by describing what really happens on Wall Street. He follows brokers around during their day and witnesses the stressful lives these men (and few women) live daily. The capitalism we partake in the US is good becuase we are all free to participate in it and the government does not strictly censor the market. He contrasted our capitalism with albania's in an enlightening chapter. The lifestyle in Albania is full of violence and poverty- as their system is uncontrollable. Their attempt at "pyramid investing" crumbled in their faces, resulting in intense debt and starvation. Not only does P.J. O'Rourke identify the good systems, he compares them with bad ones so that the reader can better understand the themes. He uses economics and countries to help the reader visualise what their government is really like.

My favorite chapter of the book was the one concerning Sweden- an example of good socialism. The chapter almost convinced me to move to Sweden. The country has a lot of trust between its citizens. The system is balanced and works beautiful becuase everyone in Sweden wants it too. Equality is active in this country- all education is free up to Ph.D level. The citizens are happy and live lives full of moderation, where people are pretty equal and happy about it. He describe Sweden as paradise and it almost is- cheap medical care, intense welfare, unlimited sick leave with compensation, and free day-care. This system is impeccable and PJ explains it in a way in which the readers wish they could move there.

This book really opened my eyes on the societies and economies of other countries. I learned about Cuba and why there is so much poverty. It was extremely educational and interesting and I wish I had read it sooner, so that I could have been this informed about the world earlier.

Excellent read!
Great book, laughed all the way through. Really a fabulous and clarifying eye-opener on a lot of the world's economic systems that i really didn't have a clue about. What a fun way to bone up on a little history and current economic issues.

An Econ major's delight!
This book should be required reading instead of the majority of snore-inducing comparative econ books. The huge laugh-generating factor of this intelligent take on comparative econ easily compensates for its initial too basic explanation of econ 101 & occasional unnecessary crassness. The chapter on Cuba is illuminating -- & especially interesting in light of Fidel's current crackdown.

Creatig prosperity not promoting poverty
I have read---and found myself going back to---"Eat the Rich" by P.J. O'Rourke. It is insightful, much tongue-in-cheek, honest and disconcerting in his observations, metaphors and conclusions.

Like other reviewers above, I have traveled and found his remarks on the mark. My work involves doing strategic planning, conflict resolution and project design around the world and somehow O'Rourke, captures much of what I saw and observed better than I ever could!!

He does present in a clear, witty writing style some very important learning's about economics, politics and more. He may be known as a conservative, but his economic insights are those of the greatest economist ever: Adam Smith, Mises, Hayek and the school of Austrian Economics.

Even O'Rourke acknowledges his own greater understanding in an interview held:

"'Well, probably the most important of those is the--is
the Friedrich Hay--von Hayek's "The Road to Serfdom." It is -- it was
Written in the '40s, during World War II, as a antidote to what Hayek
Saw as the increasing collectivism of politics in the world. He was
protesting against communism and Nazism, but also against the
in--increasing organization and size of the--of the democratic welfare
states. Hayek is one of the great champions of the individual. I
mean, he basically says that individuals are smarter than groups.
Anybody who's ever had to deal with a mob or with Congress
could -- could probably tell you this. One on one, individuals will
make, on average, reasonable decisions, whereas if we put people in a
group -- it's like the difference between Harvard and the Harvard
football team."

And his closing chapter, by the same name as the book, presents the fundamentals of sound economics, and shows the importance of focusing on building prosperity and wealth rather than trying to address poverty.

If ever he were asked to present at any international conference, he would have done as a "the friend' did in this quote (though the source I find unusual)
:
"I had a friend once and he was asked to chair a commission, an
international committee, and the title of it was What Causes Poverty. He declined. He said I will do it but on one condition. The condition is that we change the title and I'll chair a committee on What Causes Prosperity. The reason he said that was, the title What Causes Poverty leaves the impression that the natural state of the world is for people to be prosperous and that for whatever reason there are prosperous people running
around making people poor... He looked at the world the other way. He said the natural state of people is to be relatively poor and that there are certain ways and things that can be done that can cause prosperity."
-Secretary of Defense Donald Rumsfeld, Nov.

No, O'Rourke is a shrew observer of life and economics and offers a fine study of how many countries are operating and it is not a pretty picture.

I highly recommend it for an insight and understanding of economics today, how the collectivist and government interventions stand in the way of the prosperity of people today.

Quoting him again, "Western Civilization not only provides a bit of life, a pinch of liberty and the occasional pursuance of happiness, it's also the only thing that's ever tried to."

Yes, Western civilization is one of the known groups that have tried, and, it is as if "the discovery' of individual Freedom and liberty is something new, deserves consideration. (For further understanding the history of Freedom and liberty, do read "The Discovery of Freedom: Man's Struggle Against Authority" by Rose Wilder Lane. Lear about the 800 years of prosperity under Islam that culminated in Spain as it stretched from China to Europe; the role of Christianity in recognizing self responsibility and, not covered, the 1,000 year stretch in Irelant, brought to an end by the same underlying forces in Curope that used the Crusades as an outlet for the war mongering energies killing Europe!)

Liberals and statist miss this and what O'Rourke saw so clearly. As shown in the following independent review, the writer lacks any insight and, with the typical false academic-type and very smug remark---and, I doubt if she has traveled and studied people, life and economics the way O'Rourke or myself for that matter have!) misses his point completely, but with classic "other view" understanding:

"If you agree that capitalism is the best economic system, and that laissez-faire policies are the best method of running an economy, then this book is in effect a self-indulgent look at a world-wide train wreck, with O'Rourke patting you on the shoulder by way of congratulations. You managed to miss that train. However, if you understand the complexities of cultures and history, then you might find O'Rourke's little excursion appallingly naive....

This book is an introduction into the economics that works, honors freedom and liberty, reflecting the down side of government intervention and regulation as it distorts the true value of working people and prosperity.

There are other books that capture economics for those that have not studied it, Economics in One Easy Lesson by Hazlitt, "What Ever Happened to Penny Candy" by Richard J. Marbury or "How an Economy Grows and Why It Doesn't" by Irwin A Schiff.

These books address money and banking and other topics that are key to the world's current situation with ease and understanding.

But, for a world tour presentation on economics for the every day Jane or Joe, for all those liberals that went to college and took Economic History or, at most "An Introduction to Economics" that favored Keynesian economics and big government management of economies that has prevailed for most of the 20th Century and may be the linchpin for the situation we find ourselves today as it crumples and falls, may the clear writings of O'Rourke serve as your treatise on economics and

Turn the dismal science into one that makes you laugh as you learn!!

He does an excellent job here. ... Read more

Book Description

In the past decade of rapid change in the world economy, Randy Charles Epping's Beginner’s Guide to the World Economy has been the most reliable tool for keeping track of what's happening. The third edition updates the information in previous editions and explains many new concepts.

What is the new economy? What is globalization? Is the euro the final seal on European Union? How is e-commerce transforming our world beyond economics? What is virtual money, and does it have real value? How do social concerns and societal ills (drugs, poverty, AIDS, endangered natural resources) play a part in the rapidly changing world economy. What are multinationals, and do they signal the end of nationalism? These and many other pertinent issues are concisely addressed in the most accessible primer for those who want to be economically literate (and who doesn't?). ... Read more

Reviews (9)

A book for beginners that beginners can understand!
As I am taking my first class ever on Economics, which is focused on Microeconomics, this book comes in handy as a reference book where I can find a down-to-earth discussion of basic concepts that relate to Macroeconomics. It pretty much did for me in Economics what "The Wall Street Journal Guide to Understanding Money & Investing" did for investing. It is broken down in a chapter-like fashion, much in the style of the dummies guides and written in layman's tems by Mr. Epping, an American who holds a degree in International Finance from Yale, who has held management positions all over Europe and who is fluent in six languages.

Easy to understand economics
I used this book with my children preparing for a debate on foreign trade. Easy to understand. Broken down nicely to find just the information you are looking for. Highly recommended!

Great for liberal Arts folks to learn about econ/finance!
A Beginners's Guide to the World Economy is a good introduction into financial and economic terms. The book is segmented into 81 basic economic concepts, which the authors state, "will change the way you see the world." I believe their phrase is definitely hyperbole because I didn't find any "earth shattering" commentary.

The book is a compilation of information/tidbits you would learn in economics, finance and international finance/business classes. The concepts, in many cases, are common sense and the average person, who has no formal education in the subject, probably would know 10-15 of them minimum.

If you don't know anything about finance or economics it might be worth a good read over 7-8 nights, covering 10-15 subjects a night. The book is easy reading but I wouldn't recommend it to anyone with a business or finance degree wanting to see if this is a "refresher" book because it is very light but a great introduction to economics/finance for those with liberal arts backgrounds. If any liberal arts folks seek a bible of finance it is called "Valuation" and is a mckinsey book. It is used in just about every top MBA program. Tough stuff but if you want to learn about financial analysis and crunching #'s that is the book to get.

A Great Starting Point
I have been reading "The Economist" for over a year and really felt like I needed to gain a deeper understanding about Economics. This was the first book I read and I was not disappointed at all. My only real nitpick is that he does not explain the concept of the "core" of an ecnonomy for example "core inflation" which is something mentioned regularly when I read Economic news.

This book helps you think for yourself
This book helps you understand the basics of economics so you can develop your own views on the national and international economic issues of the day. There's no set view he wants you to endorse, he just wants readers to understand economics so that they can more intelligently form their own opinions. He explains economic concepts in an interesting, easy to understand way that makes for good reading. ... Read more

Book Description

A professional's guide to controlling risk when investing in the foreign exchange and money markets. Particular emphasis on the use of derivatives. The book offers a unique perspective combining coverage of all three areas. ... Read more

Book Description

Michael J. Mandel, chief economist of BusinessWeek, is the country's most passionate partisan for exuberant economic growth. In the mid-1990s, he was one of the first journalists to use the term "New Economy" to describe the fast-growing but volatile U.S. economy, supercharged by technology and finance. Mandel's understanding of the true underpinnings of the 1990s economy led to his prescient warning that the Internet bubble was about to burst, which he predicted in his book The Coming Internet Depression.

Now Mandel is issuing another warning. Without exuberant, technology-driven growth, the U.S. economy will lack the firepower to solve its social problems. Without breakthrough innovations like the internal combustion engine or the Internet, the U.S. economy simply can't create enough jobs or wealth to provide for its citizenry.

Yet exuberant growth is stigmatized as immoral by some and bad public policy by others. And economists, surprisingly enough, are the biggest enemies of innovative, transformative growth. Mandel, a Ph.D. in economics himself, believes his colleagues in the dismal profession are a big part of the problem. Focusing on what he labels the single biggest failure in modern economics, Mandel blames New York Times columnist Paul Krugman, Nobel laureate Milton Friedman, and Greg Mankiw, President Bush's head of the Council of Economic Advisers, for misleading generations of students and slanting public policy against scientific innovation.

Lively, opinionated, and controversial, Mandel's thinking will serve as a rallying cry for the creation of a new political coalition dedicated to economic growth. He calls on Silicon Valley to take their case to Washington, and to shift the debate from arguing about trade and budget deficits to solutions, such as more support for research, start-ups, and workforce training. Mandel is sure to kick-start that debate.

Reviews (8)

No wonder this book is a dud
Michael Mandel's book has laid an egg, but you can only understand why if you make the mistake of picking up this book and reading it. This same gent, who "predicted" the Internet depression (after it already happened) now seeks to burden us with the believe that all these hobgoblins out there are the "enemies of growth." But his arguments are unconvincing and poorly presented, in prose that is hackneyed and academic-dull.

I found the arguments unconvincing
This is a book where I agree with the main premise, but dislike many of the conclusions as well as the delivery. The main premise is that the periods of great technological change are times of great economic growth, which is something that is very hard to disagree with. From this, the author argues that all policies should favor the development of new technologies and takes a few shots at the people he thinks are opposed to such policies. Unfortunately, his arguments are shallow and unclear.
First and foremost, he neglects history. The onset of the industrial revolution was an era of great technological advancement and led to a dramatic increase in wealth. However, we cannot forget many of the consequences of this advancement. In England, it led to rapid loss of their forests and in the industrial regions, the air was so dirty from the smokestacks that people could barely see. I remember reading of an instance where a lengthy weather pattern that kept the pollution in an English city led to thousands of deaths. There is also a classic case in the United States where a river was so polluted that it actually caught fire. Therefore, some of those he classifies as enemies of growth are asking the very important questions that need to be asked concerning the consequences of technological improvements.
Mandel also derides those who preach against MASSIVE federal budget deficits. He quotes former secretary of commerce Peter Peterson, who said in 2003 "When such deficits are incurred in order to fund a rising transfer from young to old, they also constitute an injustice against further generations." Mandel's next sentence is "This is the language of morality, rather than economics. From this perspective, taking on debt is wrong because it reflects profligacy and wastefulness, and shows that the government is out of control." It is immoral to saddle the next generation with an enormous debt, so Mandel's statement is inappropriate in that area. I have listened to Pete Peterson argue against massive budget deficits for two decades and his point has always been in opposition to massive deficits that require large expenditures for interest payments and take capital away from the free markets, where it would be the most efficiently utilized.
Mandel then does a little bashing of former Senator William Proxmire, who regularly gave out Golden Fleece Awards for what he considered outrageous government spending. The classic example of the $600 toilet seat is mentioned. Mandel then states, "Unfortunately, this antiwaste, antidebt mind-set is inimical to innovation, which inevitably requires going down a lot of different dead-end roads before finding success. . . From the perspective of a deficit hawk, exuberant growth is intensely disturbing." This is simply not true, rapid economic growth does not disturb the deficit hawks, in fact they welcome it. What disturbs them is the unarguable fact that government spending is inherently wasteful. Mandel seems to believe that the only way new technologies develop is by throwing enormous amounts of money at them. The dot-com bubble and burst shows that this is nonsense. The Internet companies that survived the implosion were almost exclusively those that spent well within their means and were fairly conservative in their business plans. Also, many of the new technologies that are so highly praised in the book were developed on minimal budgets.
This book is little more than a collection of arguments in favor of massive federal budget deficits, cloaked in a nebulous mantra of "exuberant growth." I found very few of the arguments convincing, in many cases they deal with peoples beliefs taken out of context and inaccurately. To sum them up, his point is that if we are courageous enough to accept the right amount of debt, then enough new technologies will be developed to grow the economy into surplus. Mandel presents no conclusive evidence in support of this thesis, and extraordinary claims require extraordinary evidence. I was also unimpressed with the subtitle of the book, as quite frankly he silences no one and while many people will raise legitimate concerns, few are really enemies of economic growth.

Big Risks Big Rewards
Mandel's thesis is that economic progress and technological innovation are inextricably linked and the U.S. is uniquely positioned to take advantage of it. Like many good ideas the link seems intuitive, but as Mandel shows, many respected economists are skeptical of the contribution of technology to growth. This book clearly defines its case and argues forcefully for a change in the prevailing wisdom.

Mandel distinguishes "exuberant growth" exemplified by the internet boom of the last decade from the "cautious" growth of the U.S. in the 1970's or Europe and Japan today. Cautious growth, "suggestion box" growth, is marked by an emphasis on personal savings, fiscal conservatism, and gradualism. This is "capital fundamentalism". But there is little evidence to show that a high savings and investment rate without the jumpstart of technological discovery yields much growth. High savings rates in Japan and Europe have not placed these economies in the vanguard of economic progress. Nor has our historically low savings rate stalled our leadership.

Exuberant growth in the U.S. economy is supported by our "high performance" financial markets. The efficient way in which huge sums of capital are directed to new ideas by venture capital firms and the high-yield (junk) bond market make it possible for breakaway developments to bubble up through the economy. Stock options, maligned for their high profile abuse, serve an important funadmental role by securing the allegiance of valuable wage earners and making them partners in a risky enterprise.

A "hot" economy is a creative one fostering new technologies and economic progress. It is also a risky economy "pulsating" with the flow of capital to the Next Big Thing which may in the end be nothing more than a bubble. The internet has proven to be a disruptive innovation (Clayton Christensen's evocative phrase) creating jobs and wealth. Our efforts in Space and nuclear power have have been less successful. Areas that Mandel lists for possible breakthroughs include biotechnology, energy (e.g. fuel cells), wireless communications, and nanotechnology.

High octane economies make for risky markets. Mandel urges greater corporate transparency and multi-year income tax averaging to soften the tax burden of boom years and to cushion the lean ones. Implicit in all this is the need for a strong commitment to research and development in promising technologies.

Without technological innovation job markets stagnate, skill sets become commonplace and vulnerable to the cheapest provider (e.g. "offshoring"). Exuberant growth is not assured. Mandel is not shy about naming the economists he sees impeding the necessary support for technological initiatives that foster growth. For Mandel their blind spot is "the single biggest failure" of modern economics. This is a book intended to stimulate vigorous debate.

Thoughtful and Passionate
This thoughtful and passionate book by Business Week's Chief Economist aims to reshape the U.S. political debate about economic policy. Its central concern is to keep the U.S. economy on a path of "exuberant growth," led by innovation and technology. As Mandel reminds us, from one generation to the next, the prosperity of a nation depends on the rate of growth of its economy. He identifies two unique advantages of the United States in achieving rapid growth: a deep bench of scientific and engineering professionals to identify and commercialize technological breakthroughs, and a venture capital industry that will fund promising new technologies and products. But exuberant, technology-led growth comes at a cost, as it is accompanied by instability in financial markets and the real economy. Mandel worries that too many in public life - economists as well as politicians - see that instability solely as a problem without noticing that it is the natural byproduct of innovation and rapid growth. Taming financial and economic instability, he fears, would condemn the economy to stagnation. He calls on policy-makers instead to embrace exuberant growth by subsidizing science education and R&D, protecting investor confidence in financial markets through increased corporate financial disclosure, and ameliorating the costs of instability with a stronger social safety net. Mandel embraces a cause well worth fighting for, grounds his argument in an insightful analysis of the 21st Century U.S. economy, and provides a detailed policy road map for exuberant growth advocates.

An Important and Timely Book
As we head into the last stages of a presidential campaign where the economy is a top issue, this engaging book is a must-read. Mandel provides a robust critique of economic policy and lays out a road map for regaining exuberant growth. The key he argues lies in making "support for technology...central to economic policy," Yet, such a task is anything but easy. Mandel bemoans the fact that "unfortunately, technology rarely makes an appearance...in Washington economic policy discussions." As a result, while policy makers may talk about technology-driven growth, in Washington it's "the poor step-child, receiving a microscopic amount of time, energy and money from politicians." He's right.

Mandel goes on to "out" the enemies of exuberant growth, including naming names of economists who for all their claim to fame, actually neither understand nor support technologically-driven economic growth. Here's a Ph.D. economist saying that the emperor (the economics profession) has no clothes (they don't understand how the 21st century innovation economy works.

He goes on to lay out how its not just mainstream economists who don't get it, but that on "both on the left and the right, there is a profound discomfort with technological change." In spite of this, Mandel is optimistic about the future, given America's advantages in financial markets, entrepreneurship, and technology. Mandel got it right (albeit he was a bit premature) when he predicted "The Coming Internet Depression" (who besides Mandel had the foresight to buck conventional wisdom in early 2000 that the Internet economy was going to go through a big correction). I hope he has it right now when he predicts good economic times for the next decade at least. He lays out some interesting and useful policy proposals (although my only complaint with the book was that I wish he had gone into more detail on these) that could help spur growth in the future. All in all a great book and on top of that an enjoyable, "journalistic" read. I only hope economists take the time to read it. ... Read more

Book Description

Why do economies grow? What fixes the long-run rate of growth? These are some of the simplest, but also hardest, questions in economics. Growth of lack of it has huge consequences for a country's citizens. But for various reasons, growth theory has had long fallow patches. Happily, this is changing.

In 1956 Robert Solow developed what became the standard neo-classical model of economic growth. Counties grow, on this theory, by accumulating labour and capital. Adding either obeys diminishing returns: the more labour or capital you already have, the more you need for a further given jump in output. One consequence is that an economy with less capital ought to outgrow one with more. Generally, they do. Another is that growth should eventually drop to zero. Awkwardly, it stays positive. To save the theory, long-run growth was explained by an outside factor, technical innovation, which is not in the growth function itself--hence the label "exogenous" for the Solow family of models.

Partial as it was, the Solow model won wide acceptance and growth theory slumbered for three decades. Then came two changes. One was an attempt to add technical change and other factors to labour and capital within the growth function so that the model might predict long-run growth without leaning on outside "residuals"--the so-called "endogenous" approach. The other was a huge number of factual studies.

Barro and Sala-i-Martin explain all this and more with admirable clarity (and much demanding maths) in the first modern textbook devoted to growth theory. The main theories are examined. The stress throughout is on linking theory to fact. One of three chapters on empirical work suggests how much each of several possible factors would be needed to explain differing international growth rate--not an explanation itself, but an indispensable set of empirical benchmarks.

from The Economist, 17 February 1996 ... Read more

Reviews (7)

Macro Musings
By David Guy Atkin
As somewhat of a social insomniac, I have an exorbitant amount of time laying in bed doddling. While playing games with myself is somewhat amusing, I have found the most amazing solution. THIS BOOK! A stimulating read...perfect for rest, relaxation, and casually flipping thru during spare time...especially, the rigorous development of the dynamics of the Uzawa-Lucas model...the illustrations are captivating and encapsulate all I love about Economics and New Jersey.

Economic Growth is just Super!
Prior to having used this book, Macroeconomics was the bain of my life. A short sweater wearing Frenchman assigned it as the set text of his course and everything changed. The models are clear, lucid and stimulating. The exposition is first rate and the mix of theory with empirics is frankly breathtaking.

I used to turn up 20 minutes late to macro lectures out of fear, now I wake up early asking myself "How can I make Peru grow faster". Is Economic Growth dull? Now, not so much as not at all...

Excelent Book
This is an excelent book that covers very well "the old and new" Growth Theory". However it is a very hard book and be prepared to use everything you know about math and economics. Perfect book for graduation courses in growth theory. My only suggestion is to include a chapter about the efect of institutions on the economies.

Taking Xavier's Class at Columbia? This book is a must
Hi, I ran into this book while taking Professor Sala-I-Martin's Intermediate Macro class at columbia. I found it to be much clearer and useful as compared with the assigned textbook. His final is impossible without it, get it early and follow along when he discusses the Solow Swan model, Endogenous growth rate, etc. You'll thank me when you ace the final.

One of the principal books about the modern economic growth.
"Economic Growth" by Robert Barro and Xavier Sala-I-Martin is one of the best book about economic growth theory who I've seen. This book together with "Advanced Macroeconomics" by David Romer and "Endogenous Growth Theory" by Philippe Aghion and Peter W. Howitt are the principal books about all the modern economic growth theory. I recommend very much this book. PD. I bought the last book, sorry. ... Read more

Book Description

The underlying crisis facing the airline industry has been apparent since early 2000.But for the past 45 years, airlines have struggled to find financial success in the very competitive transportation industry.In the weeks that followed the terrorist attacks on the World Trade Center, the airline industry became close to bankrupt, with flights being grounded in other parts of the world as well as in the United States. Flying Off Course has established itself over the years as the indispensable guide to the inner workings of the aviation industry.This third edition is fully updated to include case studies of Easyjet, Ryanair, Buzz, Go, Virgin and British Airways.It also includes new material on airline alliances, the rise of the low cost airlines, the impact of new technology on the business as well as how to deal with both eroding passenger confidence and the possible worsening of the global economic slowdown post-September 11th. ... Read more

Reviews (8)

Great overview, at times too basic
Having worked in airports for the past 10 years, and now moving to the airline side, I wanted a broad overview of airline economics. The book did a first rate job.

The only criticism would be that if you have a few years of experience and know your way around the basics of financial analysis, some of the examples and explanations will be a bit of a waste of time.

The book is well structured and about as interesting as a book on this subject can be (be realistic, the subject has it's limits...). A great novice book, a good one for those already airside.

Nice introduction
If you need a quick insight into airline business - BUY THIS BOOK. Rigas did a great job in explaining the difficult world of airline business to a dummy like me. Now, having a quite deeper knowledge, I am missing some in-depth information about the commercial side and route planning. Overall: a best buy.

Good book but a bit out of date
I am an airline analyst and this book give me some background info on different aspcet. It gives you basic understanding on how the industry works and I personally learn a lot from this.

The problem is that it is a bit out of date and so I need to spend a lot of time verifing the data. Other than that, this is a very good one for beginners.

BEST BOOK IN AIRLINE ECONOMICS
This book is a must for anyone contemplating a study of the aviation industry. Being myself an avid aviation enthusiast and an Economics student at the London School Of Economics, I have relished every single chapter of the book and it proved instrumental in applying some concepts of core Microeconomic Theory to the Airline Business. The book is written in a clear and comprehensible way and the chapters are lightly intertwined in a way that will suscitate the general interest of the reader. In addition to the cogency and incisiveness of the chapters, Professor Doganis succeeds in stiking 2 birds with one stone's throw when it comes to dissociate the practical side from the empirical side.

In a synopsis, i would put this book in the top of list if i were to recommend to my students- should i myself become a Professor of Airline Economics and Finance later on

Get to know the problems of an international airline
The past few weeks I noticed some articles in the newspaper about all kinds of airline gettogethers, nice talks, interesting promises and large headlines. If only the authors of these articles had read this book, they would have avoided words as 'surprising', 'news of the day' and 'new policy?'. Doganis explains it all in his book, and in such a way that I liked it, remembered it and am still capable of reproducing. To me it was an excellent introduction to a field, far from my bed. ... Read more

Book Description

For additional materials, please contact the author directly: www.mariekedemooij.com

Cultural diversity influences marketing and advertising at all levels: consumer behaviour, research methodology, philosophies of how advertising works, advertising strategy, concept and execution. What the field has been lacking is a knowledge base of cultural differences and similarities, that can be used for developing global strategies. This book presents such a knowledge base, a structure to understand the consequences of culture for marketing and advertising. ... Read more

Reviews (3)

A unique perspective on consumer behaviour
The book is unique in that Marieke K Mooij uses theories from cultural anthroplogy and interpersonal communication to present a framework for consumer behaviour. It is particularly useful for practioners who are working in underresearched markets and are looking for ways to explain why consumers behave the way they do. The book makes extensive use of Hofstede's 5-D model to locate members of different cultures along the dimensions of culture and then uses this to explain differences in buying behaviour, communication styles and advertising appeals. The conclusion of the book is that individual behaviour is shaped more by the culture they belong to than it is by income or other differentiators. The one limitation of the book is that most of the examples are European, but I would recommend it even for those interested in Asian markets

no book is as useful for students and practitioners of adv.
This book review is on a 'titre personnel" basis.

I enjoyed the international advertising course which Marieke gave at Universidad de Navarra in 1997. As a teacher she is very capable of communicating the importance and urgency of this diverse and complex subject: managing marketing communications and brands within the outer/ and inner spheres of market cultures. Marieke applies the 5 dimensional model of G.Hofstede to illustrate and diferentiate a clear and full colour image of cultures and values. Being dutch myself, I recognise both the theory of Hofstede, but also the paradoxes Marieke has found. Intrigueing phenomena such as Japanese business success and collectivism, such as status and success in feminine cultures etc etc are often raising