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Keiretzu Economy, New Economy: Japan's Multinational Enterpr
Interesting reading. Timely. Though the first part is too academic and lofty, the conclusions of the second part(Japan: a success or not) is quite stimulating. This is very different reading from the usual Porter-like books of the academic Japan-bashing. And it is a non-US biased view. Induces to think the usual surface arguments about why Japan is doomed and dead. Quite creative in arguing for a Japanese pole-position in the next wave of the "New Economy" after the US dot.com craze is now anticlimaxing. Dr. Kensy significantly contributes in an unorthodox way to the ongoing debate on Japan and on the shape of the "Next Economy". ... Read more

Book Description

Environmental activists and academics alike are realizing that a sustainable society must be a just one. Environmental degradation is almost always linked to questions of human equality and quality of life. Throughout the world, those segments of the population that have the least political power and are the most marginalized are selectively victimized by environmental crises.

Just Sustainabilities argues that social and environmental justice within and between nations should be an integral part of the policies and agreements that promote sustainable development. The book addresses many aspects of the links between environmental quality and human equality and between sustainability and environmental justice more generally. The topics discussed include anthropocentrism; biotechnology; bioprospecting; biocultural assimilation; deep and radical ecology; ecological debt; ecological democracy; ecological footprints; ecological modernization; feminism and gender; globalization; participatory research; place, identity, and legal rights; precaution; risk society; selective victimization; and valuation. ... Read more

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The Comprehensive Look at EJ and Sustainability
This book does a wonderful job of taking different approaches and tools of looking at how sustainability and equity relate to each other. It scans the globe, distinct definitions of environmental justice, and a variety of environmental issues to create a less U.S. centered look at what environmental justice means and its relationship with sustainability around the world. The editors and contributors are well-known and distinguished in the field of environmental justice and sustainable development, making this book a must read for a comprehensive look at how two sometimes disparate and sometimes intertwined concepts interact. It also works well as an introduction to environmental justice and sustainability. I highly recommend this book to anyone interested in equity issues; environmental justice is often one of the last considerations in environmental battles. Works like this will help make equity one of the first considerations. ... Read more

Book Description

This book brings forward a crucial issue of how to manage the process of strategic integration into the global economy.The performance of Asian and African economies over recent decades clearly shows that engagement with the global economy can play a key role in advancing development. Asia and Africa in the Global Economy systematically deciphers the different experiences in the two regions, and provides comprehensive coverage of policies and institutions, focusing on the key sectors of primary exports. It also covers key topics such as manufacturing, foreign direct investment, financial flows and official development assistance. Contributors to this book include leading scholars from Southeast Asia and Africa. ... Read more

Book Description

Why have some developing countries industrialized and become more prosperous rapidly while others have not? Focusing on South Korea, Brazil, India, and Nigeria, this study compares the characteristics of fairly functioning states and explains why states in some parts of the developing world are more effective. It emphasizes the role of colonialism in leaving behind more or less effective states, and the relationship of these states with business and labor in helping explain comparative success in promoting economic progress. ... Read more

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A dazzling blend of business vision, history, social psychology, and economics, The Support Economy starts with a compelling premise: People have changed more than the corporations upon which their well-being depends. In the chasm that now separates the new individuals from the old organizations is the opportunity to forge a capitalism suited to our times and so unleash a vast new potential for wealth creation.

In recent years, many books have offered fixes for this crisis, but they have dealt only with its symptoms. The Support Economy is the first book to critically examine its cause: Managerial capitalism has outlived the society it was once designed to serve. It successfully achieved the efficient production of goods and services, but today's individuals want more. They want to take their lives into their own hands and are ready to pay for the support and advocacy necessary to fulfill that yearning. The next leap forward in wealth creation depends upon developing a new capitalism that speaks to the needs of people today.The Support Economy will be the next "must read" big think book. It speaks to every business and technology leader, as well as every reader interested in the future of the economy and society. ... Read more

Reviews (23)

The Support Economy by Shoshana Zuboff
The overall thrust of the book admits to the success of the
managerial economy in maximizing efficiency. The human dimension
has lagged behind the maximization formulas. Many corporations
can no longer guarantee a life time employment scenario.
Therefore; it is important to develop a strong entrepreneurial
class/capability to take up the slack. The authors discuss
"distributed capitalism" to empower individuals to exploit the
new technologies . The authors discuss an important concept
which involves merging infrastructure activities to exploit
strengths in the bureaucratic systems and distribute these
advantages across a wide spectrum of users. The book makes
a point in explaining that half of what people buy today
was not available a century ago. The authors envision a solution
in home employment to empower the babyboomers well into the
future. This is an important work. It could be developed
further in some of the aforementioned areas. For instance,
there is a wide array of government assistance available to
small business owners and aspirants. This aspect could have
been developed more fully. Matthew Lesko has a number of
government self-help books on the subject of government
grants, giveaways and low cost loans for small business.

A New Framework for Business
This is a book of two parts. The first is a detailed examination of why managerial capitalism has reached the end of its useful life. Zuboff and Maxmin say that because the system is out of date it cannot serve the needs of todays consumers. They also say that its inward focus results in scandals like Enron because managers think the comany is there to serve their needs, Managers are at the center of the system and value is inside the company. All of this was ok for making things but failed to deliver good service because it was not designed to do this. It used technology to reduce cost and depressed the impact of the internet. The net result is that we as consumers have changed, management has not and we suffer. WE seek help and only get a bloody nose.. The second part of the book follows the logic of the demise the managemet system Here value goes outside the company and rests with individuals ( it is distributed) To achieve alignment everything else ( control systems, ownership etc ) becomes distribed and wealth is realised by allowing people to live life on their own terms- by providing them with ' deep support" Here the techological and organisational vision is revolutionary. You need to forget all you have learned and think about capitalism from the ground up. The authors envision using digital platforms to provide common data and service. They suggest this will take 30% plus out of todays cost. These platforms will be base for new services and levels of support ranging from the fully automated to the personal. Here are advocates who navigate the world on your behalf. This is a whole new function ... they provide the ultimate range of support . They represent federations whose sole purpose is to provide different levels of support leveraging off the digital platforms. Federations obtain products and servcie from enterprises which come together and break apart .The whole concept is unique and extremely challenging. The idea is to create debate not to be perscriptive. The story of the family used to illustrate the metaprinciples of distributed capitalism is great. It makes you understand how different things can be and need to be. Zuboof and Maxmin have convinced me not only that change is necessary and inevitable but there is a new future to write. Some people may dismiss their ideas as too radical but look at their track records- they know what they are talking about. The world needs more creative and visionary thinkers like this-people who are not affraid to embrace the future and challenge the status quo-- we should all applaud them

An Outstanding Diagnosis
I strongly recommend The Support Economy.

I'll start with the negatives -- it took me about 100 pages to really get into it; like most business books the authors repeat themselves; the future state they outline is sketchy; and they don't even really attempt to describe how we get from here to there.

The reason I'm recommending it is that Zuboff and Maxmin absolutely nail the diagnosis of what's wrong with the interaction between producers and consumers today -- the way that individuals (at home and at work) are the shock absorbers between what enterprises know how to do and what people today need; the reason that managerial capitalism has to give way to, well, something new that they call "distributed capitalism;" the need to move beyond the relentless optimization of transactions and towards the maximization of value in the context of people's lives. And, thinking about my own situation and those of many of my peers, it just rings true. My personal trainer (who is also an event planner) is a kind of poster child for this new capitalism.

While "support" is in the title, this isn't a book about technical support -- it's about a new value proposition of people helping people, not just better-products-cheaper. That being said, it is strongly influencing my thinking about technical support in general and my consulting company's value proposition in particular.

Stellar!!
This book has changed the way I think about the world and business. I never thought about the fact that when markets change the way we do business must change. The book calls us ' history's shock absorbers" as we live with the pain and opportunity that arises when one business model is dying and another is being born. The book is packed with insights, facts and theory that open the mind to a new way of doing business. It is ground breaking stuff. We never think about capitalism in our everyday business lives but maybe we should have done . We are part of history and we can make more money and build better corporations if we really understood this. I would recommend this book to everyone. It is a great read and a map to a new future.

A Pedantic Mess of a Good Idea
These authors are on the right track but they are more interested in impressing readers with their vocabulary than following through with some do-able solutions. I firmly believe that corporations need to catch up to what the customer really wants but this book meanders through a maze of technical and non-related issues which distract from the great theme it is about. I trudged through the whole book waiting for an answer to the problem I could understand but there was absolutely no common sense I could grasp that would lead me to a satisfactory conclusion. Felt like I was back in school again. Ugh! ... Read more

Reviews (4)

Breaking new ground
The American theologian Michael Novak converted from socialism to capitalism in the 1970s, somewhat against the trend of the times. It might be said that he got in early to beat the rush to the neoconservative right. He has written that his liberal humanist education, mostly in philosophy and theology, was anti-capitalist 'as was common'. At the age of 40 he recognized a need to question his presuppositions about political economy and especially economics. This led him to discover and eventually to celebrate democratic capitalist traditions and institutions, especially in their North American form. He is especially proud of the achievements of the founding fathers of the Constitution with their appreciation of the need to separate the powers of church and state, and to take precautions against the predatory activities of political factions.

In his capacity as a Catholic theologian he has been especially concerned to reply to the moral critics of capitalism who typically argue that the system abandons the public interest and the welfare of the community to self-interest and the pursuit of individual gain. In one of his other books, Free Persons and the Common Good, he attempted to retrieve from the Catholic literature a conception of the common good that is consistent with capitalism and the market order. Novak taook up this challenge with a tortuous excursion into the works of Catholic thinkers, among them Aquinas who Lord Acton described as 'the first Whig'.

His account of the American experience as an adventure of classical (non socialist) liberalism is more convincing. He identifies several valuable moral traditions which were called forth by democratic capitalist institutions in the early American colonies. These include civic responsibility, personal economic enterprise, creativity and a special kind of communitarian living. He also offers a cogent rejoinder to the critics who accuse capitalism of lacking moral or spiritual depth. He explains that statements on the 'spiritual deficiency' of democratic capitalism spring from a "horrific" category mistake. Democratic capitalism is not a church, a philosophy or a way of life, instead it promises three liberations; from tyranny and torture; from the oppression of conscience, information and ideas; and from poverty. The resulting social order provides space "within which the soul may make its own choices, and within which spiritual leaders and spiritual associations may do their own necessary and creative work". He suggests that Democratic capitalism has done rather well on the score of promoting spiritual and cultural life, in contrast with Fascism and Communism which aspired to cater for higher human needs.

The most significant achievement of the book is to explain how the common good can be served by the blend of individualism and free-market institutionalism (under the rule of law) that is advocated by von Mises and Hayek. Both these writers and other classical liberals dismiss the notion that there is anything identifiable as the common (collectivist) good. But the kind of 'common good' that Novak identifies is not of the collectivist variety, instead it is a framework of institutions and traditions which maximises the chance for all individuals to enjoy life, liberty and the pursuit of happiness. This particular kind of common good is promoted by the extended order of morals and markets, provided that the markets and other vital parts of the system of law and government are working properly. Here the notion of the rule of law is crucial because it defines an essential function for strong (but limited) government.

Novak supports the market liberal thrust for free trade and he also endorses the traditional, conservative notion of the rule of law against certain types of social engineers and judicial activists. However he does not object to the welfare state because he thinks that it is necessary in these days of fragmented communities and highly mobile people. Those who like their ideology strong and pure will deplore this lapse from grace but it shows Novak's willingness to get the best of both worlds, if this is at all possible. In the same way that he is determined to retrieve the best of Catholic theology he is prepared to take whatever he finds acceptable from the diverse strands of liberalism, ranging from the laissez-faire of von Mises and the deregulators to the left-liberalism of the American democrats. Novak challenges libertarians who have no time for religious traditions and he challenges religious conservatives who regard the liberal tradition as self-centred. This book maintains his reputation for breaking new ground and making connections between apparantly antagonistic modes of thought.

A Prayer of Capitalism
...

This is an important book. It links the liberal democratic order of capitalism with the Judeo-Christian moral tradition and thus at once removes capitalism from being a secular, non-discriminatory form of free market exchange to a human set of relationships between individuals based on a moral code.

Whether or not all philosophers would agree with that thesis is another issue. Since the enlightenment when religious authority was usurped and the secular society emerged, religion has been under attack in developed societies and today many in organized religions decry the relatavistic nature of our behaviour.

That said this is a book that should be read by anyone interested in the concept of the ethical corporate governance. It is a difficult book to read due to the densely written arguemnts which require close reading. It is a challenging book in many ways, especially to those who have strong personal belief systems. Nevertheless, Novak makes a strong case and his exposition deserves to be taken to a wider audience

My thoughts upon rereading this book again recently were that there is a need for a similar book to relate Capatilism to other major religions in a way which transcends any one religion in particular. In the light of recent events too there is a case for a treatise which relates Capitalism to the Moslem world to show that it is an inclusive rather than an exclusive social system.

Brilliant, provocative, learned, faithful
Michael Novak is probably the foremost Christian thinker on the economy. Any of his books reward study, but "The Spirit of Democratic Capitalism" is undoubtedly his magnum opus. In this classic text, which has now been updated and revised, Novak joins issue with theologians like Paul Tillich who contend that "any serious Christian must be a socialist." It appeared in a samizdat (underground) edition in Poland during the 1980s and had an obvious impact on the Solidarity movement. Its reasoned defense of democratic capitalism as being grounded in the humane values of the Judeo-Christian tradition also helped give a moral center to the neo-conservative movement.

In "Democratic Capitalism," Novak addresses the consistency of capitalism with church teachings on wealth. Novak recognizes that church teaching has been hostile to capitalism, as with much else of modernity. Yet, Novak contends that arguments against capitalism serve mainly to give aid and comfort to the Leviathan state. Indeed, Novak persuasively (if controversially) attributes Christian opposition to capitalism to two main sources: ignorance and antique world views. Church leaders and theologians tend to have either a pre-capitalist or a frankly socialist set of ideals about political economy.

To be clear, Novak does not believe that faith should be subordinated to capitalism. To the contrary, he recognizes that the divine plan was that we should enjoy the fruits of the earth and of our own industry. He simply contends that capitalism is the best way Fallen humans have yet devised to obey the Biblical command that we are to be stewards of God's world. Novak never loses sight of the basic proposition that it was equally the divine plan that God should be worshiped, obeyed, and feared. The fear of the Lord, he would argue, is the beginning of capitalist wisdom, just as it is of any other kind of wisdom. Not surprisingly, therefore, Novak's analysis has begun to impact the way the church thinks about capitalism. Pope John Paul II's most recent encyclicals on work and the economy, for example, such as Centesimus Annus, contain obvious marks of Novak's influence. In sum, very highly recommended.

The Spirit of Democratic Capitalism by Michael Novak
A nut's and bolts book about how and why systems that allow "free choice" produce better goods and services. A MUST book for people in Latin Countries where "poverty" was a virtue and production was conceived as evil. Novak pulls the shades off of the "socialist" concept that only Capitalists are greedy. Marx indeed never took into consideration a human spirit that could be "inspired" to do things for the Glory of the Creator. I don't leave "home" without my copy. I read and then re-read. ... Read more

Reviews (2)

Decision and indecision - the consequences for the developer
For those interested in decision theory, the author does a sterling job of tracing the impacts that different approaches to decision-making, by different parties, has on the development of a complex and unique mixed use project:

"But like it or not, the power to make these final decisions rested with the various public bodies overseeing the compliance with the city's regulations" (p.106) "It was that an architectural decision had been made by a political body that appeared to care little about archictecture..." (p.105) "Still undecided, however, was the shape of the atrium. This delay was having troubling consequences for the entire construction schedule because the city refused to issue a demolition permit until it saw the final design drawings..." "The developers knew they were unhappy with the atrium but they did not know why" (p.154) "They bungled it because they wouldn't do anything without having three decisions" (p.184) "The debate over the colour of glass dragged on for months" (p.202) "Mancini said he would take the matter under advisement. He was not ready to make a decision on the spot" (p.209) "While Johnson applauded group decisions intellectually, he felt strongly that there was not always a 'right' decision for every dilemma" (p.229")

The book clearly articulates the dialogue between the different decision-making parties and makes for an interesting case study.

Ideal case study for developers
My students - this was, for years, the best-liked textbook in Berkeley real estate courses - saw this well-written history of an actual commercial development as a sure-fire hit movie. We selected the cast - not too difficult: incompetent and corrupt contractors, sublimely ignorant city officials, totally dense bankers, a brilliant artist who got ripped off, shady lawyers, venal professors - well, they lost forty million dollars or so. Reporter Frantz covered the (subsiding) ground with hearty humor but without serious libel. The reader is supposed to do the numbers. ... Read more

Book Description

Book Description

Synthesizing new economic research of recent decades, the author offers new insights and some surprising conclusions about the Great Depression. ... Read more

Reviews (5)

new look at country's worst crisis
Based on new theories, Smiley has re-examined and re-assessed the forces that led to and prolonged the Great Depression. In clear non-technical prose, he shows what happened and why.

This short book (163 pages plus sources and index) is divided into five chapters. Chapter 1 gives a brief overview of how the worldwide depression began and how it created a domino effect throughout Europe and the U.S. Nothing new here-- in fact, this is basic stuff any high schooler should know.

Chapter 2 is a more detailed examination of the economic crisis and the forces which led to it. Smiley explains the situation in basic terms that anyone can understand, allowing us to see the tragedy unfolding step by step.

Chapters 3 and 4 show how President Roosevelt (who had little knowledge or experience of economics) attempted to pull the country out of this deep economic slump. Though some programs were successful, some were not, and only serve to create a depression within a depression in the mid-30s.

Chapter 5 examines the legacy of the governmental response, and how economic policies initiated during this period has affected this country for decades afterward, and how certain government programs still exist long after their usefulness has passed. An examination of post-war analysis shows how Keynesian economic theory and government studies have misinterpreted the factors which brought this country back to recovery. He also examines the question of whether such an event can happen again, concluding that-- based on subsequent economic downturns-- it probably won't, though it can happen again should future leaders ignore the warning signs and lessons of the past.

A fascinating and rewarding book, even for those who have little or no knowledge of economics.

Eye opening
Smiley discusses the cause the the Great Depression, and the effects of the New Deal in prolonging it. He summarizes the findings of the latest academeic research, over the past few decades. He does this well and quite clearly, in a non-polemical way.

No math is involved.

Draws upon recent technical analysis
Gene Smiley's Rethinking The Great Depression blends history and economics in a survey which draws upon recent technical analysis to consider new ideas about the roots of the Depression. The efforts of the New Deal to combat the crisis, the underlying foundations of the Depression, and misguided monetary policies which prolonged it accompany refutes to popular beliefs - such as the positive view of World War II as a key to ending the crisis.

Concise, well orginized, and a fantastic read.
This book is only 175 pages, but dense in material. Smiley argues that FDR's New Deal, actually prolonged the Great Depression, and created a "depression within a depression." FDR, and his advisors, self nicknamed "the brains trust", put their New Deal emphasis in stiffling the free market forces, that were actually recovering the American economy from the world depression, of the early 1900's. Also, Smiley sheds light on the false notion that war is good for the economy. This book is written in such an understandable and concise style, that even the bibliography reads like a integrated chapter, where Smiley explains what he used within each reference.

I would recommend this book as a first read, or primer, for the Great Depression. I really enjoyed it.

The Great Depression Reassessed From a Free-Market Viewpoint
Gene Smiley, a protege of the free-market-oriented Austrian and Chicago schools of economics, has written a concise and readable book that challenges some long-held beliefs about the Great Depression.

Smiley presents a convincing case that the calamity was brought on, not, as is widely believed, by flaws in the free enterprise system, but by government policies, in particular, attempts to manipulate the gold standard. He then shows how the well-intentioned but wrongheaded interventionist policies pursued by the Herbert Hoover and Franklin D. Roosevelt administrations to combat the Depression actually prolonged and deepened it.

Smiley also presents evidence that the "boom" of the World War II years was actually a bust, and that true prosperity only returned when Washington turned away from New Dealism following the election of the Eightieth Congress in 1946. His insightful discussion as to whether or not another Great Depression could occur should be of particular interest to contemporary readers.

Although written for a general audience, Smiley's book is well researched and includes an extensive bibliography. It will make a useful addition to the bookshelf of anyone interested in the Great Depression, American history, or macroeconomics. ... Read more

Book Description

`[Research for Development] is well-written and, at every stage, is well-documented with practical examples. The simplicity with which it is written adds to its value in that non-professional persons get well-aquainted with the research process. Every chapter in the book ends with highlighting of the main points made in that chapter... A further strength of the book is the inclusion of an appendix with a list of websites that deal with issues in the area of development research... the simplicity of its organization and message should appeal to people//researchers across disciplines' - Pakistan Development Review

`Research for Development achieves the near impossible: it provides vast quantities of useful guidance for almost anyone involved in research for development regardless of the size of your research project or your role within that project' - Arvac Bulletin

`Written by professional researchers, this immensely practical book provides development workers with a more research-oriented point of view, so that they can avoid mistakes in the design of programmes. It will also help them to understand people's needs and respond accordingly' - The Asian Age

`It is a beautiful and comprehensive compilation giving scores of instances that prove the essentiality if carrying out a survey of a particular locality for bringing about a change there' - Rafique Jalal, DAWN

This book provides a comprehensive introduction and handbook for undertaking and managing research in development.

It is designed to provide both a quick reference manual and an indispensable learning tool for all students, researchers and practitioners engaged in development work.

The text is divided into two parts: Managing research for development, and Doing research for development. Together the two parts review the complete research process from outlining the essential role and purpose of research, highlighting specific issues to development research, to demonstrating how to evaluate and secure the best results from subsequent research projects.

The book includes: an overview of different types of research in development work; practical steps to writing a brief and managing research; practical steps to evaluating and promoting research findings; step by step guides to getting started and choosing a research method; detailed guidelines to seven key research techniques; examples, exercises, summaries and checklists; and glossary and guides to additional resources and packages

Drawing on considerable hands-on experience, Research for Development will be an essential companion and invaluable tool for anyone engaged in contemporary development research, development work and development studies.

Book Description

This book provides an accessible and comprehensive one-volume introduction to capital markets. Based on the author's many years experience as a trainer in this field, the book is ideal for those who are entering or planning to enter investment banking or asset management. It will also be an invaluable reference tool for professionals already working in the industry who are seeking to extend their knowledge base.

Describing how the key products and markets work, who the principal participants are and their overall goals and objectives, Andrew Chisholm provides a thorough overview of the global capital markets. The book covers both equity and debt instruments as well as the principal derivative products. In a step-by-step fashion, making extensive use of real-world cases and examples, it explains the application of interest rate and equity swaps, financial futures, equity options and options on currencies and interest rates. An extensive glossary explains concisely many of the 'jargon' expressions used in the financial markets. ... Read more

Reviews (4)

One of the best introductions to this subject
This book is one of the best introductions to an area that grows in complexity.

It explains the various types of equities and how they are used. It covers the mathematical aspect of equities that even a non-mathematician would find absorbing, although and I hate to say this, mathematical purists would not find it rigourous enough.

This book goes a long way to demystifying an increasingly important part of world finance.

A good read for both investors and laymen alike.

Capital Markets
An extremely clearly written introduction to financial markets. I learned a lot. I recommend reading this before tackling something like John Hull's book on derivatives. It would be very useful for people joining an investment bank or for college/MBA students interested in finance.

Very Good Book on Capital Markets eBook format SUCKS!!!
I'm referring to the eBook version of this book. Be careful when buying the eBook. It uses a special Adobe Reader that you have to download first. When I first tried it, it told me several times the downloaded file is corrupted. I finally manually saved the executable and ran it. It loaded but I have to sign in MSN .Net passport... total of four sign in's to different sites (amazon acct, yahoo passwd, ...) !@#$%. Finally after 1.5 hrs of trying this and that mostly spent on downloading adobe, it slowly loaded something which I guess is the ebook. Adobe opened it, I saw the title of the book and the table of contents. The rest of the book is unreadable. I tried printing. It will only let me print 17 bad pages and my printer icon for this ebook is GRAYED OUT FOREVER!!! I went to the adobe website and there is no information on printing hardcopies, apparently, the version I downloaded is ONLY capable of sending info to handheld devices. Since I don't have one of those nifty devices... !@#$

I wouldn't pay any money on eBooks if this is how they will structure the sell. It didn't use to be this way. It used to be priced $2.99 - $5.99 and you can open easily and print any part of the book. Since I didn't want to carry a heavy book due to back problems, I shelled out the money to try this. Never again!

Capital Markets
This is an excellent comprehensive introduction to capital markets. It is very clearly written with a lot of practical examples and case studies. I particularly like the fact that the book covers a wide range of debt and equity cash and derivative products. It is less mathematical than a book like Hull and a very good complement to it. ... Read more

Book Description

powerful and prophetic challenge to globalization from a former partisan of the New Right. Hailed by Kirkus Reviews as both "a convincing analysis of an international economy" and a "powerful challenge to economic orthodoxy," False Dawn shows that the attempt to impose the Anglo-American-style free market on the world will create a disaster, possibly on the scale of Soviet communism. Even America, the supposed flagship of the new civilization, risks moral and social disintegration as it loses ground to other cultures that have never forgotten that the market works best when it is embedded in society. John Gray, well known in the 1980s as an important conservative political thinker, whose writings were relied upon by Margaret Thatcher and the New Right in Britain, has concluded that the conservative agenda is no longer viable. In his examination of the ripple effects of the economic turmoil in Russia and Asia on our collective future, Gray provides one of the most passionate polemics against the utopia of the free market since Carlyle and Marx. ... Read more

Reviews (24)

a sober critique of american chauvinism
For most of the world, this book is unnecessary for the simple reason that the hollow ring of the self-congratulatory rhetoric of unitedstatesian freemarketeers has always been apparent to those who exist on the poorer borders of its rule. The WTO and World Bank protests in the US echoed what so much of the developing world already knew for so long. It's rare that someone who is so critical of contemporary capital formations -- and american triumphalism -- is heard, let alone promoted in mainstream bookstores, as well as Gray seems to be. I found much to admire in this book -- in particular, his insistence that economic markets have historically always been, and still are, embedded within social institutions -- it's just that freemarketeers have a real interest in concealing the particular social vision they're promoting with their claptrap. It is this vision, the central lie of freemarket ideology, that Gray is interested in pointing out: he convincingly argues that freemarket ideology relies heavily on a strong state and is really aimed at eliminating those vestiges of civil society which still exist that have the power to check the ambition of corporate capital. For those of us who still promote the idea that some aspects of human activity should not be subordinated to the profit motive, this book provides some analysis and some comfort: as Gray points out, this moment of American hegemony is not destined to last forever (as Greenspan's followers would believe) -- global capital in the american mold? This too shall pass! My only complaint is that much of Gray's argument is repetitive -- perhaps a habit of working for Thatcher for as long as he did?

Strong and timely words
Gray argues that the attempt of global hegemons to bring about a single global market is largely the political project of a few planners. Gray asserts that power-based free-marketeers have a compelling interest in concealing the particular social vision they are promoting within their discourse. It is this "vision" that Gray points out as the central "lie" of "free market' ideology. Gray argues that free market ideology relies heavily on a strong state with the aim of eliminating those vestiges of civil society which still exist that have the power to check the ambition of corporate capital. He states that it is intolerable for the West to entertain the thought that "countries can achieve modernity without revering the folkways of individualism, bowing to the cult of human rights or sharing the Enlightenment superstition of progress towards a world civilization."

Gray very pointedly asserts, "Global laissez-faire is an American project," that in reality is "a mere nationalization of American corporate interests." Gray's deepest concern is over the long-term impact of this American action on international political stability. Even so, Gray asserts that, because of the power-based manner in which America wields its project upon others, it is "destined to fail," though not without costs. He states that, "In this, as in much else, it resembles that other twentieth century experiment in utopian social engineering, Marxian socialism [...]. Each was ready to exact a large price in suffering from humanity in order to impose its single vision on the world. In line with this argument, Gray further contends that the attempt to impose the Anglo-American-style free market on the world will create a disaster on the scale of Soviet communism. Even America, Gray asserts, the supposed flagship of "the new civilization," is doomed to moral and social disintegration as it loses ground to other cultures that have never forgotten that the market works best when it is embedded in the roots of their societies.

And Gray is no jello-head. He was an operative in the Thatcher Administration who is now Professor of Economics and European Thought at the London School of Economics. Strong and timely words from a man with the perspective to back them up.

Much more than McWorld-ization - A political perspective
This is a very well written book that brings out a political perspective on Globalization, Free Trade and its impact/consequences.

Unlike most books which run into conspiracy theories of Capitalism running amok and corporations driving covert agendas, this book instead takes a look at the political scenarios existing in various key countries & the complex interplay between the political history of the state & the impact of capitalism & hence the very role of the State. After dissecting Britain & the US, the author goes on to give very well researched examples from Russia and East Asian States - he covers the political history of each of these places & clearly outlines how Capitalism morphs into a regional variant under different political systems and the consequences of this morphing.

The author powerfully argues how Capitalism & Globalization are not delinked from the role of the State ... and debunks the myth of a single universal culture. The book ends on a dark note where it raises serious questions about the presence & effectiveness of a Global governing body to handle the inadequacies of capitalism, driven by technological globalization.

Its not an easy book to read, and requires a good knowledge of political history (US/UK/Russia/Singapore/China/Japan) & basic economics; but once finished, it is a definitive eye opener from a political perspective, on how the situation today has developed and what the future holds out.

A powerful book the brings globalization to close scrutiny
One of the more interesting thing about the London School of Economics Professor is that his writings have encompass many fields. In most of Gray's writings you see him as a philosopher and a political thinker but this books break ground as it enters into economic fields. If you were to go to a bookstore you would more likely find this book in the economic section.

False Dawn provides a precise view of what globalization is. Gray's book is important such that what runs throughout the course of his book is that he constantly reminds us what globalization is and what globalization is not.

To put this more clearly globalization is not as Gray contends a default arguement after the collapse of the Soviet Union but more so mankind's careless approach and domination of the environment and the continued promotion of the so-called Enlightment Project.

As a matter of fact it is this book that was credited for Asian economic crises in the late 1990s. This is a must read book and I strongly recommend that you purchase it.

A candid look into global capitalism
As far as skeptics of globalization go, John Gray has to rank high. Formerly a Thatcher conservative and now a market skeptic, Mr. Gray's credentials alone take him a long way. It is no wonder, then, that what he has to write about globalization should be worth reading.

All the same, "False Dawn" is likely to produce mixed feelings. Its eight-fold argument is hard to keep track of, rendering interesting observations seem like unnecessary transgressions. Mr. Gray's fluid writing style that consists of short paragraphs makes for an enjoyable read, but at times, speed and brevity come at the expense of depth; all too often, the reader is likely to demand more from the book.

Still, the argument itself has merits, particularly in showing how free markets need a strong government to engineer them (as opposed to them springing naturally). Mr. Gray's continuous dialectic between the economic imperatives of a capitalist system and its social consequences is surely to excite skeptics of liberalism and trouble its supporters. From the perspective of political theory, Mr. Gray's contribution is invaluable.

But as with the arguments of many skeptics, Mr. Gray's overlooks certain uncomfortable realities. At the heart of Mr. Gray's thesis is the tradeoff between the flexibility of markets and the human need for economic security. For Mr. Gray, capitalism's very dynamism is likely to lead to its fall. At the same time, Mr. Gray pays scant reference either to the need for security itself or to the political shortfalls of providing security and social cohesion. After all, the engineering of markets came to save failing economies. It is not at all clear where Mr. Gray would have us go if not towards free markets.

As the argument moves from political theory to economics, its appeal lessens. The economics of globalization (bad capitalism driving out good capitalism) are at the center of Mr. Gray's thesis. What is absent, however, is a comprehensive review of the economic literature which takes issue with this position. Absent such a refutation of the opposite side of the argument, Mr. Gray invites his readers to dismiss his arguments all too easily.

In the end, Mr. Gray makes a (stretched) comparison between Marxism and liberalism. It is true that they are both products of the Enlightenment whose belief in reason and progress is paramount; and it is true that both need strong governments to work. But the scope of government is different under them. What is also different is the benefits that each system gives to its people-both might bring dislocation, but liberalism has many merits, while Marxism had few.

In fact, Mr. Gray's unwillingness to recognize how markets increase human agency more so than political participation surfaces as the primary drawback of his argument. And, Mr. Gray's overlooking of how the market too can provide for economic security might displease some forward-looking economic thinkers.

But for all its shortcomings, "False Dawn" is as good a book as one can find about the potential drawbacks of the global economic system. Whether Mr. Gray's prediction that anarchy is the next stage in human development comes true is another matter; but, if anarchy comes, Mr. Gray will have told us why. ... Read more

Book Description

Book Description

Reviews (1)

Good for "Beginners"
This book was chosen as a required reading for a course I took about Globalization and Development. Having no prior knowledge about this topic, I felt that the Rist book provided a good introduction to the topic for "beginners". However, the tone tends to offer a pessimistic view of the situations presented. ... Read more

Book Description

This is the third volume of Immanuel Wallerstein's essays to appear in Studies in Modern Capitalism, following the immensely successful collections The Politics of the World Economy and The Capitalist World Economy. Written between 1982 and 1989, the essays in this volume offer Wallerstein's perspective on the events of the period, and the background to his interpretation of the momentous events of 1989.Wallerstein argues that the collapse of the Iron Curtain and the process of perestroika bear out his basic analysis: that the decline of U.S. hegemony in the world-system is the central explanatory variable of change; and that the collapse of the communist empire and the approach of European unity cannot be understood without reference to this decline as a critical stage in the cyclical rhythm of the capitalist world economy. As part of the analysis the book also charts the development of a challenge to the dominant "geoculture": the cultural framework within which the world-system operates.This collection offers the latest ideas of one of the most original and controversial thinkers of recent years, and is bound to stimulate debate among students and scholars across the social sciences. ... Read more