Book Description

Reviews (2)

A resource for movement Activists
This book extracts meaning from the chaos of tens of thousands of activists networking, planning, and uniting in Porto Alegre. Anyone who attended the World Social Forum or wishes she had attended will learn from this book why the Forum is so significant and why the Forum keeps growing and regenerating itself. The clearly presented themes help make sense of the Forum'what was said in Porto Alegre, why it matters to the world, and where we (social movements) may be heading.

I particularly liked the paper written by the World March of Women, in the subsection on Violence. The authors challenge the reader to see the culture of violence enforcing corporate globalization as a systemic extension of the 'original form of violence': violence against women. Violence is experienced by women in all parts of the world: 'Paradoxically, whatever the circumstances or forms of violence we women have suffered, we feel ashamed and guilty' this is true in every part of the world ' South and North, East and West' (p. 225). The authors remind the reader that the alternative, anti-capitalist globalization movement is nothing if it does not include women's needs. The same, of course, could be said about the needs and visions of peasants, people of color, lesbian/gay/transgender, or any other marginalized peoples; if our collective movement does not include these needs, the movement means nothing. The challenge presented in this book is how do we create an effective, collective movement with these diverse strands of experiences?

This book is unique because it draws on documents from not just prominent activist individuals, but also from movements, networks, coalitions, and organizations. People and groups such as National Campaign on Dalit Human Rights, India, the World March of Women, Oxfam UK, and the Economic Solidarity Group of Quebec present their collective documents alongside movement intellectuals like Vandana Shiva and
Walden Bello. The book is clearly post-capitalist, pro-movement and valuable reading for activists and academics alike.

A Great Reference Guide for the World Social Forum
With the current war on terrorism underway here is a book that gives a venue to voices that are often silenced and ignored. Each year in Porto Alegre, Brazil, thousands of activists meet at the World Social Forum to exchange information, discuss challenges and plan social action to combat the neoliberal excrescences of globalisation (globo-colonisation). The book is essentially a compilation of the documents that emerged from the Forum in 2002 and as Fisher and Ponniah contend, it offers both a 'snapshot' of the left's perception of world affairs in 2002 and a deeper dialogue that lends a practical face to the desired alternatives to globalisation.

A key theme throughout is the collective call for 'the reinvention of democracy,' something that Fisher and Ponniah see as,
The reinvention of society such that the mode of economic production, the structures of political governance, the dissemination of scientific innovation, the organization of the media, social relations and the relationships between society and nature, are subjected to a radical, participatory and living democratic process (p 13).
This reinvention manifests itself in grassroots, bottom-up participation on an international scale both North and South and across lines of gender, sexual orientation, culture, and so on.

There is an impressive number of contributors and while they possess a shared general rejection of neoliberal economic policies they are also diverse in their responses towards combating the aggressive nature of globalisation. From radicalists to reformers, there are those who would abolish the multilateral lending institutions and there are those who would instead push for strong reforms within the existing international system. The diverse backgrounds of the contributors result in some documents offering vague or general ideas while others offer detailed assessments and specific proposals. The central thesis is that neoliberal globalisation only serves to perpetuate and strengthen inequalities.

The book's four parts demonstrate the panorama of interests as held by the tens of thousands of World Social Forum participants. The general thrust of the book is apparent from the beginning with the declaration that "the market needs to be regulated and guided by the democratic control of the public" (p. 28). And this control is to be achieved by pursuing 'new forms of participatory democracy,' 'a new internationalism,' 'a reconstitution the left,' and 'the struggle against war.' From there, the book concentrates on ways and means of pursuing this desire, and in an interesting way it exposes the diversity in opinion within the left.

Such diversity is especially obvious when discussing issues of debt, trade, financial capital, transnational corporations, labour and solidarity economy. Some contributors call for a coordinated economic policy, functioning at the global level and with a central bank. Moreover, it is suggested that the US, Europe and Japan could perform this function as their responsibility to undertake this task results from their having "pressured the world into a system of brutal competition" (p. 89). Others support the idea of anti or deglobalisation, replacing imports with local production.

The second part disputes the capitalist held position that globalisation, with its 'free' and 'open' markets, is the natural alternative to communist regimes. Presented here are compelling arguments concerning the incompatibility between neoliberal policies and nature's renewability and non-sustainability and bankruptcy of the ruling world order. Not surprisingly, there is harsh criticism of the World Trade Organisation's Trade-Related Intellectual Property Rights (TRIPs), with Oxfam UK drawing attention to the irony that, "all these rules will affect the lives of billions of people, yet until recently they have been introduced with minimal public debate" (p. 137). The documents in this part not only stress the impact and problems of TRIPs but also give detailed campaign strategies for combating negative affects.

Later parts expose issues such as the challenge of ensuring 'the right to information' when confronted by the reality of international media monopolies, this in addition to covering a range of fascinating topics from the 'hidden apartheid' of discrimination, migratory issues, expanding international sex industry, absence of global legal infrastructure for human rights, and the idea of a World Parliament. Near the end of the book James Petras gives a military definition of the current situation, underlining the thinking of many of the book's contributors. "In reality we are facing a situation of permanent warfare...We on the left have the capacity to intervene in the economic crisis if we make clear proposals" (pp. 299-300).

In summary, the book demonstrates the overarching shared ideologies of the contributors. This does not diminish the book's richness or utility, rather it brings together an invaluable collection of the left's perceptions and thinking with respect to offering alternatives to neoliberal globalisation. There is important reading for all those concerned with constructing economic models that serve society rather than vice versa. An editorial conclusion would make a welcome addition to future editions of this book. This edited volume provides a useful reference for those interested in the movement for global justice and solidarity.

Alexander I Gray, PhD
Marie Curie Researcher
Universidad de Deusto, Spain ... Read more

Book Description

Booms and busts are not endemic to the free market, argues the Austrian theory of the business cycle, but come about through manipulation of money and credit by central banks. In this monograph, Austrian giants explain and defend the theory against alternatives. Includes essays by Mises, Rothbard, Haberler, and Hayek. In his later years, Professor Haberler distributed many of these monographs to friends and associates. New edition with an introduction by Roger Garrison and an index. ... Read more

Reviews (4)

Austrian macro-economics without any criticisms
A lovely succinct account from four towers in a tradition of economics that is widely represented in the financial markets. Roger Garrison - himself a leading light in modern times - leads off with a brief overview. The nice thing is that Garrison manages to get it all across without resorting to waffle - another Austrian tradition.

In fact, in my view, Garrison is the star of this review since his ability to keep it simple is a tremendous asset. Anyone familiar with the dark mutterings of academics in Austrian academic journals will know exactly what I'm talking about.

Aside from Garrison, the pieces by Rothbard and Harberler are the best since they tackle the central issue of Trade Cycle theory - that any system run by central bankers is inherently unstable since their tinkering with interest rates leads directly to the business cycle. Much better to have a competitive banking system without a central bank and a curency tied to gold. That way credit expansions will never be explosive. Of course, what they don't tell you is that their proposals are inherently deflationary and force deficit countries to do all adjustment when they experience balance of payments problems.

Rothbard's piece sets out the mechanics of the Trade Cycle especially well and everyone should be able to understand what he's getting at without too much difficulty. It's no more difficult than the average economics course on an MBA programme. That's hardly difficult, is it?

Readers wishing to understand the micro-economics of the Austrian school should also check out some of the recent publications of one Israel Kirzner.

The Austrian School in a Nutshell
At last! An anthology from one of the most important schools of libertarian economics in a portable form! This book can be easily incorporated into a course on economics or banking.
And yet, "The Austrian Theory of the Trade Cycle" is a narrowly useful tool. It's like a tire gauge, that means everything when there's a problem with the tire, but tells nothing about gas or oil levels. I see few times when the average production supervisor, Sunday-school teacher or working mom would have occasion to read it.
In the introduction, Roger Garrison spells out the differences between the Austrian School and other movements in free-market economics. The Austrian School emphasizes the role of time in decision making. To think of an example, Joe wants to buy a car now that the interest rates are low. But if the interest rates are high, he'll put his money in the bank and wait a year until he replaces the family car.
Ludwig von Mises' essay, which lends its name to the book, reveals the international character of the Austrian School. The essay was translated out of the French, points back to the British Currency School, and alludes to the contribution of Knut Wicksell from Sweden. This theory was, nevertheless, developed by Austrians, beginning with Carl Menger. References to the University of Chicago and to the Ludwig von Mises Institute in Auburn, Alabama, bring the movement to a home in America.
The key point is that a boom produced and prolonged by easy bank money with government support will sooner or later contract into a bust when the easy money turns hard. Just ask any farmer who bought machinery on credit years ago, when inflation was rampant.
Gottfried Haberler demonstrates that economics is, in fact, difficult to reduce to mathematics. He points to how money is needed at different times as a product moves out of the ground through its production phases to the end user.
In contrast, Murray Rothbard tells us with sparkling satire why we no longer have "panics" and "depressions." He also gives insight on how a change in time preference changes interest rates; interest rates fall if enough buyers become savers.
Friedrich Hayek points to an insidious effect of inflation. Not is it more fun to be a debtor on a fixed-rate loan when inflation is high, but taxable profits are much higher than the profits are worth in reality. Easy money gives rise to inflation.
Roger Garrison finally draws a couple of price/quantity graphs in his summary, savings/investment graphs to be specific. Money created by the government has the same short-term effect as a genuine increase in savings, but genuine savings are lower because savers are coolly greeted by lower interest rates for their hard-earned money. The bust after the boom is a real let-down.
With my MBA from Campbell, this material is clearer and livelier to me than it would be to the man on the street.

Real Economics
I ordered this book as a part of a course I am designing for myself on economics. It is a good introduction to the Austrian school but provides information that even those familiar with the subject will find useful. Rothbard addresses many fallacies regarding the free market and provides a clear explanation of the Austrian theory of the trade cycle and other theories, relating them to history and comparing them with classical and Keynesian theories. This is a helpful comparison, as it reveals some inherent flaws in the latter and outlines the eventual results of the acceptance of those theories. This book does not give an in-depth analysis of its subject, but provides a cohesive picture and points for further examination. It is also a helpful text for understanding capitalist theory and the history of the Austrian school.

Useful primer on Austrian Theory
With the economy on the brink of a major collapse, there would seem to be no better time than the present to become reacquainted with the Austrian theory of the trade cycle, since this theory is nearly the only one which can come close to explaining the present crisis. Whereas most academic economists, under the influence of Keynes, believe that the economy, if manipulated in the right ways by the central banking authorities, can be kept in a state of expansion indefinitely, the Austrians argued for what has been called, by one critic, the "hangover theory," according to which any attempt to artificially stimulate the economy through a policy of credit inflation and low interest rates is bound to fail in the long run, so that any attempt to prevent a recession by lowering the interest rate can only wind up making things worse. Now while the Austrian theory in all its manifold details may not provide us with an entirely adequate description of economic reality, it is difficult to argue with the premise that artificially lowering the interest rate through easy money policies must lead to serious economic dislocations down the road. The cluelessness in regard to this issue demonstrated by most academic economists and by investment analysts merely proves the inveterate irrationality of the majority of the human race and the tremendous influence of wishful thinking on those who do not have the guts to see things as they are. There is no better introduction to Austrian trade cycle theory than this modest book which includes essays by von Mises, Hayek, Halberler, and Rothbard. The theory is presented in a clear, succinct manner, so that even economic illiterates have a chance to understand it. Roger Garrison provides an excellent introduction and summary.

Although I regard the Austrian theory as the best so far promulgated, this should not be construed as a full-hearted endorsement of the theory. In many important respects, the theory is flawed. Specifically, the theory suffers from two major shortcomings: (1) it is derived entirely from rationalistic speculation based on oversimplified generalizations of economic reality; and (2) it tacitly assumes that human behavior and motivation is far more rational than the facts would suggest. Given these weaknesses, it's not surprising that only the extreme rationalists within the Austrian movement except the theory in toto, and that many who once accepted (including even Haberler, one of the contributors to this volume) later rejected it. Perhaps the main reason for this rejection is the view that what causes the recession (or depression) is misallocation of resources within the capital structure. When interest rates are artificially lowered, this leads (according to the Austrian theory) to over-investment in more durable over less durable capital industries and for temporally more remote rather than less remote stages of production. This part of the theory has not sit well even with those economists who might otherwise be sympathetic to it. This is a pity, because this portion of the theory is not even necessary for explaining the phenomenon of economic recessions. In fact, they can be explained in virtue of credit expansion alone. The key is to merely understand that credit expansion through fractional reserve banking (or the equivalent thereof) is equivalent to debt expansion, since debt is merely the obverse side of credit. But it should be obvious to those whose common sense has not been debauched by too much Keynsianism that expansion of debt through fractional reserves cannot be carried on indefinitely, since debt of this kind is tantamount to leveraged debt and becomes more and more like a ponzi scheme the longer the banking and treasury authorities allow it to go on.

An excellent and important little book. Highly recommended. ... Read more

Book Description

Can Russia ever become a normal, free-market, democratic society? Why have so many reforms failed since the Soviet Union’s collapse? In this highly-original work, Fiona Hill and Clifford Gaddy argue that Russia’s geography, history, and monumental mistakes perpetrated by Soviet planners have locked it into a dead-end path to economic ruin.

Shattering a number of myths that have long persisted in the West and in Russia, The Siberian Curse explains why Russia’s greatest assets—its gigantic size and Siberia’s natural resources—are now the source of one of its greatest weaknesses. For seventy years, driven by ideological zeal and the imperative to colonize and industrialize its vast frontiers, communist planners forced people to live in Siberia. They did this in true totalitarian fashion by using the GULAG prison system and slave labor to build huge factories and million-person cities to support them.

Today, tens of millions of people and thousands of large-scale industrial enterprises languish in the cold and distant places communist planners put them—not where market forces or free choice would have placed them. Russian leaders still believe that an industrialized Siberia is the key to Russia’s prosperity. As a result, the country is burdened by the ever-increasing costs of subsidizing economic activity in some of the most forbidding places on the planet. Russia pays a steep price for continuing this folly—it wastes the very resources it needs to recover from the ravages of communism.

Hill and Gaddy contend that Russia’s future prosperity requires that it finally throw off the shackles of its Soviet past by shrinking Siberia’s cities. Only by facilitating the relocation of population to western Russia, closer to Europe and its markets, can Russia achieve sustainable economic growth.

Unfortunately for Russia, there is no historical precedent for shrinking cities on the scale that will be required. Downsizing Siberia will be a costly and wrenching process. But there is no alternative. Russia cannot afford to keep the cities left by communist planners out in the cold. ... Read more

Reviews (4)

It's as though the US tried to re-create Cleveland in Alaska
The authors' main theme is that the Soviets' determination to create cities in Siberia has created an albatross that will hold back Russian economic development forever. Most of the cities of Siberia have no economic justification for existence, and by any standard, should not have been created in the first place. Even where there are large mineral or oil deposits, the cost of maintaining huge cities in the Arctic outweighs any possible profit. Getting these people to move to warmer parts of Russia would be beneficial all round, but is difficult due to housing shortages in the more desirable parts of Russia. The authors argue that Russians need to abandon their notion that settlement of Siberia is the destiny of the Russian people and will make Russia an economic powerhouse.

If there is a flaw here, it is that the authors keep hammering away at their main point, creating a repetitive tone toward the end of the book. Throughout the book there are short articles from various periodicals in gray boxes, which serve to illustrate the authors' theoretical arguments.

Never Trust A Real-Estate Agent
by John Dolan:

Every year or so, another silly theory comes into vogue among Western "Russia hands," that estimable body of scientific prognosticators not one of whom managed to predict the collapse of the Soviet Union until three or four years after it had occurred.
...
Think of all those nineteenth-century editorial cartoons sneering at Seward for buying Alaska from the Russians. That too was worthless, frozen land, fit only for bears. Anybody want to sell it back at, say, 100 times the price? Didn't think so.
...
Their arguments are often the most naive sort of social-science bluff, as when they use something called "Zipf's Law" to demonstrate that Russia's cities are of the wrong sizes and in the wrong place. I'm not familiar with the work of the unluckily-named Zipf, but if anyone out there knows him, please tell him for me that if Hill and Gaddy's paraphrase is an accurate summary of his theory, he's an ass.
...
It's somewhat surprising to see an argument so totally illogical praised as "highly original" and "a welcome and important contribution" to Russian studies--until you see who's praising it.
...
Sachs is, of course, the paradigm of the incompetent, sleazy Western consultant who did so much to destroy Russia in the 90s. Pipes is a mad reactionary who has been shrilly whitewashing serfdom and vilifying the Soviets for what seems like centuries. And Brzezinski, Jimmy Carter's East Bloc specialist, is a Russophobe from way, way back, a man who makes Pavel Felgenhauer look like a Rodina deputy.
...
And it's very easy to see why The Siberian Curse serves their ends. By blaming bad Soviet planners for Russia's fall, this book helps get a sleazebag like Sachs get off the hook, confirms Pipes' one endlessly repeated argument that Soviet = evil, and endorses Brzezinski's conviction that the further east you go, the more Russian and evil everything becomes.
...
Another blurb-writer, Niall Ferguson of Oxford, states with naive clarity the real reason this book is doing well: "Those still wondering why market reforms have achieved only limited success in Russia since the collapse of Communism cannot afford to overlook this timely and original book."
...
In other words: Thank you for your book/ It lets us off the hook. The West cannot be blamed for the "limited success" of the "market reforms" carried out by Sachs and accomplices. Turns out the Soviets did it after all-from beyond the grave, as it were.

For more, exile.ru

The Cost of Cold
Everyone knows that Siberia is a very cold place. This book explains how the coldness of Siberia presents one of the greatest impediments to future development of the Russian economy. Under the best of circumstances, developing strategies for dealing with a large, unbearably cold place like Siberia presents tremendous challenges. The Soviets made the situation much worse by ignoring the cost of the cold. With an ample supply of forced labor provided by the GULAG prison system and a total disregard for the profitability of industrial endeavors, the Soviets put people and resources in places that made no sense economically. It is tempting to think of Siberia as a treasure chest containing vast quantities of natural resources just waiting to be exploited. Certainly the effort required to access these resources now represents an investment that will yield great rewards in the future. Hill and Gaddy expose the fallacy of this point of view using quantitative economic methods to support their detailed arguments. The cost of supporting people and factories in extremely cold places currently outweighs any benefit to the Russian economy. This book is written in a style that is both scholarly and accessible to the average reader. Not only does the book provide insight into why the Soviet economy failed, it provides clear-cut policy recommendations for economically sound ways that Russia can deal with the Siberian challenge now and in the future. According to economic considerations, Siberia is now enormously over populated and the people currently living there should be encouraged to move to warmer places. The treasures of Siberia should be kept in cold storage until technologies are developed to extract these resources profitably, without damaging the Siberian ecology.

A Challenge For Russia
This thought provoking book proposes a challenge to the Russian people. The curse of Siberia is its severe cold and the vast distances between towns and cities. Although there are large valuable resources, the cost of developing these resources make them almost unavailable. The book is well documented and rings of truth.
While reading I could not help, but hope that somr Russian officials read it and try to sell the Russian government on its thesis. It is a readable book and a must read for those interested in Russian history and how much geography has played a major role in its development. I highly recommend it and commend the authors for their contribution to world understanding. Taylor Neely, Carson City, Nevada ... Read more

Book Description

From one of the world's most respected business and social philosophers, a groundbreaking book that challenges us to question our reliance on traditional definitions of "success" and inspires us to find meaning and fulfillment in our professional, personal and spiritual lives.

Many of us, Charles Handy asserts, are confused and frustrated by the fast-paced, prosperous world we have created for ourselves. We are puzzled by the consequences of capitalism, whose material benefits and comforts we enjoy every day, but which also divides rich from poor, consumes so much of our energies, and does not always lead to a more contented life. In a world that is super-efficient, highly productive, and too often soulless, how do we quench our spiritual "hunger"?

In The Hungry Spirit, one of the most visionary business thinkers of our age offers a powerful argument for reexamining the role of work in our lives and discovering what we are truly meant to do and to be. Calling on individuals and organizations to find purpose in the journey we take rather than focusing on money and profits, which are simply the means to keep us going, Handy shows how we can all better ourselves and our companies while also contributing to a decent society.

As an oil executive, world-renowned economist, consultant, and professor at the London Business School, Handy himself was once no stranger to the trappings and fortunes of capitalism. But several years ago, Handy realized that he, like many of us, had placed too much significance on job titles and career success to the exclusion of his family, friends, and, especially, the fulfillment of his need to become a complete person, not just a worker slaving away in corporate machinery. He set about looking for what he calls his "white stone"--a symbol of the higher self that represents our true destiny, what you can become when you don't let titles and money and societal pressures get in the way.

Just as Handy urges all of us to seek our "white stone" and take greater responsibility for shaping our lives, he also entreats companies and organizations to push themselves to new heights by sticking to a clear-cut purpose. Companies, like individuals, can only grow if they embrace risk and break rules and attract people looking to turn dreams and new ideas into businesses that consumers and investors are excited about. Rather than trying to rally coworkers around a quarterly profit goal, companies must treat employees as citizens, as well as behaving as corporate citizens within the wider community. Handy calls for corporations to take a greater role in upholding the moral structure of society and to use their power to distribute knowledge and wealth to those who need the opportunity to develop--which will one day benefit us all.

A rare combination of engaging storytelling, philosophical exploration, and down-to-earth wisdom, The Hungry Spirit offers readers a powerful tonic for the profit-driven lives we've prescribed for ourselves and an inspiring message of hope. ... Read more

Reviews (10)

An interesting look at what capitalism could/should be.
In this book, Charles Handy lays out a thoughtful philosophy of how we should shape capitalism if we want to lead more meaningful lives.

This is yet another reminder that communities have to form around some larger purpose than mere economic exchange.

His references to the British think tank Demos is particularly interesting.

Handy's Best Work .... A Gem of a Masterpiece
Charles Handy is one of the most literate and eloquent writers in the English language. A lifetime of business experience and a tremendous intellectual depth make his books a tremendous pleasure to read. I've always found his books about 10 years prescient of profound trends in society. The Hungry Spirit gave me an important insight into interesting books I have not read, spiritual insights I had not yet confronted and in the end, a glimpse of spiritual strength I have not yet achieved. A rare and beautiful book. Scholars for several decades will look back on publication of this book as an important event.

Inadequate Understanding of Contemporary Capitalism
The Hungry Spirit is often confusing. The author freely acknowledges that modern capitalism operates according to the unrelenting market demands of efficiency and competitiveness, which maximizes the self-interests of an upper layer of market players but is detrimental to the financial and psychological well-being of the less well-placed who have either remained under corporate umbrellas or who have been discarded as redundant. Yet, on the other hand, he suggests that 'anyone with any intelligence and a bit of get-up-and-go can make money.' And for those who don't succeed, it must be because they have failed to develop 'an eye for a customer, the market, and a useful skill.' This is the understanding of an individual who early in life received both an elite education and a lucrative job posting for which he was admittedly mostly unqualified who has now decided in later years to both mildly point out the flaws of capitalistic society and chide those who haven't single-handedly overcome those economic forces.

The author attempts to fuse an emphasis on personal sovereignty, or what he sometimes calls 'proper selfishness,' and the need for community especially within business enterprises. Recognizing that it is increasingly likely that he or she will be left to fend for themselves in the harsh environment of free markets, the individual should not seek employment, per se, but should develop 'employability.' Of course, backpedaling, the author recognizes that the educational system as well as other institutions does little to develop and sustain a society of entrepreneurs. The 'one-shot' chance at an education of forgettable facts is largely useless to those who desire/must operate service businesses. But this harsh reality is not all bad; the author insists that there is a widespread 'hunger' for personal growth that will be a part of developing employability. Work that has a greater purpose will increasingly be sought. Does walking the dogs or trimming the grass of elites qualify?

This line of thinking also has ramifications within corporations. These newly 'inner-directed' employees will reject being regarded as 'human resources' or managed as some kind of business cost. They will settle for nothing less than being viewed as citizens of their companies with 'rights of residence, justice, free speech, a share of the wealth ', and a say in the governance of their [companies].' The author correctly acknowledges that the democratic reorganization of companies seems like a 'trade union manifesto,' which does not comport well with his expressed anti-union convictions. Other than through the insistence of these newly redirected employees, the author is unclear as to how the major redistribution of power that will be required to establish 'companies of citizens' will occur. Of course, the compelling question is why the author is concerned about businesses as communities. Properly selfish, self-employed, citizens no longer need to work for corporations, right?

Despite the fact that the author generally regards laissez-faire economics as troublesome for the greater society, he seems unwilling to advocate for political processes to exert much control over its excesses. In fact, he suggests that major issues are best decided outside the political process beyond the level of the nation-state by pressures from global markets or by international economic (WTO) and military alliances. Citizens/voters should confine themselves to local issues of roads and schools and police and hospitals. This minimalist view of politics and government is hardly adequate to address the effects of the 'bottom line' thinking of modern capitalism for which the author expresses concern. The revamping of educational systems to include life-long learning with replacement income during schooling and the restructuring of corporations will require greater, not lesser, political intervention.

As a critique of capitalistic society, this book is marginal at best. The author's focus on the drive for money and the workings of market forces doesn't begin to explain the structure of capitalistic societies. Absent are virtually any descriptions of the power structures in society and, most importantly, the domination of contemporary culture and the control of information by media empires. It is clear that the author has little appreciation for the profound role of citizen empowerment whether that is through the political process or such bodies as unions that will be necessary to counter the forces of modern capitalism. The idea that half of society becoming entrepreneurs trying to sell services to each other or to a layer of elites without significantly countering present economic forces will represent a general advancement for society is dubious at best. If anything, it seems a certain path for a First-World country to become a Second- or Third-World country.

Wonderfully challenging
Handy is an incredible author. Reading this book was like sitting at the feet of one of the elders at the gate. He's incredible insightful and thought provoking. I highly recommend this book.

Thought Provoking!
Mr Handy has some very thought provoking ideas about capitalism, work and meaning of life. It was his 'Personal Preface' that attracted me to buy the book. As he said in the conclusion, "Life without hope is dismal."; I wanted to find out what he meant. In Part A of the book he talks about the impact of capitalism on the capitalist society . He explores the inefficiency and ineffectiveness of the marketplace and competition. It is in Part B where the main substance of the book is. It is about the self and how individuals should respond. He profiles the changing world of work over the years and its impact on individuals. In reading the section on self-knowledge and self-awareness, I found the 'obituary exercise' took a new meaning in the context of what I had read; although I had done this exercise several times previously. Learning to live with others and discovering connectivity with society is an important aspect of living. This is very vividly brought out by Mr Handy. It is here I found hope that we could live more meaningful lifes. In Part C, there are some possible solutions to the dilemmas we face. It is in this part, Mr Handy elaborates on the 7 cardinal principles of trust. In the context of career management, the idea of of a school for life and work is a valuable concept. His chapter on the role of government mentions about the I's - information, involvement, individuality and infrastructure. He concludes in the epilogue with seven trends and indicators for the future. I would consider the book as required reading for anyone who wants to add value or meaning to their life, actively contribute to society or is interested in people. Unknown to us, I think all us have a 'Hungry Spirit' within us. Mr Handy's book may meet some of this hunger! ... Read more

Book Description

The Asian crisis has sparked a thoroughgoing reappraisal of current international financial norms, the policy prescriptions of the International Monetary Fund, and the adequacy of the existing financial architecture.To draw proper policy conclusions from the crisis, however, it is necessary to understand its domestic politics.In this study, political scientist Stephan Haggard focuses on the most seriously affected countries-Indonesia, Korea, Malaysia, and Thailand-while also drawing lessons from those economies, such as Taiwan, that escaped the most severe distress.

Haggard focuses on the political economy of the crisis, emphasizing the longer-run problems of moral hazard and corruption, the politics of crisis management and the political consequences of severe economic downturn.Looking forward, he focuses on two critical policy issues:changes in social safety nets in the crisis countries and efforts at corporate and financial restructuring. ... Read more

Reviews (2)

Journalistic title from famous scholar
Haggard has a good name in East Asia field. but this title disappointed me. it's not that scholarstic but journalistic. what are enumerated on his book is not new or insightful at all to asian specialist. if you have read articles on Asia from FT or Wall Street Journal, The Economist, You should know what I mean. at best this book is no more than enlarged The Economist.

Great Resource
This is an excellent resource for both political economics and Asian studies students. Following currency devaluation through the creation of the crisis and its development across the intertwined economies of Southeast Asia. Making rational decisions about Asian markets requires in-depth knowledge of the first fall to avoid the repercussive aftershocks which will continue to follow. ... Read more

Reviews (2)

Technology, Growth and Development
This is an encyclopedic volume on the role of technology in economic growth in both advanced and poorer countries. The extraordinary scope of the volume includes new insights on the role of the microprocessor and molecular biology in economic growth. This book will be the starting point for all readers interested in the role of technology in the growth process.

Everything you ever wanted to know about technology
This great book contains everything you ever wanted to know about the interplay between technology, economic growth, development, and the environment.

The book stands strong, treating both theory as well as empirical case studies comprehensively. It's full treatment of theory and exhaustive bibliography make the book THE introductory text book for any university curriculum. Extremely valuable cases studies - that will appeal also to the practitioner - are provided for agricultural innovations, biotechnologies, semiconductors, heat and power, and the chemical industry. Finally, the book blends in nicely also chapters on technology, differences in national systems of innovations and in the international diffusion of technology, as well as sustainable development issues.

In short: a reference book, well written and here to last. Thanks Vernon! ... Read more

Book Description

The use of mathematical models in financial management is today common business practice. The state of the art is constantly being advanced by academia and refined by industry. This book achieves two objectives. First, it brings together the (apparently) diverse fields of finance and management science/operations research. It presents a variety of techniques used in complex problems for financial management: optimization, simulation, stochastic programming and supercomputing. Second, it links current industrial practices with academic research to a degree unparalleled by any previous publication in the field. ... Read more

Reviews (2)

Excellent organization of conference and contents
This book is a compilation of conferent at Wharton school, one topic was financial engineering. The editor, Zenios, categorizes the conferences in great organization. Even though it was from conference, I almost have no feeling or conference paper reading at all. The book consists of 3 parts. Part I is the general idea of financial engineering with methodology (e.g. risk management, stochastic optimization).Part II is the experience from practitioners (very good). Part III is more advanced issue in methodology. In sum, this is an intermediate book for senior undergrad or grad student or even practitioner in this area for the contents and presentation matter.

A must for all Quantatative Financial Managers
The book is on the prescribed reading list of the Society of Actuaries Fellowship Investments Examination and the reason why is pretty obvious! The book basically explains how techniques from the Applied Mathematicsfield can be applied to Finance and Investments and the benefits of thisapplication. It explains in Chapter 12 why the traditional actuarialapproach to Immunization Theory is too simplistic and how to generalizethis theory so it becomes a useful tool in practice.In Chapter 5,actuaries are taught the advantages of using modern simulation techniquesfor valuing SPODA's, a very topical subject in the US today.My onlycritisism of the book is that not in all chapters are numerical examplesgiven so that becomes more alive and meaningful. The book is useful notonly to actuaries, but to all the Financial Engineering community. ... Read more

Book Description

A beautifully written and engaging look at the cutting edge where economics meets complexity theory In this cogently and elegantly argued analysis of why human beings persist in engaging in behavior that defies time-honored economic theory, Ormerod also explains why governments and industries throughout the world must completely reconfigure their traditional methods of economic forecasting if they are to succeed and prosper in an increasingly complicated global marketplace.

"It is accessible and even entertaining. . . Mr. Ormerod not only writes about capital, but also points to a way it may at last be understood."-New York Times ... Read more

Reviews (15)

(4+) The Importance of Feedback and Chaos in Economic Theory
This book consists of a discussion by Paul Omerod of the obvious failings of conventional economic theory. He has attempted to utilize a framework understandable to members of the general public; in some respects, the author succeeds admirably in his attempt but as he himself comments in the introduction, on occasion simplicity is sacrificed to the necessity of incorporating complex mathematical models and statistical constructs (with the most advanced math thankfully relegated to the appendices). Omerod's conceptual framework is that mechanistic notions of the economy (and social analysis in general) may have been necessary simplifications in the past given the limited experimental research done in many areas and the lack of computational power on the scale available to us today, but they are at best useless in today's increasingly interdependent world and in fact often are counterproductive. The book posits that "economies and societies are not machines. They are more like living organisms. Individuals do not act in isolation, but affect each other in complex ways." Thus, BUTTERFLY ECONOMICS is meant to capture the author's view of society as a living organism; the conclusion implicit in this conceptualization is that the inherent unpredictability of economic systems means that governments' attempts to "manage" short term economic fluctuations are completely misguided .

This text is a well developed exposition of a very important topic that deserves to be better understood, and I found myself frequently writing notes in the margin and underlining worthwhile facts and ideas. I highly recommend the book for readers interested in a systematic critique of conventional economics, especially the extreme reliance on inappropriate mathematical modeling and the often misplaced faith in such models by politicians and their agents. The author's conclusion is that the ability of governments "both to make reasonably accurate forecasts and to understand the consequences of policy changes designed to alter the outcome is largely illusory". Since this conclusion corresponds with both the empirical data that I have observed and my philosophical inclinations, I was very pleased with the coherent argument which this book presents. Nevertheless, I felt that the framework which he used in attempting to provide an aura of scientific rigor in support of his premise was both a little distracting and left the book open to the charge of being simplistic (although that would paradoxically mean that the systems are even more complex than Omerod claims). While the title utilizes the butterfly analogy popularized by chaos theory and probably thus attractive and recognizable to readers, his book actually extensively relies on a model based on studies done of ant populations in order to incorporate both the notion of biological models and also scientific knowledge concerning the complexity of modeling the activity of interacting agents and the counterintuitive results that often occur. Thus the book should more accurately be subtitled, HOW DOES ANT BEHAVIOR ILLUMINATE ECONOMIC PRINCIPLES.

The final chapters of the book examine why long term growth is apparently fostered by capitalist industrial economies with a large free market component but not under other types of economic systems, and why private businesses are much better at creating jobs and wealth than are governments (which provide the necessary macro-environment). His explanation is in contrast to the concept of "growth factors" or "positive externalities" so often adopted as explanatory factors in economic literature. And he accurately distinguishes between short and long term predictability, and between fluctuations which simply represent random noise as opposed to significant deviations from trend. Adaptation and evolution are necessary elements of any cohesive theory, but devilishly difficult to accurately incorporate into models with any degree of predictive accuracy.

While I found this book illuminating and certainly believe that our economies would benefit and growth would be enhanced if its insights were more widely understood (especially by politicians or more importantly their constituents), I do have some criticisms. First, it seemed strange to me that either Omerod was not familiar with or didn't acknowledge the contribution to the conceptual framework which he espouses of Michael Rothschild. Rothschild's book BIONOMICS:ECONOMY AS ECOSYSTEM comprehensively discussed the biological analogy which Omerod finds so convincing. Second, while a topic somewhat peripheral to this book, he also does not discuss the recent advances in experimental economics (as evidenced by the award of the Nobel Prize to Professor Vernon Smith) and the insights which this discipline might provide to the development of his theory. Third, he attempts to accomplish both too much and too little in the book. I think the theoretical statement and implications should be more completely delineated rather than organizationally being so completely interwoven with what is essentially just explanatory and supporting detail. Fourth, he falls into the common trap of assuming that most economic statistics are in fact a good approximation of reality, when many times subsequent restatements cast doubt on their accuracy. Last, in Chapter 5 he uses an incorrect illustration which shows that his academic training is not in mathematics. When discussing what is referred to as the Monty Hall problem (from the game show), he gives the wrong answer to what he admits is a very simple problem. Thus he inadvertently illustrates how important the correct statement of any problem is in arriving at the conclusion. The simple answer is correct, but he rejects it because he doesn't understand conditional probabilities and antecedent events in the illustration utilized. (Someone in England has clearly published an incorrect article on this subject, since quite surprisingly the exact same explanation was also used incorrectly in THE CURIOUS INCIDENT OF THE DOG IN THE NIGHT TIME, another book by a British author.)

As Mark Twain observed, the difference between fact and fiction is that fiction has to be plausible. I recommend this book if you are interested in differentiating real facts from plausible fiction. My only caveat is that it is not a fast or easy read.

Tucker Andersen

A new economics, based on complexity.
This is a brilliant successor to Ormerod's previous Death of Economics. It lucidly and wittily demonstrates the fallacy that economic forecasts can predict. More important, it further develops his economic theories based on complexity. His conclusion: "governments should do much less .. detailed short-term intervention .. and [spend more time] thinking about the overall framework.'

Ormerod is rare (I am tempted to say unique) among economists. He uses clear and straightforward English - and he has a devastating wit. Assuming that you bring yourself to read books on economics, when was the last time that one caused you to laugh aloud?

Butterfly Economics combines clear English, humour and the capacity to translate the realities of human behaviour into a credible explanation of the behaviour of economies. It is very readable, even if you are not really interested in economic theory. The importance of the book and its predecessor is that they provide a better explanation of what is going on than do conventional explanations. It explains why so much of government economic policy produces unintended side effects and it also supports the arguments of Brian Arthur and others that initial inequalities tend to become magnified. Behind the simple explanation is some quite rigorous analysis based on the mathematics of complexity, but this is kept decently in the background for the sake of the general reader.

Whereas the primary focus of attack in The Death of Economics was the assumptions underlying 'general equilibrium theory' - the cornerstone of economics and economic policy - Butterfly Economics concentrates on one aspect of human behaviour - choice. It shows what happens when one relaxes the unreal assumption that buyers form their preferences independently and are not influenced by the behaviour of others.

A fair analysis... for the 1930s.
Paul Ormerod has set out to tell us everything that's wrong with contmeporary economics. Unfortunately he's both a few decades late and short on facts.

As others have pointed out, the economics Ormerod is criticizing is of an old school that predates several generations of mathematical progress. Most of his legitimate criticisms have been addressed over the past few decades by economists working in areas like Rational Expectations, Game Theory and so forth. But even his discussions of classical models are somewhat off the mark. In dealing with market volatility and the efficient market hypothesis, Ormerod forgets one of the cardinal requirements of efficient markets: Free and unfettered flow of information. It has long been recognized that bubbles, whether the 17th century Tulip Mania or the modern market in Beanie Babies, are a consequence of the lack of an efficent market for price information. (One only has to look at how the rise of E-Bay as a source of global price information has affected the markets for collectables like Beanie Babies to see the truth in this.)

Ormerod, like many others, also apparantly still subscribes to the notion of "path dependancy". This is the idea that the first product in a market can dominate it, even when far superior products emerge. Hence the dominance of VHS over the technically superior VHS, Windows over Macintosh and QWERTY over DSK (Dvorak Simplified Keyboard). Unfortunately each of these classic examples has been discredited: VHS triumphed because Sony refused to license Beta, and competition rapidly made VHS machines much cheaper. Apple refused to license the Mac OS, with similar results . And multiple studies failed to replicate early claims of tremendous speed advantages for DSK. We might also note that for every purported path dependancy examples there are probably hundreds of thousands of examples where a better product rapidly displaced a well-established product in the marketplace. Electric light replced gas, Compact Disks replaced LPs, DVDs are rapidly replacing VHS, radial tires replaced bias ply and so forth, even though each of these required a huge investment in new technology and greater cost to the consumer.

So what we're left with is an interesting, well written book that does do a fair job of illustrating some of the complex dynamics of an economy in a non-technical way. Read and enjoy it, but be critical of his pronouncements.

A readable analyis of what's wrong with conventional wisdom
There is a massive gap between the predictions of conventional economists and the real world. The economy seen as a gigantic, intricate machine with buttons and levers is the orthodox picture. Economists, and their numerically able cousins the econometricians, expend increasing efforts to develop ever more refined models to try to explain the observations, with diminishing returns. The optimism doesn't diminish. Along comes a book about ants, but called Butterfly Economics. It really is that simple: the agents in economic and other human systems act more like ants than as rational optimisers moving along iso-utility curves. This book demolishes the conventional wisdom that underpins mainstream economics and sketches out the complex adaptive system paradigm which provides a much more accurate picture the world as it really is. Butterfly economics does not attempt chase every rabbit into every hole, but it does establish, very persuasively, that new insights can yield better models to describe aggregate human behaviour. For the intelligent layman this is a great introduction to the exciting results being obtained by researchers in the new science of Complexity.

Trapped in the 1970s
This isn't a bad book. It is well written and I would recommend that read it to be apprised of the points it espouses. However, it is very incomplete, if not naive, to the body of economic literature that has been produced by both academic and armchair economists and mathematicians since the 1980s. Economists are very aware of the strictures of their assumptions and have forever been relaxing them in producing better models. There are great advancements in Game Theory and alternative modeling theories. For several decades economists have been incorporating , cognitive theory, evolutionary psychology, neural networks, chaos etc. into their theories. In any case, much of foundational micro theory econometrics is still very useful for policy studies. The problem only arises when people use the initial assumptions of economics as a defense of their ideology and their belief that one Political Economic system is better than another. Those same assumptions that are used for armchair debates have little place or use in the economics that is practiced professionally.

For more info on the how aware economics is of its quasi-shortcomings and on how broad and effectual the horizon is for economic theory read poke your nose into some real Journals. A great starting place is the 1994 American Economic Review.

Particular authors who produce both lay and academic literature would be Daniel Khaneman, Richard Thaylor, W Brian Arthur, George Akerloff, Stiglitz, Gary Becker.

In summary, economics is not "flawed to the core", especially in any practical sense. It is actually becoming more powerful than ever since it's given up some of its "physics envy" obsessions.

Arnie ... Read more

Book Description

Book Description

Paul Samuelson. Milton Friedman. William Sharpe. These are just a few of the elite group of Nobel Laureates who represent innovative economic thought. In The Nobel Laureates, Marilu Hurt McCarty interlaces the extraordinary contributions of these world-class economists with the historical circumstances that motivated them, providing fascinating insight into modern economic thought. More than a chronological sketch of economic developments in the last half of the 20th century, readers will find a thorough examination and explanation of: Limits to rationality, market failure, and the role of government. Financing growth-promoting investments. Reducing risk in a zero-sum game. ... Read more

Reviews (2)

Excellent blend of economic theory and application to life
This book gives a blend of economic theory, the people behind the theory, and how the concepts apply to everyday life.Very interesting and I highly recommend this book.

Very good summary of thinking
There are very few books that address the issue of innovations in economics as well as this one does.By mixing a list of the most important economics developments of the last century with a vivid description of the lives of those who uncovered them, the author is able to build a compeling image of what is generally a dry subject.

Instead of focusing on the specifics of the ideas, which would generally require a fair amount of mathematics, the book focuses on explaining the real life applications of many of these ideas, and therefore is able to connect the Nobel laureates with society's goals.

I highly recommend this book to the student of economics and society who would like to learn more about some of the more innovative ideas in the field but does not have the time to learn the advanced economics to read the originals. ... Read more

Reviews (4)

Best buy
Definitely the best and clearest book so far on this subject!! Written by a real top expert in this field (I took his course, the best eco. course I have taken). Much better than Green's book. If you are a serious graduate student in economics and management, especially those of you who are pursuing a PhD instead of only taking a course, it is the best for you. In-depth! Also frankly, it is not for a vaint brain and a guy with weak background.

Only with this book and Johnston & Dinardo's, read and enjoy, then you will understand econometrics absolute confidently.

Don't wast your money on other books!

Hayashi Much Better
Campared to Hayashi, Davidson and Mackinnon's book is too "prose-like" and this style in my opinion isn't pedagogically suited for a first serious look into econometrics beyond the undergrad level. A model's assumptions and relevant properties are scattered throughout a chapter, burried in paragraphs, which can be annoying or even comfusing when you need to reference back. Hayashi, on the other hand, presents models with clear listed assumptions, propositions, relevant derivations. DM's book is in my opinion extremely pedagogically inferior in this sense.

However, there're still things you may take away from this book. For example, they present the classical regression model in the framework of matrix project, subspaces, etc., which is not usually treated this way in other texts. This approach makes many tedious matrix manipulation easier.

In my opinion, if you are looking for your first metrics book beyond the undergrad level, definately go for Hayashi first. This is simply the BEST book in terms of learning. For some more depth and alternative pespective, then consider this one.

The best so far!
Of several graduate econometric textbooks I've read so far, this is the best. Compared to Greene (2003), its explanations are much clearer and its mathematical results are adequately derived. Compared to Johnston & Dinardo (1997), its coverage is more complete. Compared to Hayashi (2000), its discussion of IV method is more explicit. To be fair, however, Hayashi is also extemely well-written.

Excellent revision of a classic
This new book is not a second edition of the classic 1993 book, but neither is it an 'all new' one. Now the book is clearer and it is easier to build a Graduate Course using this reference. There are not considerable new topics. I think this 2004 edition should be considered a mere 'lifting'. But it is worth the price. Work with this edition! ... Read more

Book Description

Despite the great importance of multinational firms in international economics, theoretical and empirical research on these firms has generally been conducted separately from that on international trade. In this book, James Markusen provides a comprehensive integration of the two fields. Drawing on twenty years of research, he focuses on the interaction of scale economies, trade costs, factor endowments, and imperfect competition. He analyzes decisions about whether to build or acquire a foreign plant separately from decisions about where to raise the financing.

Markusen begins with the simplest possible partial equilibrium models and works systematically toward a full-fledged general equilibrium model with both horizontal and vertical foreign direct investment. He offers empirical tests of hypotheses derived from the theoretical models. The notation is unified throughout, distinctions between models are explained with thoroughly explained derivations, and numerous graphs support the analysis. ... Read more

Book Description

In the great tradition of moral argument about the nature of the economic market, Rebecca Blank and William McGurn join to debate the fundamental questions—equality and efficiency, productivity and social justice, individual achievement and personal rights in the workplace, the costs and benefits of corporate and entrepreneurial capitalism. And they do so grounded in both economic sophistication and religious commitment.

Rebecca Blank is an economist by training and describes herself as "culturally Protestant in the habits of mind and heart." She has also chaired the committee that wrote the statement on Christian faith and economic life adopted by the United Church of Christ. Addressing market failure, for her, requires that sometimes "freedom to choose" give way to other human values.

William McGurn, a journalist and a Roman Catholic, uses his expertise in economics to reflect on the teachings of the church concerning the morality of the market. For McGurn, humans reach their fullest potential when they are free from the constraints of others. He writes that "our quarrel is not so much with Adam Smith or Milton Friedman but with the Providence that so clearly designed man to be his most prosperous at his most free."

This book grapples with the new imperatives of a global economy while working in the classic tradition of political economy which always treated seriously the questions of morality, justice, productivity, and freedom. ... Read more

Reviews (1)

With an ever-growing sense of direct contemporary relevance
The collaboration of Rebecca M. Blank (Dean of the Gerald R.FordSchool of Public Policy and Professor of Economics, University of Michigan) and William McGurn (Chief Editorial Writer, Wall Street Journal), Is The Market Moral?: A Dialogue On Religion, Economics & Justice is a literate discussion of serious issues of economic equality, efficiency, productivity, and social justice. The contrasting views of two strong-willed, intelligent, faithful, and astutely reasoned individuals - one a "cultural Protestant", the other a Roman Catholic, both concerned with issues of morality and human feedom to choose as surely as technical problems of supply and demand. Add in drastic changes wrought by increased globalization in today's world, and the evaluations followed by direct and personally addressed rebuttals in Is The Market Moral? take on an ever-growing sense of direct contemporary relevance, even urgency. ... Read more

Book Description

Hardbound. ... Read more

Reviews (1)

The canonical reference on health economics
This volume contains:

Part 4: Specific Populations:
Mental Health (Richard Frank and Tom McGuire), Long term care (Edward Norton), economics of disability and disability policy (Robert Haveman and Barbara Wolfe), child health in developed countries (Janet Currie)

Part 5: The Medical Care Market
Industrial organization of health care markets (David Dranove and Mark Satterthwaite), Not-for-Profit Ownership and Hospital Behavior (Frank Sloan), Economics of General Practice (Anthony Scott), Waiting Lists and Medical Treatment (John Cullis, Philip Jones, Carol Propper), Economics of Dental Services (Harri Sintonen and Ismo Linnosmaa), Pharmaceutical Industry (FM Scherer)

Part 6: Law and Regulation
Medical Malpractice (Patricia Danzon), Antitrust and competition in health care markets (Martin Gaynor and William Vogt), Regulation of Prices and Investment in Hospitals in the US (David Salkever)

Part 7: Health Habits
Economics of Smoking (Frank Chaloupka and Kenneth Warner), Alcohol (Philip Cook and Michael Moore), Prevention (Donald Kenkel)

Part 8: Health
Measurement of health-related quality of life (Paul Dolan), Economic Epidemiology and infectious diseases (Tomas Philipson),

Part 9: Equity
Equity in health care finance and delivery (Adam Wagstaff and Eddy Van Doorslaer), Equity in health (Alan Williams and Richard Cookson) ... Read more

Book Description

Book Description

"The papers included in this collection reveal the breadth of Krugman's work in international monetary economics. . . . [This] is a book that anyone interested in international monetary economics can refer to repeatedly in the course of his or her career. As such, it ought not to gather dust on any bookshelf." -- Andreas Savides, The Journal of Economics

Currencies and Crises brings together Paul Krugman's work on international monetary economics from the late 1970s to the present, in an effort to make sense of a turbulent period that, in Krugman's words, "involved one surprise after another, most of them unpleasant." The eleven essays cover such key areas as the role of exchange rates in balance-of-payments adjustment policy, the role of speculation in the functioning of exchange-rate regimes, third world debt, and the construction of an international monetary system. ... Read more

Reviews (1)

Currency Management- Very important for corporations
Paul is one of the famous personalities in the world of finance. Any person who has not heard of him has got no right to be in the field of finance. For most of the Fortune 500 corporation in US, about 70-80% of revenues is coming from abroad(read foreign currency). By reading this book one gets a real perspective on the latest things happening in the field of foreign currency. ... Read more