Editorial Review

On September 23, 1998, the boardroom of the New York Fed was a tense place. Around the table sat the heads of every major Wall Street bank, the chairman of the New York Stock Exchange, and representatives from numerous European banks, each of whom had been summoned to discuss a highly unusual prospect: rescuing what had, until then, been the envy of them all, the extraordinarily successful bond-trading firm of Long-Term Capital Management. Roger Lowenstein's Read more

Reviews (160)

Is Hollywood sleeping?
Disclaimer: this was the first-ever, and so far the only, "business novel" (as I call them), I have read. Hence my benchmark is not other books of the same genre, but literature in its broadest sense.
Very Good Book and a look at "the Experts"
As an academic & a "Wall-Streeter" & a professional trader (of my own money) I must surely qualify as an "expert."
This book is suspect.
I am by no means an economist, and much less an expert on finance, but this book strikes me as a thinly veiled, unsubtle hatchet job on the efficient markets hypothesis.I've seen much subtler discussions of the Efficient Market Hypothesis written for general audiences, enough of them so I can recognize that Lowenstein doesn't get it; he equates efficient markets with "the price that the market offers is always the intrinsic value," and not with "you can't reliably predict intrinsic value any better than market prices themselves do."This is a crucial difference, because it is only by assuming that market efficiency is the first that his attack holds water.
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Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Economics - General    5. Economics - Theory    6. Finance    7. Free Enterprise    8. Investments & Securities - General    9. Business & Economics / General   

Reviews (7)

Deconstructing neoliberalism's peculiar definition of 'freedom'
"A Brief History of Neoliberalism" by David Harvey is a concise and razor-sharp deconstruction of the neoliberal movement. Mr. Harvey convincingly demonstrates that neoliberalism is an ideology that has been wielded to enshrine elite privilege at the expense of people and the environment. Assiduously researched and cogently argued, Mr. Harvey offers a jargon-free and readable text that helps readers gain a greater understanding about the political economy of our neoliberal world and what this might hold for us in the future.
Masterful??? Yes, indeed...!!!
Some other reviews described this book as Masterful.., Outstanding!!...and I am just taking a minute to agree with them.This is a solid book. Full of facts and of a profound knowledge of recent history. It simply goes to the core. The neoliberal theory is nothing more than a disguise or a distractionfor taking control and relocate class domination. Why?? Not only for political, racial or financial reasons, but mainlybecause the availability of natural resources ( mainly oil) is going to reach sometime soon a critical point, and then we, the rest of the people, are going to be redundant by the billions...and if this is so, we can forget about financial or institutional solutions to the contradictions that exist within the system or about popular movements, NGOs or whatever other alternatives you could think of...the solutions or better still, the reactions of the dominant elites are going to be hard and applied by military means.... and I think that they are exploring this option in practical ways as you are reading this humble opinion...just follow the news..

A Critical Look at the Post-Keynesian Era
The term neoliberalism is usually heard in the pejorative sense, often coming from Latin American leaders such as Hugo Chavez and Evo Morales.The term refers to an international economic policy that has been predominant in policy-making circles and university economics departments since the 1970's.The four faces on the cover of this book (Reagan, Deng, Pinochet, and Thatcher) are considered by David Harvey the primemovers of this economic philosophy.Reagnomics, Thatcherism, Deng's capitalism with Chinese characteristics, and Pinochet's free market policies marked the beginning of new era of global capitalism.
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Subjects:  1. Economic policy    2. Free Enterprise    3. History & Theory - General    4. Liberty    5. Neoliberalism    6. Political Ideologies - Conservatism & Liberalism    7. Political Science    8. Politics / Current Events    9. Politics/International Relations    10. Liberalism & centre democratic ideologies    11. Political Science / History & Theory    12. Political science & theory    13. Politics | Political Theory | Contemporary Political Thought    14. Postwar period, 1945 to c 2000   

Reviews (1)

Great quality!
The textbook purchased was in excellent condition and was received in a very timely manner. The price was a bit much, but all in all I would consider it a positive purchasing experience. Thanks! ... Read more

Subjects:  1. 1945-    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Economic conditions    6. Economics    7. Economics - General    8. Free Enterprise    9. United States   

Reviews (93)

A book that gives a good feel of the period.
Written in the context of the Cold War, the author emphasizes the need for free markets and an open society for a society to property function.It stresses the importance of the individual and the needs of the individual against the backdrop of an "ask not what your country can do for you; ask what you can do for your country" era and the basic economic honesty of selfishness in general.There are several ideas in the book that probably need to be revisited (which is why you should read it) since they are becoming issues again in today's world.

Classic Liberalism at its best
An all-time favorite of mine, Capitalism & Freedom creates a framework of classic liberalism and argues forcefully in favor of free-markets and decentralization over the expansion of government involvement in economic and social affairs.Friedman builds his argument from the ground up by identifying coercion as the State's distinguishing feature over all other societal organizations.From the (classic) liberal's perspective, this aspect shapes the relationship between citizen and government, and strictly limits the appropriateness of State involvement in society, particularly with regard to well-intentioned programs and policy.
Outdated. Can better be understood as polemics with Galbraith
This book probably should not be treated as "capitalist manifesto" a la Marx but more like an attempt to present a position opposite to famous Galbraith "The Affluent Society" (1958). Reading the book without reading Galbraith first creates an impression of cheap advocacy of capitalism and unrestricted market almost in best libertarian (anarcho-capitalist) style. But as a polemic with Galbraith vision of post-capitalism (post-industrial society) the book looks like an interesting historical document.
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Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Capitalism    5. Economic policy    6. Economics - General    7. Economics - Theory    8. Free Enterprise    9. Liberty    10. Political Ideologies - Democracy    11. State, The    12. United States    13. Business & Economics / Economics / Theory    14. Capitalist or free market economies    15. Economic theory & philosophy    16. Political economy   

Reviews (60)

THE BEST GRADUATION GIFT YOU CAN BUY
for any kid graduation from a public high school in America today,

The most important economics book of the 20th century
Freedman is the best economist of the 20th century, and this book is the most important book of the last 100 years. It is impossible to exaggerate the influence this book has had (it kick-started the free market revolution under Reagan and Thatcher). I re-read it often. I wish all college students read this book, we would have to hear a lot less rubbish, if they did.

Freedom to choose among consumer goods
As time goes by, I have less and less respect for anything Milton Friedman has to say. Read more

Subjects:  1. Business / Economics / Finance    2. Business/Economics    3. Capitalism    4. Economic policy    5. Economics - Theory    6. Free Enterprise    7. Industrial policy    8. Industry and state    9. Welfare state    10. Business & Management   

Editorial Review

It's become clear by now the fall of the Berlin Wall and the collapse of communism in most places around the globe hasn't ushered in an unequivocal flowering of capitalism in the developing and postcommunist world. Western thinkers have blamed this on everything from these countries' lack of sellable assets to their inherently non-entrepreneurial "mindset." In this book, the renowned Peruvian economist and adviser to presidents and prime ministers Hernando de Soto proposes and argues another reason: it's not that poor, postcommunist countries don't have the assets to make capitalism flourish. As de Soto points out by way of example, in Egypt, the wealth the poor have accumulated is worth 55 times as much as the sum of all direct foreign investment ever recorded there, including that spent on building the Suez Canal and the Aswan Dam.Read more

Reviews (124)

a BIG idea for social change
Every now and then, a book comes along that opens our minds to an idea that can change the world, and in so doing changes us and reminds us why we read and search for that next great book with that next big idea.I have a very short list of contemporary books like this, and "Mystery of Capital" is one of them.

A wake-up call for economists
Since the Keynesian revolution the economics profession has been busy writing up mathematical models of incentives that show how IMF and World Bank loans, free trade deals, "fiscal policy" or "game theory" can be used by governments to generate economic growth. Hernando de Soto's Mystery of Capital is a slap in the face for every economist that has ever had a high-paid position in the countless agencies built to promote growth. It turns out that the classical economists (and their Austrian school heirs) have been right all along, that the source of economic growth is individual businessmen. And what can these individuals do when it takes a year of full-time work and years of savings paid out in bribes to get a legitimate business license? Nothing. The only people that can do business in these countries are the already-wealthy and well-connected.
Enhanced real estate markets = prosperity?
I enjoyed this book, particularly the legal history of property rights in the United States.
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Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Economics - General    5. Economics - Theory    6. Free Enterprise    7. International - Economics    8. Economics   

Reviews (3)

Globalization 2.0
Jeffrey Frieden, a Harvard professor specializing in international trade and finance, has written a masterly and comprehensive history of capitalism from 1870 to the present.His history of globalization reminds us that it is not a recent develpment and that its current success is not guaranteed.
Bottom Line: Unfettered Capitalism is Destructive, Need Government

Very Pleasing to Read (Even for a Proletariat like Me)
I read this book for a graduate-level economics course.It's not an "Econ for Dummys" book, but it really enightens the reader about the history of economics in the 20th Century.It's smart and straight-forward.The author does not interject his personal perspectives, which is nice.He just puts it out there.A definite must-read for those entering the field of economics/history. ... Read more

Subjects:  1. 20th century    2. Business & Economics    3. Business / Economics / Finance    4. Business/Economics    5. Capitalism    6. Economic History    7. Economic aspects    8. Economics - General    9. Free Enterprise    10. Globalization    11. History    12. History Of Economic Thought    13. International - Economics    14. International economic relations    15. Business & Economics / General    16. Capitalist or free market economies   

Reviews (17)

Capitalism and the New World Economy
Stuart Hart is an author, instructor, researcher, and lecturer who has written many books and essays on strategic management and the problems/challenges of globalism in the world economy. His consulting services have been utilized by many large companies including DuPont, Hewlett- Packard, and Proctor and Gamble and he has helped these and other companies like them to develop a more Earth- friendly, poverty- reducing approach to solving the world's problems while still maintaining enough economic momentum to stabilize or even improve the bottom line.
A Classic
The book starts with a overview of the dominant position that is occupied by multinationals in today's global economy. Going by the definition of the term, 60000 multinationals produce a quarter of the global output of products and services. Yet they are owned by less that 1 percent of the worlds population and employ about 1 percent of the world's employable workforce. Meanwhile many of these companies in their race for short term earnings have sacrificed sustainable methods of production. In other words they have done irreparable damage to the earth's environment and created social tensions in many countries. In other words, the pursuit of economic gains is at loggerheads with local cultures and environmental interests.
What Capitalism Could Accomplish
This interesting and provocative book synthesizes several of the most influential ideas in modern business and distills a new idea: that disruptive innovation at the bottom of the pyramid will solve the crises of environmental pollution, business stagnation and international terrorism at the top. No one can accuse author Stuart L. Hart of thinking small or of lacking imagination. His big ideas are all in place. The only missing element, as he freely admits, is one small detail: how. Capitalism must take a new course, and it's pretty clear what the new course must be, but Hart presents only a vague notion of how businesspeople are to go about turning his vision into reality. We recommend that business leaders read this book anyway, because it will stimulate your thinking about what might be possible. Maybe you'll be the one to figure out how to make the difference. ... Read more

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Capitalism    5. Corporate Planning    6. Economics - General    7. Free Enterprise    8. Social responsibility of business    9. Strategic Planning    10. Business & Economics / Systems & Planning    11. International economics   

Reviews (5)

One of the better critiques of complete free trade
Stiglitz is certainly a critic of the free trade ideology but his arguments are much more intellectually robust than I see from either the economic nationalists like Lou Dobbs or the anti-globalization movement (and those two are distinct among themselves).He doesn't favor developed world protectionism, and actually makes a few strong points against it. However his proposals do respond to some of the claims of the anti-globalization movement even if he doesn't accept their quasi-Marxist outlook in total.
A radical new trade model
The authors state rightly that trade policies should be designed to raise living standards and to integrate developing countries into the world trading system. Global poverty (more than 2 billion people live on less than a dollar a day) is the world's most pressing problem.
very interesting - a great global economics intro
You don't have to be an economist to realise that the World Trade Organisation is failing the poorest countries. But this book is a compelling explanation of what is going wrong, and the best case yet for change.
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Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Commercial policy    5. Development - Economic Development    6. Economic Development    7. Economics - General    8. Free Enterprise    9. Industries And Trades (Economic Aspects)    10. International - Economics    11. International Relations - Trade & Tariffs    12. International trade    13. Business & Economics / Economics / General    14. Development economics    15. Economics | International   

Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Capital market    5. Corporate Finance    6. Finance    7. Free Enterprise    8. Investments & Securities - General    9. Money & Monetary Policy    10. Money market    11. United States    12. Business & Economics / Money & Monetary Policy    13. Investment & securities   

Editorial Review

Ever feel like you just can't get ahead with the bills? You're not alone. More than half of Americans believe the American dream has become impossible for most people to achieve. And two-thirds think this goal will be even harder for the next generation. (One reason for the gloominess--average full-time income has fallen 15 percent since 1975.) All this has Benjamin Friedman worried. In his hefty, 549-page tome, Read more

Reviews (8)

Interesting Thesis, but overlooking some important points
Mr. Friedman's book begins with an interesting thesis, defining morality and its definition within a context of economic growth.The idea that economic growth or stagnation effects the mindsets of the people living in that time period is a logical argument that Friedman often well supports with historical facts.However, the exceptions to his argument make me wonder if he really believes in his own thesis, or if he just felt the need to write a book.Furthermore, for every chapter in the book, there seem to be at least one or more flawed arguments or points that, with a little thorough thought or research, don't make sense or can easily be disproven.With these things being the case, I find Friedman's argument a little hard to buy.The entire book seems to build up to the final chapter, which Friedman uses to make policy recommendations that would aid in economic growth; this final chapter could have stood alone from the book entirely, however, because the evidence in the book an his arguments elsewhere in the book (ie. the importance of education) do not add or support his final policy recommendations.His policy recommendations could have easily been listed by students in an economics class as responses to the question "What should the government do to promote economic growth?"They don't push the argument forward or indicate anything that hasn't already been suggested in the past, nor do they give suggestions as to how to go about implementing his policies.

Puzzling
Friedman begins with a few troubling statistics, particularly the fact that except for a brief period in the late 1900s, most of the fruits of the last three decades of economic growth in the U.S. have accrued to only a small slice of the population.Further, after allowing for higher prices, the average 2004 worker in an American business made 16% less each week than 30+ years earlier.With more and more two-earner households and more individuals holding two jobs, most families' income have more than held their own.But nearly all the gain in the last three decades came only in the late 1990s.Young men entering the American job force in the 1970s started off earning two-thirds more, on average, than the generation starting out in the 1950s; by the early 1990s it was one quarter less than their parents.
A monumental work with some significant lapses
Professor Friedman has provided us a remarkable historical argument in favor of economic growth. The chapters all read very well and cover an enormous range of material. However, a major deificiency in the chapter on environmental concerns is a lack of coverage in the arena of ecological economics. Indeed much of the most recent critcism of economic growth has emanated from this area of inquiry. Professor Friedman only covers EF Schumacher with relatively little analysis and completely neglects the work of Herman Daly, Robert Costanza and other ecological economists. I contacted Professor Friedman about this and he admitted not being familiar with this genre which is a telling sign of how polarized the field of economics has become. The neoclassical school has dominance and maintains the mainstream academic societies, dismissing the ecological school as a sentimental aberration. On the other hand the ecological economists are content with their own associations and journals. When shall the twain meet if we are to have a sound and balanced discussion towards sustainable development?
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Subjects:  1. Business & Economics    2. Business / Economics / Finance    3. Business/Economics    4. Capitalism    5. Democracy    6. Economic Conditions    7. Economic Policy    8. Economic development    9. Economics - Comparative    10. Economics - General    11. Economics - Theory    12. Free Enterprise    13. Income distribution    14. Moral and ethical aspects    15. Political participation    16. Public Policy - Economic Policy    17. Business & Economics / Economics / General   

Reviews (29)

Small is Getting Bigger
Whoever said size matters hasn't read An Army of Davids by Glenn Reynolds, well known in the blogsphere as Instapundit.com. The book is about how individuals, as opposed to large organizations, media, and government, are and will continue to be the primary moving force behind changes journalism, business, technology, space exploration, and overall human advancement.