Thing 1: There is no such thing as free market. Thing 4: The washing machine has changed the world more than the Internet. Thing 5: Assume the worst about people, and you get the worst. Thing 13: Making rich people richer doesn't make the rest of us richer. If you've wondered how we did not see the economic collapse coming, Ha-Joon Chang knows the answer: We didn't ask what they didn't tell us about capitalism. This is a lighthearted book with a serious purpose: to question the assumptions behind the dogma and sheer hype that the dominant school of neoliberal economists-the apostles of the freemarket-have spun since the Age of Reagan. Chang, the author of the international bestseller Bad Samaritans, is one of the world's most respected economists, a voice of sanity-and wit-in the tradition of John Kenneth Galbraith and Joseph Stiglitz. 23 Things They Don't Tell You About Capitalism equips readers with an understanding of how global capitalism works-and doesn't. In his final chapter, "How to Rebuild the World," Chang offers a vision of how we can shape capitalism to humane ends, instead of becoming slaves of the market.
'This Cambridge professor delights in paradox. And myth-busting . . . he does this with charm and a desire to see how things work in the real world' Guardian, 'In Praise of Ha-Joon Chang' In this revelatory book, Ha-Joon Chang destroys the biggest myths of our times and shows us the truth about how the world really works, including: there's no such thing as a free market; the washing machine has changed lives more than the internet; people in poor countries are more entrepreneurial than in wealthy ones; and making rich people richer doesn't make the rest of us richer. We don't have to accept things as they are any longer. Ha-Joon Chang is here to show us there's a better way. 'Lively, accessible and provocative . . . read this book' Sunday Times 'A witty and timely debunking of some of the biggest myths surrounding the global economy' Observer 'The new kid on the economics block . . . Chang's iconoclastic attitude has won him fans' Independent on Sunday 'Lucid . . . audacious . . . increasingly influential . . . will provoke physical symptoms of revulsion if you are in any way involved in high finance' Guardian 'Important . . . persuasive . . . an engaging case for a more caring era of globalization' Financial Times 'A must-read . . . incisive and entertaining' New Statesman
Ha-Joon Chang dispels the myths and prejudices that have come to dominate our understanding of how the world works. He succeeds in both setting the historical record straight ('the washing machine has changed the world more than the internet'; 'the US does not have the highest living standard in the world'; 'people in poor countries are more entrepreneurial than people in rich countries') and persuading us of the consequences of his analysis ('making rich people richer doesn't make the rest of us richer'; 'companies should not be run in the interest of their owners'; 'financial markets need to become less, not more, efficient'). As Chang shows above all else, all economic choices are political ones, and it is time we started to be honest about them.
The award-winning author of 23 Things They Don't Tell You About Capitalism outlines the real-world processes of the global economy while explaining how to better understand the strengths and weaknesses of key economics theories to better navigate today's interconnected world.
50 Economics Classics
Author: Tom Butler-Bowdon
Publisher: Nicholas Brealey
Economics drives the modern world and shapes our lives, but few of us feel we have time to engage with the breadth of ideas in the subject. 50 Economics Classics is the smart person's guide to two centuries of discussion of finance, capitalism and the global economy. From Adam Smith's Wealth of Nations to Thomas Piketty's bestseller Capital in the Twenty-First Century, here are the great reads, seminal ideas and famous texts clarified and illuminated for all.
#1 NATIONAL BESTSELLER • Featuring a new foreword by Ari Emanuel and Patrick Whitesell Mark H. McCormack, one of the most successful entrepreneurs in American business, is widely credited as the founder of the modern-day sports marketing industry. On a handshake with Arnold Palmer and less than a thousand dollars, he started International Management Group and, over a four-decade period, built the company into a multimillion-dollar enterprise with offices in more than forty countries. To this day, McCormack’s business classic remains a must-read for executives and managers at every level, featuring straight-talking advice you’ll never hear in business school. Relating his proven method of “applied people sense” in key chapters on sales, negotiation, reading others and yourself, and executive time management, McCormack presents powerful real-world guidance on • the secret life of a deal • management philosophies that don’t work (and one that does) • the key to running a meeting—and how to attend one • the positive use of negative reinforcement • proven ways to observe aggressively and take the edge • and much more Praise for What They Don’t Teach You at Harvard Business School “Incisive, intelligent, and witty, What They Don’t Teach You at Harvard Business School is a sure winner—like the author himself. Reading it has taught me a lot.”—Rupert Murdoch, executive chairman, News Corp, chairman and CEO, 21st Century Fox “Clear, concise, and informative . . . Like a good mentor, this book will be a valuable aid throughout your business career.”—Herbert J. Siegel, chairman, Chris-Craft Industries, Inc. “Mark McCormack describes the approach I have personally seen him adopt, which has not only contributed to the growth of his business, but mine as well.”—Arnold Palmer “There have been what we love to call dynasties in every sport. IMG has been different. What this one brilliant man, Mark McCormack, created is the only dynasty ever over all sport.”—Frank Deford, senior contributing writer, Sports Illustrated
Crises, change, and productive incoherence -- Introduction: contesting continuity -- Productive incoherence : a hirschmanian perspective -- Setting the stage -- The east asian financial crisis and neoliberalism : the beginning of the end of a unified regime -- The global crisis and innovations in financial governance and developmental finance -- Planting seeds, bearing fruit? : the group of 20 and the financial stability board -- Imf stewardship of global finance -- The changing institutional landscape of financial governance and developmental finance in emerging market and developing economies -- Financial crisis, financial control -- Where from here? -- Conclusion: opportunities, challenges, and risks -- Notes -- Bibliography -- Index
Markets Don't Fail!
Author: Emily Chamlee-Wright
Publisher: Lexington Books
Markets Don't Fail! addresses many of the popular arguments made by economists and other intellectuals against the free market. Using numerous examples as well as moral and epistemological arguments, this book claims that free market economies raise the standard of living of all individuals who live in them, and allow human life to flourish.
The Happiness Industry
Author: William Davies
Publisher: Verso Books
In winter 2014, a Tibetan monk lectured the world leaders gathered at Davos on the importance of Happiness. The recent DSM-5, the manual of all diagnosable mental illnesses, for the first time included shyness and grief as treatable diseases. Happiness has become the biggest idea of our age, a new religion dedicated to well-being. In this brilliant dissection of our times, political economist William Davies shows how this philosophy, first pronounced by Jeremy Bentham in the 1780s, has dominated the political debates that have delivered neoliberalism. From a history of business strategies of how to get the best out of employees, to the increased level of surveillance measuring every aspect of our lives; from why experts prefer to measure the chemical in the brain than ask you how you are feeling, to why Freakonomics tells us less about the way people behave than expected, The Happiness Industry is an essential guide to the marketization of modern life. Davies shows that the science of happiness is less a science than an extension of hyper-capitalism.
Americans tend to cast slavery as a pre-modern institution—the nation's original sin, perhaps, but isolated in time and divorced from America's later success. But to do so robs the millions who suffered in bondage of their full legacy. As historian Edward Baptist reveals in The Half Has Never Been Told, the expansion of slavery in the first eight decades after American independence drove the evolution and modernization of the United States. In the span of a single lifetime, the South grew from a narrow coastal strip of worn-out tobacco plantations to a continental cotton empire, and the United States grew into a modern, industrial, and capitalist economy. Until the Civil War, Baptist explains, the most important American economic innovations were ways to make slavery ever more profitable. Through forced migration and torture, slave owners extracted continual increases in efficiency from enslaved African Americans. Thus the United States seized control of the world market for cotton, the key raw material of the Industrial Revolution, and became a wealthy nation with global influence. Told through intimate slave narratives, plantation records, newspapers, and the words of politicians, entrepreneurs, and escaped slaves, The Half Has Never Been Told offers a radical new interpretation of American history. It forces readers to reckon with the violence at the root of American supremacy, but also with the survival and resistance that brought about slavery's end—and created a culture that sustains America's deepest dreams of freedom.
Author: Ha-Joon Chang
Publisher: Bloomsbury Publishing USA
Bad Samaritans was an introduction to open-minded economists and political free-thinkers to Ha-Joon Chang's theories of the dangers of free-trade. With irreverent wit, an engagingly personal style, and a keen grasp of history, Chang blasts holes in the "World Is Flat" orthodoxy of Thomas Friedman and others who argue that only unfettered capitalism and wide-open international trade can lift struggling nations out of poverty. On the contrary, Chang shows, today's economic superpowers-from the U.S. to Britain to his native Korea-all attained prosperity by shameless protectionism and government intervention in industry, a fact conveniently forgotten now that they want to compete in foreign markets. Chang's cage-rattling, contrarian history of global capital appeals to readers new to economic theory as well as members of the old school looking for a fresh take.
Author: George A. Akerlof, Robert J. Shiller
Publisher: Princeton University Press
The global financial crisis has made it painfully clear that powerful psychological forces are imperiling the wealth of nations today. From blind faith in ever-rising housing prices to plummeting confidence in capital markets, "animal spirits" are driving financial events worldwide. In this book, acclaimed economists George Akerlof and Robert Shiller challenge the economic wisdom that got us into this mess, and put forward a bold new vision that will transform economics and restore prosperity. Akerlof and Shiller reassert the necessity of an active government role in economic policymaking by recovering the idea of animal spirits, a term John Maynard Keynes used to describe the gloom and despondence that led to the Great Depression and the changing psychology that accompanied recovery. Like Keynes, Akerlof and Shiller know that managing these animal spirits requires the steady hand of government--simply allowing markets to work won't do it. In rebuilding the case for a more robust, behaviorally informed Keynesianism, they detail the most pervasive effects of animal spirits in contemporary economic life--such as confidence, fear, bad faith, corruption, a concern for fairness, and the stories we tell ourselves about our economic fortunes--and show how Reaganomics, Thatcherism, and the rational expectations revolution failed to account for them. Animal Spirits offers a road map for reversing the financial misfortunes besetting us today. Read it and learn how leaders can channel animal spirits--the powerful forces of human psychology that are afoot in the world economy today. In a new preface, they describe why our economic troubles may linger for some time--unless we are prepared to take further, decisive action.
In Talking to My Daughter About the Economy, activist Yanis Varoufakis, Greece’s former finance minister and the author of the international bestseller Adults in the Room, pens a series of letters to his young daughter, educating her about the business, politics, and corruption of world economics. Yanis Varoufakis has appeared before heads of nations, assemblies of experts, and countless students around the world. Now, he faces his most important—and difficult—audience yet. Using clear language and vivid examples, Varoufakis offers a series of letters to his young daughter about the economy: how it operates, where it came from, how it benefits some while impoverishing others. Taking bankers and politicians to task, he explains the historical origins of inequality among and within nations, questions the pervasive notion that everything has its price, and shows why economic instability is a chronic risk. Finally, he discusses the inability of market-driven policies to address the rapidly declining health of the planet his daughter’s generation stands to inherit. Throughout, Varoufakis wears his expertise lightly. He writes as a parent whose aim is to instruct his daughter on the fundamental questions of our age—and through that knowledge, to equip her against the failures and obfuscations of our current system and point the way toward a more democratic alternative.
In an unorthodox approach, Cal Newport debunks the long-held belief that "follow your passion" is good advice, and sets out on a quest to discover the reality of how people end up loving what they do. Not only are pre-existing passions rare and have little to do with how most people end up loving their work, but a focus on passion over skill can be dangerous, leading to anxiety and chronic job hopping. Spending time with organic farmers, venture capitalists, screenwriters, freelance computer programmers, and others who admitted to deriving great satisfaction from their work, Newport uncovers the strategies they used and the pitfalls they avoided in developing their compelling careers. Matching your job to a pre-existing passion does not matter, he reveals. Passion comes after you put in the hard work to become excellent at something valuable, not before. In other words, what you do for a living is much less important than how you do it. With a title taken from the comedian Steve Martin, who once said his advice for aspiring entertainers was to "be so good they can't ignore you," Cal Newport's clearly written manifesto is mandatory reading for anyone fretting about what to do with their life, or frustrated by their current job situation and eager to find a fresh new way to take control of their livelihood. He provides an evidence-based blueprint for creating work you love, and will change the way you think about careers, happiness, and the crafting of a remarkable life.
Author: John Lanchester
Publisher: Simon and Schuster
For most people, the reasons for the sudden collapse of our economy still remain obscure. I.O.U. is the story of how we came to experience such a complete financial disaster, starting with the magical proliferation of credit that led to an explosion of lending on the global and local landscapes of banking and finance. Viewing the crisis through the lens of politics, culture, and contemporary history—from the invention and widespread misuse of financial instruments to the culpability of subprime mortgages—Lanchester deftly draws conclusions on the limitations of financial and governmental regulation, capitalism’s deepest flaw, and most important, on the plain and simple facts of human nature where cash is concerned. With newly updated, superbly written reportage, Lanchester delivers a shrewd perspective and a digestible, comprehensive analysis that connects the dots for expert and casual reader alike. Part economic primer, part fiscal and historical analysis, I.O.U. is an eye-opener of a book.