1 comments about Capital and Language: From the New Economy to the War Economy (Semiotext(e) / Foreign Agents).

1. This book is fantastic. It's about time that the greater interest shown in workerist / autonomous Marxist thought and politics has translated into publishing some of Christian Marazzi's work in English. If Toni Negri's work provides one with a giant hammer for smashing through the mystifications of class reality, Marazzi conversely provides a set of finely sharpened blades and scalpels for the dissection of processes of class decomposition. Of particular interest and usefulness is his exploration of fiscal crisis of New York City during the 1970s, and how that proved to be a turning point is the disciplining of the working class as pension funds were invested into stock markets (thus workers came to have an interest in the workings of financial markets that were both benefitting and working against them). It is unfortunate this book was not published several years earlier, as the fact that Marazzi is analyzing an earlier financial crisis (namely the one relating to the new economy bubble) might suggest to one that this book is old hat (it is strange, for instance, to be reading commentaries and analysis involving a number of companies that only recently have ceased to exist), but this is not the case. The dynamics of financialization and class composition that Marazzi are all the more present, even if having changed exaggerated since he wrote this book, within the conjunction of factors leading to the current crisis. Definitely worth a read. Looking forward to more of his work being translated and published.

5 comments about Falling Behind: How Rising Inequality Harms the Middle Class (The Aaron Wildavsky Forum for Public Policy).

1. Thorstein Veblen in his Theory of The Leisure Class coined the term conspicuous consumption. In many respects the last 10 year has been a veritable explosion in obnoxious displays of my car is bigger and better than your car, and house, etc...
   The real threat to the middle class is in housing. Particularly in the Bay Area of California the cost of housing, both rental and purchased, has become prohibitive for all but a small percentage of the population. I include rental housing because the costs are exceedingly high, forcing most people to pay well over 50% of their salary in rent, leading to ruinous financial suicide when you are not able to save each month because the greed factor of housing has such a crushing effect on people's mental and emotional well-being. Housing has skyrocketed to present levels principally as a result of the mania of believing that everyone in the area makes $100,000 a year which is what any other community would require to sustain such high housing costs. The pay rates certainly are not commensurate with the increasing costs of renting and buying homes.



2. The dictum "context is everything" is certainly true when it comes to assessing the value of material goods.
   
   In Falling Behind, economist Robert H. Frank shows that what we consider "average" or "good enough" in a home or car is determined by context: what are others around us driving? where are they living? Is a `79 Chevy Nova is adequate (or even luxuriant)? The answer to this depends on the cars driven by others around us. This context varies between Cuba and the snazzier parts of L.A. Context matters in assessing the value of many things: cars, real estate, appliances, clothing. Not all goods are evaluated in this way: Frank categorizes those that are as positional goods.
   
   Frank lays to rest the notion that wanting what others have is greed or envy, or that we are duped by snazzy advertising. Rather, it is natural to judge one's own assets in terms of local context. Having less than the "norm" has tangible consequences for professionals: Doctors or lawyers who fail to keep up appearances will be judged as incompetent. People who choose to buy smaller homes will end up in poorer neighborhoods, and suffer their attendant problems.
   
   The inflation of positional goods is driven by income inequality. Since the 1970's, the incomes of those at the very top has risen dramatically, while those at the bottom are now earning about the same or less. (If you want clear graphics and elucidated statistics on rising income inequality, look no further than chapter 2.) However, changing standards for what constitutes a luxury home or car have "trickled down" so that middle-income Americans now need to spend more to achieve average.
   
   Frank likens the arms-race style inflation of positional goods to the metaphor of the stadium. If one spectator stands up, he/she will get a better view. But if everyone stands, they will all have the same view as before, except they will have given up their comfy seats. The author calls this behavior "smart for one, dumb for all."
   
   Frank outlines what working and middle class families have had to sacrifice to achieve the new average: time, equity, and investment in public works. Workers must live farther from work to afford average, and have longer commutes. They work longer hours, and sleep less. Families don't save as much, and they go into debt. People who feel strapped for cash are less willing to pay the taxes necessary to maintain roads and schools, so these services get cut.
   
   For all that I enjoyed this book, I cannot rate it a 5. While the tone through most of the book was jargon-free and accessible to the non-economist, Frank lapses into dense econo-speak in places (notably chapters 6 and 7). Frank also delves into "Darwinian" hypotheses in chapter 6, which only detracted from his larger point. After all, he had already made the case for the positional judgement of goods. The evo-psych explanation lacks any evidential support, and merely stating that it is the "biological," or, worse yet, "Darwinian" point of view is not sufficient for it to be taken seriously.
   
   The final chapters redeemed this book for me, as the author proposes a novel, progressive tax solution: taxing consumption while exempting savings. A progressive marginal tax rate on consumption would reward those who save rather than spend, limiting the inflation of positional goods as people opt for smaller mansions and more utilitarian vehicles. The tax is not regressive: People earning modest salaries can apply their deduction to their taxable consumption, so that they are not penalized for being unable to save.
   
   If you want to know why the rich get richer, the poor and middle class can't get ahead, and houses and cars seem to have doped up on steroids since 1970, give this book a read.



3. I liked this book. I will recommend it to anyone who is interested in reviewing social aspects of economic development in the US.



4. The first college I went to was a small community college out in the middle of nowhere. Most of its residents were extremely poor people fresh from the factory. In such an environment, I felt very wealthy and did not see the need to buy better clothes. I soon transferred to Michigan State University. Talk about a sea-change. Suddenly, I was the odd man out. My clothes were otiose, my habits slovenly and my look unkempt. It was extremely stressful (I am sure my HPA was going nuts pumping cortisol like crazy). I needed a new wardrobe. Not only that, but I need a conspicuously expensive and ridiculous one.
   
   If you take this experience and apply it across the middle class board, you have Mr. Frank's book. You see, all of the middle class is in a positional arms race over goods like cars, houses, clothes, watches, and other oddities, while skimping over public goods, insurance, and saftey.
   
   Frank compares this arms race to animals who constantly get bigger antlers to compete and get females. Soon the antlers are so big and cumbersome that they are a handicap in many ways. Yet, if a mutation 'attempts' to take over the population and make smaller antlers, the bigger antlers will win because animals that possess them can fight better and monopolize the females. Frank calls this the "smart for one, dumb for all" principle. I think the reasons are fairly obvious. Similarly, if we would all agree to limit the size of our house and cars and pay more for roads and parks, we would all benefit. However, there is always going to be that one idiot who gets the bigger house and the SUV. Now he is rolling in attention, going to the best school, and safer than ever in his huge SUV. All it takes is this small spark to ignite an all out war for position. But, remember, since position is relative, we end up in the same spot anyway! Except, we are now skimming on the important, non-positional public goods.
   
   Frank's book is a short, lucid, and compelling account of what is going on with the middle class. I think he gives short shrift to role of the media and corporations, but his theories and ideas do have the benefit of being parsimonious and logical.
   Great book.



5. I have never read any of Frank's other books before reading this one. I have read over 200 books on investing, and this book piqued my interest because I have always been interested in income inequality.
   
   Wilfred Pareto, the Italian economist, found interesting phenomena when he researched who had most of the income and wealth in Italy in the early 1900's. He was surprised to find that 20% of the population had 80% of the income or 80% of the wealth. He found the same phenomena when he researched England in the late 1800's. This phenomenon has come to be called the Pareto Rule...or the 80:20 Rule.
   
   If you check the USA today, you will find Pareto's Rule is still alive and well. 20% of the population has about 80% of the income and about 90% of the financial wealth.
   
   I have been interested in finding out why this phenomenon has held across 3 countries for over 100 years.
   
   The author conveniently forgot to show the actual income distribution of the U.S. in his charts. He chose to only show the percentage change in income for each of the 5 deciles groups.
   
   The whole premise of this book can be summed up as follows:
   
   -Income inequality has increased in the US the last 40 years
   -Rising income inequality is a bad thing
   -One reason for the rising inequality is technological changes and the George Bush tax cuts for the wealthy
   -The other reason for the rising inequality is that an "arms race" is created when the middle class sees the wealthy have more toys....and therefore the middle class must spend more on bigger houses and fancier cars
   -The recommended fix is to switch from a progressive income based federal tax to a consumption based tax system (where savings are not taxed) and taxes would be increased for the wealthy
   -The additional tax revenue would be used to provide more needed Federal Government services
   
   One key assumption of this book is that US income inequality has increased the last 40 years. According to Wikipedia.....the Gini Coefficient for the US in 1967 was 39.7 and it increased to 46.3 in 2007. I'm not sure it is appropriate to ratio these two Gini numbers.........but if it is....this is a 17% increase in income inequality (the Gini Coefficient is supposed to be a metric for assessing income inequality).
   
   A 17% increase over 40 years doesn't seem that dramatic to me. Given the large number of data sources required to calculate the Gini Coefficient......I doubt a 17% increase is even statistically significant at the 95% confidence level.
   
   Another challenge to this key assumption is that Pareto's findings (20% of the population have 80% of the wealth) have held up over 100 years across three different countries and the 80:20 ratio has not changed significantly.
   
   Based upon these 2 factors, I have my doubts that income inequality has really increased in the US the last 40 years.
   
   Another premise of this book is that middle class citizens have no recourse except to go into debt and spend more to keep up with the Jones's.
   
   Way back in 1849 when Charles Dickens wrote David Copperfield, Mr. Macawber says, with respect to money:
   
   "Income 6 pence a week, expenditure 5 pence a week, result happiness: Income 6 pence a week, expenditure 7 pence a week, result misery."
   
   In Stanley's Millionaire Next Door, he found that most millionaires chose to live below their means so they could save money....invest the savings......and eventually be millionaires. Many people intentionally stayed in homes in middle class neighborhoods with decent school systems.....versus neighborhoods with big houses and the expectation (and expense) of sending your kids to private school. These Millionaires were frugal on their expenses for clothes, watches, vehicles, and houses. In fact, many bought vehicles using the $ per pound ratio to get the best value (Ford F150's rank high on the $ per pound ratio). I would contend that many people are free to choose to their lifestyle.......so as Stanley says.........they can choose to own a lot of cattle......or be all hat and no cattle. The author seems to contend that 100% of the people have no choice but to participate in the arms race.
   
   The author also suggests the current public school system is a well designed one because it caps educational costs versus the arms race which would result if vouchers could be used to attend any school. One wonders if vouchers could be used to attend any school...including the amount of property tax paid.....would this encourage some free market competition and possibly lower total educational costs?
   
   I have often wondered why our current U.S. system penalizes savers. Taxes are delayed if you save in a defined contribution retirement plan.....savings beyond these plans is almost penalized. First, the money is taxed as federal, state, and social security taxes. Once you invest it, another government tax of inflation must be paid........ plus federal, state, and income taxes on any interest or capital gains. With inflation currently running higher than interest rates on savings accounts........there is not much incentive to save.
   
   I might be in favor of switching our tax system to a consumption based system like the author advocates, but with some additional caveats. The caveats would be a 40-year transition of switching Social Security from pay-as-you-go to an individual account in low cost index funds like the current Thrift savings plan for government employees. I would also like to see total taxation capped at 15% of gross earnings (including local, state, and federal taxes)......unless during a Congressional declared state of war. I am also concerned about the "law of unintended consequences" if we change our tax system.
   
   I do not agree with the author's plan to increase taxes on higher income earners.......giving the government more of our dollars to spend.......and waste.
   
   I tend to side with Milton Friedman who believed that if government action is taken in pursuit of economic equality that our political freedom will suffer. In a famous quote, he said:
   
   "A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both."
   
   
   Although you may not agree with the author's recommended fix, his book does cause one to think about how our US economic system is designed. At some point of high enough income inequality......the 80% of the population who does not have the income and wealth will vote themselves a share of the income from the 20% who take all the risk and generate all of the jobs (unless you believe the 20% with the money donate enough money to control our political system).
   
   If you want to become one of the 20% who have all the income and wealth, you might want to read some of the books noted below. They may help you eventually enter the top 20% group.
   
   Index Mutual Funds: How to Simplify Your Financial Life and Beat the Pro's
   The Richest Man in Babylon
   Bogle on Mutual Funds: New Perspectives for the Intelligent Investor
   The Millionaire Next Door
   The Four Pillars of Investing: Lessons for Building a Winning Portfolio
   A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing, Ninth Edition
   The Coffeehouse Investor: How to Build Wealth, Ignore Wall Street, and Get On With Your Life
   The Bogleheads' Guide to Investing

3 comments about Adam Smith in Beijing: Lineages of the Twenty-First Century.

1. "Adam Smith in Beijing" by Giovanni Arrighi delivers a sophisticated history and analysis of the rise of the Asian economy. Displaying a deep knowledge of world history including novel insights into the works of Adam Smith and Karl Marx, Mr. Arrighi helps us understand why China's ascent has arrived at the moment when the dream of a single world capitalist state as conceived and championed by the U.S. has failed. Impeccably researched and cogently written, this accessible book succeeds in providing historical perspective on how China has come to be a key player on the world stage.
   
   Mr. Arrighi discusses how China's mixed economy of today conforms to Adam Smith's vision of a large market economy managed by an active government that ensures improved living standards for all; in fact, Smith reasoned that Asia might one day grow to assume parity with Europe. We learn that China's Industrious Revolution leveraged its large internal market and abundant labor supply to develop a diverse economy where wealth was widely dispersed among the population. In contrast, the West's Industrial Revolution conformed more or less to Karl Marx's analysis inasmuch as it allowed a relatively small class to own the means of production, secure power and finance a succession of military/industrial states whose imperialistic adventures were intended to guarantee an endless expansion of the capitalist system.
   
   Mr. Arrighi tracks the global turbulences that have been wrought as a consequence of the Western development path; the process of creative destruction inherent in the capitalist model has grown ever larger beginning with the small Italian city-states to the Dutch, British and, finally, the American empire. The author shows how each successive wave of accumulation collapsed as a consequence of escalating administrative costs including the funding of ever larger armed forces; of course, the strategy did succeed during much of the 19th and 20th centuries as China fell under domination as a consequence of the West's advantages in military technology. However, the book describes how the failures of the George W. Bush administration's economic and foreign policies are but the culmination of an ill-conceived, decades-long neoliberal project of world domination that bears striking similarity to previous fallen empires. Ironically, as U.S. hegemony has unraveled in the wake of the Iraq War, the author contends that widespread economic prosperity has allowed the Asian nations to emerge as the true victors of the U.S. War on Terror.
   
   Against this backdrop, Mr. Arrighi contemplates three different foreign policy approaches that the U.S. might consider as the Asian Age unfolds. The interconnectedness of the U.S. and Asian economies suggests to us why the differing proposals made by Robert Kaplan, Henry Kissinger and James Pinkerton have all been pursued to varying degrees simultaneously, amounting to a confused and conflicted U.S. Asian policy. Interestingly, Mr. Arrighi posits that China simply does not need to pursue a militaristic path to attain preeminence as long as the U.S. seems bent on self-destruction through its strident diplomacy and economic indebtedness; indeed, the U.S. is rapidly becoming irrelevant as more and more investment decisions are being made in Asia with less and less input and participation from U.S. business partners.
   
   Unfortunately, for a book that is subtitled "Lineages of the Twenty-First Century" the author provides scant attention addressing three major challenges that lay ahead for China: environmental deterioration, the lack of democracy and growing income inequality. Readers interested in these issues might refer to Elizabeth C. Economy's "The River Runs Black", which argues that continued neglect of China's burgeoning environmental crisis will seriously curtail and constrain its future economic growth; and James Mann's "The China Fantasy", which advances some of the reasons why democracy remains unlikely in China for many years to come. Whereas Mr. Arrighi is practically silent on these issues, both of these books suggest that serious internal conflict between a repressed Chinese working class and a privileged political class will become all but inevitable. In my view, Ms. Economy's and Mr. Mann's books serve as necessarily sobering counterweights to Mr. Arrighi's decidedly more ebullient narrative.
   
   The above minor reservations notwithstanding, I highly recommend this brilliant, timely and informative book to everyone.
   
   
   
   
   



2. 
   
   The book begins with an analysis of the differences between free markets and capitalism, and evolution scenarios of capitalism. For the first hundred-some pages, Arrighi is SLOWLY building the theoretical foundation of his argument and draws from several sources ranging from Adam Smith and Marx to Hannah Arendt and Schumpeter, from countless (non-)academic citations to his own observations.
   
   Historically, capitalism occurs in the later stages, and at the expense, of free markets, and requires ever expansive institutions and policies. According to Arrighi, the evolution of the USA, being the latest and most expansive capitalist power, has taken the capitalist logic to its earthly limits. Indeed, the US has continued on the trajectory set by the earlier capitalist powers--the Italian Republics, Dutch Empire and British Empire--by creating more powerful capitalist frameworks, alas all this has already come to a too high of a price for itself and the planet.
   
   And, while the above arguments go back and forth, with factual illustrations and theoretical considerations, China is being analyzed in historical, comparative and Asian contexts. With the exception of some 150 years, at least for the past 5-600 years, China has been not only different from the West (and its capitalist models), but also very affluent. The differences come in many ways: military outlook and projection of power, trade, state institutions, relationships between the state and its citizens/other states, productivity, innovation and on and on. In fact, Arrighi seems to infer that, for the most part of that time interval, the Chinese have been as much closer to a free market system as far away from the capitalist system.
   
   Close to the end of the book, one sees that Arrighi does not necessarily advance a comprehensive thesis to explain even the next 50 years, but leaves the reader better equipped to continue the inferential process he started. To summarize, this process consists of the study of theoretical frameworks, historical analogies between/among capitalist powers, comparative perspectives on China and the reduction of capitalist alternatives, by elimination, for the USA. Also by limiting the range of the capitalist alternative(s) in their current and historical forms, we are left to witness for ourselves the evolution, the tradeoffs, and ultimately the future of China itself.
   
   This is a book that will most probably anchor the conversation about the 21st Century for some time to come. The wide spectrum for Arrighi's analysis provides for an integrated approach across several fields, which so far have been studied in isolation at best.
   
   How can the reader benefit more? By tightening the argument and the text itself--maybe Arrighi needs to decide who his readers are. For the public at large, a Foreign Affairs article may do it. For the more academically inclined, it is not clear how/why the events of the last 10-15 years in the US fit Arrighi's framework. Indeed, Arrighi belongs to the school of thought dating the end of the US capitalist supremacy in the 1970s. So, if the US decline started in the '70s, how was it possible for the economical revival of the '90s? In other words, was the economic revival of the '90s in contradiction with Arrighi's earlier thesis? According to the author, Britain had also gone through a similar period of economic boom at the end of the 19th century--decline, sudden prosperity followed by decline and two world wars. Reconciling current events with-in a longue durée approach may look artificial/arbitrary/a posteriori. For example, was the Project for the New American Century historically immanent, or the result of voting accidents in Florida? On the other hand, a lot of the last 8 year events seem to follow the path indicated by Arrighi. After this book was published, even the paragons of capitalism, aka the US financial system, have entered a deep structural crisis. Moreover, if we are to consider the volume of inputs alone, the US has no place to grow unless the Chinese stumble at their own (Adam Smithian-) game. At a different level, I suspect there will be some to quarrel with Arrighi's implicit higher valuation of free markets relative to capitalism. They'll probably be quick to say that the "old" left may be redefining itself in terms of opposing capitalism with free markets instead of socialism...
   
   All in all, the reader will be well rewarded by reading this book and perhaps follow its author all the way into the pages of the New Left Review magazine.
   
   This book helped me crystallize a whole number of ideas, which I could well summon up into an Open Letter, for O8:
   
   Small is Beautiful!
   
   Small(er) enterprise is better than (quasi-)monopolies;
   Universal healthcare is both good and necessary;
   Let wages converge lower;
   Put money into the following infrastructures: education, energy efficiency, internet, transportation;
   Encourage innovation and exports;
   Encourage quality;
   Bring smart people in, our universities should be the Ellis Island of the 21 Century!



3. This book is very well researched and clearly explains why China is in the strong position it is in today. I highly recommend this book for anyone interested in understanding China beyond its apparent sudden rise.

5 comments about When Corporations Rule the World.

1. How corporations developed and expanded their power and influence; how they operate today; and what the stakes are for individuals and states as a new form of governance and administration consolidates its power worldwide. Well-written and compelling. The political issue no politician (except for Ralph Nader) dares to acknowledge, much less confront.



2. Great to read through. Some good brain food. But the solutions he espouses are reminiscent of some 1970's feel good scenario.



3. I can't say enough about When Corporations Rule the World. Everyone in the US especially should read this book. The mega corporation has changed living in this world to the detriment of all mankind. When there exists an entity, whose sole purpose is to make money to perpetuate itself, and it is put in charge of such delicate matters as healthcare (private insurance- among other sectors), it is a no-brainer that human beings lose time and time again. People in the US and around the world don't realize how deep a hold corporations have over their daily existence. They also do not realize the power that we as a people have to break this hold if we act in concert for the good of humans and the environment on which we depend for our livelihoods and health. That we have GIVEN power away to coporations and the people that run them, is a sad commentary on the human state of being. We MUST ACT now to fight against corporations. START NOW BY READING THIS BOOK!



4. "When Corporations Rule the World" is thoroughly documented and very accurate.
   David Korten describes the many tentacles of global corporations. He examines the details surrounding the case of Santa Clara County v. Southern Pacific Railroad as the beginning of corporations receiving the same rights as individual citizens.
   
   He covers the rise of corporate power in the 1880's and 1890's. President Rutherford B. Hayes observed- "This is a government of the people, by the people, and for the people no more. It is a government of corporations, by corporations, and for corporations."
   
   The author assesses the "free" market and "free" trade as instruments that allow global corporations to plan and organize world economic affairs to enrich themselves without any consequences regarding the environment or workers.
   Mr. Korten explains why capitalism favors the limited liability corporation. It provides unlimited, concentrated power with very limited accountability or legal liability.
   He favors corporate charters because there is accountability. Charters are a priviledge rather than a right.
   
   Mr. Korten examines the flawed projections that served as propaganda for NAFTA's passage. He emphasizes that while government shares some of the blame, the "giant corporations that owe no allegiance to place, people, or human interest" are the benficiaries.
   From page 133- "The game of global competition is rigged. It pits companies against people in a contest that the people almost always lose."
   Another accurate view on page 207 states- "The argument that globalization increases competition is simply false. To the contrary, it strengthens tendencies toward global-scale monopoly."
   
   The author explains why GATT and the WTO are bad for the general public, great for global corporations. I disagree with his idea of keeping either the U.N. family of organizations or the Bretton Woods group. Why not get rid of them all?
   
   His take on the China trade agreement was on point. The day after Bill Clinton signed the China trade agreement the Wall Street Journal "noted the real reason the corporate establishment put it's full lobbying weight behind the China Trade Bill: to guarantee that U.S. companies could safely move more production to China with assured access to U.S. markets." Does anyone else remember the Chinese campaign contributions to Clinton?
   
   The author has some intriguing solutions in the book. His idea of eliminating income tax on the lower income levels is one positive step. However I don't agree with some of his ideas. Guaranteed income is one of them.
   
   
   "When Corporations Rule the World" is a sobering assessment of corporate greed that respects no borders. While it is somewhat dated, I recommend it.



5. You know, sometimes the synchronicities of my life amaze even myself. Here I started reading this book "When Corporations Rule The World" by David Korten, and all of a sudden, the US economy tanks and all sorts of corporations and banks start going under faster than Congress' credibility. And sure, we all had been watching it happening for awhile, being built up inside yet another unsustainable bubble and driven by mass speculation and corruption as it was, but the really big piles of fecal matter hit the air circulation devices in late September/early October . . . right as I was reading this book. (A few years ago I had written another review for the book "The New Pearl Harbor" by David Ray Griffin, about 9/11 and the Bush administration . . . right as the so-called "terrorist" attacks in Britain occurred.)
   
   Why is this synchronicity important? Well, Mr. Korten has revealed some really pertinent information in this book that, quite frankly, has a lot to do with said situation. He wrote the first edition back in 1995, and it is now considered a classic. The whole book might as well be a Cliff Notes reader for the economic "disaster" and "bailout" happening at this very moment. In fact, check out this quote from page 188: "Speculation is another form of extractive investment. The financial speculator is engaged in little more than a sophisticated form of gambling - betting on the rise and fall of selected prices. When a speculator wins, he or she is simply capturing claims to wealth created by others. When a large speculator funded with borrowed money loses, the survival of major financial institutions may be placed at risk, resulting in demands for a public bailout to save the financial system from collapse. In either instance, the public loses. Rarely does a speculator's activity contribute to the wealth or well-being of society." Seeing as how Congress and the Bush administration have simply put the proverbial band-aid over the crack in the dam, and yet again sold their souls to corporate rule rather than fixing the system that actually FED the troubles (pardon the pun), methinks David Korten is presently shaking his head and saying "I told you so."
   
   I highly recommend this book. Part V ("Reclaiming Our Power") and Part VI ("From Corporate Rule To Civil Society") offer fantastic, practical and empowering ideas on how the people can take back the power that was stolen from them by the corporations. As an example, he suggests we start by stripping the corporations of their "personhood" that was essentially given to them with the 1886 Supreme Court decision of Santa Clara County vs. Southern Pacific Railroad. This is the reason we have lost so much of our political power - the fact that corporations have the same citizens' rights as do the citizens (and of course, we all know they actually have MORE rights since they have more money.) He is not shy in saying that the source of troubles in the world (economic, political, and environmental) stem from the unrestrained clout and muscle held by corporations and "predatory capitalism." He also emphasizes the importance of the anti-WTO protests in Seattle in 1999 and even suggests massive decentralization of governmental powers.
   
   This is a most timely review. More importantly, it is a most timely book, one that is sure to enlighten the reader with necessary, alternative views of the current economic situation.

5 comments about Financial Reckoning Day: Surviving the Soft Depression of the 21st Century.

1. His source of income is promoting "doom & gloom"
   newsletters and writing an ocassional book such as this one.
   
   He recommends buying gold silver & digging
   yourself a hole in a ground to live in.



2. The authors of this book come close to identifying and pinpointing what the major cause of financial bubbles is and the disasterous impacts that affect large portions of the general population when they pop.
   They correctly give the first half of the story when they quote(p.238) Adam Smith's assessment that aggregate savings is a necessary ingredient that is vitally important in order to maintain aggregate economic growth over time once an optimal capital stock has already been accumulated in the present while the prodigal and other misbehavior destroys the possibility of economic growth.Smith,however,goes on to clearly identify what he means by misbehavior.Misbehavior occurs when the private commercial banks and investment banking houses on Wall Street take the savings of the population and waste and destroy it by making loans to projectors(J M Keynes' speculators-chapter 12,General Theory,1936)and imprudent risk takers(Keynes's lender's versus borrower's risk discussion in chapter 11,GT)instead of making the loans to the " sober " people who will invest it in starting new businesses and /or expanding existing businesses.The loans can't be made to speculators who will use the loans to leverage their speculative financial behavior.The private equity firms and hedge funds are using the capital markets to distort and manipulate the assets,liabilities,and equity of American business firms and corporations in order to use them to back an ever increasing number of new financial instruments, such as derivatives,lease-backs,sub prime loan backed bonds,etc.,that will create financial returns irrespective of any real increased productivity from the firms that are taken over by the debt financed leveraged buyouts.
   
   What, then, is Smith's solution ? It is to prevent the problem from arising in the first place!! Fix the rate of interest on bank loans at a low rate marginally above the prime rate permanently in the long run.Cut off all loans to projectors,prodigals,and imprudent risk takers.Make sure the loans get into the hands of productive people and not Wall Street speculators.See Smith(Wealth of Nations,1776,Modern Library (Cannan)edition,pp.296-340 in general and pp.339-340 specifically) .Follow the wisdom of Adam Smith and you will not have to worry about days of financial reckoning and/or surviving the next " soft" depression of the 21st century.Brussee's book on this problem would also be a good choice as he ties the problem directly to the investment banking houses on Wall Street,although he is not aware of the fact that Smith spotted this potential ,general problem well over two hundred years ago.



3. Bonner and Wiggins see the world as a complicated place, where things can easily go differently than expected. One of the big problems is the human tendency to hop on the bandwagon, expecting that successful strategies will continue to work even as the chances that they will fail is increasing.
   
   The stock market does not go up year after year, sooner or later there will be some down years. But once people get used to double digit stock returns, they expect them to continue and adjust their spending accordingly.
   
   Stock price growth is dependent on earnings growth, which requires new products and investment. Financial engineering and cost cutting only work in the short run. Managing earnings on a quarterly basis is a sure-fire way to discourage long-term strategic moves.
   
   Investment must come from savings, which represents foregone consumption. If the central monetary authority tries to compensate for inadequate savings by creating too much money, the currency will lose value rather than supporting the creation of wealth.
   
   Some theorists see the Great Depression as the result of not resorting to deficit spending quickly enough. Others blame the failure to create enough money quickly enough. Neither view is sound, per Bonner and Wiggins, because once the economic situation (which started as a speculative boom) got out of hand the government was powerless to correct it.
   
   Similarly, the Japanese government drove interest rates down to virtually zero and engaged in radical deficit spending in the 1990s. Neither tactic cured a prolonged depression in that country.
   
   And guess what, the U.S. seems to be headed for another prolonged depression, which started with a stock market bust around the turn of the century and will go on to a housing bust, etc. The timing is apparently running a few years behind the depression in Japan because the postwar baby boom lasted longer here than there. In recognition that things often turn out differently than expected, however, we will not know for sure what is coming until it happens.
   
   The arguments are well crafted and backed by plenty of historical examples, but the authors' fatalistic tone is a bit hard to take. It would be nice to see some suggestions as to how economic disaster could be avoided. Also, with all due respect, I never did consider gold to be an attractive long-term investment.



4. It is said that "History Repeats Itself"; the same can be said about investments and investment cycles, as Bill Bonner explains in this book.
   
   Simply put, this book is a must read!



5. My son gave me this book three years ago. I read a few chapters, and then misplaced it. I found it on the book shelf ,just after the present Market collapse. I dove into it, and it gave me a real picture of how our country got into this mess. It's a must read for understanding the present implosion of our financial system

5 comments about Running on Empty: How the Democratic and Republican Parties Are Bankrupting Our Future and What Americans Can Do About It.

1. This is a very important book; it will shake you out of your complacency. The author urges us all, Republicans and Democrats, to take action in order to stem the coming economic debacle. Mr. Peterson explains how the aging of our society along with our numerous entitlements (especially those arising from Medicare and Social Security) and the senseless tax cuts that have been enacted, are jeopardizing America's future. We have become an indebted society with no will to make the sacrifices that are called for in order to bring back health into our collective finances.
   
   You will find in this book a sober assessment of our current political and economic situation, which is a dismal one, and, the author's proposals for bringing change about. Mr. Peterson is, in my opinion, a true patriot, the kind of decent person that inspires us all.
   
   My only objection to this book is that the economic arguments are somewhat difficult to follow (at least for a layman like me).



2. Peter G. Peterson has captured the essence of what is happening in the USA that will eliminate the opportunities to succeed that have been the hallmark of our great nation. We must change unsustainable programs, act responsibly and insist that our elected representatives do likewise in order to presereve a land of opportunity for future generations.



3. When the media or politicians bleat on about the waning economy or "soft" economic conditions, it's usually in regard to the stock market, gas prices, the unemployment rate or consumer spending. And while all these issues may weigh heavily on the minds of many hardworking Americans -- and are indeed important -- they don't hold a candle to what could someday become a serious economic crisis if politicians and their constituents don't get their heads out of the sand.
   
   Peter G. Peterson's plainspoken book "Running on Empty" can't convey the vast problems any clearer: America is approaching a $10 trillion deficit due to high-spending, tax-cut-happy politicians (Republican and Democrat), who seem to feel that passing on an enormous debt to future generations is an acceptable thing to do. With a flood of baby boomers retiring in the next few decades, the problem is going to get severely worse; programs like Social Security and Medicare will face "unprecedented demands," according to Peterson. What's more, America's trade deficit is staggering, our economy relies on foreign capital to prop it up like a mirage and U.S. citizens barely save any of their income. This is scary stuff, and really I'm just touching on the surface of Peterson's mind-numbing concerns.
   
   Fortunately, the author is not a cynic, and he does talk about solutions at the end of the book, albeit ones that will require great sacrifices from a somewhat disengaged and cream-puff public. Obvious steps in the right direction include educating yourself about America's coming economic nightmare, contacting politicians to start addressing the problems, and planning ahead by saving more of your income and living a healthier lifestyle. Young people in their 20s should pay more attention to politics and understand their rights and duties as beneficiaries and taxpayers. And as depressing as it sounds, current workers who will be in the working world for decades to come will likely have to resign themselves to paying higher taxes in the future -- and receiving fewer retirement benefits than they may have previously hoped for.
   
   Larger-scale mountains to conquer include reforming Social Security, Medicare and Congress's budget process, all of which are way too complex to address in this short space. But despite the numerous obstacles that comprise righting decades of foolish governmental policies, it can be done. Blame must be spared and polarizing politics should be discarded in favor of doing what's right for future generations.



4. Before writing my review, I read many of the others and Robert Steele's is best. I agree with him in many particulars, especially since the situation has worsened dramatically in the four years since the first edition was published. Everyone should purchase this book.
   
   Both of author Peterson's twin towers of deficit worsened since 2004. The federal budget deficit became dramatically redder; however, the politicians attempt to spin the numbers as percentages and counting or not counting various segments or overlooking contingent liabilities. One is reminded how our dependence on foreign oil went over 50% in 1978 (Oil & Gas Journal 1978 Annual Report), whereas our politicians managed to cook the books for almost another 20 years before having to admit domestic sources accounted for less than half of our crude oil consumption.
   
   The 2007 trade deficit for the US was 791 billion (The Economist, Pocket World in Figures), almost nine times that of the second place finisher, Spain, at 83 billion. Only eleven nations ran a deficit of over 10 billion. Japan, Germany and China ran by far the three largest surpluses, and it must be remembered that only China enjoys significant natural resources of those three.
   
   But even more telling than those two deficits, is the velocity with which dollars are being repatriated to the US through the purchase of public debt, American corporations, and American land and resources, one of the aspects of the problem skipped over by Peterson. In the 1980s, the Japanese manipulated Congress with a heavy hand based on their control of Federal short term paper, but now they have been joined by Germany, China and Saudi Arabia. Take a look at www.economyincrisis.org for a breakdown in the two trillon that has come in to establish control over American industry since 1978.
   
   So what do our feckless politicians do? Apply misdirection and misdirection. Politics is a game of mirrors and doubletalk. Keep the public focused on abortion, gay rights and other minor issues so the anointed can get elected one more time. And of course, they talk about health when they mean health insurance, and offer nothing to affect the critical situation in Social Security and Medicare. If I hear one more politician talk about a "social security trust fund" I'm going to barf.
   
   So why don't I give this book five stars? Because the author offers a few palliatives that he says will solve the major problems. So the reader can be justly shocked by the facts, but feel comforted when he goes to bed believing that there is and will be a solution. We can't scare the American public too much, can we? And we need to confiscate their guns before they rise up in rebellion.
   
   So what is the solution? There isn't one, just a resolution. That will probably be a division of the US into at least five countries, none of which will assume a dime of the US debt, and all of which will re-organize their entitlement programs on a pay-as-you-go basis. Some may even nationalize or confiscate corporations and resources without compensation to their former owners. Yes, Virginia, these is a Santa Claus, but he's the Grinch. So mode it be.
   
   Those of us unfortunate enough to experience this cataclysm in the mid-21st century will look back at the 20th as America's golden age. But no one, certainly not our politicians or author Peterson, will tell us this. I guess we simply aren't ready for the bad news that we're all emperors without any clothes.



5. This is a book about the culture of Washington that has developed over the course of the past 20 years which has resulted in an inability for those active in governance to serve the common good. Increased partisanship, a preoccupation with fundraising and an increasingly cozy relationship with special interests lead Democrats to create new social programs at any cost and Republicans to cut taxes at any cost. Instead of increasing taxes or cutting programs to make up the balance, members of both parties increasingly rely on deficit spending to dole out goodies today with very little thought to the consequences tomorrow. As political careers depend on each respective member's capacity to "deliver," there is little incentive for politicians to break step with the status quo. Consequently, rather than doing the hard work of addressing politically difficult problems as they arise today, they are instead passed on to become the problems future leaders will be forced to address tomorrow. The point of the book is that problems cannot be passed on indefinitely and must eventually be addressed. However, the longer leadership puts off addressing them, the worse the problems become. He focuses specifically on Social Security and gets into the nuts and bolts of the economics involved offering some potential solutions that, as a layperson, I am in no position to judge the efficacy of.
   
   For me, the best part of the book is Peterson's account of the current culture in Washington and how it became this way. He recounts times in the not-so-distant past where leadership was less partisan, more moderate, more accountable to a perceived common good and less inclined to squander it. Or, more simply, a time when people in positions of responsibility behaved more responsibly. In order to address the problems at hand he sees a time of considerable sacrifice ahead, most of which will be shouldered by young people. Through his account, he reaches out to this younger generation to present to them the problems that they will likely encounter and how this came to be. In a very touching letter at the book's close, he urges them to become politically aware and engaged that they might have some ability to influence how these problems are addressed as proposed solutions could fundamentally shape a future that they have a great stake in. Aside from the economic nitty-gritty, this book is a pretty easy read and provides a good orientation to young people and the layperson on sources of the current malaise with Washington. For this purpose, I'd recommend it.

5 comments about The Next Great Bubble Boom: How to Profit from the Greatest Boom in History: 2006-2010.

1. This was a very convincing book, but I'm glad I didn't follow the advice and bought heavily into stock, expecting to sell out at top prices in 2009!



2. I was conned. I admit it. I signed up for his monthly newsletter. You know what it kept saying? "There's plenty of oil!" - Oil went to 140 bucks. Dent claims "we'll have a dip in 2007, then it will be the best buying opportunity of a lifetime". If you had listened to him, your portfolio would be down more than 50% - I believed this fool for a while but when none of his predictions came true and everything he mentioned went OPPOSITE (as of this writing the DOW is now at 8000) - Let this be a warning to others not to believe Dent - He was WRONG, WRONG, WRONG.



3. Harry, this boom is incredible. I can't believe how rich people are getting with the DOW almost to 40,000, just like you said.



4. Page 73 of this book reads "Our best projection for the Nasdaq is about 13,000 around the end of this decade (2010), but it is possible we could see as high as 20,000." Let's see, the Nasdaq made its way up to 2861 by Oct. 31, 2007 and now sits at 1316 as of Nov. 21, 2008. Now today, I see this guy on TV saying he predicted the current market meltdown and has written a new book due out in Jan. 2009 entitled "The Great Depression Ahead". What a joke.



5. This guy's out with yet another book in January predicting another depression. So what happened, Harry? Did I sleep through that 40,000 Dow?? Oh, okay. Just another 32,000 points to go and THEN we'll have a depression. Not bloody likely.
   
   Assuming you haven't lost everything you owned following this guy's advice in the past, save the last $20 you might have salvaged and DON'T buy this or any other book the guy comes out with.

5 comments about How to Prosper During the Coming Bad Years in the 21st Century.

1. If I had spent three minutes doing a little R and D I would have never bought this book but I was lazy and I got what I deserved.
   
   If you want a book with a lot of right wing Republican drivel and Mormon survival philosophy pushed at you and exposure to an author who spends most of the book's time letting you know how prescient he is then go ahead and buy it. But if you are serious about getting personal financial information then look further and pass on this one.
   
   I agree he might need the six months of food supply hidden away as if everyone populates the earth with scores of kids and grandkids as he has then the food supply will surely become strained.



2. You know I can see from the existing reviews there are a lot of differences about thought on this book. I understand everybody's point of view. I am going to comment on what I thought was THE most interesting part of the book which is not about anything to do with the title per se. Howard Ruff has a chapter called SIN TAX and he summarizes the founding of the country back to John Adams and the use of the laws and the Constitution and what America really stood for 200+ years ago and why the Constitution was written as it was. Then he talks about the fabric of today's society literally falling apart. I happen to agree with his assessment - that crime is rampant (and getting worse) the schools are babysitting factories (no time to really teach in classrooms with 35-40 or more kids in them) not to mention the fear factor of the kids going to school these days, and the younger the kids, the more babies they like to have. There is no shame anymore in being a 15 yr old parent and I believe this is a terrible social cost to our country. The social underpinnings of our society (and other countries too around the world) are costing us TRILLIONS AND TRILLIONS OF DOLLARS. Welfare costs, medical costs for all these out of wedlock babies, food costs to avert starvation but most of all, the damage that passes down from generation to generation in these one-parent (for the most part) families who for the most part never will recover from the lower and then-lower-still decline in any decent standard of living.
   
   Eventually, the author asserts, this will sink the United States of America both morally and financially.
   
   I think he has a point. I just look around the country in my travels and where I live (a 'nice' area) and I see it with my own eyes. Plus I am also an older parent who wrings my hands over all of this. It sure ain't what it was like when I was growing up.
   
   Funny chapter in a book on 'How to Prosper During the Coming Bad Years in the 21st Century'? Perhaps.
   
   But deadly right on, so to speak.
   
   I would like to see this chapter published in major American newspapers as a guest editorial. This really did hit right on the nose.
   
   That is what I liked the best about the book. I love to read books that are fascinating in whatever it is they are talking about. I certainly wasn't expecting this chapter in a book of this title. But I sure am glad he did include it.
   
   Now I know Howard Ruff is of Mormon descent and therefore a believer in large families and at his website there is a picture of him with his wife, all the kids and the gaggle of grandkids. And it shocked me like it has shocked a few of you too. But then I took out a trial subscription to his Ruff Times and I read about the intact nuclear families of each of his children. And while I am no proponent of large families especially in today's economically challenging times, at least I can propose that a financially stable intact family with both a mother and father even though with more kids than I would like to see, as versus a single parent teenager with a few kids - well who do the odds favor in terms of having a successful life? At least this author lives as he says he lives and I have to respect him for that. And I think he has financially set his family on a path where they will never be burdens on society. In fact I'm sure from all I've read by him that he did the greatest favor of all and taught his children fiscal responsibility along with family morals & values (which I sure hope they practice).
   
   Lastly, Howard Ruff does talk about gold and silver and how you need to be on the G & S train while it is still in the early parts of its voyage and I, who reads everything, totally agrees on that. His chapters on silver being a far more profitable opportunity than gold probably are very correct.



3. I followed Howard Ruff's advice and bought gold in 1979 at $270/oz.; then I sold it in 1980 for over $800 and got my family completely out of debt. It is still the best finance book I have ever read. I'm not a Mormon and never will be, but Howard Ruff hit the nail on the head. We eventually ate our stored food, all right, but now I'm thinking it may be time to store up some more. At least buy one of the used copies of this book really cheaply and you'll see what I mean.
   
   Have a happy day!



4. Howard Ruff writes with a easy to understand style and brings interesting insight into the economics of the 21st century. He talks about investing in gold, silver,silver mining stocks and creating homestorage.
   
   The homestorage part I found the most interesting as Howard explains that because inflation will be on the rise buying stuff in bulk now & using it later will save you money as prices increase.
   
   Pensions & financial advisers will not help you plan for a prosperous future.Financial education is the key and Howard Ruff is a must read in this field. If you liked Robert Kiyosaki's books you'll enjoy this too.



5. A good overall primer on the current financial mess as well as some worthwhile suggestions on how to prosper/prepare for what may be happening next. Some of it might seem paranoid, but others would say he's only prudent.
   
   It would be even better if he didn't take so much time trying to sell everybody on his newsletter, but it doesn't take away from the quality of the books message. However, some closer editing might serve the author well (especially considering that this is the second edition) specifically the part where he quotes Alexander Tytler. The quote he mentions roughly says: "Democracy only lasts as long as it takes for the people to realize they can vote themselves benefits from the public treasury."
   
   While it is a true statement, five minutes of Google searching can tell you the quote was never uttered nor written by Alexander Tytler. It was quoted by Reagan in a political speech (probably thrown in there by a careless speech writer) and has been unfortunately repeated in conservative circles as much as "May you live in interesting times" is repeated by intellectuals, pseudo and otherwise (that one was wrongly cited as a "Chinese curse" by RFK in a speech he made in South Africa in 1965).
   
   Nevertheless, this is a quick primer for anyone who hasn't been paying attention or wants a straightforward explanation to the train wreck we're all witnessing now.

5 comments about Dubai & Co.: Global Strategies for Doing Business in the Gulf States.

1. "Dubai & Co. is a must read for any person or company that is interested in capturing the opportunity in one of the world's fastest growing markets. Having grown up in the Middle East, I can attest that the author has done a spectacular job of highlighting nuances that are essential for doing business in the GCC. I read the book cover to cover in three sittings and surprisingly learned many new facts about my own region. Even if you were born in the GCC, haved lived there for 20 years, or speak Arabic you will be hardpressed not to read this text. Indeed, the book is beautifully balanced in such a way that it sharply dissects through the popular press hype about the GCC and includes some thoughtful points on how the GCC can occupy a larger role in the global economy. In Dubai & Co. A.A. Rehman has written a long-needed book about doing business in the GCC. Not satisfied with a spectacular summary of the history and culture of a much misinterpreted people, Rehman has illuminated the many ways in which understanding the GCC can enrich your business. Just as no corporate strategy should be considered global without attention to the GCC, no business professional may consider him or herself forward thinking without reading this book."



2. Excellent and Well Researched. The book is a very good at listing why to do business in Dubai and how to go about it from the standpoint of a Large Multi National Company. Personally though I was looking for more of a guide to working in Dubai on an individual basis as either a company owner or employee. The book however was full of information, it almost requires a reread to absorb it all.



3. [Translated from an Arabic version of this review]
   
   I began reading Dubai and Co shortly after I finished Christopher Davidsons's work entitled "Dubai: The Vulnerability of Success". I also have some background in Dubai as I resided there in 2005. Ever since that time, I have been interested in Dubai, especially its infrastructure, government and economy. Still, information on these subjects remains sparse save the ubiquitous wire article about the latest tower being completed in the Emirate. So, Rehman seems to be in the right place at the right time to talk about this booming city state.
   
   When I began reading the book I was surprised at the simple but clear nature of the author and the useful information contained. For example the comparison between differing regions in the gulf was especially enlightening, and the explanation of differing levels of engagement was also useful.
   
   However, after these subjects, the author starts to focus on business strategies in the gulf and what should be his strong point becomes his weakest. First, he begins to repeat his ideas about halfway through the book. For example, I read numerous times about how KSA forms the core of the gulf market, a statement repeated nearly verbatim with no new analysis. Worse, I found an entire page figure devoted to the same point in the second to the last chapter of the book- something that should have been included earlier or edited out. Even though the book is longer than 300 pages, the analysis becomes surface level. Rehman's most detailed example was about the move of Halliburton to Dubai, but even it only spanned 2 pages. So, much of the book becomes useless platitudes. In the end, this book seems appropriate for the clueless manager on his first flight to Dubai, but does not merit anything more than a skim by those who already have a background in the area.



4. As an American born Muslim who has lived and worked in the Middle East as a strategy consultant, Aamir Rehman is able to bring a cross-cultural perspective to his subject. In 300 concise pages, he brings the GCC countries alive, and helps the reader understand how different they are to each other.
   
   I took three key messages away from this book:
   
   (1) The intense demographic and political challenges the smaller GCC countries face, with tiny domestic populations and large communities of non-citizen expatriates.
   (2) The story is not just oil, with signficant diversification efforts being made across the GCC.
   (3) The cultural differences between the states, with restrictive Saudi Arabia and ultra-liberal Dubai being at the two extremes.
   
   I recommend this book to anyone interested in international business; as Aamir says, the GCC is too important to ignore.



5. Little heard-of, but increasingly important, the six nations known as the Gulf States are using their oil wealth to become global players in world finance. In turn, multinational corporations are recognizing that these nations should become integral parts of their expansion plans. All this makes author Aamir A. Rehman's work important to any business investigating this marketplace. He provides a cultural, economic, historical, political, demographic and geographic overview of this area, while spelling out the pros and cons of doing business there. Through this book repeats some key sections, Rehman keeps advancing his presentation, so any intrepid reader will have a strong foundation for future business plans. Think of this as a business guidebook to the region. If you are investigating an expansion in the Gulf States, getAbstract would suggest that an investment in this book could generate large returns.

5 comments about A Beginner's Guide to the World Economy.

1. Have you asked this question before? Or any innumerable other ones regarding business or economics?
   
   Well, this is the book for you. Randy Charles Epping is not going to win the Nobel Prize for literature any time soon; but, he has produced an excellent book about what going on in the world economy. His non-jargon based explanations of everything from GDP to stock options to how the Federal Reserve works are enough to shine some light on the, often mystical, world of the Nightly Business Report. Epping answers 81 questions with succinct clarity.
   
   While, I would not say this book is a must read, I would say that if you wanted to know what are this stuff was, you should pick it up.



2. This is an excellent book for a novice/beginner, who is trying to understand the basics and scope of the World Economy in plain english.



3. If you want to understand the current issues about the World Economy, this is the book to buy. It does not cover the economic theory; there are other books for that. This one is easy and fun to read; especially when you hear the term in the news and understand them.



4. As an International Relations major in college, without much of a prior economic background, this book was a life-saver in understanding some of the dynamics of International Economics, theories, events, and the like. After reading this book for just a few hours, I could proudly define everything from hedge funds to globalization, which allowed me greater understanding of events on the news or in scholarly economic or political literature. Why take a an actual economics class, when this book offers just enough insight to make you a much more economically-informed citizen? Even if economics, global or not, isn't your forte?



5. I highly recommend this book. Has an indepth look at world economy from a vantage point. Great read.