4 comments about Alternatives to Economic Globalization: A Better World Is Possible.

1. Globalisation is one of the most complex and influential movements of our time. Driven by major corporations in the West, it seeks to operate financial and commercial transactions to the benefit of all humans. In practice, there are few winners except the transnational corporations themselves. Having monopolised markets and financial institutions, corporations have also drawn up legal procedures whereby they can bypass even the nation state itself. The effects on poorer countries of the planet are devastating.
   
   The impact of globalisation touches the lives of everybody on planet earth today. We need to be aware of how it works;only then do we stand any real chance of challenging and redirecting its movements. Among the many books on the subject, few are as simply but comprehensively written as the present volume. It provides an excellent overview with some valuable suggestions on how we can work together to create alternative startegies for a more just and equitable world order.



2. This book addresses many significant problems in the world today (2003-to present) from the vantage point of the capitalist critic. It preaches localization of centralized governments in third world countries as alternatives to the dominating presence of the WTO and ICC. Although these organizations allow impoverished countries to create jobs, in many instances the respective jobs come at the expense of the entire communities' well-being (water privatization). The text ties pollution problems to the need to maintain the economic machine. If you see anything on your TV news source (CNN, FOX News) about WTO protests in large cities, and seem troubled, then read this book. It will explain why the people marching on your TV screen are so angry.



3. We live in a world dominated by corporate superpowers that have no regard for the long-term welfare of the people, the economy, or the environment. These large transnational firms are reshaping the world and perpetuating a mass homogenization of cultures around the world. Many of the largest conglomerates in the world are American-owned. They export products and images that promote their bottom lines, not the welfare of individual countries or people. They covertly shift billions of dollars between different countries overnight or build retail chains that desecrate local economies. The sheer size and power of these organizations leaves many of us paralyzed with a lingering sense of disempowerment and an inability to imagine effective solutions.
   
   This book offers us concrete answers and a list of actions we can take. The topical chapters allow you to go straight to the information you want and discover both grassroots and legislative solutions. As an additional bonus, a panel of experts in the various fields back up their perspectives with solid facts and figures. This is a indispensable book for any concerned citizen and an engaging read from cover to cover.



4. An excellent cast of authors and leading thinkers cover many aspects of how current forms of market fundamentalist oligarchic corporate interests shape a form of globalisation that limits the benefits and exascerbate the challenges posed by the changes brought on by globalisation. In stark contrast to the media's portrayal of knee jerk reactions to modern realities this book presents a very deep understanding of the challenges and the opportunities before us. It offers alternatives at a time when prevailing dogma has it that there are no alternatives and that the ills we see around us are inevitable and for the better good. It also points out the tremendous cummulative danger of the current direction many international developments are taking. It is not a book about going backwards but about moving into new territory beyond the deadlocks of the past.

5 comments about Economic Growth, 2nd Edition.

1. Prior to having used this book, Macroeconomics was the bain of my life. A short sweater wearing Frenchman assigned it as the set text of his course and everything changed. The models are clear, lucid and stimulating. The exposition is first rate and the mix of theory with empirics is frankly breathtaking.

   I used to turn up 20 minutes late to macro lectures out of fear, now I wake up early asking myself "How can I make Peru grow faster". Is Economic Growth dull? Now, not so much as not at all...




2. By David Guy Atkin
   As somewhat of a social insomniac, I have an exorbitant amount of time laying in bed doddling. While playing games with myself is somewhat amusing, I have found the most amazing solution. THIS BOOK! A stimulating read...perfect for rest, relaxation, and casually flipping thru during spare time...especially, the rigorous development of the dynamics of the Uzawa-Lucas model...the illustrations are captivating and encapsulate all I love about Economics and New Jersey.



3. This is a must read for graduate macro. class and economic growth. The ordinary differential equations discussion at the appendix is concise and intuitive. Derivation of equations is very clearly presented in this book. But you must read the appendix before you read the first chapter. Like how to derive the growth convergence rate in ch.2 and the numerical procedures in the book. This book exhibits a perfect blend of theory, econometric work and even numerical method. Of course, for log linearization, you definitely want to look for elsewhere. The last few chapters are good for choosing dissertation topics.
   I tried to read Aghion and Howitt's 1992 seminal paper of endogenous growth, but found it inscrutible. After reading this book, I find it much easier.
   The only reason that it does not deserve 5 stars is huge number of typos, especially the numbering of equations. For example, pp.109, the description of fig 2.3 does not match the figure.



4. The price was good but the book's cover had loose colour and the corners were bended.



5. Economic Growth, by Sala-i-Martin anb Barro, has already become a classic. I can't think of anything better on the subject. Excellent book and carefully written!

5 comments about The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities.

1. This one-idea book by late professor Olson tries to explain why some countries did better than others in terms of economic growth after World War II - namely Germany and Japan, in contrast with Britain. His explanation is that World War II weakened many institutions in those two countries that, by trying to retain their usual privileges, were holding back economic progress. The weakening of those institutions, permitted the economic miracle in both Germany and Japan. In contrast, England's institutions were not as weakened, so they continue to slow England's progress. I suppose that there are grains of truth in Olson's explanation - though if it was true, then the required policy recommendation would be that is good to suffer a devastating war every once in a while. I think Olson omits another possible explanation: the fact that Germany and Japan had both a strong industrial base before the war, a base that was not completely destroyed by it. Britain was in the 1940s suffering a slow economic decline in its industrial base - which really come back from the late 19th century, when Germany overcome Britain as Europe's leading industrial and economic power. And how would Olson had explained that after he wrote the book (in 1982), Britain went through a much higher economic growth than Germany and Japan - without the intervention of a war. So, while the book is interesting to read, I think its thesis is way too simplistic.



2. I had always wanted to read this book and am glad that I did !
   
   On the one hand the argument is quite obvious and one is left wondering what is really novel in this work (virtues of competition, market flexibility etc.), but I found the last chapter to be an interesting perspective on the effect of imperfect competition on the impact of changes in nominal demand on employment and inflation.
   
   Olson explains social rigidities ,with all their negative collective effects, as the outcome of rational microeconomic behaviour and integrates these into macroeconomic theory (other mainstream macroeconomic theory attribute price rigidity to error or simply make ad hoc assumptions on wage rigidity).
   
   This is a very valuable and important contribution to macroeconomics and explains why some economies are more resiliant than others. The main message is that governments must either make their economies more flexible or have to rely on macroeconomic conditions not fluctuating too much for acceptable macroeconomic performance.



3. Olson seeks to explain why some nations achieve high rates of economic growth while others suffer bouts of stagflation. He contends that the number and strength of "distributional coalitions," coupled with the length of economic and political stability will influence a nation's rate of economic growth. As such, Olson's hypothesis is two fold. First, Olson argues that states with lower levels of "distributional coalitions" often have higher rates of economic growth. Second, states which have experienced prolonged periods of disorder or armed conflict will have lower numbers of interest-group, or collusion organizations.
   
   Olson's explanation builds upon his early work in The Logic of Collective Action, which holds that "...large groups, at least if they are composed of rational individuals, will not act in their group interest" (18). Rather, the rational actor will seek to further his or her self-interest, and will subsequently free-ride when possible. Olson expands the scope of this logic to encompass not only the rationality of the individual, but the rationality of the firm in explaining The Rise and Decline of Nations.
   
   As the power of the firm expands, the firm seeks to maximize its own utility at the expense of a societal common good. In order to simplify a complex argument, we can think of Olson's theory in this way. An organization or firm will not expend its energy to create a benefit to society writ large, as it, and its members, will only receive a fragment of that benefit in relation to the costs incurred. On the other hand, if the same firm seeks to maximize its utility, it will seek to obtain a larger slice of the social "pie." In so doing, it may lower the benefits of society as a whole, but will significantly expand its own gain and that of its members. Meanwhile the firm will only incur a fraction of the costs such action projects on society at large. As such, Olson writes, "The great majority of special-interest organizations redistribute income rather than create it and in the ways that reduce social efficiency and output" (47).
   
   Olson argues that a society with long-term stability - free from war, and economic and political turmoil - tend to accrue more special-interest and collusion groups. This occurs because it takes time and reasonable amount of stability for such interest-groups to organize, solidify, and begin to achieve some collective benefits for their members. Once collective benefits are seen as the result of organization, a host of other interests will begin to coalesce and seek to obtain gains for themselves. What emerges is a highly pluralistic society.
   
   This leads us to the second part of Olson's hypothesis, those nations with high numbers of special-interest or collusion groups have lower levels of economic growth. Olson writes, "Distributional coalitions slow down a society's capacity to adopt new technologies and reallocate resources in response to changing conditions, and they reduce the rate of economic growth" (65). First, distributional coalitions stymie technological adoption when such innovation stands to benefit a rival group. A present day illustration can be found in a labor unions vehement opposition to the implementation of labor saving machinery. Second, distributional coalitions will attempt to block policy initiatives that change the status quo. When policy needs to be developed to increase economic or social advancement, the special-interest groups are likely to feel a certain displacement and will act to prevent such policy. According to Olson, these actions, coupled with others, often lead to policies which promote policies which have the potential to stifle economic growth.



4. Olson's book is difficult to classify, since on the one hand, it's not for the general reader, but on the other hand not so forbiddingly dense that it should be classified as scholarly. Lemme put it this way: it's for economically literate people. It makes use of, say, the concepts describing steady-state growth, supply factors, and expeduture-approach identities that one learns about in a college econ class.
   
   If you don't know what I just said, I imagine much of this book will be opaque to you.
   
   But if you can handle such stuff (and don't let me scare you too much: the gist of this book is clear enough even if you can't), man, O man! Olson's thesis is so brilliant it will give you whiplash!
   
   In brief, great empires invariably collapse not because of cultural overstretch, internal discord, or military misfortune, but rather because the very process of building an empire gives rise to myriad vested interests that eventually claw their way so deeply into the neck of the government that they eventually choke it. In other words, empires collapse because they are invariably made sclerotic by special-interest groups.
   
   An idea that is truly, classically brilliant: not obvious, but once developed at length, undeniable and endlessly applicable.



5. Most people recognize that there is something wrong about special interest groups. While most people think of special interest groups in terms of fairness, Olson examines efficiency issues. Special interest groups, or distributional coalitions, hinder economic growth in industrialized nations. Special interest groups slow the pace of change in industry. We will reorganize production and adopt new technologies more slowly as more coalitions form for the purpose of transferring wealth.
   
   Distributional coalitions are mainly a problem of wealthy nations. Paradoxically, poor nations can experience strong growth due to the fact that they have little to redistribute. Poor nations can therefore develop rapidly. The examples of postwar Japan and Germany fit Olson's thesis well. Japan and West Germany were devastated and left poor by the War, but developed rapidly afterwards. As Japan and Germany became affluent, distributional coalitions formed to retard further economic development.
   
   Olson does not explain the stagnation of so called third world nations. Why is it that Japan and Germany were able to "take advantage" of their postwar poverty, while many other nations remain "too poor" to support extensive distributional coalitions? Distributional coalitions actually abound in poor nations. The Rise and Decline of Nations does not explain all of history, but this is definitely part of the formula. Its examples are a little dated, but there is some great stuff here.

5 comments about The Option of Urbanism: Investing in a New American Dream.

1. People outside the planning profession would find this book helpful in understanding new directions that are possible. Developers who are looking for a competitive advantage tool would do well to avail themselves to Leinberger's perspective on urbanism. It is an easy read, not technical, requires no specific background other than a healthy curiosity and drive to do better. City commissioners would also benefit from purusing these pages.
   
   The author is a major mover and shaker in Albuquerque and a key proponent of their downtown revival. Leinberger writes from first-hand experience. I recommend reading books like this because it is a chance to get inside the head of a visionary. A person could easily read one book like this each week; how else could you immerse yourself in 52 change agents per year?? When a consultant of Leinberger's stature shares 5 hours of his insights for less than $20 it is a pretty good value.



2. Written from a perspective that most urban critiques fail to provide, this book grounds the reader in the real estate, demographic and policy realities that have shaped the American built environment into what we see today. Leinberger knows this stuff cold, both as a developer and through his more recent positions in Brookings and academia. He writes in an approachable style and provides the most thorough discussion to date of the entrenched system of subsidies and practices fueling types of residential and commercial construction that is increasingly at odds with the "true" market. Late in the book, I think he makes a rare--but very appropriate--connection between the implication of the continuation of these policies and our future energy needs. For those of us who like a good, constructive reality check now and again in the midst of all the usual suburban finger-wagging, it's a must-read book this year.



3. I met Chris Leinberger 13 years ago when we began in earnest to address how we were growing in Atlanta. He was knowledgeable, articulate and helpful then, and he continues to be so today. I have borrowed extensively from this new book of his in helping people to understand how growth and development issues relate to each other, why we must pursue walkable urban development, and what the multiple benefits are that derive from this approach to development and redevelopment. This book is well written, is appropriate for lay persons and "wonks" and can be read in just a few sittings. Thank you, Chris, for a terrific resource at such an important time in our nation's development history.



4. Great book. I lived the phases of walkable neighborhoods to driving-suburban. Now we have return to sustainable, walking neighborhoods especially with the gas cost.
   
   As I grew up, I felt supply and demand dictated growth. This book explained government and economic factors that influence development.
   
   good read



5. In _The Option of Urbanism_, Christopher Leinberger documents the history of both urban ("walkable urbanism") and suburban ("drivable sub-urbanism") settings. Before WW II, most people lived in cities and towns where most of their needs (shopping, etc.) could be met via a short walk, or perhaps, with public transportation.
   
   After the war, the big swing was to the suburbs, due to several factors. Government and financial-institution policies tended to favor the suburbs, freeways, single-family housing and shopping malls....and discouraged any meaningful pro-urban development--at least until very recently. Nowadays there is a considerable demand for more dense housing, with destinations within walking distance.
   
   Although Leinberger is very much in favor of urbanism, he does talk about some problems with it (affordability/gentrification is a big issue with some of the newer urban developments). Neither does he call for the suburbs to cease to exist, although he warns that some suburban developments may be hurt by the shift to the cities, rising gas prices, etc. (This book was written right before the current mortgage and gas price crises, and we're starting to see their effects on certain suburban areas as I write this)

5 comments about The Lords of Poverty: The Power, Prestige, and Corruption of the International Aid Business.

1. The first half of this short book is a relatively informative overview of the responsibilities and functions of major aid and development agencies, although the statistics are now well out of date. That said, little of any of this is primary research and the author relies fairly selectively on sensationalistic quotes and facts that tell the part of the story he wants to tell.

   The second half of the book, however, is little more than a rant during which the author mocks and insults aid and development workers for about 100 pages. The vitriolic quality of writing makes one wonder if an aid worker dumped him at some point. You could skip this whole part of the book and be better off for it.

   Maybe I take it personally since I'm an aid worker, but I can tell you with authority that Mr. Hancock really doesn't have any idea what he's writing about - he mischaracterizes the lives and personalities of most aid workers and oversimplifies the challenges and complexity of the work. He's angry and bitter about something and I don't think it's corruption or incompetence.

   And just for the record: Reviewer Viola P. Reyna doesn't have command of the facts either. Most foreign aid workers are required to pay taxes in their home countries while living abroad. Americans living abroad for more than 330 days a year, whether they are aid workers or oil drillers or whatever, are not required to pay taxes unless they make over $80,000. Everyone is still, however, required to report their incomes and file their tax returns. So contrary to what Viola says, the US Government knows exactly what everyone is making.




2. As an open-minded aid worker, I was interested to read about our faults (and there are many, nobody's perfect).
   But G.Hancock fails miserably to deliver. I have the same reaction with Michael Moore: I agree with his ideas, want to enajoyhis books, and then am extremley disappointed. A long litany of facts mostly correct, sometimnes distorted to fit the picture, and nothing else. No analysis of reasons why, no consideration of what the other side may have to say, no shades of gray, everything is black. Morevoer there does not seem to be any alternatives. Even conservatives can do better than that.
   
   One example of superficial analysis (page 171):
   1- a highway was (poorly) built in Somalia and started failing almost immediately. OK this happens too often
   2- Somalia will still be repaying the loan ($100M) after 40 years.
   NO: first of all with a soft loan they would pay at most a third of it, second even if the road is failing, the road built may be still worth more than that...
   And second of all Somalia's debt was cancelled in the meantime...SO they will not pay anything...
   
   I am not saying building a poor highway is OK, I am saying the the author criticizes in a simplistic manner. His ranting is really useless. I guess it is for non-aid workers, who will conclude that aid is to be stopped completely.
   
   WHAT DOES THE AUTHOR PRPOSE TO IMPROVE THE PERFORMANCE OF AID ?
   Nothing said about that.
   
   NB. One failing among others: why there is no mention of international journalists (such as the author). They also live (fatly) from poverty...



3. This sobering account of the truth about aid and the turth about what the 'lords of poverty' are doing to africa is wonderful. Let us first understand the thesis. The new NGOs and those who make their living on aiding 'Africa' are in it for the money and their racist idea that africans cant do anything without the white man has led to disaster in africa. THe one solution to africas problems would be for all the aid workers to leave. Let Africa walk on her own legs. This book tells the dirty details of the how the aid organizations lie to the western public to get massive amounts fo money so they can drive expensive cars and pray on teenage african prositutes and what is worse these aid organizations constitute a new colonization of Africa by the europeans, here we have entire countries who budgets are planned by the IMF and whose food is distributed by the WFO and whose schools are built by NGOs. Where is the African in all this? COlonization is alive and well in Africa and this book exposes it.
   
   Seth J. Frantzman



4. Hancock makes important points in this book: many aid projects do more harm than good, many aid officials are overpaid, too much aid money gets funneled to US companies (for more on this, see Confessions of an Economic Hit Man, by John Perkins), and publicly funded aid organizations are insufficiently accountable to the public. But his extreme rhetoric warns us that if there is a good side to aid, it certainly won't be represented here. Here's a sample of his accusations: "These lords of poverty are the druids of the modern era wielding enormous power that is accountable to no one."
   
   On the one hand, Hancock's anecdotal evidence is unconvincing. He tells us that his often-chilling anecdotes are representative, but we have no way of really knowing. That said, he provides so many anecdotes that - by the end - we start to feel like they are, if not representative of all aid, at least insightful into an uncomfortable proportion.
   
   But the litany of anecdotes is also tiring. The writing is not particularly great, and I felt that some of the analysis was flawed. (For example, in two places he argues that Western nations don't give nearly enough in aid, but most of the book argues that everything we give is wasted anyway. It's not clear how giving more would help, given his theses.)
   
   Eventually I tired of simply hearing one aid horror story after another. He also misses the fact that there have been some major successes in aid, particularly in the realm of public health, in which organizations like the World Bank and UNICEF have played a part. (To read about some of these successes, look at Millions Saved by Ruth Levine et al.)
   
   I'm glad I read the book, but I wish Hancock had made it a little less exhausting and a little more balanced. I also wish we'd gotten more solutions in the end. His only solution is to dissolve the aid industry (as it is "inherently bad, bad to the bone, and utterly beyond reform"), after which we have the vague promise that "it will become possible for people to rediscover ways to `help' one another directly."



5. Disclosure time- I work in the aid industry.
   
   While I agree with much of what Hancock has to say (see below), this book is somewhat one-sided. Aid can reasonably claim a share in some positive world developments, such as rising life expectancy rates, decreased infant mortality, increase in primary education and literacy, growth in per capita GDP, and others. Undoubtedly, success has been patchy, and some areas, such as Sub-Saharan Africa, are worse off than they were fifty years ago, before the advent of the international aid industry. But in detailing its extensive failures, one should not completely ignore its successes (even if they maybe much less than what the aid industry claims).
   
   With all that being said, I think a book of this sort is a must read for all aid workers, to bring us face to face with dark side of our work.
   
   Here is a list of criticisms Hancock has about the international aid industry, and my own impressions.
   
   1. International aid is a big bureaucracy more intent on keeping itself going than helping the poor.
   
   My response- true- International aid is a huge bureaucracy. I spend my time writing and reading memos, and trying to get them 'cleared' as fast as possible. I literally spend no time with the poor.
   
   2. International aid agencies spend money on big, wasteful projects that harm the poor and decimate indigenous societies.
   
   My response: True depending on the development agency/country mission. Agencies (and agency sub-divisions, such as country missions) with lots of funds go this route. The ones that don't have such large accounts hire 'technical experts' instead.
   
   3. Aid agencies hire expensive foreign 'technical experts' who lack local expertise; they bypass the concerns and wisdom of the local population.
   
   True to a large extent. Most experts do not even speak the language of those they are trying to help. Some of our experts do supposedly meet with the local population, and address them through means such as surveys, interviews and 'focus group discussions.' I have no idea how hard they really try, as I sit in the office writing and reading memos. In either case, nothing really innovative comes from these efforts. This is because these experts already have blanket solutions (which are the same throughout the world) and try to impose them on the local populace through 'behavior change and communication' and other similar methods. Thus, the surveys and interviews, to the extent they take place at all, are not really a means to partner with the local people; rather, they are means to learn about the 'barriers' to implementation of blanket solutions.
   
   4. International aid is actually a means for subsidizing western businesses.
   
   Undoubtedly true. As Hancock points out, this is one reason why development agencies go for big projects, and why they hire 'foreign experts.' If I am not spending my time writing and reading memos I am spending my time reading project proposals for my development agency's money. Most of these, of course, come from Western businesses and NGOs. I also spend my time enforcing or waiving regulations stating that organizations that receive our money can only buy goods (including but certainly not limited to automobiles and pharmaceuticals) produced in my nation.
   
   5. International aid has allowed wicked despots to make themselves richer, and allowed ruling thugs to escape responsibility.
   
   True- but I think there has been somewhat more of an emphasis today on funding being tied to concepts such as 'good governance,' controlling corruption, and so on, at least in theory. Of course, reality is sometimes different, in that nations of 'strategic importance' get large amounts of funds despite poor governance, incredible corruption and other failures.
   
   5. Development workers are lazy and mediocre. They are often under-educated, make lots of money, live in big houses, have conferences in the best hotels and eat gourmet cuisine.
   
   Partly true. Most of the aid workers in my particular aid agency are highly educated- the minimum entry requirement is a master's degree, and many of us have PhDs or the equivalent. Our base salary is not very impressive compared to others of a similar educational background- certainly many of us could make much more outside of the official aid industry. That being said, the fringe benefits are quite lavish- one may even say over the top: I admit that I am a single woman living in a large 3-bedroom manor, I attend conferences at ritzy hotels and dine on great food- in an impoverished third world country, all at government, or should I say tax payer, expense.
   
   So, the aid industry has gone seriously wrong- what can we do about it? Unfortunately, while Hancock goes into great depths about the problems of aid, he gives us very few solutions. He believes we should dismantle the aid industry- but then what? How can we as citizens of our planet help our world become a better place? Some possible solutions suggested themselves to me when reading the book- one wonders why Hancock decided not to write an extra chapter with ideas such as these:
   
   1. Clarify and purify intentions. As Hancock points out, the mixed intentions of the aid industry (help the poor AND aid western businesses AND further political interests AND AND AND...) is responsible for many of the problems it has caused.
   
   2. Partner with local communities. I mean truly partner with them, listen to their concerns and ideas, and let them take the lead in coming up with solutions. Note, unlike Hancock, I do think there is a place, with careful thought, for some `Western' knowledge and technology. The best solutions maybe ones arrived at through our collective wisdom. However, don't just try to impose blanket solutions through means such as 'behavior change.'
   
   3. Keep things small as much as possible. Some big projects such as large-scale famine relief, refugee assistance, etc, maybe necessary, but these large-scale efforts are much more prone to corruption, and much more often bypass local communities.
   
   4. Speak the local language- this is the only way to effectively partner with local communities.
   
   Finally, as others have pointed out, the book was written in 1989, so its quite dated. While much of what it says still holds true, an updated version offering modern examples of aid failure would be much more powerful.

5 comments about China, Inc.: How the Rise of the Next Superpower Challenges America and the World.

1. Great service, the book came in perfect condition and just in time to use for my paper. Thanks :-) !!!



2. China has the world's most rapidly changing large economy, Fishman details how hundreds of millions of peasants have migrated from rural to urban areas to find manufacturing jobs, providing an unlimited, low-wage workforce to power China's economy. "No country has ever before made a better run at climbing every step of economic development all at once," he writes, in China, Inc. China invites large corporations to manufacture their products in their country--simply put, American companies can't compete with wages as low as 25 cents an hour and lack of regulation and oversight, so are forced to move their operations to China or completely change the focus of their business. Once the companies are in China, within a few months are the Chinese are copying and competing against the same companies they attracted.
   
   China is currently the largest maker of toys, clothing, and consumer electronics, and is swiftly moving up the ladder in car production, computer manufacturing, biotechnology, aerospace, telecommunications, and other sectors thanks to low-cost, high-tech factories. China is also where the world is investing. In 2004, for instance, the city of Shanghai alone attracted over $12 billion in direct foreign investment, roughly the same amount as all of Indonesia and Mexico received. In tracing China's ascendancy over the past 30 years (with annual growth of an astonishing 9.5 percent), Fishman presents a flood of facts, figures, forecasts, and anecdotes and examines the implications of this unprecedented growth for China, the U.S., and the rest of the world. A great read and again exposes some of the themes brought brilliantly by Fareed Zakaria's The Post-American World.



3. Fishman's book is aimed at people who have not closely followed China's recent economic miracle. It provides both statistical, eyewitness, and anecdotal information about the size, breadth, and seeming inevitability of the impact of China's booming manufacturing economy in the entire world. These impacts include everyone from rural Chinese who are engaged in an urban migration of unprecedented proportion to third-world businesses whose low wages and efficiency are not enough to stave off aggressive Chinese competitors to multinational business executives who are impelled to quickly get into the China game. The totality of all the facts is a bit overwhelming.
   
   While the waxing of economic might brings with it greater political power, the reader can only wonder how this power will be used. Certainly it will be used to continue to feed the economic machine, but what is left of the almost 60-year-old revolution? It seems it is only a latent Chinese nationalism, and no longer a Communist agenda. The author seems to suggest that America's and the world's greatest anxiety should be over getting out-hustled by Chinese entrepreneurs who at first worked around a government hostile to private enterprise and now work in concert with a government committed to build world-class prosperity by every means of fair and unfair competition. It raises the question of how we expect American companies to compete when they face burdensome regulations, high labor and benefit costs, indifferent employees, and costly consumer lawsuits.
   
   Fishman's work is thought-provoking, but does not go too far at suggesting where current trends may be taking us all. Perhaps no one really knows, since extrapolating trend lines indefinitely always leads to error. While free trade produces efficiencies that lift everyone's standard of living, it also is likely to levelize our incomes. While the Chinese will move to a more prosperous lifestyle in emulation of the West, our lifestyle may change to become more like that of the Chinese. In a few years an updated account by Mr. Fishman would be an interesting new snapshot.



4. Ted C. Fishman, author of China, Inc.: How the Rise of the Next Superpower Challenges America and the World, like Ted Plafker and James McGregor, is a journalist who spent valuable time in China and then wrote a very insightful book to share his findings.
   
   Fishman focuses in on China's shift from empire to poverty-stricken amongst third-world countries to an industrial super-power. The author also focuses on the threat to the Western world of China's emergence as a global economic power.
   
   He discusses the challenge of trying to compete with China on pricing because its enormous labor supply allows it to price its products 30% to 50% less than what they could be produced for in the U.S.
   
   Fishman also does a wonderful job describing the entrepreneurial spirit of the Chinese people - a quest for success and quick payoffs and determined pursuit of opportunities.
   
   The book also takes a tough look at such issues as the failure to adequately protect intellectual property, pollution, and limited currency conversion from the Yuan.
   
   China Inc. is multi-dimensional in content but yet very easy to read.
   
   By Gunjan Bagla
   Author of Doing Business in 21st Century India



5. China, Inc. is primarily a compendium of facts, figures, stories, and statements that give the reader a sense of the amazing and overwhelming growth and change that is taking place in China. It is worth absorbing all the information to better understand the economic forces that are changing our lives, and those of people throughout the world, in irreversible ways. And the reader is left with the correct impression that this is only the beginning. What product will NOT be made in China in a few years? In the long run, other than natural resources, what CAN we sell back to China so they don't use all those dollars to simply purchase large pieces of America? Political and economic realities aside, we have to be impressed with the accomplishments of the people of China. Motivated by a desire for a better life the Chinese people are creating a new society at warp speed using an almost-forgotten tool: Hard Work. Members of Western entitlement societies may want to sit up and take notice. The author points out that the jury is still out on how China's capitalist-like economic life ultimately will affect the monolithic political structure of the country. In the competitive international marketplace, there will be winners and losers. For now, the Chinese are on a winning streak, and our response should be more than complaints that they don't always play by the rules. Americans are losing high-paying manufacturing jobs to China, while "saving money" buying more goods imported from China. This book is worth reading.

5 comments about Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics.

1. I would recommend this book to anyone with an interest in human society and social evolution. The book discusses a lot of interesting aspects from an analytic viewpoint.
   
   Despite the title which portrays the book as an economics text, this book isn't about making money - it's more about analysing how our economic society works (or doesn't as the case may be).



2. Don't be put off by the lengthy critiques found here. You may get the feeling that these reviewers should be writing their own books. If they actually did so, I'd bet they would find that one can't cite every sentence, can't reference every economist who ever contributed to the field, can't explain every generalization at every opportunity. Ignore them and don't miss this great synthesis that pulls from many disciplines to form a wonderful construct that shows how economics is part and parcel of the main drivers of organic life - evolutionary processes.
   
   Btw, Publisher's Weekly also blows their summary. Beinhocker does not use this synthesis as a "panacea." For we humans, his ideas are potentially a more accurate worldview, not a global cure for disease. Beinhocker writes with the aim that we might construct better approximations of reality using this line of thought. Worldviews are big, but that is not the same as a panacea that will cure all that ails you. This is a brilliant work that all thinking members of homo economicus should read.



3. A must read for anyone trying to figure out the future of finance, economics and risk management.



4. The provocative theory of this book, that economic theory is all wet and that economies evolve according to social and technological intervention, is presented well early in the book but then suffers from the presentation of too much information much of which does not appear relevant to the theory itself. Still, necessary reading for those interested in how and why the world works the way it does.



5. The author probably learnt a lot by writing this review of the complexity theory as it applies to microeconomics and strategic management. Not sure the reader will have the same experience.
   
   If you already have read a little bit in this area this book is just too general and unfocused to sustain interest. If you haven't read anything then I guess the book is a fair overview but still long and unfocused.
   
   The writing is okay, but not as smooth and interesting as some other pop-science writers. Sometimes the author comes across as an angry outsider who thinks he has all the answers (compare the pompous title!) and that doesn't make for a pleasant reading experience.

5 comments about The Competitive Advantage of Nations.

1. 
   "The Competitive Advantage of Nations" gives insights into why and how industries, regions, nations or some social groups thrive or fall short. The book explains and presents the theory on the sources of sustained prosperity in the contemporary worldwide economy. This seminal work has assisted countries to develop national policy based on their international competitiveness.
   
   Porter methodically and systematically discusses why some nations achieve continual economic prosperity. He explains the roles of governments and companies in economic development. The author shows the distinction between competitive advantage as a source of wealth and the concept of comparative advantage which had been until recent years the paradigm on thinking about international competition.
   
   Porter based his research in 10 leading trading nations. The book introduced the author's "diamond" which is a new way of looking and comprehending the competitive advantage of a nation. His concept of "clusters" or groups of interconnected firms, suppliers, related industries and institutions in certain locations opened a unique way for organizations and governments to look at economies and assess the competitive advantage of locations and set public policy.
   
   This weighty tome is recommended reading for entrepreneurs, business executives, policy makers, economists and other readers who are interested in ensuring that companies can successfully face the future based on pragmatic assessment of how the firm can gain competitive advantage.



2. Recently pick up the book by lecturer recommendation, although its dry & boring with huge massive information but open up my mind and keep question the assumption in today market.



3. One of my favorites titles. I started my experience about Porter's Competitiveness by this book.



4. Will a firm that exports finished manufactured goods make more money than a firm that exports raw materials?
   
   The Raw Material depression that hit Latin America cause a massive deficit in the 1990s. Decreases in raw material commodity prices contributed to the increasingly large trade deficit with Japan. The US bought electronics and automobiles from Japan and Japan imported US agricultural. The continue drop in US agricultural commodity price accelerate the trade deficit.
   
   Every nation specializes in specific SIC code domains. US refrigeration and cooling domains as companies like Trane and Carrier establish position and global market share . Latin America could hold the key to removing US trade deficit. The US exports finished goods to Latin America, Wheat, Soybeans, Rice, and Corn to Brazil. Brazil consumes large quantities of US products, acquires easy credit, and the trade deficit shrinks. Local protectionism can not compete against global market price. US ethanol price drive demand for corn and wheat. The US imports biofuels and wood products. Commodity demand booms and a rise in commodity prices occurs. Government regulation attempts to soften fluctuations in commodity prices and appease local demand. Short term relief is possible.
   
   Decreased regulation, removal of trade barriers, and lower taxes help global firms become more competitive. Lower corporate taxes provide more foreign investment. The growth of firms will be associated with increased investment opportunity. Lower taxes help reduce the risk associated with return on investment burdens.



5. I once read an article by Michael Porter called "Strategy and the Internet". In it the author argues against mainstream ideas such as "the internet will change everything in businesses". I did not necessarily agree with the author, but its good to read something critical of popular ideas once in a while. This is why I bought this book, and the author did not dissapoint. Michael Porter challenges alot of "facts" in this book and does a good job. The book is very rich with information and is easy to read. The author picks countries from both the rich world and the developing world. My only problem is that he didnt chose China or India. I think if he was writting the book now he would have definately chosen both of them, but even so, they would have been a goodchoice 30 years ago, I think. Its very challenging to write about "the rise and fall" of economic advantage as a general theory, but the author did an excellent job. I would recommend this book to anyone interested in economics or business, but I dont think socialists will like what they read. The author clearly states that there is a role for the government to play, but not the sort of role communists have in mind. Infact he strongly argues that any interference the wrong way would destroy a nations advantage.

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 A Billion Bootstraps: Microcredit, Barefoot Banking, and The Business Solution for Ending Poverty.

1. The authors' main reason for writing the book seems that they want to convince their fellow millionaires stop donating and start investing their money in MF funds. They give a convincing explanation why MF has a much bigger "impact on investment" compared to donations and they help you with selecting efficient MF programs.
   However, although the authors discuss the history and principles of MF too, much more interesting books can be found for those who are interested in how MF works in practice and how to set up a MF institution.



2. This book provides a good introduction to Microfinance. The authors are genuinely enthusiastic about microfinance and want to spread their excitement to others through this book. Though I am familiar with non-profits, I learned that through microfinance, the same money can serve multiple people in say a 10 year period (as one six-month loan gets repaid, it is plowed into a new loan, and the cycle goes on. So your donation of say $[...] can be loaned to 24 people in a 10-year term).
   
   After reading this book, most people (that includes me) will likely consider providing Micro loans instead of donating cash as one-time donations. I have found that through [...] (ebay's philanthropic arm I think), one can provide the loan as well as get a 3% return on the invested amount.
   
   My only gripe (hardly so) is the book a bit too basic for my liking and contains too many stories.



3. The authors of "A Billion Bootstraps" have captured the essence of generosity in this fresh, challenging look at personal giving. Too often we give to feel good about ourselves. Smith & Thurman encourage us to look beyond our own self-fulfillment and find ways to have real-life, effective impact on our world. I am inspired to give, but to do so strategically...with an eye for meeting real-world needs, empowering those with fewer resources available and through a sustainable methodology.
   
   Read this book, be inspired and use what you've been blessed with to bless others.



4. Bought this book on the recommendation of someone. It is an excellent read. Very well written and not heavy at all. It is not a manual on how to do micro-credit. It is rather and "advert" for it.
   
   Worth buying



5. "A Billion Bootstraps" is a beautifully written and informationally rich guide for donors to what is perhaps the most effective method of poverty reduction and wealth creation in the developing world -- microcredit. Tiny empowerment loans are granted to underemployed men and women so they can launch their own small businesses - and lift themselves and their families out of chronic poverty, into self-sufficiency...forever.
   
   The authors, one, Phil Smith, a rags-to-riches oil entrepreneur, and the other, Eric Thurman, a world renowned microcredit expert, have rendered great service to those who wish to make a true difference in the alleviation of poverty in this world of ours.
   
   - Mike Schwager
   Founder, Editor-in-Chief
   Enrichment.com (www.enrichment.com)