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Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, this time is different --claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to ...
This Time Is Different: Eight Centuries of Financial Folly
Throughout history, rich and poor countries alike have been lending, borrowing, crashing--and recovering--their way through an extraordinary range of financial crises. Each time, the experts have chimed, this time is different --claiming that the old rules of valuation no longer apply and that the new situation bears little similarity to past disasters. With this breakthrough study, leading economists Carmen Reinhart and Kenneth Rogoff definitively prove them wrong. Covering sixty-six countries across five continents, This Time Is Different presents a comprehensive look at the varieties of financial crises, and guides us through eight astonishing centuries of government defaults, banking panics, and inflationary spikes--from medieval currency debasements to today's subprime catastrophe. Carmen Reinhart and Kenneth Rogoff, leading economists whose work has been influential in the policy debate concerning the current financial crisis, provocatively argue that financial combustions are universal rites of passage for emerging and established market nations. The authors draw important lessons from history to show us how much--or how little--we have learned. Using clear, sharp analysis and comprehensive data, Reinhart and Rogoff document that financial fallouts occur in clusters and strike with surprisingly consistent frequency, duration, and ferocity. They examine the patterns of currency crashes, high and hyperinflation, and government defaults on international and domestic debts--as well as the cycles in housing and equity prices, capital flows, unemployment, and government revenues around these crises. While countries do weather their financial storms, Reinhart and Rogoff prove that short memories make it all too easy for crises to recur. An important book that will affect policy discussions for a long time to come, This Time Is Different exposes centuries of financial missteps.
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20.950000 USD

This Time Is Different: Eight Centuries of Financial Folly

by Kenneth S. Rogoff, Carmen M. Reinhart
Paperback / softback
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How ancient Mediterranean trade thrived through state institutions From around 700 BCE until the first centuries CE, the Mediterranean enjoyed steady economic growth through trade, reaching a level not to be regained until the early modern era. This process of growth coincided with a process of state formation, culminating in ...
Trade in the Ancient Mediterranean: Private Order and Public Institutions
How ancient Mediterranean trade thrived through state institutions From around 700 BCE until the first centuries CE, the Mediterranean enjoyed steady economic growth through trade, reaching a level not to be regained until the early modern era. This process of growth coincided with a process of state formation, culminating in the largest state the ancient Mediterranean would ever know, the Roman Empire. Subsequent economic decline coincided with state disintegration. How are the two processes related? In Trade in the Ancient Mediterranean, Taco Terpstra investigates how the organizational structure of trade benefited from state institutions. Although enforcement typically depended on private actors, traders could utilize a public infrastructure, which included not only courts and legal frameworks but also socially cohesive ideologies. Terpstra details how business practices emerged that were based on private order, yet took advantage of public institutions. Focusing on the activity of both private and public economic actors-from Greek city councilors and Ptolemaic officials to long-distance traders and Roman magistrates and financiers-Terpstra illuminates the complex relationship between economic development and state structures in the ancient Mediterranean.
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41.950000 USD

Trade in the Ancient Mediterranean: Private Order and Public Institutions

by Taco Terpstra
Hardback
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A fresh look at how three important twentieth-century British thinkers viewed capitalism through a moral rather than material lens What's wrong with capitalism? Answers to that question today focus on material inequality. Led by economists and conducted in utilitarian terms, the critique of capitalism in the twenty-first century is primarily ...
The Moral Economists: R. H. Tawney, Karl Polanyi, E. P. Thompson, and the Critique of Capitalism
A fresh look at how three important twentieth-century British thinkers viewed capitalism through a moral rather than material lens What's wrong with capitalism? Answers to that question today focus on material inequality. Led by economists and conducted in utilitarian terms, the critique of capitalism in the twenty-first century is primarily concerned with disparities in income and wealth. It was not always so. The Moral Economists reconstructs another critical tradition, developed across the twentieth century in Britain, in which material deprivation was less important than moral or spiritual desolation. Tim Rogan focuses on three of the twentieth century's most influential critics of capitalism-R. H. Tawney, Karl Polanyi, and E. P. Thompson. Making arguments about the relationships between economics and ethics in modernity, their works commanded wide readerships, shaped research agendas, and influenced public opinion. Rejecting the social philosophy of laissez-faire but fearing authoritarianism, these writers sought out forms of social solidarity closer than individualism admitted but freer than collectivism allowed. They discovered such solidarities while teaching economics, history, and literature to workers in the north of England and elsewhere. They wrote histories of capitalism to make these solidarities articulate. They used makeshift languages of tradition and custom to describe them until Thompson patented the idea of the moral economy. Their program began as a way of theorizing everything economics left out, but in challenging utilitarian orthodoxy in economics from the outside, they anticipated the work of later innovators inside economics. Examining the moral cornerstones of a twentieth-century critique of capitalism, The Moral Economists explains why this critique fell into disuse, and how it might be reformulated for the twenty-first century.
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29.350000 USD

The Moral Economists: R. H. Tawney, Karl Polanyi, E. P. Thompson, and the Critique of Capitalism

by Tim Rogan
Paperback / softback
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A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the history of the modern global economy seems to support the long-held view that the currency of the world's leading power invariably dominates international trade and finance. But in How Global Currencies ...
How Global Currencies Work: Past, Present, and Future
A powerful new understanding of global currency trends, including the rise of the Chinese yuan At first glance, the history of the modern global economy seems to support the long-held view that the currency of the world's leading power invariably dominates international trade and finance. But in How Global Currencies Work, three noted economists overturn this conventional wisdom. Offering a new history of global finance over the past two centuries and marshaling extensive new data to test current theories of how global currencies work, the authors show that several national monies can share international currency status-and that their importance can change rapidly. They demonstrate how changes in technology and international trade and finance have reshaped the landscape of international currencies so that several international financial standards can coexist. In fact, they show that multiple international and reserve currencies have coexisted in the past-upending the traditional view of the British pound's dominance before 1945 and the U.S. dollar's postwar dominance. Looking forward, the book tackles the implications of this new framework for major questions facing the future of the international monetary system, including how increased currency competition might affect global financial stability.
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26.200000 USD

How Global Currencies Work: Past, Present, and Future

by Livia Chitu, Arnaud Mehl, Barry Eichengreen
Paperback / softback
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The quality of life experienced by people in the past is one of the most important areas of historical enquiry, and the standard of living of populations is one of the leading measures of the economic performance of nations. Yet how accurate is the information on which these judgments are ...
Seven Centuries of Unreal Wages: The Unreliable Data, Sources and Methods that have been used for Measuring Standards of Living in the Past
The quality of life experienced by people in the past is one of the most important areas of historical enquiry, and the standard of living of populations is one of the leading measures of the economic performance of nations. Yet how accurate is the information on which these judgments are based? This collection of essays, written by renowned scholars in the fields of labour, wage and welfare history, cogently undermine the validity of the data that have for decades dominated the measurement of these phenomena in Britain, Europe and Asia, and provided the statistical backbone for countless descriptions and analyses of economic development, welfare and many other prime subjects in economic and social history. The contributors to this volume rigorously expose misapprehensions of long-run macroeconomic estimates of the real wage and provide a host of improved methods and data for revising and rejecting them. This volume is essential reading for anyone interested in economic and social history, economics and the application of statistical methods to historical evidence.
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204.55 USD

Seven Centuries of Unreal Wages: The Unreliable Data, Sources and Methods that have been used for Measuring Standards of Living in the Past

Hardback
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This contributed volume applies cliometric methods to the study of family and households in order to derive global patterns and determine their impact on economic development. Family and households are a fundamental feature of societies and economies. They are found throughout history and are the place where key decisions on ...
Cliometrics of the Family
This contributed volume applies cliometric methods to the study of family and households in order to derive global patterns and determine their impact on economic development. Family and households are a fundamental feature of societies and economies. They are found throughout history and are the place where key decisions on fertility, labour force participation, education, consumption are made. This is especially relevant for the position of women. The book gathers key insights from a variety of fields - economics, history, demography, anthropology, biology - to shed light on the relation between family organisation and the long-term process of economic development.
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157.490000 USD

Cliometrics of the Family

Hardback
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This book- which features a foreword by Jean-Claude Juncker and Preface by Professor Harold James- examines the European vocation and achievements of Pierre Werner (1913-2002), former Prime Minister, Finance Minister and Foreign Minister of Luxembourg, unanimously recognized as one of the architects of Economic and Monetary Union. The author makes ...
Pierre Werner and Europe: The Family Archives Behind the Werner Report
This book- which features a foreword by Jean-Claude Juncker and Preface by Professor Harold James- examines the European vocation and achievements of Pierre Werner (1913-2002), former Prime Minister, Finance Minister and Foreign Minister of Luxembourg, unanimously recognized as one of the architects of Economic and Monetary Union. The author makes extensive use of Pierre Werner's previously unpublished archives belonging to the Werner family, opened for the first time for research purposes. The book analyses the Werner Report, negotiations within the Werner Committee, the emergence of the Committee's views on EMU, their political commitment to a European currency, the similarities and differences between their ideas, their personal networks, the influence of the states they represented, their theoretical and methodological input and their contribution to the political consensus. Chapters shed new light on various aspects of the European integration process and also on the role of Luxembourg and its European policy. In addition, the author has carried out a series of original interviews with Luxembourg and European figures who share their memories and thoughts concerning Pierre Werner, his achievements and his views on the European integration process, and also other topics such as Economic and Monetary Union and Luxembourg`s European policy. This book will be of interest and value to researchers, EU policy makers and students in the fields of political economy, political science, economic history and history of economic thought.
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167.990000 USD

Pierre Werner and Europe: The Family Archives Behind the Werner Report

by Elena Danescu
Hardback
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How an antisemitic legend gave voice to widespread fears surrounding the expansion of private credit in Western capitalism The Promise and Peril of Credit takes an incisive look at pivotal episodes in the West's centuries-long struggle to define the place of private finance in the social and political order. It ...
The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society
How an antisemitic legend gave voice to widespread fears surrounding the expansion of private credit in Western capitalism The Promise and Peril of Credit takes an incisive look at pivotal episodes in the West's centuries-long struggle to define the place of private finance in the social and political order. It does so through the lens of a persistent legend about Jews and money that reflected the anxieties surrounding the rise of impersonal credit markets. By the close of the Middle Ages, new and sophisticated credit instruments made it easier for European merchants to move funds across the globe. Bills of exchange were by far the most arcane of these financial innovations. Intangible and written in a cryptic language, they fueled world trade but also lured naive investors into risky businesses. Francesca Trivellato recounts how the invention of these abstruse credit contracts was falsely attributed to Jews, and how this story gave voice to deep-seated fears about the unseen perils of the new paper economy. She locates the legend's earliest version in a seventeenth-century handbook on maritime law and traces its legacy all the way to the work of the founders of modern social theory-from Marx to Weber and Sombart. Deftly weaving together economic, legal, social, cultural, and intellectual history, Trivellato vividly describes how Christian writers drew on the story to define and redefine what constituted the proper boundaries of credit in a modern world increasingly dominated by finance.
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47.250000 USD

The Promise and Peril of Credit: What a Forgotten Legend about Jews and Finance Tells Us about the Making of European Commercial Society

by Francesca Trivellato
Hardback
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How creditors came to wield unprecedented power over heavily indebted countries-and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at ...
Why Not Default?: The Political Economy of Sovereign Debt
How creditors came to wield unprecedented power over heavily indebted countries-and the dangers this poses to democracy The European debt crisis has rekindled long-standing debates about the power of finance and the fraught relationship between capitalism and democracy in a globalized world. Why Not Default? unravels a striking puzzle at the heart of these debates-why, despite frequent crises and the immense costs of repayment, do so many heavily indebted countries continue to service their international debts? In this compelling and incisive book, Jerome Roos provides a sweeping investigation of the political economy of sovereign debt and international crisis management. He takes readers from the rise of public borrowing in the Italian city-states to the gunboat diplomacy of the imperialist era and the wave of sovereign defaults during the Great Depression. He vividly describes the debt crises of developing countries in the 1980s and 1990s and sheds new light on the recent turmoil inside the Eurozone-including the dramatic capitulation of Greece's short-lived anti-austerity government to its European creditors in 2015. Drawing on in-depth case studies of contemporary debt crises in Mexico, Argentina, and Greece, Why Not Default? paints a disconcerting picture of the ascendancy of global finance. This important book shows how the profound transformation of the capitalist world economy over the past four decades has endowed private and official creditors with unprecedented structural power over heavily indebted borrowers, enabling them to impose painful austerity measures and enforce uninterrupted debt service during times of crisis-with devastating social consequences and far-reaching implications for democracy.
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41.950000 USD

Why Not Default?: The Political Economy of Sovereign Debt

by Jerome E. Roos
Hardback
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A comprehensive analysis of European craft guilds through eight centuries of economic history Guilds ruled many crafts and trades from the Middle Ages to the Industrial Revolution, and have always attracted debate and controversy. They were sometimes viewed as efficient institutions that guaranteed quality and skills. But they also excluded ...
The European Guilds: An Economic Analysis
A comprehensive analysis of European craft guilds through eight centuries of economic history Guilds ruled many crafts and trades from the Middle Ages to the Industrial Revolution, and have always attracted debate and controversy. They were sometimes viewed as efficient institutions that guaranteed quality and skills. But they also excluded competitors, manipulated markets, and blocked innovations. Did the benefits of guilds outweigh their costs? Analyzing thousands of guilds that dominated European economies from 1000 to 1880, The European Guilds uses vivid examples and clear economic reasoning to answer that question. Sheilagh Ogilvie's book features the voices of honourable guild masters, underpaid journeymen, exploited apprentices, shady officials, and outraged customers, and follows the stories of the vile encroachers -women, migrants, Jews, gypsies, bastards, and many others-desperate to work but hunted down by the guilds as illicit competitors. She investigates the benefits of guilds but also shines a light on their dark side. Guilds sometimes provided important services, but they also manipulated markets to profit their members. They regulated quality but prevented poor consumers from buying goods cheaply. They fostered work skills but denied apprenticeships to outsiders. They transmitted useful techniques but blocked innovations that posed a threat. Guilds existed widely not because they corrected market failures or served the common good but because they benefited two powerful groups-guild members and political elites. Exploring guilds' inner workings across eight centuries, The European Guilds shows how privileged institutions and exclusive networks shape the wider economy-for good or ill.
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63.23 USD

The European Guilds: An Economic Analysis

by Sheilagh Ogilvie
Hardback
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How the rise of the West was a temporary exception to the predominant world order What accounts for the rise of the state, the creation of the first global system, and the dominance of the West? The conventional answer asserts that superior technology, tactics, and institutions forged by Darwinian military ...
Empires of the Weak: The Real Story of European Expansion and the Creation of the New World Order
How the rise of the West was a temporary exception to the predominant world order What accounts for the rise of the state, the creation of the first global system, and the dominance of the West? The conventional answer asserts that superior technology, tactics, and institutions forged by Darwinian military competition gave Europeans a decisive advantage in war over other civilizations from 1500 onward. In contrast, Empires of the Weak argues that Europeans actually had no general military superiority in the early modern era. J. C. Sharman shows instead that European expansion from the late fifteenth to the late eighteenth centuries is better explained by deference to strong Asian and African polities, disease in the Americas, and maritime supremacy earned by default because local land-oriented polities were largely indifferent to war and trade at sea. Europeans were overawed by the mighty Eastern empires of the day, which pioneered key military innovations and were the greatest early modern conquerors. Against the view that the Europeans won for all time, Sharman contends that the imperialism of the late nineteenth and early twentieth centuries was a relatively transient and anomalous development in world politics that concluded with Western losses in various insurgencies. If the twenty-first century is to be dominated by non-Western powers like China, this represents a return to the norm for the modern era. Bringing a revisionist perspective to the idea that Europe ruled the world due to military dominance, Empires of the Weak demonstrates that the rise of the West was an exception in the prevailing world order.
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29.350000 USD

Empires of the Weak: The Real Story of European Expansion and the Creation of the New World Order

by Jason Sharman
Hardback
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How a vast network of shadow credit financed European growth long before the advent of banking Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of ...
Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France
How a vast network of shadow credit financed European growth long before the advent of banking Prevailing wisdom dictates that, without banks, countries would be mired in poverty. Yet somehow much of Europe managed to grow rich long before the diffusion of banks. Dark Matter Credit draws on centuries of cleverly collected loan data from France to reveal how credit abounded well before banks opened their doors. This incisive book shows how a vast system of shadow credit enabled nearly a third of French families to borrow in 1740, and by 1840 funded as much mortgage debt as the American banking system of the 1950s. Dark Matter Credit traces how this extensive private network outcompeted banks and thrived prior to World War I-not just in France but in Britain, Germany, and the United States-until killed off by government intervention after 1918. Overturning common assumptions about banks and economic growth, the book paints a revealing picture of an until-now hidden market of thousands of peer-to-peer loans made possible by a network of brokers who matched lenders with borrowers and certified the borrowers' creditworthiness. A major work of scholarship, Dark Matter Credit challenges widespread misperceptions about French economic history, such as the notion that banks proliferated slowly, and the idea that financial innovation was hobbled by French law. By documenting how intermediaries in the shadow credit market devised effective financial instruments, this compelling book provides new insights into how countries can develop and thrive today.
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41.950000 USD

Dark Matter Credit: The Development of Peer-to-Peer Lending and Banking in France

by Jean-Laurent Rosenthal, Gilles Postel-Vinay, Philip T. Hoffman
Hardback
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How silver influenced two hundred years of world history, and why it matters today This is the story of silver's transformation from soft money during the nineteenth century to hard asset today, and how manipulations of the white metal by American president Franklin D. Roosevelt during the 1930s and by ...
The Story of Silver: How the White Metal Shaped America and the Modern World
How silver influenced two hundred years of world history, and why it matters today This is the story of silver's transformation from soft money during the nineteenth century to hard asset today, and how manipulations of the white metal by American president Franklin D. Roosevelt during the 1930s and by the richest man in the world, Texas oil baron Nelson Bunker Hunt, during the 1970s altered the course of American and world history. FDR pumped up the price of silver to help jump start the U.S. economy during the Great Depression, but this move weakened China, which was then on the silver standard, and facilitated Japan's rise to power before World War II. Bunker Hunt went on a silver-buying spree during the 1970s to protect himself against inflation and triggered a financial crisis that left him bankrupt. Silver has been the preferred shelter against government defaults, political instability, and inflation for most people in the world because it is cheaper than gold. The white metal has been the place to hide when conventional investments sour, but it has also seduced sophisticated investors throughout the ages like a siren. This book explains how powerful figures, up to and including Warren Buffett, have come under silver's thrall, and how its history guides economic and political decisions in the twenty-first century.
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31.450000 USD

The Story of Silver: How the White Metal Shaped America and the Modern World

by William L Silber
Hardback
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A groundbreaking new historical analysis of how global capitalism and advanced democracies mutually support each other It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by ...
Democracy and Prosperity: Reinventing Capitalism through a Turbulent Century
A groundbreaking new historical analysis of how global capitalism and advanced democracies mutually support each other It is a widespread view that democracy and the advanced nation-state are in crisis, weakened by globalization and undermined by global capitalism, in turn explaining rising inequality and mounting populism. This book, written by two of the world's leading political economists, argues this view is wrong: advanced democracies are resilient, and their enduring historical relationship with capitalism has been mutually beneficial. For all the chaos and upheaval over the past century-major wars, economic crises, massive social change, and technological revolutions-Torben Iversen and David Soskice show how democratic states continuously reinvent their economies through massive public investment in research and education, by imposing competitive product markets and cooperation in the workplace, and by securing macroeconomic discipline as the preconditions for innovation and the promotion of the advanced sectors of the economy. Critically, this investment has generated vast numbers of well-paying jobs for the middle classes and their children, focusing the aims of aspirational families, and in turn providing electoral support for parties. Gains at the top have also been shared with the middle (though not the bottom) through a large welfare state. Contrary to the prevailing wisdom on globalization, advanced capitalism is neither footloose nor unconstrained: it thrives under democracy precisely because it cannot subvert it. Populism, inequality, and poverty are indeed great scourges of our time, but these are failures of democracy and must be solved by democracy.
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46.49 USD

Democracy and Prosperity: Reinventing Capitalism through a Turbulent Century

by David Soskice, Torben Iversen
Hardback
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In this major scholarly study of the life of Joseph A. Schumpeter, one of the great intellectual figures of the twentieth century, the distinguished economist Wolfgang Stolper delves into the mind of his former teacher, exploring the development of his ideas and, especially, their influence on politics and public policy. ...
Joseph Alois Schumpeter: The Public Life of a Private Man
In this major scholarly study of the life of Joseph A. Schumpeter, one of the great intellectual figures of the twentieth century, the distinguished economist Wolfgang Stolper delves into the mind of his former teacher, exploring the development of his ideas and, especially, their influence on politics and public policy. After reflecting briefly on Schumpeter the man, Stolper explains the evolution of Schumpeter's work, particularly his insights during the 1920s on public finance, his contributions to monetary theory and the study of business cycles, and his writings on socialism. Stolper goes on to desribe and evaluate Schumpeter's public activities following World War I and his role as a finance minister, placing the development of his thought in the turbulence political context of his times. Drawing on a vast array of new and exciting sources, Stolper paints a portrait of his mentor as a decent, ambitious, and complex man whose many insights into economy and society found their way outside of the academy and into the practical world of economic policy. All readers interested in the history of economic thought and twentieth-century political and intellectual history will find this book invaluable. Wolfgang Stolper is Professor Emeritus of Economics at the University of Michigan. He is author of The Structure of the East German Economy and Planning Without Facts and has made seminal contributions to international economics. Originally published in 1994. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
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69.820000 USD

Joseph Alois Schumpeter: The Public Life of a Private Man

by Wolfgang F. Stolper
Paperback / softback
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In this major scholarly study of the life of Joseph A. Schumpeter, one of the great intellectual figures of the twentieth century, the distinguished economist Wolfgang Stolper delves into the mind of his former teacher, exploring the development of his ideas and, especially, their influence on politics and public policy. ...
Joseph Alois Schumpeter: The Public Life of a Private Man
In this major scholarly study of the life of Joseph A. Schumpeter, one of the great intellectual figures of the twentieth century, the distinguished economist Wolfgang Stolper delves into the mind of his former teacher, exploring the development of his ideas and, especially, their influence on politics and public policy. After reflecting briefly on Schumpeter the man, Stolper explains the evolution of Schumpeter's work, particularly his insights during the 1920s on public finance, his contributions to monetary theory and the study of business cycles, and his writings on socialism. Stolper goes on to desribe and evaluate Schumpeter's public activities following World War I and his role as a finance minister, placing the development of his thought in the turbulence political context of his times. Drawing on a vast array of new and exciting sources, Stolper paints a portrait of his mentor as a decent, ambitious, and complex man whose many insights into economy and society found their way outside of the academy and into the practical world of economic policy. All readers interested in the history of economic thought and twentieth-century political and intellectual history will find this book invaluable. Wolfgang Stolper is Professor Emeritus of Economics at the University of Michigan. He is author of The Structure of the East German Economy and Planning Without Facts and has made seminal contributions to international economics. Originally published in 1994. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905.
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174.300000 USD

Joseph Alois Schumpeter: The Public Life of a Private Man

by Wolfgang F. Stolper
Hardback
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This book analyzes the Central Asian economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, from their buffeting by the commodity boom of the early 2000s to its collapse in 2014. Richard Pomfret examines the countries' relations with external powers and the possibilities for development offered by infrastructure projects ...
The Central Asian Economies in the Twenty-First Century: Paving a New Silk Road
This book analyzes the Central Asian economies of Kazakhstan, the Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan, from their buffeting by the commodity boom of the early 2000s to its collapse in 2014. Richard Pomfret examines the countries' relations with external powers and the possibilities for development offered by infrastructure projects as well as rail links between China and Europe. The transition of these nations from centrally planned to market-based economic systems was essentially complete by the early 2000s, when the region experienced a massive increase in world prices for energy and mineral exports. This raised incomes in the main oil and gas exporters, Kazakhstan and Turkmenistan; brought more benefits to the most populous country, Uzbekistan; and left the poorest countries, the Kyrgyz Republic and Tajikistan, dependent on remittances from migrant workers in oil-rich Russia and Kazakhstan. Pomfret considers the enhanced role of the Central Asian nations in the global economy and their varied ties to China, the European Union, Russia, and the United States. With improved infrastructure and connectivity between China and Europe (reflected in regular rail freight services since 2011 and China's announcement of its Belt and Road Initiative in 2013), relaxation of United Nations sanctions against Iran in 2016, and the change in Uzbekistan's presidency in late 2016, a window of opportunity appears to have opened for Central Asian countries to achieve more sustainable economic futures.
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47.250000 USD

The Central Asian Economies in the Twenty-First Century: Paving a New Silk Road

by Richard Pomfret
Hardback
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Absent evidence to the contrary, it is usually assumed that US financial markets developed in spite of government attempts to regulate, and therefore laissez faire is the best approach for developing critically important and enduring market institutions. This book makes heavy use of extensive archival sources that are no longer ...
The Government of Markets: How Interwar Collaborations between the CBOT and the State Created Modern Futures Trading
Absent evidence to the contrary, it is usually assumed that US financial markets developed in spite of government attempts to regulate, and therefore laissez faire is the best approach for developing critically important and enduring market institutions. This book makes heavy use of extensive archival sources that are no longer publicly available to describe in detail the discussions inside the CBOT and the often private and confidential negotiations between industry leaders and government officials. This work suggests that, contrary to the accepted story, what we now know of as modern futures markets were heavily co-constructed through a meaningful long-term collaboration between a progressive CBOT leadership and an extremely knowledgeable and pragmatic US federal government. The industry leaders had a difficult time evolving the modern institutions in the face of powerful reactionary internal forces. Yet in the end the CBOT, by co-opting and cooperating with federal officials, led the exchange and Chicago markets in general to a near century of global dominance. On the federal government side, knowledgeable technocrats and inspired politicians led an information and analysis explosion while interacting with industry, both formally and informally, to craft better markets for all.
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146.990000 USD

The Government of Markets: How Interwar Collaborations between the CBOT and the State Created Modern Futures Trading

by Rasheed Saleuddin
Hardback
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This book traces regional income inequality in Spain during the transition from a pre-industrial society to a modern economy, using the Spanish case to shed further light on the challenges that emerging economies are facing today. Regional inequality is currently one of the most pressing problems in the European Union, ...
Regional Inequality in Spain: 1860-2015
This book traces regional income inequality in Spain during the transition from a pre-industrial society to a modern economy, using the Spanish case to shed further light on the challenges that emerging economies are facing today. Regional inequality is currently one of the most pressing problems in the European Union, and this text presents a novel dataset covering 150 years to analyse long-run trends in regional per capita GDP. Spatial clustering and a new economic geography approach also contribute to the historical analysis provided, which points to the role played by spatial externalities and their growing relevance over time. To identify the presence of spatial dependence is crucial, not only for getting a better understanding of distribution dynamics, but also for economic policy purposes. What are the potential causes behind the disparities in regional per capita income and productivity? The authors answer this by comparing results with evidence available for other countries, chiefly France, Italy and Portugal, but is of global relevance.
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146.990000 USD

Regional Inequality in Spain: 1860-2015

by Daniel A. Tirado-Fabregat, Julio Martinez-Galarraga, Alfonso Diez Minguela
Hardback
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Lord Byron described Greece as great, fallen, and immortal, a characterization more apt than he knew. Through most of its long history, Greece was poor. But in the classical era, Greece was densely populated and highly urbanized. Many surprisingly healthy Greeks lived in remarkably big houses and worked for high ...
The Rise and Fall of Classical Greece
Lord Byron described Greece as great, fallen, and immortal, a characterization more apt than he knew. Through most of its long history, Greece was poor. But in the classical era, Greece was densely populated and highly urbanized. Many surprisingly healthy Greeks lived in remarkably big houses and worked for high wages at specialized occupations. Middle-class spending drove sustained economic growth and classical wealth produced a stunning cultural efflorescence lasting hundreds of years. Why did Greece reach such heights in the classical period--and why only then? And how, after the Greek miracle had endured for centuries, did the Macedonians defeat the Greeks, seemingly bringing an end to their glory? Drawing on a massive body of newly available data and employing novel approaches to evidence, Josiah Ober offers a major new history of classical Greece and an unprecedented account of its rise and fall. Ober argues that Greece's rise was no miracle but rather the result of political breakthroughs and economic development. The extraordinary emergence of citizen-centered city-states transformed Greece into a society that defeated the mighty Persian Empire. Yet Philip and Alexander of Macedon were able to beat the Greeks in the Battle of Chaeronea in 338 BCE, a victory made possible by the Macedonians' appropriation of Greek innovations. After Alexander's death, battle-hardened warlords fought ruthlessly over the remnants of his empire. But Greek cities remained populous and wealthy, their economy and culture surviving to be passed on to the Romans--and to us. A compelling narrative filled with uncanny modern parallels, this is a book for anyone interested in how great civilizations are born and die. This book is based on evidence available on a new interactive website. To learn more, please visit: http://polis.stanford.edu/.
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36.750000 USD

The Rise and Fall of Classical Greece

by Josiah Ober
Hardback
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The quality of life for ordinary Roman citizens at the height of the Roman Empire probably was better than that of any other large group of people living before the Industrial Revolution. The Roman Market Economy uses the tools of modern economics to show how trade, markets, and the Pax ...
The Roman Market Economy
The quality of life for ordinary Roman citizens at the height of the Roman Empire probably was better than that of any other large group of people living before the Industrial Revolution. The Roman Market Economy uses the tools of modern economics to show how trade, markets, and the Pax Romana were critical to ancient Rome's prosperity. Peter Temin, one of the world's foremost economic historians, argues that markets dominated the Roman economy. He traces how the Pax Romana encouraged trade around the Mediterranean, and how Roman law promoted commerce and banking. Temin shows that a reasonably vibrant market for wheat extended throughout the empire, and suggests that the Antonine Plague may have been responsible for turning the stable prices of the early empire into the persistent inflation of the late. He vividly describes how various markets operated in Roman times, from commodities and slaves to the buying and selling of land. Applying modern methods for evaluating economic growth to data culled from historical sources, Temin argues that Roman Italy in the second century was as prosperous as the Dutch Republic in its golden age of the seventeenth century. The Roman Market Economy reveals how economics can help us understand how the Roman Empire could have ruled seventy million people and endured for centuries.
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61.28 USD

The Roman Market Economy

by Peter Temin
Hardback
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Many historical processes exhibit recurrent patterns of change. Century-long periods of population expansion come before long periods of stagnation and decline; the dynamics of prices mirror population oscillations; and states go through strong expansionist phases followed by periods of state failure, endemic sociopolitical instability, and territorial loss. Peter Turchin and ...
Secular Cycles
Many historical processes exhibit recurrent patterns of change. Century-long periods of population expansion come before long periods of stagnation and decline; the dynamics of prices mirror population oscillations; and states go through strong expansionist phases followed by periods of state failure, endemic sociopolitical instability, and territorial loss. Peter Turchin and Sergey Nefedov explore the dynamics and causal connections between such demographic, economic, and political variables in agrarian societies and offer detailed explanations for these long-term oscillations--what the authors call secular cycles. Secular Cycles elaborates and expands upon the demographic-structural theory first advanced by Jack Goldstone, which provides an explanation of long-term oscillations. This book tests that theory's specific and quantitative predictions by tracing the dynamics of population numbers, prices and real wages, elite numbers and incomes, state finances, and sociopolitical instability. Turchin and Nefedov study societies in England, France, and Russia during the medieval and early modern periods, and look back at the Roman Republic and Empire. Incorporating theoretical and quantitative history, the authors examine a specific model of historical change and, more generally, investigate the utility of the dynamical systems approach in historical applications. An indispensable and groundbreaking resource for a wide variety of social scientists, Secular Cycles will interest practitioners of economic history, historical sociology, complexity studies, and demography.
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57.750000 USD

Secular Cycles

by Sergey A. Nefedov, Peter Turchin
Hardback
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In the last two centuries, agriculture has been an outstanding, if somewhat neglected, success story. Agriculture has fed an ever-growing population with an increasing variety of products at falling prices, even as it has released a growing number of workers to the rest of the economy. This book, a comprehensive ...
Feeding the World: An Economic History of Agriculture, 1800-2000
In the last two centuries, agriculture has been an outstanding, if somewhat neglected, success story. Agriculture has fed an ever-growing population with an increasing variety of products at falling prices, even as it has released a growing number of workers to the rest of the economy. This book, a comprehensive history of world agriculture during this period, explains how these feats were accomplished. Feeding the World synthesizes two hundred years of agricultural development throughout the world, providing all essential data and extensive references to the literature. It covers, systematically, all the factors that have affected agricultural performance: environment, accumulation of inputs, technical progress, institutional change, commercialization, agricultural policies, and more. The last chapter discusses the contribution of agriculture to modern economic growth. The book is global in its reach and analysis, and represents a grand synthesis of an enormous topic.
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39.380000 USD

Feeding the World: An Economic History of Agriculture, 1800-2000

by Giovanni Federico
Paperback / softback
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Based on archival research and interviews with leading participants in the movement, Masters of the Universe traces the ascendancy of neoliberalism from the academy of interwar Europe to supremacy under Reagan and Thatcher and in the decades since. Daniel Stedman Jones argues that there was nothing inevitable about the victory ...
Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics - Updated Edition
Based on archival research and interviews with leading participants in the movement, Masters of the Universe traces the ascendancy of neoliberalism from the academy of interwar Europe to supremacy under Reagan and Thatcher and in the decades since. Daniel Stedman Jones argues that there was nothing inevitable about the victory of free-market politics. Far from being the story of the simple triumph of right-wing ideas, the neoliberal breakthrough was contingent on the economic crises of the 1970s and the acceptance of the need for new policies by the political left. This edition includes a new foreword in which the author addresses the relationship between intellectual history and the history of politics and policy. Fascinating, important, and timely, this is a book for anyone who wants to understand the history behind the Anglo-American love affair with the free market, as well as the origins of the current economic crisis.
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22.000000 USD

Masters of the Universe: Hayek, Friedman, and the Birth of Neoliberal Politics - Updated Edition

by Daniel Stedman Jones
Paperback / softback
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Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things. So wrote Adam Smith a quarter of a millennium ago. ...
Pillars of Prosperity: The Political Economics of Development Clusters
Little else is required to carry a state to the highest degree of opulence from the lowest barbarism, but peace, easy taxes, and a tolerable administration of justice; all the rest being brought about by the natural course of things. So wrote Adam Smith a quarter of a millennium ago. Using the tools of modern political economics and combining economic theory with a bird's-eye view of the data, this book reinterprets Smith's pillars of prosperity to explain the existence of development clusters--places that tend to combine effective state institutions, the absence of political violence, and high per-capita incomes. To achieve peace, the authors stress the avoidance of repressive government and civil conflict. Easy taxes, they argue, refers not to low taxes, but a tax system with widespread compliance that collects taxes at a reasonable cost from a broad base, like income. And a tolerable administration of justice is about legal infrastructure that can support the enforcement of contracts and property rights in line with the rule of law. The authors show that countries tend to enjoy all three pillars of prosperity when they have evolved cohesive political institutions that promote common interests, guaranteeing the provision of public goods. In line with much historical research, international conflict has also been an important force behind effective states by fostering common interests. The absence of common interests and/or cohesive political institutions can explain the existence of very different development clusters in fragile states that are plagued by poverty, violence, and weak state capacity.
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39.380000 USD

Pillars of Prosperity: The Political Economics of Development Clusters

by Torsten Persson, Timothy Besley
Paperback / softback
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The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and Francois Velde, examine the evolution of Western European economies through the lens of one of ...
The Big Problem of Small Change
The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved. Two leading economists, Thomas Sargent and Francois Velde, examine the evolution of Western European economies through the lens of one of the classic problems of monetary history--the recurring scarcity and depreciation of small change. Through penetrating and clearly worded analysis, they tell the story of how monetary technologies, doctrines, and practices evolved from 1300 to 1850; of how the standard formula was devised to address an age-old dilemma without causing inflation. One big problem had long plagued commodity money (that is, money literally worth its weight in gold): governments were hard-pressed to provide a steady supply of small change because of its high costs of production. The ensuing shortages hampered trade and, paradoxically, resulted in inflation and depreciation of small change. After centuries of technological progress that limited counterfeiting, in the nineteenth century governments replaced the small change in use until then with fiat money (money not literally equal to the value claimed for it)--ensuring a secure flow of small change. But this was not all. By solving this problem, suggest Sargent and Velde, modern European states laid the intellectual and practical basis for the diverse forms of money that make the world go round today. This keenly argued, richly imaginative, and attractively illustrated study presents a comprehensive history and theory of small change. The authors skillfully convey the intuition that underlies their rigorous analysis. All those intrigued by monetary history will recognize this book for the standard that it is.
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58.800000 USD

The Big Problem of Small Change

by Francois R. Velde, Thomas J. Sargent
Paperback / softback
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In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important ...
The Federal Reserve and the Financial Crisis
In 2012, Ben Bernanke, chairman of the U.S. Federal Reserve, gave a series of lectures about the Federal Reserve and the 2008 financial crisis, as part of a course at George Washington University on the role of the Federal Reserve in the economy. In this unusual event, Bernanke revealed important background and insights into the central bank's crucial actions during the worst financial crisis since the Great Depression. Taken directly from these historic talks, The Federal Reserve and the Financial Crisis offers insight into the guiding principles behind the Fed's activities and the lessons to be learned from its handling of recent economic challenges. Bernanke traces the origins of the Federal Reserve, from its inception in 1914 through the Second World War, and he looks at the Fed post-1945, when it began operating independently from other governmental departments such as the Treasury. During this time the Fed grappled with episodes of high inflation, finally tamed by then-chairman Paul Volcker. Bernanke also explores the period under his predecessor, Alan Greenspan, known as the Great Moderation. Bernanke then delves into the Fed's reaction to the recent financial crisis, focusing on the central bank's role as the lender of last resort and discussing efforts that injected liquidity into the banking system. Bernanke points out that monetary policies alone cannot revive the economy, and he describes ongoing structural and regulatory problems that need to be addressed. Providing first-hand knowledge of how problems in the financial system were handled, The Federal Reserve and the Financial Crisis will long be studied by those interested in this critical moment in history.
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13.600000 USD

The Federal Reserve and the Financial Crisis

by Ben S Bernanke
Paperback / softback
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In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, ...
The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War
In the century after the Civil War, an economic revolution improved the American standard of living in ways previously unimaginable. Electric lighting, indoor plumbing, motor vehicles, air travel, and television transformed households and workplaces. But has that era of unprecedented growth come to an end? Weaving together a vivid narrative, historical anecdotes, and economic analysis, The Rise and Fall of American Growth challenges the view that economic growth will continue unabated, and demonstrates that the life-altering scale of innovations between 1870 and 1970 cannot be repeated. Gordon contends that the nation's productivity growth will be further held back by the headwinds of rising inequality, stagnating education, an aging population, and the rising debt of college students and the federal government, and that we must find new solutions. A critical voice in the most pressing debates of our time, The Rise and Fall of American Growth is at once a tribute to a century of radical change and a harbinger of tougher times to come.
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41.950000 USD

The Rise and Fall of American Growth: The U.S. Standard of Living since the Civil War

by Robert J. Gordon
Hardback
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The Company of Strangers shows us the remarkable strangeness, and fragility, of our everyday lives. This completely revised and updated edition includes a new chapter analyzing how the rise and fall of social trust explain the unsustainable boom in the global economy over the past decade and the financial crisis ...
The Company of Strangers: A Natural History of Economic Life - Revised Edition
The Company of Strangers shows us the remarkable strangeness, and fragility, of our everyday lives. This completely revised and updated edition includes a new chapter analyzing how the rise and fall of social trust explain the unsustainable boom in the global economy over the past decade and the financial crisis that succeeded it. Drawing on insights from biology, anthropology, history, psychology, and literature, Paul Seabright explores how our evolved ability of abstract reasoning has allowed institutions like money, markets, cities, and the banking system to provide the foundations of social trust that we need in our everyday lives. Even the simple acts of buying food and clothing depend on an astonishing web of interaction that spans the globe. How did humans develop the ability to trust total strangers with providing our most basic needs?
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31.450000 USD

The Company of Strangers: A Natural History of Economic Life - Revised Edition

by Paul Seabright
Paperback / softback
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In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize-winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices and ...
Irrational Exuberance: Revised and Expanded Third Edition
In this revised, updated, and expanded edition of his New York Times bestseller, Nobel Prize-winning economist Robert Shiller, who warned of both the tech and housing bubbles, cautions that signs of irrational exuberance among investors have only increased since the 2008-9 financial crisis. With high stock and bond prices and the rising cost of housing, the post-subprime boom may well turn out to be another illustration of Shiller's influential argument that psychologically driven volatility is an inherent characteristic of all asset markets. In other words, Irrational Exuberance is as relevant as ever. Previous editions covered the stock and housing markets--and famously predicted their crashes. This edition expands its coverage to include the bond market, so that the book now addresses all of the major investment markets. It also includes updated data throughout, as well as Shiller's 2013 Nobel Prize lecture, which places the book in broader context. In addition to diagnosing the causes of asset bubbles, Irrational Exuberance recommends urgent policy changes to lessen their likelihood and severity--and suggests ways that individuals can decrease their risk before the next bubble bursts. No one whose future depends on a retirement account, a house, or other investments can afford not to read this book.
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46.40 USD

Irrational Exuberance: Revised and Expanded Third Edition

by Robert J Shiller
Hardback