The discoveries made, however, are so far-reaching that a large portion of economics literature will have to be modified to accommodate another half to the macro economic spectrum of possibilities that conventional theorists have overlooked. In particular, Japan's Great Recession showed that when faced with a massive fall in asset prices, companies typically jettison the conventional goal of profit maximization and move to minimize debt in order to restore their credit ratings. This shift in corporate priority, however, has huge theoretical as well as practical implications and opens up a whole new field of study. For example, the new insight can explain fully the precise mechanism of prolonged depression and liquidity trap which conventional economics - based on corporate profit maximization - has so far failed to offer as a convincing explanation. The author developed the idea of yin and yang business cycles where the conventional world of profit maximization is the yang and the world of balance sheet recession, where companies are minimizing debt, is the yin. Once so divided, many varied theories developed in macro economics since the 1930s can be nicely categorized into a single comprehensive theory, i.e., the Holy Grail of macro economics The policy implication of this new discovery is immense in that the conventional aversion to fiscal policy in favor of monetary policy will have to be completely reversed when the economy is in the yin phase. The theoretical implications are also immense in the sense that the economics profession will no longer have to rely so much on various rigidities to explain recessions that have become the standard practice within the so-called New Keynesian economics of the last twenty years.

    And thirty years later, if you're going to read only one book on Watergate, that's still the one. Today, Enron is the biggest business story of our time, and Fortune senior writers Bethany McLean and Peter Elkind are the new Woodward and Bernstein.Remarkably, it was just two years ago that Enron was thought to epitomize a great New Economy company, with its skyrocketing profits and share price. But that was before Fortune published an article by McLean that asked a seemingly innocent question: How exactly does Enron make money? From that point on, Enron's house of cards began to crumble. Now, McLean and Elkind have investigated much deeper, to offer the definitive book about the Enron scandal and the fascinating people behind it.Meticulously researched and character driven, Smartest Guys in the Room takes the reader deep into Enron's past—and behind the closed doors of private meetings. Drawing on a wide range of unique sources, the book follows Enron's rise from obscurity to the top of the business world to its disastrous demise. It reveals as never before major characters such as Ken Lay, Jeff Skilling, and Andy Fastow, as well as lesser known players like Cliff Baxter and Rebecca Mark. Smartest Guys in the Room is a story of greed, arrogance, and deceit—a microcosm of all that is wrong with American business today. Above all, it's a fascinating human drama that will prove to be the authoritative account of the Enron scandal.

    Dahl . . . is about as covered in honors as a scholar can be. . . . He knows what he is talking about. And he thinks that the Constitution has something the matter with it.”—Hendrik Hertzberg, New Yorker  “A devastating attack on the undemocratic character of the American Constitution.”—Gordon S. Wood, New York Review of Books   In this provocative book, one of our most eminent political scientists poses the question, “Why should Americans uphold their constitution?” The vast majority of Americans venerate the Constitution and the democratic principles it embodies, but many also worry that the United States has fallen behind other nations on crucial issues, including economic equality, racial integration, and women’s rights. Robert Dahl explores this vital tension between the Americans’ belief in the legitimacy of their constitution and their belief in the principles of democracy. Dahl starts with the assumption that the legitimacy of the American Constitution derives solely fromits utility as an instrument of democratic governance. Dahl demonstrates that, due to the context in which it was conceived, our constitution came to incorporate significant antidemocratic elements. Because the Framers of the Constitution had no relevant example of a democratic political system on which to model the American government, many defining aspects of our political system were implemented as a result of short-sightedness or last-minute compromise. Dahl highlights those elements of the American system that are most unusual and potentially antidemocratic: the federal system, the bicameral legislature, judicial review, presidentialism, and the electoral college system. The political system that emerged from the world’s first great democratic experiment is unique—no other well-established democracy has copied it. How does the American constitutional system function in comparison to other democratic systems? How could our political system be altered to achieve more democratic ends? To what extent did the Framers of the Constitution build features into our political system that militate against significant democratic reform? Refusing to accept the status of the American Constitution as a sacred text, Dahl challenges us all to think critically about the origins of our political system and to consider the opportunities for creating a more democratic society.

    election and help Donald Trump gain the presidency.Russian Roulette is a story of political skullduggery unprecedented in American history. It weaves together tales of international intrigue, cyber espionage, and superpower rivalry. After U.S.-Russia relations soured, as Vladimir Putin moved to reassert Russian strength on the global stage, Moscow trained its best hackers and trolls on U.S. political targets and exploited WikiLeaks to disseminate information that could affect the 2016 election.The Russians were wildly successful and the great break-in of 2016 was no "third-rate burglary." It was far more sophisticated and sinister — a brazen act of political espionage designed to interfere with American democracy. At the end of the day, Trump, the candidate who pursued business deals in Russia, won. And millions of Americans were left wondering, what the hell happened? This story of high-tech spying and multiple political feuds is told against the backdrop of Trump's strange relationship with Putin and the curious ties between members of his inner circle — including Paul Manafort and Michael Flynn — and Russia.Russian Roulette chronicles and explores this bizarre scandal, explains the stakes, and answers one of the biggest questions in American politics: How and why did a foreign government infiltrate the country's political process and gain influence in Washington?

    But a farce that repeats itself ends up making a history.--from The Agony of PowerIn these previously unpublished manuscripts written just before his death in 2007, Jean Baudrillard takes a last crack at the bewildering situation currently facing us as we exit the system of "domination" (based on alienation, revolt, revolution) and enter a world of generalized "hegemony" in which everyone becomes both hostage and accomplice of the global market. But in the free-form market of political and sexual liberation, as the possibility of revolution (and our understanding of it) dissipates, Baudrillard sees the hegemonic process as only beginning. Once expelled, negativity returns from within ourselves as an antagonistic force--most vividly in the phenomenon of terrorism, but also as irony, mockery, and the symbolic liquidation of all human values. This is the dimension of hegemony marked by an unbridled circulation--of capital, goods, information, or manufactured history--that is bringing the very concept of exchange to an end and pushing capital beyond its limits: to the point at which it destroys the conditions of its own existence. In the system of hegemony, the alienated, the oppressed, and the colonized find themselves on the side of the system that holds them hostage. In this paradoxical moment in which history has turned to farce, domination itself may appear to have been a lesser evil.This book gathers together three essays--"From Domination to Hegemony," "The White Terror of World Order," and "Where Good Grows"--and a 2005 interview with Baudrillard by Sylv�re Lotringer. Semiotext(e) launched Baudrillard into English back in the early 1980s; now, as our media and information infested "ultra-reality" finally catches up with his theory, Semiotext(e) offers The Agony of Power, Baudrillard's unsettling coda.

    Gang Leader for a Day is the fascinating full story of how Sudhir Venkatesh managed to gain entrée into the gang, what he learned, and how his method revolutionized the academic establishment. When Venkatesh walked into an abandoned building in one of Chicago's most notorious housing projects, he was looking for people to take a multiple-choice survey on urban poverty. A first-year grad student, he would befriend a gang leader named JT and spend the better part of the next decade inside the projects under JT's protection, documenting what he saw there. Over the next seven years, Venkatesh observed JT and the rest of the gang as they operated their crack selling business, conducted PR within their community, and rose up or fell within the ranks of the gang's complex organizational structure. Gang Leader for a Day is an inside view into the morally ambiguous, highly intricate, often corrupt struggle to survive in an urban war zone. It is also the story of a complicated friendship between two young and ambitious men, a universe apart.

    Bush has launched a revolution in American foreign policy. He has redefined how America engages the world, shedding the constraints that friends, allies, and international institutions once imposed on its freedom of action. In America Unbound, Ivo Daalder and James Lindsay caution that the Bush revolution comes with serious risks–and, at some point, we may find that America’s friends and allies will refuse to follow his lead, leaving the U.S. unable to achieve its goals. This edition has been extensively revised and updated to include major policy changes and developments since the book’s original publication.

    The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.Michael Lewis's investigation of bubbles beyond our shores is so brilliantly, sadly hilarious that it leads the American reader to a comfortable complacency: oh, those foolish foreigners. But when he turns a merciless eye on California and Washington, DC, we see that the narrative is a trap baited with humor, and we understand the reckoning that awaits the greatest and greediest of debtor nations.

    R. Reid shows how all the other industrialized democracies have achieved something the United States can’t seem to do: provide health care for everybody at a reasonable cost. In his global quest to find a possible prescription, Reid visits wealthy, free market, industrialized democracies like our own—including France, Germany, Japan, the U.K., and Canada—where he finds inspiration in example. Reid sees problems too: He finds poorly paid doctors in Japan, endless lines in Canada, mistreated patients in Britain, spartan facilities in France. In addition to long-established systems, Reid also studies countries that have carried out major health care reform. The first question facing these countries—and the United States, for that matter—is an ethical issue: Is health care a human right?The Healing of America lays bare the moral question at the heart of our troubled system, dissecting the misleading rhetoric surrounding the health care debate: Is health care a human right?

    No one would foresee that the greatest success story to arise from these events would be the globalization of organized crime. "McMafia" is a fearless, encompassing, wholly authoritative investigation of the now proven ability of organized crime worldwide to find and service markets driven by a seemingly insatiable demand for illegal wares. Whether discussing the Russian mafia, Colombian drug cartels, or Chinese labor smugglers, Misha Glenny makes clear how organized crime feeds off the poverty of the developing world, how it exploits new technology in the forms of cybercrime and identity theft, and how both global crime and terror are fueled by an identical source: the triumphant material affluence of the West. To trace the disparate strands of this hydra-like story, Glenny talked to police, victims, politicians, and members of the global underworld in eastern Europe, North and South America, Africa, the Middle East, China, Japan, and India. The story of organized crime's phenomenal, often shocking growth is truly the central political story of our time. "McMafia "will change the way we look at the world.

    They consider themselves the new chosen—congressmen, generals, and foreign dictators who meet in confidential cells, to pray and plan for a "leadership led by God," to be won not by force but through "quiet diplomacy." Their base is a leafy estate overlooking the Potomac in Arlington, Virginia, and Jeff Sharlet is the only journalist to have reported from inside its walls.The Family is about the other half of American fundamentalist power—not its angry masses, but its sophisticated elites. Sharlet follows the story back to Abraham Vereide, an immigrant preacher who in 1935 organized a small group of businessmen sympathetic to European fascism, fusing the far right with his own polite but authoritarian faith. From that core, Vereide built an international network of fundamentalists who spoke the language of establishment power, a "family" that thrives to this day. In public, they host Prayer Breakfasts; in private, they preach a gospel of "biblical capitalism," military might, and American empire. Citing Hitler, Lenin, and Mao as leadership models, the Family's current leader, Doug Coe, declares, "We work with power where we can, build new power where we can't."Sharlet's discoveries dramatically challenge conventional wisdom about American fundamentalism, revealing its crucial role in the unraveling of the New Deal, the waging of the cold war, and the no-holds-barred economics of globalization. The question Sharlet believes we must ask is not "What do fundamentalists want?" but "What have they already done?"Part history, part investigative journalism, The Family is a compelling account of how fundamentalism came to be interwoven with American power, a story that stretches from the religious revivals that have shaken this nation from its beginning to fundamentalism's new frontiers. No other book about the right has exposed the Family or revealed its far-reaching impact on democracy, and no future reckoning of American fundamentalism will be able to ignore it.

    Herman and Noam Chomsky show that, contrary to the usual image of the news media as cantankerous, obstinate, and ubiquitous in their search for truth and defense of justice, in their actual practice they defend the economic, social, and political agendas of the privileged groups that dominate domestic society, the state, and the global order.Based on a series of case studies—including the media’s dichotomous treatment of “worthy” versus “unworthy” victims, “legitimizing” and “meaningless” Third World elections, and devastating critiques of media coverage of the U.S. wars against Indochina—Herman and Chomsky draw on decades of criticism and research to propose a Propaganda Model to explain the media’s behavior and performance. Their new introduction updates the Propaganda Model and the earlier case studies, and it discusses several other applications. These include the manner in which the media covered the passage of the North American Free Trade Agreement and subsequent Mexican financial meltdown of 1994-1995, the media’s handling of the protests against the World Trade Organization, World Bank, and International Monetary Fund in 1999 and 2000, and the media’s treatment of the chemical industry and its regulation. What emerges from this work is a powerful assessment of how propagandistic the U.S. mass media are, how they systematically fail to live up to their self-image as providers of the kind of information that people need to make sense of the world, and how we can understand their function in a radically new way.

    Jeff Clements explains why the Citizen's United case is the final win in a campaign for corporate domination of the state that began in the 1970s under Richard Nixon. More than this, Clements shows how unfettered corporate rights will impact public health, energy policy, the environment, and the justice system. Where Thom Hartmann's Unequal Protection provides a much-needed detailed legal history of corporate personhood, Corporations Are Not People answers the reader's question: "What does Citizens United mean to me?" And, even more important, it provides a solution: a Constitutional amendment, included in the book, which would reverse Citizens United. The book's ultimate goal is to give every citizen the tools and talking points to overturn corporate personhood state by state, community by community with petitions, house party kits, draft letters, shareholder resolutions, and much more.

    In the days after 9/11, the CIA tasked Crumpton to organize and lead the Afghanistan campaign. With Crumpton's strategic initiative and bold leadership, from the battlefield to the Oval Office, U.S. and Afghan allies routed al Qaeda and the Taliban in less than ninety days after the Twin Towers fell. At the height of combat against the Taliban in late 2001, there were fewer than five hundred Americans on the ground in Afghanistan, a dynamic blend of CIA and Special Forces. The campaign changed the way America wages war. This book will change the way America views the CIA.The Art of Intelligence draws from the full arc of Crumpton's espionage and covert action exploits to explain what America's spies do and why their service is more valuable than ever. From his early years in Africa, where he recruited and ran sources, from loathsome criminals to heroic warriors; to his liaison assignment at the FBI, the CIA's Counterterrorism Center, the development of the UAV Predator program, and the Afghanistan war; to his later work running all CIA clandestine operations inside the United States, he employs enthralling storytelling to teach important lessons about national security, but also about duty, honor, and love of country.No book like The Art of Intelligence has ever been written-not with Crumpton's unique perspective, in a time when America faced such grave and uncertain risk. It is an epic, sure to be a classic in the annals of espionage and war.

    Clinton, daughter of an anticommunist father, was raised in the Republican suburbs of Chicago in the aftermath of World War II, nourishing an unshakable belief in the United States as a force for good in distant lands. Obama, an itinerant child of the 1970s, was raised by a single mother in Indonesia and Hawaii, suspended between worlds and a witness to the less savory side of Uncle Sam’s influence abroad. Clinton and Obama would later come to embody competing visions of America’s role in the world: his, restrained, inward-looking, painfully aware of limits; hers, hard-edged, pragmatic, unabashedly old-fashioned.   Spanning the arc of Obama’s two terms, Alter Egos goes beyond the speeches and press conferences to the Oval Office huddles and South Lawn strolls, where Obama and Clinton pressed their views. It follows their evolution from bitter rivals to wary partners, and then to something resembling rivals again, as Clinton defined herself anew and distanced herself from her old boss. In the process, it counters the narrative that, during her years as secretary of state, there was no daylight between them, that the wounds of the 2008 campaign had been entirely healed.   The president and his chief diplomat parted company over some of the biggest issues of the day: how quickly to wind down the wars in Iraq and Afghanistan; whether to arm the rebels in Syria; how to respond to the upheaval in Egypt; and whether to trust the Russians. In Landler’s gripping account, we venture inside the Situation Room during the raid on Osama bin Laden’s compound, watch Obama and Clinton work in tandem to salvage a conference on climate change in Copenhagen, and uncover the secret history of their nuclear diplomacy with Iran—a story with a host of fresh disclosures. With the grand sweep of history and the pointillist detail of an account based on insider access—the book draws on exclusive interviews with more than one hundred senior administration officials, foreign diplomats, and friends of Obama and Clinton—Mark Landler offers the definitive account of a complex, profoundly important relationship. As Barack Obama prepares to relinquish the presidency, and Hillary Clinton makes perhaps her last bid for it, how both regard American power is a central question of our time.Advance praise for Alter Egos “A superb journalist has brought us a vivid, page-turning, and revelatory account of the relationship between Barack Obama and Hillary Clinton, as well as of their statecraft. Alter Egos will make a signal contribution to the national debate over who should be the next American president.”—Michael Beschloss, bestselling author of Presidential Courage “Mark Landler, one of the best reporters working in Washington today, delivers an inside account of Hillary Clinton’s relationship with Barack Obama that brims with insight and high-level intrigue. It’s both fun to read and eye-opening.”—Jane Mayer, bestselling author of Dark Money: The Hidden History of the Billionaires Behind the Rise of the Radical Right