Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In "Fault Lines," Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.Rajan shows how the individual choices that collectively brought about the economic meltdown--made by bankers, government officials, and ordinary homeowners--were rational responses to a flawed global financial order in which the incentives to take on risk are incredibly out of step with the dangers those risks pose. He traces the deepening fault lines in a world overly dependent on the indebted American consumer to power global economic growth and stave off global downturns. He exposes a system where America's growing inequality and thin social safety net create tremendous political pressure to encourage easy credit and keep job creation robust, no matter what the consequences to the economy's long-term health; and where the U.S. financial sector, with its skewed incentives, is the critical but unstable link between an overstimulated America and an underconsuming world.In "Fault Lines," Rajan demonstrates how unequal access to education and health care in the United States puts us all in deeper financial peril, even as the economic choices of countries like Germany, Japan, and China place an undue burden on America to get its policies right. He outlines the hard choices we need to make to ensure a more stable world economy and restore lasting prosperity.

    An accessible look at how the government promoted the housing bubble that it is now using for its own ends.

    Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers?According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together.All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature.Among the devils you'll meet in vivid detail:• Angelo Mozilo, the CEO of Countrywide, who dreamed of spreading homeownership to the masses, only to succumb to the peer pressure-and the outsized profits-of the sleaziest subprime lending.• Roland Arnall, a respected philanthropist and diplomat, who made his fortune building Ameriquest, a subprime lending empire that relied on blatantly deceptive lending practices.• Hank Greenberg, who built AIG into a Rube Goldberg contraption with an undeserved triple-A rating, and who ran it so tightly that he was the only one who knew where all the bodies were buried.• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud old firm into the ground by promoting cronies and pushing out his smartest lieutenants.• Lloyd Blankfein, who helped turn Goldman Sachs from a culture that famously put clients first to one that made clients secondary to its own bottom line.• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and let his firm drift away from its original, noble mission.• Brian Clarkson of Moody's, who aggressively pushed to increase his rating agency's market share and stock price, at the cost of its integrity.• Alan Greenspan, the legendary maestro of the Federal Reserve, who ignored the evidence of a growing housing bubble and turned a blind eye to the lending practices that ultimately brought down Wall Street-and inflicted enormous pain on the country.Just as McLean's The Smartest Guys in the Room was hailed as the best Enron book on a crowded shelf, so will All the Devils Are Here be remembered for finally making sense of the meltdown and its consequences.

    Lawrence, “a sideshow of a sideshow.”  Amidst the slaughter in European trenches, the Western combatants paid scant attention to the Middle Eastern theater.  As a result, the conflict was shaped to a remarkable degree by a small handful of adventurers and low-level officers far removed from the corridors of power.   Curt Prüfer was an effete academic attached to the German embassy in Cairo, whose clandestine role was to foment Islamic jihad against British rule.  Aaron Aaronsohn was a renowned agronomist and committed Zionist who gained the trust of the Ottoman governor of Syria. William Yale was the fallen scion of the American aristocracy, who traveled the Ottoman Empire on behalf of Standard Oil, dissembling to the Turks in order gain valuable oil concessions.  At the center of it all was Lawrence.  In early 1914 he was an archaeologist excavating ruins in the sands of Syria; by 1917 he was the most romantic figure of World War One, battling both the enemy and his own government to bring about the vision he had for the Arab people. The intertwined paths of these four men – the schemes they put in place, the battles they fought, the betrayals they endured and committed – mirror the grandeur, intrigue and tragedy of the war in the desert.  Prüfer became Germany’s grand spymaster in the Middle East.  Aaronsohn constructed an elaborate Jewish spy-ring in Palestine, only to have the anti-Semitic and bureaucratically-inept British first ignore and then misuse his organization, at tragic personal cost.  Yale would become the only American intelligence agent in the entire Middle East – while still secretly on the payroll of Standard Oil.  And the enigmatic Lawrence rode into legend at the head of an Arab army, even as he waged secret war against his own nation’s imperial ambitions. Based on years of intensive primary document research, LAWRENCE IN ARABIA definitively overturns received wisdom on how the modern Middle East was formed.  Sweeping in its action, keen in its portraiture, acid in its condemnation of the destruction wrought by European colonial plots, this is a book that brilliantly captures the way in which the folly of the past creates the anguish of the present.

    Writing for a wide audience, David Harvey, author of The New Imperialism and The Condition of Postmodernity, here tells the political-economic story of where neoliberalization came from and how it proliferated on the world stage. Through critical engagement with this history, he constructs a framework, not only for analyzing the political and economic dangers that now surround us, but also for assessing the prospects for the more socially just alternatives being advocated by many oppositional movements.

    But every now and then, someone strikes a match that lights up the whole planet. Henry Every was the seventeenth century's most notorious pirate. The press published wildly popular--and wildly inaccurate--reports of his nefarious adventures. The British government offered enormous bounties for his capture, alive or (preferably) dead. But Steven Johnson argues that Every's most lasting legacy was his inadvertent triggering of a major shift in the global economy. Enemy of All Mankind focuses on one key event--the attack on an Indian treasure ship by Every and his crew--and its surprising repercussions across time and space. It's the gripping tale one of the most lucrative crimes in history, the first international manhunt, and the trial of the seventeenth century.Johnson uses the extraordinary story of Henry Every and his crimes to explore the emergence of the East India Company, the British Empire, and the modern global marketplace: a densely interconnected planet ruled by nations and corporations. How did this unlikely pirate and his notorious crime end up playing a key role in the birth of multinational capitalism? In the same mode as Johnson's classic non-fiction historical thriller The Ghost Map, Enemy of All Mankind deftly traces the path from a single struck match to a global conflagration.

    Drawing on exclusive access to J.P. Morgan CEO Jamie Dimon and a tightly bonded team of bankers known on Wall Street as the "Morgan Mafia," as well as in-depth interviews with dozens of other key players, including Treasury Secretary Timothy Geithner, Tett brings to life in gripping detail how the Morgan team's bold ideas for a whole new kind of financial alchemy helped to ignite a revolution in banking, and how that revolution escalated wildly out of control.The deeply reported and lively narrative takes readers behind the scenes, to the inner sanctums of elite finance and to the secretive reaches of what came to be known as the "shadow banking" world. The story begins with the intense Morgan brainstorming session in 1994 beside a pool in Boca Raton, where the team cooked up a dazzling new idea for the exotic financial product known as credit derivatives. That idea would rip around the banking world, catapult Morgan to the top of the turbocharged derivatives trade, and fuel an extraordinary banking boom that seemed to have unleashed banks from ages-old constraints of risk.But when the Morgan team's derivatives dream collided with the housing boom, and was perverted -- through hubris, delusion, and sheer greed -- by titans of banking that included Citigroup, UBS, Deutsche Bank, and the thundering herd at Merrill Lynch -- even as J.P. Morgan itself stayed well away from the risky concoctions others were peddling -- catastrophe followed. Tett's access to Dimon and the J.P. Morgan leaders who so skillfully steered their bank away from the wild excesses of others sheds invaluable light not only on the untold story of how they engineered their bank's escape from carnage but also on how possible it was for the larger banking world, regulators, and rating agencies to have spotted, and heeded, the terrible risks of a meltdown.A tale of blistering brilliance and willfully blind ambition, "Fool's Gold" is both a rare journey deep inside the arcane and wildly competitive world of high finance and a vital contribution to understanding how the worst economic crisis since the Great Depression was perpetrated.

    An authoritative history of the foods of India, complete with delicious recipes, ranges from the imperial kitchen of the Mughal invader Babur to the smoky cookhouse of the British Raj and includes information on the influence of various food traditions on the evolution of Indian specialties.

    From inside the corner office at Lehman Brothers to secret meetings in South Korea, and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world’s economy. “We’ve got to get some foam down on the runway!” a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world’s financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle. This true story is not just a look at banks that were “too big to fail,” it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

    'On the outside, [the foreigners] seem intractable, but inside they are cowardly...Although there have been a few ups-and-downs, the situation as a whole is under control.' In October 1839, a few months after the Chinese Imperial Commissioner, Lin Zexu, dispatched these confident words to his emperor, a Cabinet meeting in Windsor voted to fight Britain's first Opium War (1839-42) with China. The conflict turned out to be rich in tragicomedy: in bureaucratic fumblings, military missteps, political opportunism and collaboration. Yet over the past hundred and seventy years, this strange tale of misunderstanding, incompetence and compromise has become the founding myth of modern Chinese nationalism: the start of China's heroic struggle against a Western conspiracy to destroy the country with opium and gunboat diplomacy. "The Opium War" is both the story of modern China - starting from this first conflict with the West - and an analysis of the country's contemporary self-image. It explores how China's national myths mould its interactions with the outside world, how public memory is spun to serve the present; and how delusion and prejudice have bedevilled its relationship with the modern West.

    Warfare and taxes reshaped the English economy, and at the heart of these dramatic changes lay an issue that is still very much with us today: the tension between a nation's aspirations to be a major power and fear of the domestic consequences of such an ambition--namely, the loss of liberty.

    This Harriman House edition includes Charles Mackay's account of the three infamous financial manias - John Law's Mississipi Scheme, the South Sea Bubble, and Tulipomania.Between the three of them, these historic episodes confirm that greed and fear have always been the driving forces of financial markets, and, furthermore, that being sensible and clever is no defence against the mesmeric allure of a popular craze with the wind behind it.In writing the history of the great financial manias, Charles Mackay proved himself a master chronicler of social as well as financial history. Blessed with a cast of characters that covered all the vices, gifted a passage of events which was inevitably heading for disaster, and with the benefit of hindsight, he produced a record that is at once a riveting thriller and absorbing historical document. A century and a half later, it is as vibrant and lurid as the day it was written.For modern-day investors, still reeling from the dotcom crash, the moral of the popular manias scarcely needs spelling out. When the next stock market bubble comes along, as it surely will, you are advised to recall the plight of some of the unfortunates on these pages, and avoid getting dragged under the wheels of the careering bandwagon yourself.

    Only billionaire J.P. Morgan was able to save the stock market.Black Tuesday (1929): As the newly created Federal Reserve System repeatedly adjusted interest rates in all the wrong ways, investment trusts, the darlings of that decade, became the catalyst that caused the bubble to burst, and the Dow fell dramatically, leading swiftly to the Great Depression.Black Monday (1987): When "portfolio insurance," a new tool meant to protect investments, instead led to increased losses, and corporate raiders drove stock prices above their real values, the Dow dropped an astonishing 22.6 percent in one day.The Great Recession (2008): As homeowners began defaulting on mortgages, investment portfolios that contained them collapsed, bringing the nation's largest banks, much of the economy, and the stock market down with them.The Flash Crash (2010): When one investment manager, using a runaway computer algorithm that was dangerously unstable and poorly understood, reacted to the economic turmoil in Greece, the stock market took an unprecedentedly sudden plunge, with the Dow shedding 998.5 points (roughly a trillion dollars in valuation) in just minutes.The stories behind the great crashes are filled with drama, human foibles, and heroic rescues. Taken together they tell the larger story of a nation reaching enormous heights of financial power while experiencing precipitous dips that alter and reset a market where millions of Americans invest their savings, and on which they depend for their futures. Scott Nations vividly shows how each of these major crashes played a role in America's political and cultural fabric, each providing painful lessons that have strengthened us and helped us to build the nation we know today.A History of the United States in Five Crashes clearly and compellingly illustrates the connections between these major financial collapses and examines the solid, clear-cut lessons they offer for preventing the next one.

    Power and Plenty fills this gap, providing the first full account of world trade and development over the course of the last millennium.Ronald Findlay and Kevin O'Rourke examine the successive waves of globalization and deglobalization that have occurred during the past thousand years, looking closely at the technological and political causes behind these long-term trends. They show how the expansion and contraction of the world economy has been directly tied to the two-way interplay of trade and geopolitics, and how war and peace have been critical determinants of international trade over the very long run. The story they tell is sweeping in scope, one that links the emergence of the Western economies with economic and political developments throughout Eurasia centuries ago. Drawing extensively upon empirical evidence and informing their systematic analysis with insights from contemporary economic theory, Findlay and O'Rourke demonstrate the close interrelationships of trade and warfare, the mutual interdependence of the world's different regions, and the crucial role these factors have played in explaining modern economic growth. Power and Plenty is a must-read for anyone seeking to understand the origins of today's international economy, the forces that continue to shape it, and the economic and political challenges confronting policymakers in the twenty-first century.

    In this brilliant new interpretation Steve Pincus refutes this traditional view.By expanding the interpretive lens to include a broader geographical and chronological frame, Pincus demonstrates that England’s revolution was a European event, that it took place over a number of years, not months, and that it had repercussions in India, North America, the West Indies, and throughout continental Europe. His rich historical narrative, based on masses of new archival research, traces the transformation of English foreign policy, religious culture, and political economy that, he argues, was the intended consequence of the revolutionaries of 1688–1689.James II developed a modernization program that emphasized centralized control, repression of dissidents, and territorial empire. The revolutionaries, by contrast, took advantage of the new economic possibilities to create a bureaucratic but participatory state. The postrevolutionary English state emphasized its ideological break with the past and envisioned itself as continuing to evolve. All of this, argues Pincus, makes the Glorious Revolution—not the French Revolution—the first truly modern revolution. This wide-ranging book reenvisions the nature of the Glorious Revolution and of revolutions in general, the causes and consequences of commercialization, the nature of liberalism, and ultimately the origins and contours of modernity itself.