We all sense that, but Mervyn King knows it firsthand; his ten years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy he offers us an essential work about the history and future of money and banking, the keys to modern finance.The Industrial Revolution built the foundation of our modern capitalist age. Yet the flowering of technological innovations during that dynamic period relied on the widespread adoption of two much older ideas: the creation of paper money and the invention of banks that issued credit. We take these systems for granted today, yet at their core both ideas were revolutionary and almost magical. Common paper became as precious as gold, and risky long-term loans were transformed into safe short-term bank deposits. As King argues, this is financial alchemy—the creation of extraordinary financial powers that defy reality and common sense. Faith in these powers has led to huge benefits; the liquidity they create has fueled economic growth for two centuries now. However, they have also produced an unending string of economic disasters, from hyperinflations to banking collapses to the recent global recession and current stagnation.How do we reconcile the potent strengths of these ideas with their inherent weaknesses? King draws on his unique experience to present fresh interpretations of these economic forces and to point the way forward for the global economy. His bold solutions cut through current overstuffed and needlessly complex legislation to provide a clear path to durable prosperity and the end of overreliance on the alchemy of our financial ancestors.

    The conversion of energy on Earth ranges from terra-forming forces of plate tectonics to cumulative erosive effects of raindrops. Life on Earth depends on the photosynthetic conversion of solar energy into plant biomass. Humans have come to rely on many more energy flows—ranging from fossil fuels to photovoltaic generation of electricity—for their civilized existence. In this monumental history, Vaclav Smil provides a comprehensive account of how energy has shaped society, from pre-agricultural foraging societies through today's fossil fuel–driven civilization.Humans are the only species that can systematically harness energies outside their bodies, using the power of their intellect and an enormous variety of artifacts—from the simplest tools to internal combustion engines and nuclear reactors. The epochal transition to fossil fuels affected everything: agriculture, industry, transportation, weapons, communication, economics, urbanization, quality of life, politics, and the environment. Smil describes humanity's energy eras in panoramic and interdisciplinary fashion, offering readers a magisterial overview. This book is an extensively updated and expanded version of Smil's Energy in World History (1994). Smil has incorporated an enormous amount of new material, reflecting the dramatic developments in energy studies over the last two decades and his own research over that time.

    In the span of five minutes, a trillion dollars of valuation was lost. The Flash Crash, as it became known, represented the fastest drop in market history. When share values rebounded less than half an hour later, experts around the globe were left perplexed. What had they just witnessed?Navinder Singh Sarao hardly seemed like a man who would shake the world's financial markets to their core. Raised in a working-class neighborhood in West London, Nav was a preternaturally gifted trader who played the markets like a computer game. By the age of thirty, he had left behind London's "trading arcades," working instead out of his childhood home. For years the money poured in. But when lightning-fast electronic traders infiltrated markets and started eating into his profits, Nav built a system of his own to fight back. It worked--until 2015, when the FBI arrived at his door. Depending on whom you ask, Sarao was a scourge, a symbol of a financial system run horribly amok, or a folk hero who took on the tyranny of Wall Street and the high-frequency traders.A real-life financial thriller, Flash Crash uncovers the remarkable, behind-the-scenes narrative of a mystifying market crash, a globe-spanning investigation into international fraud, and the man at the center of them both.

    We obsess over our emails, Instagram likes, and Facebook feeds; we binge on TV episodes and YouTube videos; we work longer hours each year; and we spend an average of three hours each day using our smartphones. Half of us would rather suffer a broken bone than a broken phone, and Millennial kids spend so much time in front of screens that they struggle to interact with real, live humans. In this revolutionary book, Adam Alter, a professor of psychology and marketing at NYU, tracks the rise of behavioral addiction, and explains why so many of today's products are irresistible. Though these miraculous products melt the miles that separate people across the globe, their extraordinary and sometimes damaging magnetism is no accident. The companies that design these products tweak them over time until they become almost impossible to resist. By reverse engineering behavioral addiction, Alter explains how we can harness addictive products for the good—to improve how we communicate with each other, spend and save our money, and set boundaries between work and play—and how we can mitigate their most damaging effects on our well-being, and the health and happiness of our children.

    As governments fail to respond to—or actively engineer—each crisis, ordinary people are finding bold and innovative ways to share resources and support the vulnerable. Survival work, when done alongside social movement demands for transformative change, is called mutual aid.This book is about mutual aid: why it is so important, what it looks like, and how to do it. It provides a grassroots theory of mutual aid, describes how mutual aid is a crucial part of powerful movements for social justice, and offers concrete tools for organizing, such as how to work in groups, how to foster a collective decision-making process, how to prevent and address conflict, and how to deal with burnout. Writing for those new to activism as well as those who have been in social movements for a long time, Dean Spade draws on years of organizing to offer a radical vision of community mobilization, social transformation, compassionate activism, and solidarity.

    Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich's Introduction both clarifies Smith's analyses and illuminates his overall relevance to the world in which we live. As Reich writes, "Smith's mind ranged over issues as fresh and topical today as they were in the late eighteenth century--jobs, wages, politics, government, trade, education, business, and ethics."Introduction by Robert Reich - Commentary by R. H. Campbell and A. S. Skinner - Includes a Modern Library Reading Group Guide

    Enron was forced to declare bankruptcy after allegations of massive accounting fraud, wiping out $78 billion in stock market value. Bernie Madoff, the largest individual fraudster in history, built a $65 billion Ponzi scheme that ultimately resulted in his being sentenced to 150 years in prison. People from all walks of life have been scammed out of their money: French and British nobility looking to get rich quickly, farmers looking for a miracle cure for their health ailments, several professional athletes, and some of Hollywood's biggest stars. No one is immune from getting deceived when money is involved. Don't Fall For It is a fascinating look into some of the biggest financial frauds and scams ever.This compelling book explores specific instances of financial fraud as well as some of the most successful charlatans and hucksters of all-time. Sharing lessons that apply to business, money management, and investing, author Ben Carlson answers questions such as: Why do even the most intelligent among us get taken advantage of in financial scams? What make fraudsters successful? Why is it often harder to stay rich than to get rich? Each chapter in examines different frauds, perpetrators, or victims of scams. These real-life stories include anecdotes about how these frauds were carried out and discussions of what can be learned from these events. This engaging book:Explores the business and financial lessons drawn from some of history's biggest frauds Describes the conditions under which fraud tends to work best Explains how people can avoid being scammed out of their money Suggests practical steps to reduce financial fraud in the future Don't Fall For It: A Short History of Financial Scams is filled with engrossing real-life stories and valuable insights, written for finance professionals, investors, and general interest readers alike.

    In the past two decades, deaths of despair from suicide, drug overdose, and alcoholism have risen dramatically, and now claim hundreds of thousands of American lives each year--and they're still rising. Anne Case and Angus Deaton, known for first sounding the alarm about deaths of despair, explain the overwhelming surge in these deaths and shed light on the social and economic forces that are making life harder for the working class. They demonstrate why, for those who used to prosper in America, capitalism is no longer delivering.Deaths of Despair and the Future of Capitalism paints a troubling portrait of the American dream in decline. For the white working class, today's America has become a land of broken families and few prospects. As the college educated become healthier and wealthier, adults without a degree are literally dying from pain and despair. In this critically important book, Case and Deaton tie the crisis to the weakening position of labor, the growing power of corporations, and, above all, to a rapacious health-care sector that redistributes working-class wages into the pockets of the wealthy. Capitalism, which over two centuries lifted countless people out of poverty, is now destroying the lives of blue-collar America.This book charts a way forward, providing solutions that can rein in capitalism's excesses and make it work for everyone.

    Cohen changed Wall Street. He and his fellow pioneers of the hedge fund industry didn't lay railroads, build factories, or invent new technologies. Rather, they made their billions through speculation, by placing bets in the market that turned out to be right more often than wrong and for this, they gained not only extreme personal wealth but formidable influence throughout society. Hedge funds now oversee more than $3 trillion in assets, and the competition between them is so fierce that traders will do whatever they can to get an edge.Cohen was one of the industry's biggest success stories, the person everyone else in the business wanted to be. Born into a middle-class family on Long Island, he longed from an early age to be a star on Wall Street. He mastered poker in high school, went off to Wharton, and in 1992 launched the hedge fund SAC Capital, which he built into a $15 billion empire, almost entirely on the basis of his wizard like stock trading. He cultivated an air of mystery, reclusiveness, and excess, building a 35,000-square-foot mansion in Greenwich, Connecticut, flying to work by helicopter, and amassing one of the largest private art collections in the world. On Wall Street, Cohen was revered as a genius: one of the greatest traders who ever lived.That image was shattered when SAC Capital became the target of a sprawling, seven-year investigation, led by a determined group of FBI agents, prosecutors, and SEC enforcement attorneys. Labeled by prosecutors as a magnet for market cheaters whose culture encouraged the relentless pursuit of edge and even black edge, which is inside information SAC Capital was ultimately indicted and pleaded guilty to charges of securities and wire fraud in connection with a vast insider trading scheme, even as Cohen himself was never charged.Black Edge offers a revelatory look at the gray zone in which so much of Wall Street functions. It's a riveting, true-life legal thriller that takes readers inside the government's pursuit of Cohen and his employees, and raises urgent and troubling questions about the power and wealth of those who sit at the pinnacle of modern Wall Street.

    “You’ve got to be shitting me,” he later told the company’s CEO. “This place is a gold mine.” Over the next four decades, the student loan industry that Sallie Mae and Congress created blew up into a crisis that would submerge a generation of Americans into $1.5 trillion in student debt. In The Debt Trap, Wall Street Journal reporter Josh Mitchell tells the “vivid and compelling” (Chicago Tribune) untold story of the scandals, scams, predatory actors, and government malpractice that have created the behemoth that one of its original architects called a “monster.” As he charts the “jaw-dropping” (Jeffrey Selingo, New York Times bestselling author of Who Gets in and Why) seventy-year history of student debt in America, Mitchell never loses sight of the countless student victims ensnared by an exploitative system that depends on their debt. Mitchell also draws alarming parallels to the housing crisis in the late 2000s, showing the catastrophic consequences student debt has had on families and the nation’s future. Mitchell’s character-driven narrative is “necessary reading” (The New York Times) for anyone wanting to understand the central economic issue of our day.

    This highly accessible book is aimed at anyone who wants to improve their financial situation, from the financial novice who needs clear basic guidelines on how to deal with money to those who are more financially savvy but want to supplement their knowledge. Covering a range of topics, from saving, investing, debt management, buying a house to blunders to avoid, Become Your Own Financial Advisor provides people of all ages and levels of wealth with practical information on how to improve their finances. And, in the process, proves that financial freedom is possible for everyone.

    Evicted transforms our understanding of poverty and economic exploitation while providing fresh ideas for solving one of 21st-century America's most devastating problems. Its unforgettable scenes of hope and loss remind us of the centrality of home, without which nothing else is possible.

    Frank explores the lives and lifestyles of a new breed of millionaires and billionaires - many of them self-made and from blue-collar backgrounds - and how this new gilded age is affecting wider society.

    Even as they bring ease to our lives, these programs are stealing something essential from us.Drawing on psychological and neurological studies that underscore how tightly people’s happiness and satisfaction are tied to performing hard work in the real world, Carr reveals something we already suspect: shifting our attention to computer screens can leave us disengaged and discontented.From nineteenth-century textile mills to the cockpits of modern jets, from the frozen hunting grounds of Inuit tribes to the sterile landscapes of GPS maps, The Glass Cage explores the impact of automation from a deeply human perspective, examining the personal as well as the economic consequences of our growing dependence on computers.With a characteristic blend of history and philosophy, poetry and science, Carr takes us on a journey from the work and early theory of Adam Smith and Alfred North Whitehead to the latest research into human attention, memory, and happiness, culminating in a moving meditation on how we can use technology to expand the human experience.

    A concentration of power, whether in the hands of a military dictator or a JP Morgan, was understood as autocratic and dangerous to individual liberty and democracy. This idea stretched back to the country’s founding. In the 1930s, people observed that the Great Depression was caused by financial concentration in the hands of a few whose misuse of their power induced a financial collapse. They drew on this tradition to craft the New Deal. In Goliath, Matt Stoller explains how authoritarianism and populism have returned to American politics for the first time in eighty years, as the outcome of the 2016 election shook our faith in democratic institutions. It has brought to the fore dangerous forces that many modern Americans never even knew existed. Today’s bitter recriminations and panic represent more than just fear of the future, they reflect a basic confusion about what is happening and the historical backstory that brought us to this moment. The true effects of populism, a shrinking middle class, and concentrated financial wealth are only just beginning to manifest themselves under the current administrations. The lessons of Stoller’s study will only grow more relevant as time passes. Building upon his viral article in The Atlantic, “How the Democrats Killed Their Populist Soul,” Stoller illustrates in rich detail how we arrived at this tenuous moment, and the steps we must take to create a new democracy.