In this essay based on a popular lecture, Foundation for Economic Education President Lawrence W. Reed debunks this conventional view and traces the central role that poor government policy played in fostering this legendary catastrophe. Lawrence W. ("Larry") Reed became president of the Foundation for Economic Education (FEE) in 2008. Prior to becoming FEE's president, he served for twenty years as president of the Mackinac Center for Public Policy in Midland, Michigan. He also taught economics full-time from 1977 to 1984 at Northwood University in Michigan and chaired its Department of Economics from 1982 to 1984. A champion for liberty, Reed has authored over 1,000 newspaper columns and articles, dozens of articles in magazines and journals in the United States and abroad. The Foundation for Economic Education (FEE) is the premier source for understanding the humane values of a free society, and the economic, legal, and ethical principles that make it possible. At FEE, you’ll be connected with people worldwide who share those values and are inspired by the dynamic ideas of free association, free markets, and a diverse civil society. Explore freedom’s limitless possibilities through seminars, classroom resources, social media, and daily content at FEE.org. Learn how your creativity and initiative can result in a prosperous and flourishing life for yourself and the global community. Whether you are just beginning to explore entrepreneurship, economics, or creating value for others or are mentoring others on their journeys, FEE has everything you need. FEE is supported by voluntary, tax-deductible contributions from individuals, foundations, and businesses who believe that it is vital to cultivate a deep appreciation in every generation for individual liberty, personal character, and a free economy. Supporters  receive a subscription to FEE's flagship magazine, the Freeman, also available at FEE.org.

    In Utopistics, Immanuel Wallerstein argues that the global order that nourished those dreams is on the brink of disintegration. Pointing to the globalization of commerce, the changing nature of work and the family, the failures of traditional liberal ideology, and the danger of profound environmental crises, the founder of world-systems analysis argues that the nation-state system no longer works. The next twenty-five to fifty years will see the final breakdown of that system, and a time of great conflicts and disorder. It will also be a period in which individual and collective action will have a greater impact on the future than has been possible for 500 years. Utopistics distills Wallerstein’s hugely influential work on the modern world-system in an accessible way. This fascinating and provocative look into our collective political destiny poses urgent questions for anyone concerned with social change in the next millennium.

    Ninan addresses a range of contemporary questions as only he can—looking at why the economy lost steam, the emerging trends in politics, the Chinese shadow over India, and the relationship between the state and the citizen. He asks whether manufacturing can be made a success story, what is the size of the neo-middle class, who really is the aam aadmi, and if it is possible to put an end to extreme poverty now. And, finally—what are the fears that should keep us awake at night?This wide-ranging book is an attempt to understand, through data and analyses, where India stands today, why it has emerged the way it has, and what the next ten years might bring. For anyone interested in India and its future, this is essential and enlightening reading.

    But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In Capital in the Twenty-First Century, Thomas Piketty analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings will transform debate and set the agenda for the next generation of thought about wealth and inequality.Piketty shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality—the tendency of returns on capital to exceed the rate of economic growth—today threatens to generate extreme inequalities that stir discontent and undermine democratic values. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, Piketty says, and may do so again.