Its manufacturing underpins the world's economy; its military is growing at the fastest rate of any nation and its leader - Xi Jinping - is to set the pace and tone of world affairs for decades.In 2017 Xi Jinping became part of the constitution - an honour not seen since Chairman Mao. Here, China expert Kerry Brown guides us through the world according to Xi: his plans to make China the most powerful country on earth and to eradicate poverty for its citizens. In this captivating book we discover Xi's beliefs, how he thinks about communism, and how far he is willing to go to defend it.

    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.

    

    I shall give it in the exact words of that thoughtful historian from whom I have already quoted: "Before the end of the year 1795 the paper money was almost exclusively in the hands of the working classes, employees and men of small means, whose property was not large enough to invest in stores of goods or national lands.

    On this journey you'll discover how this staggering new technology has the potential to enable an ultra-libertarian society beyond government control.Murder for hire. Drug trafficking. Embezzlement. Money laundering. These might sound like plot lines of a thriller, but they are true stories from the short history of cryptocurrencies - digital currencies conceived by computer hackers and cryptographers that represent a completely new sort of financial transaction that could soon become mainstream. The most famous - or infamous - cryptocurrency is bitcoin. But look beyond its tarnished reputation and something much shinier emerges. The technology that underlies bitcoin and other cryptocurrencies - the blockchain - is hailed as the greatest advancement since the invention of the internet. It is now moving away from being the backbone for a digital currency and making inroads into other core concepts of society: identity, ownership and even the rule of law. The End of Money is your essential introduction to this transformative new technology that has governments, entrepreneurs and forward-thinking people from all walks of life sitting up and taking notice. ABOUT THE SERIESNew Scientist Instant Expert books are definitive and accessible entry points to the most important subjects in science; subjects that challenge, attract debate, invite controversy and engage the most enquiring minds. Designed for curious readers who want to know how things work and why, the Instant Expert series explores the topics that really matter and their impact on individuals, society, and the planet, translating the scientific complexities around us into language that's open to everyone, and putting new ideas and discoveries into perspective and context.

    Dr. Hans-Hermann Hoppe skillfully weaves history, sociology, ethics, and Misesian praxeology to present an alternative — and highly challenging — view of human economic development over the ages.As always, Dr. Hoppe addresses the fundamental questions as only he can. How do family and social bonds develop? Why is the concept of private property so vitally important to human flourishing? What made the leap from a Malthusian subsistence society to an industrial society possible? How did we devolve from aristocracy to monarchy to social democratic welfare states? And how did modern central governments become the all-powerful rulers over nearly every aspect of our lives?Dr. Hoppe examines and answers all of these often thorny questions without resorting to platitudes or bowdlerized history. This is Hoppe at his best: calmly and methodically skewering sacred cows.

    Drawing from these practical, commonsense notions, The Cost of Rights provides a useful corrective to the all-or-nothing feel of much political debate nowadays (The Economist).

    this series is not for novices. This booklet takes portfolio design beyond the familiar "black box" mean-variance framework. Most importantly, the short-term volatility of financial assets, commonly measured as standard deviation, is a highly imperfect measure of the actual long-horizon perils faced by real-world investors subject to the vagaries of financial and military history. These risks have names-inflation, deflation, confiscation, and devastation-and any useful discussion of portfolio design of necessity incorporates their probabilities, consequences, and costs of mitigation. You're an investment adult, so you know that the future efficient frontier lies well beyond our ken; presumably you already know all about the mechanics, long-term benefits, as well as the uncertainties, of wide diversification and factor tilt using low-cost, efficient vehicles and the risk/reward spectrum between all-fixed- income and all-equity portfolios. This booklet contains no magic formula for the "perfect portfolio," but rather, with luck, a framework within which to think more clearly about risk.

    In fact, as Liaquat Ahamed reveals, it was the decisions taken by a small number of central bankers that were the primary cause of the economic meltdown, the effects of which set the stage for World War II and reverberated for decades. In Lords of Finance, we meet the neurotic and enigmatic Montagu Norman of the Bank of England, the xenophobic and suspicious Émile Moreau of the Banque de France, the arrogant yet brilliant Hjalmar Schacht of the Reichsbank, and Benjamin Strong of the Federal Reserve Bank of New York, whose façade of energy and drive masked a deeply wounded and overburdened man. After the First World War, these central bankers attempted to reconstruct the world of international finance. Despite their differences, they were united by a common fear—that the greatest threat to capitalism was inflation— and by a common vision that the solution was to turn back the clock and return the world to the gold standard. For a brief period in the mid-1920s they appeared to have succeeded. The world’s currencies were stabilized and capital began flowing freely across the globe. But beneath the veneer of boom-town prosperity, cracks started to appear in the financial system. The gold standard that all had believed would provide an umbrella of stability proved to be a straitjacket, and the world economy began that terrible downward spiral known as the Great Depression. As yet another period of economic turmoil makes headlines today, the Great Depression and the year 1929 remain the benchmark for true financial mayhem. Offering a new understanding of the global nature of financial crises, Lords of Finance is a potent reminder of the enormous impact that the decisions of central bankers can have, of their fallibility, and of the terrible human consequences that can result when they are wrong.

    It is rare that an economist has the courage and aptitude to take a studied look at real world issues and to lay out the advantages and disadvantages of current policies. Coyle takes these potentially confusing and politically rife issues and makes them straightforward, thereby educating the reader in an entertaining and sophisticated manner. Coyle uses humour and irony to explain the issues. Who else could draw a link between Japanese teenage fashion and the country's long standing liquidity trap; or how sunspots can determine whether we will have a financial crisis on earth; or how pork belly futures depend on the weather and pigs' amorous intentions? Throughout the book, Diane Coyle highlights the fact that above all, economics is a social science, and one that affects us all.

    Yet it has not been an easy path; military catastrophe, political atrophy, and economic upheavals have made regular appearances from the feudal era to the present. Today, Japan is seen as a has-been with a sluggish economy, an aging population, dysfunctional politics, and a business landscape dominated by yesterday's champions. Though it is supposed to be America's strongest ally in the Asia-Pacific region, it has almost entirely disappeared from the American radar screen.In Japan and the Shackles of the Past, R. Taggart Murphy places the current troubles of Japan in a sweeping historical context, moving deftly from early feudal times to the modern age that began with the Meiji Restoration. Combining fascinating analyses of Japanese culture and society over the centuries with hard-headed accounts of Japan's numerous political regimes, Murphy not only reshapes our understanding of Japanese history, but of Japan's place in the contemporary world. He concedes that Japan has indeed been out of sight and out of mind in recent decades, but contends that this is already changing. Political and economic developments in Japan today risk upheaval in the pivotal arena of Northeast Asia, inviting comparisons with Europe on the eve of the First World War. America's half-completed effort to remake Japan in the late 1940s is unraveling, and the American foreign policy and defense establishment is directly culpable for what has happened. The one apparent exception to Japan's malaise is the vitality of its pop culture, but it's actually no exception at all; rather, it provides critical clues to what is going on now.With insights into everything from Japan's politics and economics to the texture of daily life, gender relations, the changing business landscape, and popular and high culture, Japan and the Shackles of the Past is the indispensable guide to understanding Japan in all its complexity.

    But they’re single-minded and very, very hungry. On land, they take the form of bosses, businesspeople, colleagues, family, and sociopathic neighbors. In the world of former governor of New Mexico and US ambassador to the United Nations Bill Richardson, they have taken the form of the most powerful people in the world. He’s engaged in high-stakes, face-to-face negotiations with Castro, Saddam, the Taliban, two generations of North Korean leadership, and many more of the world’s most infamous dictators—and done it so well he was known as the "Undersecretary of Thugs" while with the Clinton administration. Now the 5-time Nobel Peace Prize nominee tells these stories—from Washington, DC, to the Middle East to Pyongyang—in all their intense and sometimes absurd glory.How to Sweet-Talk a Shark is a rare, candid, and entertaining glimpse into an insider’s world of high-stakes negotiation – showing Richardson’s successes and failures in some of the world’s least friendly places. Meanwhile, readers get frank lessons in the art of negotiation: how to prepare, how to size up your opponent, how to understand the nature of power in a standoff, how to give up only what is necessary while getting what you want, and many other strategies Richardson has mastered through at-the-table experience – and from working with other master negotiators like Presidents Obama and Clinton, and Nelson Mandela. These are takeawayas that anyone can use to negotiate with the power brokers, dealmakers, and, yes, the hungry sharks in their own lives.

     It is also a story of dramatic financial panics that defined the nation, created its political parties, and forced tens of thousands to escape their creditors to new towns in Texas, Florida, and California.  As far back as 1792, these panics boiled down to one simple question: Would Americans pay their debts—or were we just a nation of deadbeats? From the merchant William Duer’s attempts to speculate on post–Revolutionary War debt, to an ill-conceived 1815 plan to sell English coats to Americans on credit, to the debt-fueled railroad expansion that precipitated the Panic of 1857, Scott Reynolds Nelson offers a crash course in America’s worst financial disasters—and a concise explanation of the first principles that caused them all. Nelson shows how consumer debt, both at the highest levels of finance and in the everyday lives of citizens, has time and again left us unable to make good. The problem always starts with the chain of banks, brokers, moneylenders, and insurance companies that separate borrowers and lenders.  At a certain point lenders cannot tell good loans from bad—and when chits are called in, lenders frantically try to unload the debts, hide from their own creditors, go into bankruptcy, and lobby state and federal institutions for relief. With a historian’s keen observations and a storyteller’s nose for character and incident, Nelson captures the entire sweep of America’s financial history in all its utter irrationality: national banks funded by smugglers; fistfights in Congress over the gold standard; and presidential campaigns forged in stinging controversies on the subject of private debt. A Nation of Deadbeats is a fresh, irreverent look at Americans’ addiction to debt and how it has made us what we are today.

    It introduces first year Ph.D. students to standard graduate econometrics material from a modern perspective. It covers all the standard material necessary for understanding the principal techniques of econometrics from ordinary least squares through cointegration. The book is also distinctive in developing both time-series and cross-section analysis fully, giving the reader a unified framework for understanding and integrating results.Econometrics has many useful features and covers all the important topics in econometrics in a succinct manner. All the estimation techniques that could possibly be taught in a first-year graduate course, except maximum likelihood, are treated as special cases of GMM (generalized methods of moments). Maximum likelihood estimators for a variety of models (such as probit and tobit) are collected in a separate chapter. This arrangement enables students to learn various estimation techniques in an efficient manner. Eight of the ten chapters include a serious empirical application drawn from labor economics, industrial organization, domestic and international finance, and macroeconomics. These empirical exercises at the end of each chapter provide students a hands-on experience applying the techniques covered in the chapter. The exposition is rigorous yet accessible to students who have a working knowledge of very basic linear algebra and probability theory. All the results are stated as propositions, so that students can see the points of the discussion and also the conditions under which those results hold. Most propositions are proved in the text.For those who intend to write a thesis on applied topics, the empirical applications of the book are a good way to learn how to conduct empirical research. For the theoretically inclined, the no-compromise treatment of the basic techniques is a good preparation for more advanced theory courses.

    By 1492 the Jewish people had become a small group of literate urbanites specializing in crafts, trade, moneylending, and medicine in hundreds of places across the Old World, from Seville to Mangalore. What caused this radical change? The Chosen Few presents a new answer to this question by applying the lens of economic analysis to the key facts of fifteen formative centuries of Jewish history. Maristella Botticini and Zvi Eckstein offer a powerful new explanation of one of the most significant transformations in Jewish history while also providing fresh insights into the growing debate about the social and economic impact of religion.