John Maynard Keynes, the mercurial Cambridge economist, believed that government had a duty to spend when others would not. He met his opposite in a little-known Austrian economics professor, Freidrich Hayek, who considered attempts to intervene both pointless and potentially dangerous. The battle lines thus drawn, Keynesian economics would dominate for decades and coincide with an era of unprecedented prosperity, but conservative economists and political leaders would eventually embrace and execute Hayek's contrary vision.From their first face-to-face encounter to the heated arguments between their ardent disciples, Nicholas Wapshott here unearths the contemporary relevance of Keynes and Hayek, as present-day arguments over the virtues of the free market and government intervention rage with the same ferocity as they did in the 1930s.

    Now, improving the economy has come to be seen as perhaps the most important task facing modern societies. Politics and policymaking are conducted in the language of economics and economic logic shapes how political issues are thought about and addressed. The result is that the majority of citizens, who cannot speak this language, are locked out of politics while political decisions are increasingly devolved to experts. The econocracy explains how economics came to be seen this way - and the damaging consequences. It opens up the discipline and demonstrates its inner workings to the wider public so that the task of reclaiming democracy can begin.

    (Marginal cost is the cost of producing additional units of a good or service, if fixed costs are not counted.) While economists have always welcomed a reduction in marginal cost, they never anticipated the possibility of a technological revolution that might bring marginal costs to near zero, making goods and services priceless, nearly free, and abundant, and no longer subject to market forces.Now, a formidable new technology infrastructure—the Internet of things (IoT)—is emerging with the potential of pushing large segments of economic life to near zero marginal cost in the years ahead. Rifkin describes how the Communication Internet is converging with a nascent Energy Internet and Logistics Internet to create a new technology platform that connects everything and everyone. Billions of sensors are being attached to natural resources, production lines, the electricity grid, logistics networks, recycling flows, and implanted in homes, offices, stores, vehicles, and even human beings, feeding Big Data into an IoT global neural network. Prosumers can connect to the network and use Big Data, analytics, and algorithms to accelerate efficiency, dramatically increase productivity, and lower the marginal cost of producing and sharing a wide range of products and services to near zero, just like they now do with information goods.The plummeting of marginal costs is spawning a hybrid economy—part capitalist market and part Collaborative Commons—with far reaching implications for society, according to Rifkin. Hundreds of millions of people are already transferring parts of their economic lives to the global Collaborative Commons. Prosumers are plugging into the fledgling IoT and making and sharing their own information, entertainment, green energy, and 3D-printed products at near zero marginal cost. They are also sharing cars, homes, clothes and other items via social media sites, rentals, redistribution clubs, and cooperatives at low or near zero marginal cost. Students are enrolling in free massive open online courses (MOOCs) that operate at near zero marginal cost. Social entrepreneurs are even bypassing the banking establishment and using crowdfunding to finance startup businesses as well as creating alternative currencies in the fledgling sharing economy. In this new world, social capital is as important as financial capital, access trumps ownership, sustainability supersedes consumerism, cooperation ousts competition, and "exchange value" in the capitalist marketplace is increasingly replaced by "sharable value" on the Collaborative Commons.Rifkin concludes that capitalism will remain with us, albeit in an increasingly streamlined role, primarily as an aggregator of network services and solutions, allowing it to flourish as a powerful niche player in the coming era. We are, however, says Rifkin, entering a world beyond markets where we are learning how to live together in an increasingly interdependent global Collaborative Commons.

    When it was published in 1943, Isabel Paterson's work provided fresh intellectual support for the endangered American belief in individual rights, limited government, and economic freedom. The crisis of today's collectivized nations would not have surprised Paterson; in The God of the Machine, she had explored the reasons for collectivism's failure. Her book placed her in the vanguard of the free-enterprise movement now sweeping the world.Paterson sees the individual creative mind as the dynamo of history, and respect for the individual's God-given rights as the precondition for the enormous release of energy that produced the modern world. She sees capitalist institutions as the machinery through which human energy works, and government as a device properly used merely to cut off power to activities that threaten personal liberty.Paterson applies her general theory to particular issues in contemporary life, such as education, .social welfare, and the causes of economic distress. She severely criticizes all but minimal application of government, including governmental interventions that most people have long taken for granted. The God of the Machine offers a challenging perspective on the continuing, worldwide debate about the nature of freedom, the uses of power, and the prospects of human betterment.Stephen Cox's substantial introduction to The God of the Machine is a comprehensive and enlightening account of Paterson's colorful life and work. He describes The God of the Machine as "not just theory, but rhapsody, satire, diatribe, poetic narrative." Paterson's work continues to be relevant because "it exposes the moral and practical failures of collectivism, failures that are now almost universally acknowledged but are still far from universally understood." The book will be essential to students of American history, political theory, and literature.

    Landes's acclaimed, best-selling exploration of one of the most contentious and hotly debated questions of our time: Why do some nations achieve economic success while others remain mired in poverty? The answer, as Landes definitively illustrates, is a complex interplay of cultural mores and historical circumstance. Rich with anecdotal evidence, piercing analysis, and a truly astonishing range of erudition, The Wealth and Poverty of Nations is a "picture of enormous sweep and brilliant insight" (Kenneth Arrow) as well as one of the most audaciously ambitious works of history in decades.For the paperback edition, Landes has written a new epilogue, in which he takes account of Asian financial crisises and the international tension between overconfidence and reality.

    We witness teenagers being sued for "pirating" music, and we observe AIDS patients in Africa dying due to lack of ability to pay for drugs that are high priced to satisfy patent holders. Are patents and copyrights essential to thriving creation and innovation—do we need them so that we all may enjoy fine music and good health? Across time and space the resounding answer is: No. So-called intellectual property is in fact an "intellectual monopoly" that hinders rather than helps the competitive free market regime that has delivered wealth and innovation to our doorsteps. This book has broad coverage of both copyrights and patents and is designed for a general audience, focusing on simple examples. The authors conclude that the only sensible policy to follow is to eliminate the patents and copyright systems as they currently exist.

    Their results shocked the world and created stirring conversation about global 'overshoot,' or resource use beyond the carrying capacity of the planet. Now, preeminent environmental scientists Donnella Meadows, Jorgen Randers, and Dennis Meadows have teamed up again to update and expand their original findings in The Limits to Growth: The 30 Year Global Update.Meadows, Randers, and Meadows are international environmental leaders recognized for their groundbreaking research into early signs of wear on the planet. Citing climate change as the most tangible example of our current overshoot, the scientists now provide us with an updated scenario and a plan to reduce our needs to meet the carrying capacity of the planet.Over the past three decades, population growth and global warming have forged on with a striking semblance to the scenarios laid out by the World3 computer model in the original Limits to Growth. While Meadows, Randers, and Meadows do not make a practice of predicting future environmental degradation, they offer an analysis of present and future trends in resource use, and assess a variety of possible outcomes.In many ways, the message contained in Limits to Growth: The 30-Year Update is a warning. Overshoot cannot be sustained without collapse. But, as the authors are careful to point out, there is reason to believe that humanity can still reverse some of its damage to Earth if it takes appropriate measures to reduce inefficiency and waste.Written in refreshingly accessible prose, Limits to Growth: The 30-Year Update is a long anticipated revival of some of the original voices in the growing chorus of sustainability. Limits to Growth: The 30 Year Update is a work of stunning intelligence that will expose for humanity the hazy but critical line between human growth and human development.

    Rather, it is a late and localized product of very specific historical conditions, which required great transformations in social relations and in the human interaction with nature.This new edition is substantially revised and expanded, with extensive new material on imperialism, anti-Eurocentric history, capitalism and the nation-state, and the differences between capitalism and non-capitalist commerce. The author traces links between the origin of capitalism and contemporary conditions such as globalization, ecological degradation, and the current agricultural crisis.

    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).

    

    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.

    Financial markets are the least understood and most highly criticized part of the capitalist system. The greed of participants involved in scandals like Enron adds fuel to the fire that these markets are a tool of the rich. Powerful interest groups oppose markets, especially financial markets, because markets undermine their power. Winners in the market want to entrench their position and prevent others from breaking through by suppressing markets. Losers would also like to suppress the market because they cannot compete. Saving Capitalism From the Capitalists explores how financial markets free human ingenuity, make nations competitive and are the basis for broadening prosperity.

    VI Lenin's Imperialism: The Highest Stage of Capitalism was one of the first attempts to account for the increasing importance of the world market in the twentieth century. Originally published in 1916, Imperialism explains how colonialism and the First World War were inherent features of the global development of the capitalist economy.In a new introduction, Norman Lewis and James Malone contrast Lenin's approach with that adopted by contemporary theories of globalisation. They argue that, while much has changed since Lenin wrote, his theoretical framework remains the best method for understanding recent global developments.

    What effects has this “capitalist realism” had on work, culture, education and mental health? Is it possible to imagine an alternative to capitalism that is not some throwback to discredited models of state control?

    Friedman, the Pulitzer Prize-winning foreign affairs columnist for The New York Times, offers an engrossing look at the new international system that is transforming world affairs today. Globalization has replaced the Cold War system with the integration of capital, technology, and information across national borders—uniting Brazilian peasants, Indonesian entrepreneurs, Chinese villagers, and Silicon Valley technocrats in a single global village. You cannot understand the morning news, know where to invest your money, or think about the future unless you understand this new system, which is profoundly influencing virtually every country in the world today. Friedman tells you what this electronic global economy is all about and what it will take to live within it.With vivid stories drawn from his extensive travels, he dramatizes the conflict of “the Lexus and the olive tree”—the tension between the globalization system and the ancient forces of culture, geography, tradition, and community. He also details the powerful backlash that globalization produces among those who feel brutalized by it, and he spells out what we all need to do to keep the Lexus and the olive tree in balance. For this new paperback edition, Friedman has substantially expanded and updated his provocative analysis, making it essential reading for all who care about how the world works now.