In this seventh edition, Robert L. Heilbroner provides a new theme that connects thinkers as diverse as Adam Smith and Karl Marx. The theme is the common focus of their highly varied ideas—namely, the search to understand how a capitalist society works. It is a focus never more needed than in this age of confusing economic headlines.In a bold new concluding chapter entitled “The End of the Worldly Philosophy?” Heilbroner reminds us that the word “end” refers to both the purpose and limits of economics. This chapter conveys a concern that today’s increasingly “scientific” economics may overlook fundamental social and political issues that are central to economics. Thus, unlike its predecessors, this new edition provides not just an indispensable illumination of our past but a call to action for our future. (amazon.com)

    Then as now, many people considered globalization to be inevitable and irreversible. Yet the entire edifice collapsed in a few months in 1914.Globalization is a choice, not a fact. It is a result of policy decisions and the politics that shape them. Jeffry A. Frieden's insightful history explores the golden age of globalization during the early years of the century, its swift collapse in the crises of 1914-45, the divisions of the Cold War world, and the turn again toward global integration at the end of the century. His history is full of character and event, as entertaining as it is enlightening.

    A complete history of efforts to understand the subject of economics from ancient Greece to the present, this book is an important contribution to the history of ideas as well as to economics. Although never fully completed, it has gained recognition as a modern classic due to its broad scope and original examination of significant historical events. Complete with a new introduction by Mark Perlman, who outlines the structure of the book and puts Schumpeters work into current perspective, History of Economic Analysis remains a reflection of Schumpeters diverse interests in history, philosophy, sociology, and psychology. Major topics include the techniques of economic analysis, contemporaneous developments in other sciences, and the sociology of economics; economic writings from Plato and Aristotle up through the time of Adam Smith, including the medieval scholastics and natural-law philosophers; the work of Malthus, Mill, Ricardo, Marx, and the important European economists; the history, sociology, psychology, and economics of the period 1879-1914; and modern economic developments. Schumpeter perceived economics as a human science, and this lucid and insightful volume reflects that perception, creating a work that is of major importance to the history of economics.

    Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it’s the sinews of war. To revolutionaries, it’s the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What’s more, he reveals financial history as the essential backstory behind all history. With the clarity and verve for which he is known, Ferguson elucidates key financial institutions and concepts by showing where they came from. What is money? What do banks do? What’s the difference between a stock and a bond? Why buy insurance or real estate? And what exactly does a hedge fund do? This is history for the present. Ferguson travels to post-Katrina New Orleans to ask why the free market can’t provide adequate protection against catastrophe. He delves into the origins of the subprime mortgage crisis.

    In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us.

    Acemoglu and Robinson are intellectual heavyweights of the first rank . . . erudite and fascinating' Paul Collier, Guardian, on Why Nations FailBy the authors of the international bestseller Why Nations Fail, based on decades of research, this powerful new big-picture framework explains how some countries develop towards and provide liberty while others fall to despotism, anarchy or asphyxiating norms- and explains how liberty can thrive despite new threats.Liberty is hardly the 'natural' order of things; usually states have been either too weak to protect individuals or too strong for people to protect themselves from despotism. There is also a happy Western myth that where liberty exists, it's a steady state, arrived at by 'enlightenment'. But liberty emerges only when a delicate and incessant balance is struck between state and society - between elites and citizens. This struggle becomes self-reinforcing, inducing both state and society to develop a richer array of capacities, thus affecting the peacefulness of societies, the success of economies and how people experience their daily lives.Explaining this new framework through compelling stories from around the world, in history and from today - and through a single diagram on which the development of any state can be plotted - this masterpiece helps us understand the past and present, and analyse the future.'An intellectually rich book that develops an important thesis with verve' Martin Wolf, Financial Times, on Why Nations Fail

    A book explaining the history of economics; including the powerful and vested interests which moulded the theories to their financial advantage; as a means of understanding modern economics.

    It’s the epic story of the making of modern economics, and of how economics rescued mankind from squalor and deprivation by placing its material fate in its own hands rather than in Fate. Nasar’s account begins with Charles Dickens and Henry Mayhew observing and publishing the condition of the poor majority in mid-nineteenth-century London, the richest and most glittering place in the world. This was a new pursuit. She describes the often heroic efforts of Marx, Engels, Alfred Marshall, Beatrice and Sydney Webb, and the American Irving Fisher to put those insights into action—with revolutionary consequences for the world. From the great John Maynard Keynes to Schumpeter, Hayek, Keynes’s disciple Joan Robinson, the influential American economists Paul Samuelson and Milton Freedman, and India’s Nobel Prize winner Amartya Sen, she shows how the insights of these activist thinkers transformed the world—from one city, London, to the developed nations in Europe and America, and now to the entire planet. In Nasar’s dramatic narrative of these discoverers we witness men and women responding to personal crises, world wars, revolutions, economic upheavals, and each other’s ideas to turn back Malthus and transform the dismal science into a triumph over mankind’s hitherto age-old destiny of misery and early death. This idea, unimaginable less than 200 years ago, is a story of trial and error, but ultimately transcendent, as it is rendered here in a stunning and moving narrative.

    The author's conversational writing style presents the politics and science of economic theories to tomorrow's decision-makers.

    Featuring brand new sections on the remarkable shifts in the world economy, this economic study is a relevant, entertaining, and fascinating guide for those seeking both a solid lesson on the development of economic theory throughout the past two hundred years and a balanced perspective of our current economic state on the brink of the millennium.By applying age-old economic theories to contemporary issues, Todd Buchholz helps readers to see how the thoughts and writings of the great economists of the past have vital relevance to the dilemmas affecting all our lives today.

    The name of the remote New Hampshire town where representatives of forty-four nations gathered in July 1944, in the midst of the century's second great war, has become shorthand for enlightened globalization. The actual story surrounding the historic Bretton Woods accords, however, is full of startling drama, intrigue, and rivalry, which are vividly brought to life in Benn Steil's epic account.Upending the conventional wisdom that Bretton Woods was the product of an amiable Anglo-American collaboration, Steil shows that it was in reality part of a much more ambitious geopolitical agenda hatched within President Franklin D. Roosevelt's Treasury and aimed at eliminating Britain as an economic and political rival. At the heart of the drama were the antipodal characters of John Maynard Keynes, the renowned and revolutionary British economist, and Harry Dexter White, the dogged, self-made American technocrat. Bringing to bear new and striking archival evidence, Steil offers the most compelling portrait yet of the complex and controversial figure of White--the architect of the dollar's privileged place in the Bretton Woods monetary system, who also, very privately, admired Soviet economic planning and engaged in clandestine communications with Soviet intelligence officials and agents over many years.A remarkably deft work of storytelling that reveals how the blueprint for the postwar economic order was actually drawn, The Battle of Bretton Woods is destined to become a classic of economic and political history.

    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.

    financial system, which had grown far too complex for its own good-and too unregulated for the public good-experienced a perfect storm beginning in 2007. When America's financial structure crumbled, the damage proved to be not only deep, but wide. It took the crisis for the world to discover, to its horror, just how truly interconnected-and fragile-the global financial system is. The second part of the story explains how American and international government intervention kept us from a total meltdown. Many of the U.S. government's actions, particularly the Fed's, were previously unimaginable. And to an amazing-and certainly misunderstood-extent, they worked. The worst did not happen. Blinder offers clear-eyed answers to the questions still before us, even if some of the choices ahead are as divisive as they are unavoidable. After the Music Stopped is an essential history that we cannot afford to forget, because one thing history teaches is that it will happen here again.

    In this audacious follow-up, Piketty challenges us to revolutionize how we think about politics, ideology, and history. He exposes the ideas that have sustained inequality for the past millennium, reveals why the shallow politics of right and left are failing us today, and outlines the structure of a fairer economic system.Our economy, Piketty observes, is not a natural fact. Markets, profits, and capital are all historical constructs that depend on choices. Piketty explores the material and ideological interactions of conflicting social groups that have given us slavery, serfdom, colonialism, communism, and hypercapitalism, shaping the lives of billions. He concludes that the great driver of human progress over the centuries has been the struggle for equality and education and not, as often argued, the assertion of property rights or the pursuit of stability. The new era of extreme inequality that has derailed that progress since the 1980s, he shows, is partly a reaction against communism, but it is also the fruit of ignorance, intellectual specialization, and our drift toward the dead-end politics of identity.Once we understand this, we can begin to envision a more balanced approach to economics and politics. Piketty argues for a new "participatory" socialism, a system founded on an ideology of equality, social property, education, and the sharing of knowledge and power. Capital and Ideology is destined to be one of the indispensable books of our time, a work that will not only help us understand the world, but that will change it.

    It is how China and India began to embrace neoliberal ideas of economics and attributed a sense of dignity and liberty to the bourgeoisie they had denied for so long. The result was an explosion in economic growth and proof that economic change depends less on foreign trade, investment, or material causes, and a whole lot more on ideas and what people believe.Or so says Deirdre N. McCloskey in Bourgeois Dignity, a fiercely contrarian history that wages a similar argument about economics in the West. Here she turns her attention to seventeenth- and eighteenth-century Europe to reconsider the birth of the industrial revolution and the rise of capitalism. According to McCloskey, our modern world was not the product of new markets and innovations, but rather the result of shifting opinions about them. During this time, talk of private property, commerce, and even the bourgeoisie itself radically altered, becoming far more approving and flying in the face of prejudices several millennia old. The wealth of nations, then, didn’t grow so dramatically because of economic factors: it grew because rhetoric about markets and free enterprise finally became enthusiastic and encouraging of their inherent dignity.An utterly fascinating sequel to her critically acclaimed book The Bourgeois Virtues, Bourgeois Dignity is a feast of intellectual riches from one of our most spirited and ambitious historians—a work that will forever change our understanding of how the power of persuasion shapes our economic lives.