Freedom, Sen argues, is both the end and most efficient means of sustaining economic life and the key to securing the general welfare of the world's entire population. Releasing the idea of individual freedom from association with any particular historical, intellectual, political, or religious tradition, Sen clearly demonstrates its current applicability and possibilities. In the new global economy, where, despite unprecedented increases in overall opulence, the contemporary world denies elementary freedoms to vast numbers—perhaps even the majority of people—he concludes, it is still possible to practically and optimistically regain a sense of social accountability. Development as Freedom is essential reading.

    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

    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.

    Financialization over the past three decades has created a structure that lacks resilience and supports absurd volumes of trading. The finance sector devotes too little attention to the search for new investment opportunities and the stewardship of existing ones, and far too much to secondary-market dealing in existing assets. Regulation has contributed more to the problems than the solutions.Why? What is finance for? John Kay, with wide practical and academic experience in the world of finance, understands the operation of the financial sector better than most. He believes in good banks and effective asset managers, but good banks and effective asset managers are not what he sees.In a dazzling and revelatory tour of the financial world as it has emerged from the wreckage of the 2008 crisis, Kay does not flinch in his criticism: we do need some of the things that Citigroup and Goldman Sachs do, but we do not need Citigroup and Goldman to do them. And many of the things done by Citigroup and Goldman do not need to be done at all. The finance sector needs to be reminded of its primary purpose: to manage other people's money for the benefit of businesses and households. It is an aberration when the some of the finest mathematical and scientific minds are tasked with devising algorithms for the sole purpose of exploiting the weakness of other algorithms for computerized trading in securities. To travel further down that road leads to ruin.

    His chief work, Principles of Political Economy and Taxation, first published in 1817, had a profound impact and remains one of the groundworks of modern economics. Ricardo's labor theory of value, as well as his elaboration of the division of incomes, and the function of wages, rent, and trade, deeply influenced the economic philosophies of Karl Marx, John Stuart Mill, Alfred Marshall, and many others.

    With his customary wit and insight, Reich shows how widening inequality of income and wealth, heightened job insecurity, and corporate corruption are merely the logical results of a system in which politicians are more beholden to the influence of business lobbyists than to the voters who elected them. Powerful and thought-provoking, Supercapitalism argues that a clear separation of politics and capitalism will foster an enviroment in which both business and government thrive, by putting capitalism in the service of democracy, and not the other way around.From the Trade Paperback edition.

    By lobbying against competition, the biggest firms drive profits higher while depressing wages and limiting opportunities for investment, innovation, and growth.Why are cell-phone plans so much more expensive in the United States than in Europe? It seems a simple question. But the search for an answer took Thomas Philippon on an unexpected journey through some of the most complex and hotly debated issues in modern economics. Ultimately he reached his surprising conclusion: American markets, once a model for the world, are giving up on healthy competition. Sector after economic sector is more concentrated than it was twenty years ago, dominated by fewer and bigger players who lobby politicians aggressively to protect and expand their profit margins. Across the country, this drives up prices while driving down investment, productivity, growth, and wages, resulting in more inequality. Meanwhile, Europe--long dismissed for competitive sclerosis and weak antitrust--is beating America at its own game.Philippon, one of the world's leading economists, did not expect these conclusions in the age of Silicon Valley start-ups and millennial millionaires. But the data from his cutting-edge research proved undeniable. In this compelling tale of economic detective work, we follow him as he works out the basic facts and consequences of industry concentration in the U.S. and Europe, shows how lobbying and campaign contributions have defanged antitrust regulators, and considers what all this means for free trade, technology, and innovation. For the sake of ordinary Americans, he concludes, government needs to return to what it once did best: keeping the playing field level for competition. It's time to make American markets great--and free--again.

    And scientists, being human, respond to incentives and costs, in money and glory. Choosing a research topic, deciding what papers to write and where to publish them, sticking with a familiar area or going into something new the payoff may be tenure or a job at a highly ranked university or a prestigious award or a bump in salary. The risk may be not getting "any" of that.At a time when science is seen as an engine of economic growth, Paula Stephan brings a keen understanding of the ongoing cost-benefit calculations made by individuals and institutions as they compete for resources and reputation. She shows how universities offload risks by increasing the percentage of non-tenure-track faculty, requiring tenured faculty to pay salaries from outside grants, and staffing labs with foreign workers on temporary visas. With funding tight, investigators pursue safe projects rather than less fundable ones with uncertain but potentially path-breaking outcomes. Career prospects in science are increasingly dismal for the young because of ever-lengthening apprenticeships, scarcity of permanent academic positions, and the difficulty of getting funded.Vivid, thorough, and bold, "How Economics Shapes Science" highlights the growing gap between the haves and have-nots especially the vast imbalance between the biomedical sciences and physics/engineering and offers a persuasive vision of a more productive, more creative research system that would lead and benefit the world."

    Liberals believe they are happier than conservatives, and conservatives disagree. In fact, almost every group thinks it is happier than everyone else. In this provocative new book, Arthur C. Brooks explodes the myths about happiness in America. As he did in the controversial Who Really Cares: The Surprising Truth About Compassionate Conservatism, Brooks examines vast amounts of evidence and empirical research to uncover the truth about who is happy in America, who is not, and-most important-why. He finds that there is a real “happiness gap” in America today, and it lies disconcertingly close to America’s cultural and political fault lines. The great divide between the happy and the unhappy in America, Brooks shows, is largely due to differences in social and cultural values. The values that bring happiness are faith, charity, hard work, optimism, and individual liberty. Secularism, excessive reliance on the state to solve problems, and an addiction to security all promote unhappiness. What can be done to maximize America’s happiness? Replete with the unconventional wisdom for which Brooks has come to be known, Gross National Happiness offers surprising and illuminating conclusions about how our government can best facilitate Americans in their pursuit of happiness.

    They demonstrate that workers can and will fight back on a mass scale.Each episode offers an inspiring glimpse of the way in which workers rise to the challenge of fighting for a better world—and pose their own alternative to the system.Although none of these struggles ultimately achieved their goals, they were "revolutionary rehearsals" that hold important lessons about the struggle for socialism under modern conditions.

    dollar’s dominance seems under threat. The near collapse of the U.S. financial system in 2008–2009, political paralysis that has blocked effective policymaking, and emerging competitors such as the Chinese renminbi have heightened speculation about the dollar’s looming displacement as the main reserve currency. Yet, as The Dollar Trap powerfully argues, the financial crisis, a dysfunctional international monetary system, and U.S. policies have paradoxically strengthened the dollar’s importance. Eswar Prasad examines how the dollar came to have a central role in the world economy and demonstrates that it will remain the cornerstone of global finance for the foreseeable future. Marshaling a range of arguments and data, and drawing on the latest research, Prasad shows why it will be difficult to dislodge the dollar-centric system. With vast amounts of foreign financial capital locked up in dollar assets, including U.S. government securities, other countries now have a strong incentive to prevent a dollar crash. Prasad takes the reader through key contemporary issues in international finance—including the growing economic influence of emerging markets, the currency wars, the complexities of the China-U.S. relationship, and the role of institutions like the International Monetary Fund—and offers new ideas for fixing the flawed monetary system. Readers are also given a rare look into some of the intrigue and backdoor scheming in the corridors of international finance.The Dollar Trap offers a panoramic analysis of the fragile state of global finance and makes a compelling case that, despite all its flaws, the dollar will remain the ultimate safe-haven currency.

    But by 1800, the region had fallen dramatically behind--in living standards, technology, and economic institutions. In short, the Middle East had failed to modernize economically as the West surged ahead. What caused this long divergence? And why does the Middle East remain drastically underdeveloped compared to the West? In The Long Divergence, one of the world's leading experts on Islamic economic institutions and the economy of the Middle East provides a new answer to these long-debated questions.Timur Kuran argues that what slowed the economic development of the Middle East was not colonialism or geography, still less Muslim attitudes or some incompatibility between Islam and capitalism. Rather, starting around the tenth century, Islamic legal institutions, which had benefitted the Middle Eastern economy in the early centuries of Islam, began to act as a drag on development by slowing or blocking the emergence of central features of modern economic life--including private capital accumulation, corporations, large-scale production, and impersonal exchange. By the nineteenth century, modern economic institutions began to be transplanted to the Middle East, but its economy has not caught up. And there is no quick fix today. Low trust, rampant corruption, and weak civil societies--all characteristic of the region's economies today and all legacies of its economic history--will take generations to overcome. The Long Divergence opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.

    The banking systems of Mexico and Brazil have not only been crisis prone but have provided miniscule amounts of credit to business enterprises and households.Analyzing the political and banking history of the United Kingdom, the United States, Canada, Mexico, and Brazil through several centuries, Fragile by Design demonstrates that chronic banking crises and scarce credit are not accidents. Calomiris and Haber combine political history and economics to examine how coalitions of politicians, bankers, and other interest groups form, why they endure, and how they generate policies that determine who gets to be a banker, who has access to credit, and who pays for bank bailouts and rescues.Fragile by Design is a revealing exploration of the ways that politics inevitably intrudes into bank regulation.

    More than thirty percent of South Africa's population receive such payments, even as pundits elsewhere proclaim the neoliberal death of the welfare state. These programs' successes at reducing poverty under conditions of mass unemployment, Ferguson argues, provide an opportunity for rethinking contemporary capitalism and for developing new forms of political mobilization. Interested in an emerging "politics of distribution," Ferguson shows how new demands for direct income payments (including so-called "basic income") require us to reexamine the relation between production and distribution, and to ask new questions about markets, livelihoods, labor, and the future of progressive politics.