dollar has been not just America's currency but the world's. It is used globally by importers, exporters, investors, governments and central banks alike. Nearly three-quarters of all $100 bills circulate outside the United States. The dollar holdings of the Chinese government alone come to more than $1,000 per Chinese resident. This dependence on dollars, by banks, corporations and governments around the world, is a source of strength for the United States. It is, as a critic of U.S. policies once put it, America's "exorbitant privilege." However, recent events have raised concerns that this soon may be a privilege lost. Among these have been the effects of the financial crisis and the Great Recession: high unemployment, record federal deficits, and financial distress. In addition there is the rise of challengers like the euro and China's renminbi. Some say that the dollar may soon cease to be the world's standard currency--which would depress American living standards and weaken the country's international influence.In Exorbitant Privilege, one of our foremost economists, Barry Eichengreen, traces the rise of the dollar to international prominence over the course of the 20th century. He shows how the greenback dominated internationally in the second half of the century for the same reasons--and in the same way--that the United States dominated the global economy. But now, with the rise of China, India, Brazil and other emerging economies, America no longer towers over the global economy. It follows, Eichengreen argues, that the dollar will not be as dominant. But this does not mean that the coming changes will necessarily be sudden and dire--or that the dollar is doomed to lose its international status. Challenging the presumption that there is room for only one true global currency--either the dollar or something else--Eichengreen shows that several currencies have shared this international role over long periods. What was true in the distant past will be true, once again, in the not-too-distant future.The dollar will lose its international currency status, Eichengreen warns, only if the United States repeats the mistakes that led to the financial crisis and only if it fails to put its fiscal and financial house in order. The greenback's fate hinges, in other words, not on the actions of the Chinese government but on economic policy decisions here in the United States.Incisive, challenging and iconoclastic, Exorbitant Privilege is a fascinating analysis of the changes that lie ahead. It is a challenge, equally, to those who warn that the dollar is doomed and to those who regard its continuing dominance as inevitable.

    Analysing various case studies of innovation-led growth, it describes the opposite situation, whereby the private sector only becomes bold enough to invest after the courageous State has made the high-risk investments.The volume argues that in the history of modern capitalism, the State has generated economic activity that would not otherwise have happened, and has actively opened up new technologies and markets that private investors can later move into. Far from the often heard criticisms of the State potentially 'crowding out' private investments, the State makes them happen, shaping and creating markets, not only 'fixing' them. Ignoring this reality only serves ideological ends, and hurts effective policymaking.This book examines case studies ranging from the advent of the Internet to the emergence of the biotechnology and nanotechnology industries. In particular, the volume debunks the myth that Silicon Valley was created by entrepreneurial venture capital. A key chapter focuses on the State investments behind Apple's success, and reveals that every major technology behind the iPhone owes its source to public funds. Thus, while entrepreneurial individuals like Steve Jobs are needed, their success is nearly impossible without their ability to ride the wave of State investments. And if Europe wants its own Googles, it needs more State action, not less.Two forward-looking chapters focus on the emergence of the next big thing after the internet: the 'green revolution'. Both solar and wind technology are currently being led by State spending, whether through the US ARPA-E programme or the Chinese and Brazilian State investment banks. The discussion refreshingly moves beyond the usual division between proponents of austerity vs. the proponents of fiscal stimulus. It argues that State investments not only help kick-start growth during periods of recession, but that they also, even in boom periods, lead to productive investments in radical new technologies which later foster decades of growth.The book ends with a fundamental question: if the State is so important to investments in high-risk innovation, why does it capture so little direct return?

    Their focus is on a unique experiment begun in 1970 when Italy created new governments for each of its regions. After spending two decades analyzing the efficacy of these governments in such fields as agriculture, housing, and health services, they reveal patterns of associationism, trust, and cooperation that facilitate good governance and economic prosperity.

    missteps: a Taliban commander, a U.S.-backed warlord, and a housewife trapped in the middle of the fighting. With its intimate accounts of life in small Afghan villages, and harrowing tales of crimes committed by Taliban leaders and American-supported provincial officials alike, No Good Men Among the Living lays bare the workings of America’s longest war and the truth behind its prolonged agony. A thoroughly original exposé of the conflict that is still being fought, it shows just how the American intervention went so desperately wrong.

    Both state control and privatization of resources have been advocated, but neither the state nor the market have been uniformly successful in solving common pool resource problems. After critiquing the foundations of policy analysis as applied to natural resources, Elinor Ostrom here provides a unique body of empirical data to explore conditions under which common pool resource problems have been satisfactorily or unsatisfactorily solved. Dr. Ostrom first describes three models most frequently used as the foundation for recommending state or market solutions. She then outlines theoretical and empirical alternatives to these models in order to illustrate the diversity of possible solutions. In the following chapters she uses institutional analysis to examine different ways--both successful and unsuccessful--of governing the commons. In contrast to the proposition of the tragedy of the commons argument, common pool problems sometimes are solved by voluntary organizations rather than by a coercive state. Among the cases considered are communal tenure in meadows and forests, irrigation communities and other water rights, and fisheries.

    From Donald Trump's "America First" politics to Brexit to the rise of the right in Europe, events have forced a crucial debate: Should we fight for international government? Or should the world's nations keep their independence and self-determination? In The Virtue of Nationalism, Yoram Hazony contends that a world of sovereign nations is the only option for those who care about personal and collective freedom. He recounts how, beginning in the sixteenth century, English, Dutch, and American Protestants revived the Old Testament's love of national independence, and shows how their vision eventually brought freedom to peoples from Poland to India, Israel to Ethiopia. It is this tradition we must restore, he argues, if we want to limit conflict and hate -- and allow human difference and innovation to flourish.

    Includes end notes and master index.

    Its success "might have established communal property, a far wider democracy in political and legal institutions, might have disestablished the state church and rejected the protestant ethic." In The World Turned Upside Down, Christopher Hill studies the beliefs of such radical groups as the Diggers, the Ranters, the Levellers and others, and the social and emotional impulses that gave rise to them. The relations between rich and poor classes, the part played by wandering 'masterless men,' the outbursts of sexual freedom and deliberate blasphemy, the great imaginative creations of Milton and Bunyan - these and many other elements build up into a marvellously detailed and coherent portrait of this strange, sudden effusion of revolutionary beliefs. It is a portrait not of the bourgeois revolution that actually took place, but of the impulse towards a far more fundamental overturning of society."Incorporates some of Dr. Hill's most profound statements yet about the 17th-century revolution as a whole." -- The Economist

    With new material gleaned from the Russian archives and numerous other sources, this brisk and accessible book (Spain's #1 bestseller for twelve weeks), provides a balanced and penetrating perspective, explaining the tensions that led to this terrible overture to World War II and affording new insights into the war-its causes, course, and consequences.

      The death of the great Tatar emperor Tamerlane in 1405, writes historian John Darwin, was a turning point in world history. Never again would a single warlord, raiding across the steppes, be able to unite Eurasia under his rule. After Tamerlane, a series of huge, stable empires were founded and consolidated— Chinese, Mughal, Persian, and Ottoman—realms of such grandeur, sophistication, and dynamism that they outclassed the fragmentary, quarrelsome nations of Europe in every respect. The nineteenth century saw these empires fall vulnerable to European conquest, creating an age of anarchy and exploitation, but this had largely ended by the twenty-first century, with new Chinese and Indian super-states and successful independent states in Turkey and Iran.  This elegantly written, magisterial account challenges the conventional narrative of the “Rise of the West,” showing that European ascendancy was neither foreordained nor a linear process. Indeed, it is likely to be a transitory phase. After Tamerlane is a vivid, bold, and innovative history of how empires rise and fall, from one of Britain’s leading scholars. It will take its place beside other provocative works of “large history,” from Paul Kennedy’s The Rise and Fall of the Great Powers to David Landes’s The Wealth and Poverty of Nations or Niall Ferguson’s Empire.

    Let her sleep, for when she wakes she will shake the world.” In 2014, President Xi Jinping triumphantly declared that the lion had awoken. Under Xi, China is pursuing an increasingly ambitious foreign policy with the aim of restoring its historical status as the dominant power in Asia. From the Mekong Basin to the Central Asian steppe, the country is wooing its neighbors with promises of new roads, railways, dams, and power grids.  Chinese trade and investment presents huge opportunities for China’s neighbors, and its ability to build much-needed infrastructure could assist in the development of some of the world’s poorest countries. Yet Chinas rise also threatens to reduce its neighbours to the status of exploited vassals. In Vietnam and Myanmar, resentment of Chinese encroachment has already incited anti-Chinese protests, and many countries in the region are seeking to counterbalance its influence by turning to the US and Japan. Combining a concise overview of the situation with on-the-ground reportage from over seven countries, China’s Asian Dream offers a fresh perspective on one of the most important questions of our time: what does China’s rise mean for the future of Asia and of the world?

    Unlike most studies, which assume that the "rise of the West" is the story of the coming of the modern world, this history, drawing upon new scholarship on Asia, Africa, and the New World, constructs a story in which those parts of the world play major roles. Robert B. Marks defines the modern world as one marked by industry, the nation state, interstate warfare, a large and growing gap between the wealthiest and poorest parts of the world, and an escape from "the biological old regime." He explains its origins by emphasizing contingencies (such as the conquest of the New World); the broad comparability of the most advanced regions in China, India, and Europe; the reasons why England was able to escape from common ecological constraints facing all of those regions by the 18th century; and a conjuncture of human and natural forces that solidified a gap between the industrialized and non-industrialized parts of the world. Now in a new edition that brings the saga of the modern world to the present, the book considers how and why the United States emerged as a world power in the twentieth century and became the sole superpower by the twenty-first century. Once again arguing that the rise of the United States to global hegemon was contingent, not inevitable, Marks also points to the resurgence of Asia and the vastly changed relationship of humans to the environment that may, in the long run, overshadow any political and economic milestones of the past hundred years.

    Written for a generation presented with challenges of terrible proportions--the Industrial, American, and French Revolutions, to name the most obvious--Burke's Reflections of the Revolution in France displays an acute awareness of how high political stakes can be, as well as a keen ability to set contemporary problems within a wider context of political theory.

    Challenging the reductionist division of people by race, religion, and class, Sen presents an inspiring vision of a world that can be made to move toward peace as firmly as it has spiraled in recent years toward brutality and war.

    The Roman Empire was in conflict during at least 50 per cent of its lifetime. Since 1776, the United States has spent over one hundred years at war. The dream of peace has been universal in the history of humanity. So why have we so rarely been able to achieve it?In A Political History of the World, Jonathan Holslag has produced a sweeping history of the world, from the Iron Age to the present, that investigates the causes of conflict between empires, nations and peoples and the attempts at diplomacy and cosmopolitanism. A birds-eye view of three thousand years of history, the book illuminates the forces shaping world politics from Ancient Egypt to the Han Dynasty, the Pax Romana to the rise of Islam, the Peace of Westphalia to the creation of the United Nations.This truly global approach enables Holslag to search for patterns across different eras and regions, and explore larger questions about war, diplomacy, and power. Has trade fostered peace? What are the limits of diplomacy? How does environmental change affect stability? Is war a universal sin of power? At a time when the threat of nuclear war looms again, this is a much-needed history intended for students of international politics, and anyone looking for a background on current events.