For the first time, the major developed economies began to invest more in intangible assets, like design, branding, R&D, and software, than in tangible assets, like machinery, buildings, and computers. For all sorts of businesses, from tech firms and pharma companies to coffee shops and gyms, the ability to deploy assets that one can neither see nor touch is increasingly the main source of long-term success.But this is not just a familiar story of the so-called new economy. Capitalism without Capital shows that the growing importance of intangible assets has also played a role in some of the big economic changes of the last decade. The rise of intangible investment is, Jonathan Haskel and Stian Westlake argue, an underappreciated cause of phenomena from economic inequality to stagnating productivity.Haskel and Westlake bring together a decade of research on how to measure intangible investment and its impact on national accounts, showing the amount different countries invest in intangibles, how this has changed over time, and the latest thinking on how to assess this. They explore the unusual economic characteristics of intangible investment, and discuss how these features make an intangible-rich economy fundamentally different from one based on tangibles.Capitalism without Capital concludes by presenting three possible scenarios for what the future of an intangible world might be like, and by outlining how managers, investors, and policymakers can exploit the characteristics of an intangible age to grow their businesses, portfolios, and economies.

    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.

    She is the girl with the blue tattoo.The story behind the distinctive tattoo is the stuff of legends. Some believed it was placed on her face during her captivity, following the brutal murders of her family members and the kidnapping of her and her sister. Others believe it was placed on her after her return.Rumors swelled. Her tattoo became a symbol of Native barbarianism and the triumph of American goodness, but like many stories of that era, the truth is far more complicated.This short book details the murders, her captivity, the aftermath, and her baffling return to her captors. Unravel the mystery of the woman who would become famous for all the wrong reasons and discover what her life story says about cultural identity, the power of resiliency, and what happens when fact and fiction bend and twist to muddy the waters.Read on to find out the truth!

    But street addresses were not invented to help you find your way; they were created to find you. In many parts of the world, your address can reveal your race and class.In this wide-ranging and remarkable book, Deirdre Mask looks at the fate of streets named after Martin Luther King Jr., the wayfinding means of ancient Romans, and how Nazis haunt the streets of modern Germany. The flipside of having an address is not having one, and we also see what that means for millions of people today, including those who live in the slums of Kolkata and on the streets of London. Filled with fascinating people and histories, The Address Book illuminates the complex and sometimes hidden stories behind street names and their power to name, to hide, to decide who counts, who doesn’t―and why.

    Drawing on his unmatched expertise in Japanese culture and on unique, unlimited access to Sony's inner sanctum, John Nathan traces Sony's evolution from its inauspicious beginnings amid Tokyo's bomb-scarred ruins to its current worldwide success. "Richly detailed and revealing" (Wall Street Journal), the book examines both the outward successes and, as never before, the mysterious inner workings that have always characterized this company's top ranks. The result is "a different kind of business book, showing how personal relationships shaped one of the century's great global corporations" (Fortune).

    But concern over what Louis Brandeis called the "curse of bigness" can no longer remain the province of specialist lawyers and economists, for it has spilled over into policy and politics, even threatening democracy itself. History suggests that tolerance of inequality and failing to control excessive corporate power may prompt the rise of populism, nationalism, extremist politicians, and fascist regimes. In short, as Wu warns, we are in grave danger of repeating the signature errors of the twentieth century.In The Curse of Bigness, Columbia professor Tim Wu tells of how figures like Brandeis and Theodore Roosevelt first confronted the democratic threats posed by the great trusts of the Gilded Age--but the lessons of the Progressive Era were forgotten in the last 40 years. He calls for recovering the lost tenets of the trustbusting age as part of a broader revival of American progressive ideas as we confront the fallout of persistent and extreme economic inequality.

    In fact, they were merely experiencing the same feeling that many British people have felt every day for years.Fifty years ago, people in leafy North London and people in working-class Northern towns could vote for a Labour party that broadly encompassed all of their interests. Today their priorities are poles apart.In this groundbreaking and timely book, Goodhart shows us how people have come to be divided into two camps: the 'Anywheres', who have 'achieved' identities, derived from their careers and education, and 'Somewheres', who get their identity from a sense of place and from the people around them, and who feel a sense of loss due to mass immigration and rapid social change.In a world increasingly divided by Brexit and Trump, Goodhart shows how Anywheres must come to understand and respect Somewhere values to stand a fighting chance against the rise of populism.

    Traversing the country, he encounters a pompous Western businessman swindling his way to millions, a local vendor with a flair for painting nudes, and long ago legends of a western circus. Sensitively written and expertly researched, Greetings from Myanmar: Exploring the Price of Progress in One of the Last Countries on Earth to Open for Business is the story of a flourishing nation still very much in limbo and an answer to the hard questions that arise when tourism not only charts, but shapes a place as well.

    Retold with added information, it's the first book to place the famed voyages of Norwegian explorer Roald Amundsen, his British rivals Robert Scott and Ernest Shackleton, and others in a larger scientific, social, and geopolitical context.Efficient, well prepared, and focused solely on the goal of getting to his destination and back, Amundsen has earned his place in history as the first to reach the South Pole. Scott, meanwhile, has been reduced in the public mind to a dashing incompetent who stands for little more than relentless perseverance in the face of inevitable defeat. An Empire of Ice offers a new perspective on the Antarctic expeditions of the early twentieth century by looking at the British efforts for what they actually were: massive scientific enterprises in which reaching the South Pole was but a spectacular sideshow. By focusing on the larger purpose, Edward Larson deepens our appreciation of the explorers' achievements, shares little-known stories, and shows what the Heroic Age of Antarctic discovery was really about.

    It is a framework of constant change, sometimes measured and predictable, sometimes drastic and out of control. Yet what is now ubiquitous was not always so. Capitalism took shape centuries ago, starting with a handful of isolated changes in farming, trade, and manufacturing, clustered in early-modern England. Astute observers began to notice these changes and consider their effects. Those in power began to harness these new practices to the state, enhancing both. A system generating wealth, power, and new ideas arose to reshape societies in a constant surge of change.The centuries-long history of capitalism is rich and eventful. Approaching capitalism as a culture, as important for its ideas and values as for its inventions and systems, Joyce Appleby gives us a fascinating introduction to this most potent creation of mankind from its origins to now.

    They were helpless. It sounds like a familiar story, but these people were not African. They were Irish, and they were slaves before African slavery became widespread. This is their story.

    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.

    With his inimitable ability to translate complex foreign policy and economic issues, Friedman explains how the flattening of the world happened at the dawn of the 21st century; what it means to countries, companies, communities and individuals; and how governments and societies can, and must, adapt.

    Plantation owners, shipbuilders, and merchants connected with the slave trade accumulated vast fortunes that established banks and heavy industry in Europe and expanded the reach of capitalism worldwide.Eric Williams advanced these powerful ideas in Capitalism and Slavery, published in 1944. Years ahead of its time, his profound critique became the foundation for studies of imperialism and economic development.Binding an economic view of history with strong moral argument, Williams's study of the role of slavery in financing the Industrial Revolution refuted traditional ideas of economic and moral progress and firmly established the centrality of the African slave trade in European economic development. He also showed that mature industrial capitalism in turn helped destroy the slave system. Establishing the exploitation of commercial capitalism and its link to racial attitudes, Williams employed a historicist vision that set the tone for future studies.In a new introduction, Colin Palmer assesses the lasting impact of Williams's groundbreaking work and analyzes the heated scholarly debates it generated when it first appeared.

    The story only ends there, however, if you’re fortunate enough to live in an adequate civilization.Eliezer Yudkowsky’s Inadequate Equilibria is a sharp and lively guidebook for anyone questioning when and how they can know better, and do better, than the status quo. Freely mixing debates on the foundations of rational decision-making with tips for everyday life, Yudkowsky explores the central question of when we can (and can’t) expect to spot systemic inefficiencies, and exploit them.