Since then, that share has plummeted to where it was in 1900. As Richard Baldwin explains, this reversal of fortune reflects a new age of globalisation that is drastically different from the old.In the 1800s, globalisation leaped forward when steam power and international peace lowered the costs of moving goods across borders. This triggered a self-fueling cycle of industrial agglomeration and growth that propelled today's rich nations to dominance. That was the Great Divergence. The new globalisation is driven by information technology, which has radically reduced the cost of moving ideas across borders. This has made it practical for multinational firms to move labor-intensive work to developing nations. But to keep the whole manufacturing process in sync, the firms also shipped their marketing, managerial, and technical know-how abroad along with the offshored jobs. The new possibility of combining high tech with low wages propelled the rapid industrialisation of a handful of developing nations, the simultaneous deindustrialisation of developed nations, and a commodity supercycle that is only now petering out. The result is today's Great Convergence.Because globalisation is now driven by fast-paced technological change and the fragmentation of production, its impact is more sudden, more selective, more unpredictable, and more uncontrollable. As The Great Convergence shows, the new globalisation presents rich and developing nations alike with unprecedented policy challenges in their efforts to maintain reliable growth and social cohesion.

    Mankind is reengineering the planet, investing up to ten trillion dollars per year in transportation, energy, and communications infrastructure linking the world’s burgeoning megacities together. This has profound consequences for geopolitics, economics, demographics, the environment, and social identity. Connectivity, not geography, is our destiny. In Connectography, visionary strategist Parag Khanna travels from Ukraine to Iran, Mongolia to North Korea, Pakistan to Nigeria, and across the Arctic Circle and the South China Sea to explain the rapid and unprecedented changes affecting every part of the planet. He shows how militaries are deployed to protect supply chains as much as borders, and how nations are less at war over territory than engaged in tugs-of-war over pipelines, railways, shipping lanes, and Internet cables. The new arms race is to connect to the most markets—a race China is now winning, having launched a wave of infrastructure investments to unite Eurasia around its new Silk Roads. The United States can only regain ground by fusing with its neighbors into a super-continental North American Union of shared resources and prosperity.Connectography offers a unique and hopeful vision for the future. Khanna argues that new energy discoveries and technologies have eliminated the need for resource wars; ambitious transport corridors and power grids are unscrambling Africa’s fraught colonial borders; even the Arab world is evolving a more peaceful map as it builds resource and trade routes across its war-torn landscape. At the same time, thriving hubs such as Singapore and Dubai are injecting dynamism into young and heavily populated regions, cyber-communities empower commerce across vast distances, and the world’s ballooning financial assets are being wisely invested into building an inclusive global society. Beneath the chaos of a world that appears to be falling apart is a new foundation of connectivity pulling it together.Advance praise for Connectography“Connectography is ahead of the curve in seeing the battlefield of the future and the new kind of tug-of-war being waged on it. Khanna’s scholarship and foresight are world-class. . . . A must-read for the next president.”—Chuck Hagel, former U.S. secretary of defense “This bold reframing is an exciting addition to our ongoing debate about geopolitics and the future of globalization.”—Dominic Barton, global managing partner, McKinsey & Company “This is probably the most global book ever written. It is intensely specific while remaining broad and wide. Its takeaway is that infrastructure is destiny: Follow the supply lines outlined in this book to see where the future flows.”—Kevin Kelly, co-founder, Wired “There’s no better guide than Khanna to show us all the possibilities of this new hyperconnected world.”—Mathew Burrows, director, Strategic Foresight Initiative at the Atlantic Council, and former counselor, U.S. National Intelligence Council “This book is an invaluable resource for anyone involved in business, science, arts, or any other field.”—Mark Mobius, executive chairman, Templeton Emerging Markets Group “A must-read for anyone who wants to understand the future of humanity.”—Sandy Pentland, professor, MIT Media Lab

    Institutions exist, he argues, due to the uncertainties involved in human interaction; they are the constraints devised to structure that interaction. Yet, institutions vary widely in their consequences for economic performance; some economies develop institutions that produce growth and development, while others develop institutions that produce stagnation. North first explores the nature of institutions and explains the role of transaction and production costs in their development. The second part of the book deals with institutional change. Institutions create the incentive structure in an economy, and organizations will be created to take advantage of the opportunities provided within a given institutional framework. North argues that the kinds of skills and knowledge fostered by the structure of an economy will shape the direction of change and gradually alter the institutional framework. He then explains how institutional development may lead to a path-dependent pattern of development. In the final part of the book, North explains the implications of this analysis for economic theory and economic history. He indicates how institutional analysis must be incorporated into neo-classical theory and explores the potential for the construction of a dynamic theory of long-term economic change. Douglass C. North is Director of the Center of Political Economy and Professor of Economics and History at Washington University in St. Louis. He is a past president of the Economic History Association and Western Economics Association and a Fellow, American Academy of Arts and Sciences. He has written over sixty articles for a variety of journals and is the author of The Rise of the Western World: A New Economic History (CUP, 1973, with R.P. Thomas) and Structure and Change in Economic History (Norton, 1981). Professor North is included in Great Economists Since Keynes edited by M. Blaug (CUP, 1988 paperback ed.)

    Wendt argues that states can view each other as enemies, rivals, or friends. He characterizes these roles as cultures of anarchy, which are shared ideas that help shape states' interests and capabilities. These cultures can change over time as ideas change. Wendt thus argues that the nature of international politics is not fixed, and that the international system is not condemned to conflict and war.

    With a new foreword by Richard Wilkinson and Kate Pickett, authors of The Spirit Level and a new Afteword by the author examining developments during 2010, this is hard-hitting and uncompromising in its call to action and continues to make essential reading for everyone concerned with social justice.

    It examines a distinctive stage in the development of capitalism that began in the 1980s, in order to understand where we are now and how capitalism has evolved since. The book discusses the crisis tendencies of capitalism--including the S.E. Asian banking crisis, the collapse of the Russian economy, and the 1997-1998 global financial crisis--asking whether capitalism is doomed to fail. In the end, the author ruminates on a possible alternative to capitalism, discussing socialism, communal and cooperative experiments, and alternatives proposed by environmentalists.About the Series: Combining authority with wit, accessibility, and style, Very Short Introductions offer an introduction to some of life's most interesting topics. Written by experts for the newcomer, they demonstrate the finest contemporary thinking about the central problems and issues in hundreds of key topics, from philosophy to Freud, quantum theory to Islam.

    What is it, exactly, that transforms mere wealth into an asset that automatically creates more wealth? The Code of Capital explains how capital is created behind closed doors in the offices of private attorneys, and why this little-known fact is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else.In this revealing book, Katharina Pistor argues that the law selectively "codes" certain assets, endowing them with the capacity to protect and produce private wealth. With the right legal coding, any object, claim, or idea can be turned into capital-and lawyers are the keepers of the code. Pistor describes how they pick and choose among different legal systems and legal devices for the ones that best serve their clients' needs, and how techniques that were first perfected centuries ago to code landholdings as capital are being used today to code stocks, bonds, ideas, and even expectations-assets that exist only in law.A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the different ways that debt, complex financial products, and other assets are coded to give financial advantage to their holders. This provocative book paints a troubling portrait of the pervasive global nature of the code, the people who shape it, and the governments that enforce it.

    And so, too often, 'the bland lead the bland'. Our unfamiliar problems need a new approach, and the reception given to this famous book has shown the value of its fresh, lively ideas.'A compelling challenge to conventional thought'  The New York Times'He shows himself a truly sensitive and civilized man, whose ideas are grounded in the common culture of the two continents, and may serve as a link between them; his book is of foremost importance for them both'  The Times Literary SupplementJohn Kenneth Galbraith (1908-2006) was a Canadian-American economist. A Keynesian and an institutionalist, Galbraith was a leading proponent of 20th-century American liberalism and progressivism. Galbraith was the author of 30 books, including The Economics of Innocent Fraud, The Great Crash: 1929, and A History of Economics.

    When these projects fail, as they do with astonishing regularity, they nonetheless produce a host of regular and unacknowledged effects, including the expansion of bureaucratic state power and the translation of the political realities of poverty and powerlessness into "technical" problems awaiting solution by "development" agencies and experts. It is the political intelligibility of these effects, along with the process that produces them, that this book seeks to illuminate through a detailed case study of the workings of the "development" industry in one country, Lesotho, and in one "development" project.Using an anthropological approach grounded in the work of Foucault, James Ferguson analyzes the institutional framework within which such projects are crafted and the nature of "development discourse," revealing how it is that, despite all the "expertise" that goes into formulating development projects, they nonetheless often demonstrate a startling ignorance of the historical and political realities of the locale they are intended to help. In a close examination of the attempted implementation of the Thaba-Tseka project in Lesotho, Ferguson shows how such a misguided approach plays out, how, in fact, the "development" apparatus in Lesotho acts as an "anti-politics machine," everywhere whisking political realities out of sight and all the while performing, almost unnoticed, its own pre-eminently political operation of strengthening the state presence in the local region.James Ferguson is an associate professor of anthropology at the University of California at Irvine.

    This entrenched view continues to dominate western ideas and, because it does not allow the East to represent itself, prevents true understanding. Essential, and still eye-opening, Orientalism remains one of the most important books written about our divided world.

    Meanwhile, working-class Americans have been asked to pay more. The Triumph of Injustice presents a forensic investigation into this dramatic transformation, written by two economists who revolutionized the study of inequality. Eschewing anecdotes and case studies, Emmanuel Saez and Gabriel Zucman offer a comprehensive view of America’s tax system, based on new statistics covering all taxes paid at all levels of government. Their conclusion? For the first time in more than a century, billionaires now pay lower tax rates than their secretaries.Blending history and cutting-edge economic analysis, and writing in lively and jargon-free prose, Saez and Zucman dissect the deliberate choices (and sins of indecision) that have brought us to today: the gradual exemption of capital owners; the surge of a new tax avoidance industry; and the spiral of tax competition among nations. With clarity and concision, they explain how America turned away from the most progressive tax system in history to embrace policies that only serve to compound the wealth of a few.But The Triumph of Injustice is much more than a laser-sharp analysis of one of the great political and intellectual failures of our time. Saez and Zucman propose a visionary, democratic, and practical reinvention of taxes, outlining reforms that can allow tax justice to triumph in today’s globalized world and democracy to prevail over concentrated wealth.A pioneering companion website allows anyone to evaluate proposals made by the authors, and to develop their own alternative tax reform at taxjusticenow.org.

    Although this social revolution created a firestorm of controversy, no one questioned the idea that women's involvement in the workforce was certain to improve families' financial lot. Until now.In this brilliantly argued book, Harvard Law School bankruptcy expert Elizabeth Warren and business consultant Amelia Tyagi show that today's middle-class parents are suffering from an unprecedented and totally unexpected economic meltdown. Astonishingly, sending mothers to work has made families more vulnerable than ever before. Today's two-income family earns 75% more money than its single-income counterpart of a generation ago, but actually has less discretionary income once their fixed monthly bills are paid.How did this happen? Warren and Tyagi provide convincing evidence that the culprit is not "overconsumption," as many critics have charged. Instead, they point to the ferocious bidding war for housing and education that has quietly engulfed America's suburbs. Stay-at-home mothers once provided a financial safety net if disaster struck; their move into the workforce has left today's families chillingly at risk. The authors show why the usual remedies--child-support enforcement, subsidized daycare, and higher salaries for women--won't solve the problem, and propose a set of innovative solutions, from rate caps on credit cards to open-access public schools, to restore security to the middle class.

    A visionary new program that businesses can follow to help restore the planet.

    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.

    In making these things cheap, modern commerce has transformed, governed, and devastated Earth. In A History of the World in Seven Cheap Things, Raj Patel and Jason W. Moore present a new approach to analyzing today’s planetary emergencies. Bringing the latest ecological research together with histories of colonialism, indigenous struggles, slave revolts, and other rebellions and uprisings, Patel and Moore demonstrate that throughout history, crises have always prompted fresh strategies to make the world cheap and safe for capitalism. At a time of crisis in all seven cheap things, innovative and systemic thinking is urgently required. This book proposes a radical new way of understanding—and reclaiming—the planet in the turbulent twenty-first century.