Bear Stearns was about to announce profits of $115 million for the first quarter of 2008, had $17.3 billion in cash on hand, and, as the company incessantly boasted, had been a colossally profitable enterprise in the eighty-five years since its founding.Ten days later, Bear Stearns no longer existed, and the calamitous financial meltdown of 2008 had begun.How this happened – and why – is the subject of William D. Cohan’s superb and shocking narrative that chronicles the fall of Bear Stearns and the end of the Second Gilded Age on Wall Street. Bear Stearns serves as the Rosetta Stone to explain how a combination of risky bets, corporate political infighting, lax government regulations and truly bad decision-making wrought havoc on the world financial system.Cohan’s minute-by-minute account of those ten days in March makes for breathless reading, as the bankers at Bear Stearns struggled to contain the cascading series of events that would doom the firm, and as Treasury Secretary Henry Paulson, New York Federal Reserve Bank President Tim Geithner, and Fed Chairman Ben Bernanke began to realize the dire consequences for the world economy should the company go bankrupt. But HOUSE OF CARDS does more than recount the incredible panic of the first stages of the financial meltdown. William D. Cohan beautifully demonstrates why the seemingly invincible Wall Street money machine came crashing down. He chronicles the swashbuckling corporate culture of Bear Stearns, the strangely crucial role competitive bridge played in the company’s fortunes, the brutal internecine battles for power, and the deadly combination of greed and inattention that helps to explain why the company’s leaders ignored the danger lurking in Bear’s huge positions in mortgage-backed securities.The author deftly portrays larger-than-life personalities like Ace Greenberg, Bear Stearns’ miserly, take-no-prisoners chairman whose memos about re-using paper clips were legendary throughout Wall Street; his profane, colorful rival and eventual heir Jimmy Cayne, whose world-champion-level bridge skills were a lever in his corporate rise and became a symbol of the reasons for the firm’s demise; and Jamie Dimon, the blunt-talking CEO of JPMorgan Chase, who won the astonishing endgame of the saga (the Bear Stearns headquarters alone were worth more than JP Morgan paid for the whole company). Cohan’s explanation of seemingly arcane subjects like credit default swaps and fixed- income securities is masterful and crystal clear, but it is the high-end dish and powerful narrative drive that makes HOUSE OF CARDS an irresistible read on a par with classics such as LIAR’S POKER and BARBARIANS AT THE GATE.Written with the novelistic verve and insider knowledge that made THE LAST TYCOONS a bestseller and a prize-winner, HOUSE OF CARDS is a chilling cautionary tale about greed, arrogance, and stupidity in the financial world, and the consequences for all of us.

    The nation's rise is one of the great international stories of the late twentieth century, and in India Unbound the acclaimed columnist Gurcharan Das offers a sweeping economic history of India from independence to the new millennium.Das shows how India's policies after 1947 condemned the nation to a hobbled economy until 1991, when the government instituted sweeping reforms that paved the way for extraordinary growth. Das traces these developments and tells the stories of the major players from Nehru through today. As the former CEO of Proctor & Gamble India, Das offers a unique insider's perspective and he deftly interweaves memoir with history, creating a book that is at once vigorously analytical and vividly written. Impassioned, erudite, and eminently readable, India Unbound is a must for anyone interested in the global economy and its future.

    Political scientist Aaron L. Friedberg argues that our nation's leaders are failing to act expeditiously enough to counter China's growing strength. He explains how the United States and China define their goals and reveals the strategies each is now employing to achieve its ends. Friedberg demonstrates in this provocative book that the ultimate aim of Chinese policymakers is to "win without fighting," displacing the United States as the leading power in Asia while avoiding direct confrontation. The United States, on the other hand, sends misleading signals about our commitments and resolve, putting us at risk for a war that might otherwise have been avoided. A much-needed wake-up call to U.S. leaders and policymakers, A Contest for Supremacy is a compelling interpretation of a rivalry that will go far to determine the shape of the twenty-first century.

    Award-winning journalist Masha Gessen’s understanding of the events and forces that have wracked Russia in recent times is unparalleled. In The Future Is History, Gessen follows the lives of four people born at what promised to be the dawn of democracy. Each of them came of age with unprecedented expectations, some as the children and grandchildren of the very architects of the new Russia, each with newfound aspirations of their own–as entrepreneurs, activists, thinkers, and writers, sexual and social beings. Gessen charts their paths against the machinations of the regime that would crush them all, and against the war it waged on understanding itself, which ensured the unobstructed reemergence of the old Soviet order in the form of today’s terrifying and seemingly unstoppable mafia state. Powerful and urgent, The Future Is History is a cautionary tale for our time and for all time.

    Democracy no longer ends with a bang--in a revolution or military coup--but with a whimper: the slow, steady weakening of critical institutions, such as the judiciary and the press, and the gradual erosion of long-standing political norms. The good news is that there are several exit ramps on the road to authoritarianism. The bad news is that, by electing Trump, we have already passed the first one.Drawing on decades of research and a wide range of historical and global examples, from 1930s Europe to contemporary Hungary, Turkey, and Venezuela, to the American South during Jim Crow, Levitsky and Ziblatt show how democracies die--and how ours can be saved.

    It is a “warm war,” a shoving match between the United States, since WWII the uncontested ruler of the seas, and China, which now possesses the world’s largest navy. The Chinese regard the Pacific, and especially the South China Sea, as their ocean, and they’re ready to defend it. Each day the heat between the two countries increases as the Chinese try to claim the South China Sea for their own, and the United States insists on asserting freedom of navigation. Throughout Southern Asia, countries such as Vietnam, Malaysia, the Philippines, Singapore, and South Korea respond with outrage and growing fear as China turns coral reefs into manmade islands capable of supporting airstrips and then attempts to enforce twelve-mile-radius, shoot-down zones. The immediate danger is that the five trillion dollars in international trade that passes through the area will grind to a standstill. The ultimate danger is that the US and China will be drawn into all-out war. Pulitzer Prize-nominated journalist Michael Fabey has had unprecedented access to the Navy’s most exotic aircraft carriers, cruisers, destroyers, aircraft, and submarines, as well as those who command them. He was among the only journalists allowed to board a Chinese war vessel and observe its operations. In Crashback, Fabey describes how every year the US is “losing sea.” He predicts the next great struggle between military superpowers will play out in the Pacific, and his book, more than any other, is an accurate preview of how that conflict might unfold.

    Many of us know that our government failed to fix the banking system after the subprime mortgage crisis. But what few of us realize is how the misguided financial practices and philosophies that nearly toppled the global financial system have come to infiltrate ALL American businesses,  putting us on a collision course for another cataclysmic meltdown. Drawing on in-depth reporting and exclusive interviews at the highest rungs of Wall Street and Washington, Time assistant managing editor and economic columnist Rana Foroohar shows how the “financialization of America” - the trend by which finance and its way of thinking have come to reign supreme - is perpetuating Wall Street's reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. Policy makers get caught up in the details of regulating “Too Big To Fail” banks, but the problems in our market system go much broader and deeper than that. Consider that: · Thanks to 40 years of policy changes and bad decisions, only about 15 % of all the money in our market system actually ends up in the real economy – the rest stays within the closed loop of finance itself. · The financial sector takes a quarter of all corporate profits in this country while creating only 4 % of American jobs. · The tax code continues to favor debt over equity, making it easier for companies to hoard cash overseas rather than reinvest it on our shores. · Our biggest and most profitable corporations are investing more money in stock buybacks than in research and innovation. · And, still, the majority of the financial regulations promised after the 2008 meltdown have yet come to pass, thanks to cozy relationship between our lawmakers and the country’s wealthiest financiers.       Exploring these forces, which have have led American businesses to favor balancing-sheet engineering over the actual kind and the pursuit of short-term corporate profits over job creation, Foroohar shows how financialization has so gravely harmed our society, and why reversing this trend is of grave importance to us all. Through colorful stories of both "Takers” and "Makers,” she’ll reveal how we change the system for a better and more sustainable shared economic future.

    But much of their work is based on assumptions that are untested generalizations at best, harmful misperceptions at worst.Abhijit Banerjee and Esther Duflo have pioneered the use of randomized control trials in development economics. Work based on these principles, supervised by the Poverty Action Lab, is being carried out in dozens of countries. Drawing on this and their 15 years of research from Chile to India, Kenya to Indonesia, they have identified wholly new aspects of the behavior of poor people, their needs, and the way that aid or financial investment can affect their lives. Their work defies certain presumptions: that microfinance is a cure-all, that schooling equals learning, that poverty at the level of 99 cents a day is just a more extreme version of the experience any of us have when our income falls uncomfortably low.This important book illuminates how the poor live, and offers all of us an opportunity to think of a world beyond poverty.Learn more at www.pooreconomics.com

    Nicholas Shaxson, a former correspondent for the Financial Times and The Economist, argues that tax havens are a central cause of all these disasters.In this hard hitting investigation he uncovers how offshore tax evasion, which has cost the U.S. 100 billion dollars in lost revenue each year, is just one item on a long rap sheet outlining the damage that offshoring wreaks on our societies. In a riveting journey from Moscow to London to Switzerland to Delaware, Shaxson dives deep into a vast and secret playground where bankers and multinational corporations operate side by side with nefarious tax evaders, organized criminals and the world's wealthiest citizens. Tax havens are where all these players get to maximize their own rewards and leave the middle class to pick up the bill.With eye opening revelations, Treasure Islands exposes the culprits and its victims, and shows how:*Over half of world trade is routed through tax havens*The rampant practices that precipitated the latest financial crisis can be traced back to Wall Street's offshoring practices*For every dollar of aid we send to developing countries, ten dollars leave again by the backdoorThe offshore system sits much closer to home than the pristine tropical islands of the popular imagination. In fact, it all starts on a tiny island called Manhattan. In this fast paced narrative, Treasure Islands at last explains how the system works and how it's contributing to our ever deepening economic divide.

    A growing number of scholars and political activists have invoked the term to describe a variety of changing economic, political, cultural, ideological, and environmental processes that are alleged to have accelerated in the last few decades. Rather than forcing such a complex social phenomenon into a single conceptual framework, Manfred Steger presents globalization in plain, readable English as a multifaceted process encompassing global, regional, and local aspects of social life. In addition to explaining the various dimensions of globalization, the author explores whether globalization should be considered a good or bad thing--a question that has been hotly debated in classrooms, boardrooms, and on the streets.

    The cheap foam headstones had been five dollars at Kmart, too good a deal to pass up. But when she opened the box, something shocking fell out: an SOS letter, handwritten in broken English.   “Sir: If you occassionally buy this product, please kindly resend this letter to the World Human Right Organization. Thousands people here who are under the persicuton of the Chinese Communist Party Government will thank and remember you forever.” The note’s author, Sun Yi, was a mild-mannered Chinese engineer turned political prisoner, forced into grueling labor for campaigning for the freedom to join a forbidden meditation movement. He was imprisoned alongside petty criminals, civil rights activists, and tens of thousands of others the Chinese government had decided to “reeducate,” carving foam gravestones and stitching clothing for more than fifteen hours a day. In Made in China, investigative journalist Amelia Pang pulls back the curtain on Sun’s story and the stories of others like him, including the persecuted Uyghur minority group whose abuse and exploitation is rapidly gathering steam. What she reveals is a closely guarded network of laogai—forced labor camps—that power the rapid pace of American consumerism. Through extensive interviews and firsthand reportage, Pang shows us the true cost of America’s cheap goods and shares what is ultimately a call to action—urging us to ask more questions and demand more answers from the companies we patronize.

    A concentration of power, whether in the hands of a military dictator or a JP Morgan, was understood as autocratic and dangerous to individual liberty and democracy. This idea stretched back to the country’s founding. In the 1930s, people observed that the Great Depression was caused by financial concentration in the hands of a few whose misuse of their power induced a financial collapse. They drew on this tradition to craft the New Deal. In Goliath, Matt Stoller explains how authoritarianism and populism have returned to American politics for the first time in eighty years, as the outcome of the 2016 election shook our faith in democratic institutions. It has brought to the fore dangerous forces that many modern Americans never even knew existed. Today’s bitter recriminations and panic represent more than just fear of the future, they reflect a basic confusion about what is happening and the historical backstory that brought us to this moment. The true effects of populism, a shrinking middle class, and concentrated financial wealth are only just beginning to manifest themselves under the current administrations. The lessons of Stoller’s study will only grow more relevant as time passes. Building upon his viral article in The Atlantic, “How the Democrats Killed Their Populist Soul,” Stoller illustrates in rich detail how we arrived at this tenuous moment, and the steps we must take to create a new democracy.

    Federal Election Commission trust in our government has reached an all-time low. More than ever before, Americans believe that money buys results in Congress, and that business interests wield control over our legislature.With heartfelt urgency and a keen desire for righting wrongs, Harvard law professor Lawrence Lessig takes a clear-eyed look at how we arrived at this crisis: how fundamentally good people, with good intentions, have allowed our democracy to be co-opted by outside interests, and how this exploitation has become entrenched in the system. Rejecting simple labels and reductive logic-and instead using examples that resonate as powerfully on the Right as on the Left-Lessig seeks out the root causes of our situation. He plumbs the issues of campaign financing and corporate lobbying, revealing the human faces and follies that have allowed corruption to take such a foothold in our system. He puts the issues in terms that nonwonks can understand, using real-world analogies and real human stories. And ultimately he calls for widespread mobilization and a new Constitutional Convention, presenting achievable solutions for regaining control of our corrupted-but redeemable-representational system. In this way, Lessig plots a roadmap for returning our republic to its intended greatness. While America may be divided, Lessig vividly champions the idea that we can succeed if we accept that corruption is our common enemy and that we must find a way to fight against it. In REPUBLIC, LOST, he not only makes this need palpable and clear-he gives us the practical and intellectual tools to do something about it.

    But a growing number of experts are sounding a different kind of alarm. Rather than growing exponentially, they argue, the global population is headed for a steep decline.Throughout history, depopulation was the product of catastrophe: ice ages, plagues, the collapse of civilizations. This time, however, we're thinning ourselves deliberately, by choosing to have fewer babies than we need to replace ourselves. In much of the developed and developing world, that decline is already underway, as urbanization, women's empowerment, and waning religiosity lead to smaller and smaller families. In Empty Planet, Ibbitson and Bricker travel from South Florida to Sao Paulo, Seoul to Nairobi, Brussels to Delhi to Beijing, drawing on a wealth of research and firsthand reporting to illustrate the dramatic consequences of this population decline--and to show us why the rest of the developing world will soon join in.They find that a smaller global population will bring with it a number of benefits: fewer workers will command higher wages; good jobs will prompt innovation; the environment will improve; the risk of famine will wane; and falling birthrates in the developing world will bring greater affluence and autonomy for women. But enormous disruption lies ahead, too. We can already see the effects in Europe and parts of Asia, as ageing populations and worker shortages weaken the economy and impose crippling demands on healthcare and social security. The United States is well-positioned to successfully navigate these coming demographic shifts--that is, unless growing isolationism and anti-immigrant backlash lead us to close ourselves off just as openness becomes more critical to our survival than ever before.Rigorously researched and deeply compelling, Empty Planet offers a vision of a future that we can no longer prevent--but one that we can shape, if we choose.

    If they search in the right places and offer the appropriate price, there is always a facilitator who can get the job done. This book is a sneak preview of those searches, the middlemen who do those jobs, and the many opportunities that the fast-growing economy offers.'Josy Joseph draws upon two decades as an investigative journalist to expose a problem so pervasive that we do not have the words to speak of it. The story is big: that of treacherous business rivalries, of how some industrial houses practically own the country, of the shadowy men who run the nation's politics. The story is small: a village needs a road and a hospital, a graveyard needs a wall, people need toilets.A Feast of Vultures is an unprecedented, multiple-level inquiry into modern India, and the picture it reveals is both explosive and frightening. Within these covers is unimpeachable evidence against some of the country's biggest business houses and political figures, and the reopening of major scandals that have shaped its political narratives. Through hard-nosed investigations and the meticulous gathering of documentary evidence, Joseph clinically examines and irrefutably documents the non-reportable. It is a troubling narrative, but also a call to action and a cry for change. A tour de force through the wildly beating heart of post-socialist India, the book is a must-read for anyone interested in understanding the large, unwieldy truth about this nation.