In 1923, with its currency effectively worthless (the exchange rate in December of that year was one dollar to 4,200,000,000,000 marks), the German republic was all but reduced to a barter economy. Expensive cigars, artworks, and jewels were routinely exchanged for staples such as bread; a cinema ticket could be bought for a lump of coal; and a bottle of paraffin for a silk shirt. People watched helplessly as their life savings disappeared and their loved ones starved. Germany’s finances descended into chaos, with severe social unrest in its wake. Money may no longer be physically printed and distributed in the voluminous quantities of 1923. However, “quantitative easing,” that modern euphemism for surreptitious deficit financing in an electronic era, can no less become an assault on monetary discipline. Whatever the reason for a country’s deficit necessity or profligacy, unwillingness to tax or blindness to expenditure it is beguiling to suppose that if the day of reckoning is postponed economic recovery will come in time to prevent higher unemployment or deeper recession. What if it does not? Germany in 1923 provides a vivid, compelling, sobering moral tale.

    This Harriman House edition includes Charles Mackay's account of the three infamous financial manias - John Law's Mississipi Scheme, the South Sea Bubble, and Tulipomania.Between the three of them, these historic episodes confirm that greed and fear have always been the driving forces of financial markets, and, furthermore, that being sensible and clever is no defence against the mesmeric allure of a popular craze with the wind behind it.In writing the history of the great financial manias, Charles Mackay proved himself a master chronicler of social as well as financial history. Blessed with a cast of characters that covered all the vices, gifted a passage of events which was inevitably heading for disaster, and with the benefit of hindsight, he produced a record that is at once a riveting thriller and absorbing historical document. A century and a half later, it is as vibrant and lurid as the day it was written.For modern-day investors, still reeling from the dotcom crash, the moral of the popular manias scarcely needs spelling out. When the next stock market bubble comes along, as it surely will, you are advised to recall the plight of some of the unfortunates on these pages, and avoid getting dragged under the wheels of the careering bandwagon yourself.

    Indeed, no other legislature in the world approaches its power. Yet most Americans have only a murky idea of how it works. In The U.S. Congress, Donald A. Ritchie, a congressional historian for more than thirty years, takes readers on a fascinating, behind-the-scenes tour of Capitol Hill--pointing out the key players, explaining their behavior, and translating parliamentary language into plain English. No mere civics lesson, this eye-opening book provides an insiders perspective on Congress, matched with a professional historians analytical insight. After a swift survey of the creation of Congress by the constitutional convention, he begins to unscrew the nuts and pull out the bolts. What is it like to campaign for congress? To attract large donors? To enter either house with no seniority? He answers these questions and more, explaining committee assignments (and committee work), the role of staffers and lobbyists, floor proceedings, parliamentary rules, and coalition building. Ritchie explores the great effort put into constituent service--as representatives and senators respond to requests from groups and individuals--as well as media relations and news coverage. He also explores how the grand concepts we all know from civics class--checks and balances, advise and consent, congressional oversight--work in practice, in an age of strong presidents and a muscular Senate minority (no matter which party is in that position). In this sparkling addition to Oxfords Very Short Introduction series, Donald Ritchie moves beyond the cynicism and the platitudes to provide a gem of a portrait of how Congress really works.

    From the movement of flocks of birds to the Internet, environmental sustainability, and market regulation, the study and understanding of complex non-linear systems has become highly influential over the last 30 years.In this Very Short Introduction, one of the leading figures in the field, John Holland, introduces the key elements and conceptual framework of complexity. From complex physical systems such as fluid flow and the difficulties of predicting weather, to complex adaptive systems such as the highly diverse and interdependent ecosystems of rainforests, he combines simple, well-known examples -- Adam Smith's pin factory, Darwin's comet orchid, and Simon's 'watchmaker' -- with an account of the approaches, involving agents and urn models, taken by complexity theory.ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable.

    Boyer provides a wide-ranging and authoritative history of America, capturing in a compact space the full story of our nation. Ranging from the earliest Native American settlers to the presidency of Barack Obama, this Very Short Introduction offers anilluminating account of politics, diplomacy, and war as well as the full spectrum of social, cultural, and scientific developments that shaped our country.Here is a masterful picture of America's achievements and failures, large-scale socio-historical forces, and pivotal events. Boyer sheds light on the colonial era, the Revolution and the birth of the new nation; slavery and the Civil War; Reconstruction and the Gilded Age; the Progressive era, theRoaring Twenties and the Great Depression; the two world wars and the Cold War that followed; right up to the tragedy of 9/11, the wars in Iraq and Afghanistan, and the epoch-making election of Barack Obama. Certain broad trends shape much of the narrative--immigration, urbanization, slavery, continental expansion, the global projection of U.S. power, the centrality of religion, the progression from an agrarian to an industrial to a post-industrial economic order. Yet in underscoring such large themes, Boyer also highlights the diversity of the American experience, the importance ofindividual actors, and the crucial role of race, ethnicity, gender, and social class in shaping the contours of specific groups within the nation's larger tapestry. And along the way, he touches upon the cultural milestones of American history, from Tom Paine's The Crisis to Allen Ginsberg's Howl.American History: A Very Short Introduction is a panoramic history of the United States, one that covers virtually every topic of importance--and yet can be read in a single day.

    These include many beliefs widely disseminated in the media and by politicians, such as mistaken ideas about urban problems, income differences, male-female economic differences, as well as economics fallacies about academia, about race, and about Third World countries. One of the themes of Economic Facts and Fallacies is that fallacies are not simply crazy ideas but in fact have a certain plausibility that gives them their staying power-and makes careful examination of their flaws both necessary and important, as well as sometimes humorous. Written in the easy-to-follow style of the author's Basic Economics, this latest book is able to go into greater depth, with real world examples, on specific issues.

    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

    Written in clear and incisive prose, The Wealth of Nations articulates the concepts indispensable to an understanding of contemporary society; and Robert Reich's Introduction both clarifies Smith's analyses and illuminates his overall relevance to the world in which we live. As Reich writes, "Smith's mind ranged over issues as fresh and topical today as they were in the late eighteenth century--jobs, wages, politics, government, trade, education, business, and ethics."Introduction by Robert Reich - Commentary by R. H. Campbell and A. S. Skinner - Includes a Modern Library Reading Group Guide

    Drawing on the new field of neuroeconomics, Shermer investigates what brain scans reveal about bargaining, snap purchases, and establishing trust in business. He scrutinizes experiments in behavioral economics to understand why people hang on to losing stocks, why negotiations disintegrate into tit-for-tat disputes, and why money does not make us happy. He brings together astonishing findings from psychology, biology, and other sciences to describe how our tribal ancestry makes us suckers for brands, why researchers believe cooperation unleashes biochemicals similar to those released during sex, why free trade promises to build alliances between nations, and how even capuchin monkeys get indignant if they don't get a fair reward for their work.

    Named one of the "Young Guns" and one of the "five hot minds in economics" by the Yale Economic Review, he serves on the National Economic Council in Prague, where his provocative writing has achieved bestseller status. How has he done it? By arguing a simple, almost heretical proposition: economics is ultimately about good and evil. In The Economics of Good and Evil, Sedlacek radically rethinks his field, challenging our assumptions about the world. Economics is touted as a science, a value-free mathematical inquiry, he writes, but it's actually a cultural phenomenon, a product of our civilization. It began within philosophy--Adam Smith himself not only wrote The Wealth of Nations, but also The Theory of Moral Sentiments--and economics, as Sedlacek shows, is woven out of history, myth, religion, and ethics. "Even the most sophisticated mathematical model," Sedlacek writes, "is, de facto, a story, a parable, our effort to (rationally) grasp the world around us." Economics not only describes the world, but establishes normative standards, identifying ideal conditions. Science, he claims, is a system of beliefs to which we are committed. To grasp the beliefs underlying economics, he breaks out of the field's confines with a tour de force exploration of economic thinking, broadly defined, over the millennia. He ranges from the epic of Gilgamesh and the Old Testament to the emergence of Christianity, from Descartes and Adam Smith to the consumerism in Fight Club. Throughout, he asks searching meta-economic questions: What is the meaning and the point of economics? Can we do ethically all that we can do technically? Does it pay to be good? Placing the wisdom of philosophers and poets over strict mathematical models of human behavior, Sedlacek's groundbreaking work promises to change the way we calculate economic value.

    In this iconoclastic book Stuart Sutherland analyses causes of irrationality and examines why we are irrational, the different kinds of irrationality, the damage it does us and the possible cures.

    Like other economists, they gather data and build models, but then they go much, much further, embedding themselves in our messy world—the factories, schools, communities and offices where people live, work and play. Their goal: to discover solutions to the big, difficult problems, such as the gap between rich and poor, the violence plaguing inner city schools, why people really discriminate, and whether women are really less competitive than men.Their revelatory and startling discoveries about how incentives really work are both groundbreaking and immensely practical. This research will change the way we both think about and take action on big and little problems. Anyone working in business, politics, education or philanthropy can use the approach Gneezy and List describe in The Why Axis to reach a deeper, more nuanced understanding of human behaviour and a better grasp of what motivates people and why.

    A thoughtful look at immigration, anti-immigration sentiments, and themotivations and experiences of the migrants themselves, this book offers a compact but wide-ranging look at one of America's persistent hot-button issues. Historian David Gerber begins by examining the many legal efforts to curb immigration and to define who is and is not an American, ranging from the Naturalization Law of 1795 (which applied only to free-born white persons) to the Chinese Exclusion Act of 1882, the Emergency Quota Act of 1921, and the reform-minded Immigration and Nationality Act of 1965, which opened the door to millions of newcomers, the vast majority from Asia and Latin America. The book also looks at immigration from the perspective of the migrant--farmers and industrial workers, mechanics and domestics, highlytrained professionals and small-business owners--who willingly pulled up stakes for the promise of a better life. Throughout, the book sheds light on the relationships between race and ethnicity in the life of these groups and in the formation of American society, and it stresses the markedcontinuities across waves of immigration and across different racial and ethnic groups. A fascinating and even-handed historical account, this book puts into perspective the longer history of calls for stronger immigration laws and the on-going debates over the place of immigrants in American society.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 hundredsof key topics, from philosophy to Freud, quantum theory to Islam

    Looking at the reality behind these images, this Very Short Introduction illuminates the historical background against which the silk road flourished, shedding light on the importance of old-world cultural exchange to Eurasian and world history.On the one hand, historian James A. Millward treats the silk road broadly, to stand in for the cross-cultural communication between peoples across the Eurasian continent since at least the Neolithic era. On the other, he highlights specific examples of goods and ideas exchanged between the Mediterranean, Persia, India, and China, along with the significance of these exchanges. While including silks, spices, and travelers' tales of colorful locales, the book explains the dynamics of Central Eurasian history that promoted Silk Road interactions--especially the role of nomad empires--highlighting the importance of the biological, technological, artistic, intellectual, and religious interchanges across the continent. Millward shows that these exchanges had a profound effect on the old world that was akin to, if not on the scale of, modern globalization. He also disputes the idea that the silk road declined after the collapse of the Mongol empire or the opening of direct sea routes from Europe to Asia, showing how silk road phenomena continued through the early modern and modern expansion of the Russian and Chinese states across Central Asia.Millward concludes that the idea of the silk road has remained powerful, not only as a popular name for boutiques and restaurants, but also in modern politics and diplomacy, such as U.S. Secretary of State Hilary Clinton's Silk Road Initiative for India, Pakistan, and Afghanistan.

    Agnosticism emerges here as a much more sophisticated, and much more interesting, attitude than a simple failure to either commit to, or reject, religious belief. Le Poidevin challenges the common wisdom about agnosticism among both believers and atheists, and invites the reader to rethink their own position on the issues. Indeed, in arguing in favor of agnosticism as a respectable position to take, this stimulating and provocative guide takes issue on many points with the assertions of prominent atheists such as Richard Dawkins.