Both occurred against the backdrop of sharp credit booms, dubious banking practices, and a fragile and unstable global financial system. When markets went into cardiac arrest in 2008, policymakers invoked the lessons of the Great Depression in attempting to avert the worst. While their response prevented a financial collapse and catastrophic depression like that of the 1930s, unemployment in the U.S. and Europe still rose to excruciating high levels. Pain and suffering were widespread.The question, given this, is why didn't policymakers do better? Hall of Mirrors, Barry Eichengreen's monumental twinned history of the two crises, provides the farthest-reaching answer to this question to date. Alternating back and forth between the two crises and between North America and Europe, Eichengreen shows how fear of another Depression following the collapse of Lehman Brothers shaped policy responses on both continents, with both positive and negative results. Since bank failures were a prominent feature of the Great Depression, policymakers moved quickly to strengthen troubled banks. But because derivatives markets were not important in the 1930s, they missed problems in the so-called shadow banking system. Having done too little to support spending in the 1930s, governments also ramped up public spending this time around. But the response was indiscriminate and quickly came back to haunt overly indebted governments, particularly in Southern Europe. Moreover, because politicians overpromised, and because their measures failed to stave off a major recession, a backlash quickly developed against activist governments and central banks. Policymakers then prematurely succumbed to the temptation to return to normal policies before normal conditions had returned. The result has been a grindingly slow recovery in the United States and endless recession in Europe.Hall of Mirrors is both a major work of economic history and an essential exploration of how we avoided making only some of the same mistakes twice. It shows not just how the lessons of Great Depression history continue to shape society's response to contemporary economic problems, but also how the experience of the Great Recession will permanently change how we think about the Great Depression.

    Writing a full two years before Keynes would revolutionize the economics world with the publication of The General Theory, Woolf nevertheless found herself unable to condense her friend's already-extraordinary life into anything less than twenty-five themes, which she jotted down at the opening of her homage: "Politics. Art. Dancing. Letters. Economics. Youth. The Future. Glands. Genealogies. Atlantis. Mortality. Religion. Cambridge. Eton. The Drama. Society. Truth. Pigs. Sussex. The History of England. America. Optimism. Stammer. Old Books. Hume."Keynes was not only an economist, as he is remembered today, but the preeminent anti-authoritarian thinker of the twentieth century, a man who devoted his life to the belief that art and ideas could conquer war and deprivation. A moral philosopher, political theorist, and statesman, Keynes immersed himself in a creative milieu filled with ballerinas and literary icons as he developed his own innovative and at times radical thought, reinventing Enlightenment liberalism for the harrowing crises of his day--which included two world wars and an economic collapse that challenged the legitimacy of democratic government itself. The Price of Peace follows Keynes from intimate turn-of-the-century parties in London's riotous Bloomsbury art scene to the fevered negotiations in Paris that shaped the Treaty of Versailles, through stock market crashes and currency crises to diplomatic breakthroughs in the mountains of New Hampshire and wartime ballet openings at Covent Garden.In this riveting biography, veteran journalist Zachary D. Carter unearths the lost legacy of one of history's most important minds. John Maynard Keynes's vibrant, deeply human vision of democracy, art, and the good life has been obscured by technical debates, but in The Price of Peace, Carter revives a forgotten set of ideas with the power to reinvent national government and reframe the principles of international diplomacy in our own time.

    empire today. Documenting the pretexts and lies used to justify violent intervention and maldevelopment abroad, Parenti shows how the conversion to a global economy is a victory of finance capital over democracy.As much of the world suffers unspeakable misery and the Third-Worldization of the United States accelerates, civil society is impoverished by policies that benefit rich and powerful transnational corporations and the national security state. Hard-won gains made by ordinary people are swept away.

    Mandis uncovers the forces behind what he calls Goldman’s “organizational drift.” Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis uncovers the pressures that forced Goldman to slowly drift away from the very principles on which its reputation was built.Mandis evaluates what made Goldman Sachs so successful in the first place, how it responded to pressures to grow, why it moved away from the values and partnership culture that sustained it for so many years, what forces accelerated this drift, and why insiders can’t—or won’t—recognize this crucial change.Combining insightful analysis with engaging storytelling, Mandis has written an insider’s history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.

    It is a history of American folkways as they have changed through time, and it argues a thesis about the importance for the United States of having been British in its cultural origins.From 1629 to 1775, North America was settled by four great waves of English-speaking immigrants. The first was an exodus of Puritans from the east of England to Massachusetts (1629-1640). The second was the movement of a Royalist elite and indentured servants from the south of England to Virginia (ca. 1649-75). The third was the "Friends' migration,"--the Quakers--from the North Midlands and Wales to the Delaware Valley (ca. 1675-1725). The fourth was a great flight from the borderlands of North Britain and northern Ireland to the American backcountry (ca. 1717-75).These four groups differed in many ways--in religion, rank, generation and place of origin. They brought to America different folkways which became the basis of regional cultures in the United States. They spoke distinctive English dialects and built their houses in diverse ways. They had different ideas of family, marriage and gender; different practices of child-naming and child-raising; different attitudes toward sex, age and death; different rituals of worship and magic; different forms of work and play; different customs of food and dress; different traditions of education and literacy; different modes of settlement and association. They also had profoundly different ideas of comity, order, power and freedom which derived from British folk-traditions. Albion's Seed describes those differences in detail, and discusses the continuing importance of their transference to America.Today most people in the United States (more than 80 percent) have no British ancestors at all. These many other groups, even while preserving their own ethnic cultures, have also assimilated regional folkways which were transplanted from Britain to America. In that sense, nearly all Americans today are "Albion's Seed," no matter what their ethnic origins may be; but they are so in their different regional ways. The concluding section of Albion's Seed explores the ways that regional cultures have continued to dominate national politics from 1789 to 1988, and still control attitudes toward education, government, gender, and violence, on which differences between American regions are greater than between European nations.Albion's Seed also argues that the four British folkways created an expansive cultural pluralism that has proved to the more libertarian than any single culture alone could be. Together they became the determinants of a voluntary society in the United States.

    The Summer of 1787 takes us into the sweltering room in which delegates struggled for four months to produce the flawed but enduring document that would define the nation -- then and now. George Washington presided, James Madison kept the notes, Benjamin Franklin offered wisdom and humor at crucial times. The Summer of 1787 traces the struggles within the Philadelphia Convention as the delegates hammered out the charter for the world's first constitutional democracy. Relying on the words of the delegates themselves to explore the Convention's sharp conflicts and hard bargaining, David O. Stewart lays out the passions and contradictions of the often painful process of writing the Constitution. It was a desperate balancing act. Revolutionary principles required that the people have power, but could the people be trusted? Would a stronger central government leave room for the states? Would the small states accept a Congress in which seats were alloted according to population rather than to each sovereign state? And what of slavery? The supercharged debates over America's original sin led to the most creative and most disappointing political deals of the Convention. The room was crowded with colorful and passionate characters, some known -- Alexander Hamilton, Gouverneur Morris, Edmund Randolph -- and others largely forgotten. At different points during that sultry summer, more than half of the delegates threatened to walk out, and some actually did, but Washington's quiet leadership and the delegates' inspired compromises held the Convention together. In a country continually arguing over the document's original intent, it is fascinating to watch these powerful characters struggle toward consensus -- often reluctantly -- to write a flawed but living and breathing document that could evolve with the nation.

    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

    The one problem was the title: couldn’t some prophetic fact-checker have seen that the worst years of our lives—far worse—were still to come? Here they are, the 2000s, and in This Land Is Their Land, Ehrenreich subjects them to the most biting and incisive satire of her career.Taking the measure of what we are left with after the cruelest decade in memory, Ehrenreich finds lurid extremes all around. While members of the moneyed elite can buy congressmen, many in the working class can barely buy lunch. While a wealthy minority obsessively consumes cosmetic surgery, the poor often go without health care for their children. And while the corporate C-suites are now nests of criminality, the less fortunate are fed a diet of morality, marriage, and abstinence. Ehrenreich’s antidotes are as sardonic as they are spot-on: pet insurance for your kids; Salvation Army fashions for those who can no longer afford Wal-Mart; and boundless rage against those who have given us a nation scarred by deepening inequality, corroded by distrust, and shamed by its official cruelty.Full of wit and generosity, these reports from a divided nation show once again that Ehrenreich is, as Molly Ivins said, “good for the soul.”—*The Times (London)

    Thirty bullets were exchanged in thirty seconds, killing three men and wounding three others.The fight sprang forth from a tense, hot summer. Cattle rustlers had been terrorizing the back country of Mexico and selling the livestock they stole to corrupt ranchers. The Mexican government built forts along the border to try to thwart American outlaws, while Arizona citizens became increasingly agitated. Rustlers, who became known as the cow-boys, began to kill each other as well as innocent citizens. That October, tensions boiled over with Ike and Billy Clanton, Tom and Frank McLaury, and Billy Claiborne confronting the Tombstone marshal, Virgil Earp, and the suddenly deputized Wyatt and Morgan Earp and shotgun-toting Doc Holliday.Bestselling author Tom Clavin peers behind decades of legend surrounding the story of Tombstone to reveal the true story of the drama and violence that made it famous. Tombstone also digs deep into the vendetta ride that followed the tragic gunfight, when Wyatt and Warren Earp and Holliday went vigilante to track down the likes of Johnny Ringo, Curly Bill Brocius, and other cowboys who had cowardly gunned down his brothers. That "vendetta ride" would make the myth of Wyatt Earp complete and punctuate the struggle for power in the American frontier's last boom town.

    In Liquidated, Karen Ho punctures the aura of the abstract, all-powerful market to show how financial markets, and particularly booms and busts, are constructed. Through an in-depth investigation into the everyday experiences and ideologies of Wall Street investment bankers, Ho describes how a financially dominant but highly unstable market system is understood, justified, and produced through the restructuring of corporations and the larger economy.Ho, who worked at an investment bank herself, argues that bankers’ approaches to financial markets and corporate America are inseparable from the structures and strategies of their workplaces. Her ethnographic analysis of those workplaces is filled with the voices of stressed first-year associates, overworked and alienated analysts, undergraduates eager to be hired, and seasoned managing directors. Recruited from elite universities as “the best and the brightest,” investment bankers are socialized into a world of high risk and high reward. They are paid handsomely, with the understanding that they may be let go at any time. Their workplace culture and networks of privilege create the perception that job insecurity builds character, and employee liquidity results in smart, efficient business. Based on this culture of liquidity and compensation practices tied to profligate deal-making, Wall Street investment bankers reshape corporate America in their own image. Their mission is the creation of shareholder value, but Ho demonstrates that their practices and assumptions often produce crises instead. By connecting the values and actions of investment bankers to the construction of markets and the restructuring of U.S. corporations, Liquidated reveals the particular culture of Wall Street often obscured by triumphalist readings of capitalist globalization.

    Spanning 500 years of Hispanic history, from the first New World colonies to the 19th century westward expansion in America, this narrative features family portraits of real-life immigrants along with sketches of the political events and social conditions that compelled them to leave their homeland.

    But it is also much more, having become a fundamental influence on modern “libertarian” economics of the type espoused by Ron Paul and others.Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication.  Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.Many current economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson, every bit as relevant and valuable today as it has been since publication.

    Tracing the global history of inequality from the Stone Age to today, Walter Scheidel shows that inequality never dies peacefully. Inequality declines when carnage and disaster strike and increases when peace and stability return. The Great Leveler is the first book to chart the crucial role of violent shocks in reducing inequality over the full sweep of human history around the world.Ever since humans began to farm, herd livestock, and pass on their assets to future generations, economic inequality has been a defining feature of civilization. Over thousands of years, only violent events have significantly lessened inequality. The "Four Horsemen" of leveling—mass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagues—have repeatedly destroyed the fortunes of the rich. Scheidel identifies and examines these processes, from the crises of the earliest civilizations to the cataclysmic world wars and communist revolutions of the twentieth century. Today, the violence that reduced inequality in the past seems to have diminished, and that is a good thing. But it casts serious doubt on the prospects for a more equal future.An essential contribution to the debate about inequality, The Great Leveler provides important new insights about why inequality is so persistent—and why it is unlikely to decline anytime soon.

    In Reefer Madness the best-selling author of Fast Food Nation turns his exacting eye on the underbelly of the American marketplace and its far-reaching influence on our society. Exposing three American mainstays — pot, porn, and illegal immigrants — Eric Schlosser shows how the black market has burgeoned over the past several decades. He also draws compelling parallels between underground and overground: how tycoons and gangsters rise and fall, how new technology shapes a market, how government intervention can reinvigorate black markets as well as mainstream ones, and how big business learns — and profits — from the underground. Reefer Madness is a powerful investigation that illuminates the shadow economy and the culture that casts that shadow.(back cover)

    It determines our status, and dictates how, where, and with whom we spend most of our time. It mediates our self-worth and molds our values. But are we hard-wired to work as hard as we do? Did our Stone Age ancestors also live to work and work to live? And what might a world where work plays a far less important role look like?To answer these questions, James Suzman charts a grand history of "work" from the origins of life on Earth to our ever more automated present, challenging some of our deepest assumptions about who we are. Drawing insights from anthropology, archaeology, evolutionary biology, zoology, physics, and economics, he shows that while we have evolved to find joy meaning and purpose in work, for most of human history our ancestors worked far less and thought very differently about work than we do now. He demonstrates how our contemporary culture of work has its roots in the agricultural revolution ten thousand years ago. Our sense of what it is to be human was transformed by the transition from foraging to food production, and, later, our migration to cities. Since then, our relationships with one another and with our environments, and even our sense of the passage of time, have not been the same.Arguing that we are in the midst of a similarly transformative point in history, Suzman shows how automation might revolutionize our relationship with work and in doing so usher in a more sustainable and equitable future for our world and ourselves.