Book Description
Europeans and many American pundits believe that while the U.S. economy may create more growth, Europeans have it better when it come to job security and other factors. Olaf Gersemann, a German reporter who came to America, found the reality quite different. He checked facts and found the market freedoms in America create a more flexible, adaptable and prosperous system then the declining welfare states of old Europe.
Customer Reviews:
Good information.......2007-05-27
Most literature showing the greatness of capitalism through statistics is horribly biased, but this book keeps the bias to a moderate level. This means you get a wealth of statistical information that is not overly influenced by ideology, which is a rare find.
A Well-Made Case.......2007-05-01
Like the previous reviewer, I think Olaf Gersemann offers a balanced and well-documented case that France, Germany, and Italy would benefit from some American-style economic liberalization. Advancing an argument with logic and solid empirical evidence is not the same thing as writing propaganda.
Gersemann goes out of his way to point to that it is "foolish" to believe that post-war European economic models are "generally, under all imaginable circumstances, inferior to other economic models." He draws attention to the number of Americans without health insurance, the sorry state of many of our public schools, the alarmingly high rate of poverty among American unwed mothers and their children, and the "ridiculously high" compensation of many corporate managers. This book is not a one-sided apologia.
But it does, as advertised, manage to dispel many myths about American capitalism and the supposedly kinder, more agreeable European version.
As have a number of others before him, Gersemann reveals the hollowness of the claim that the purchasing power of working-class people in the U.S. has been stagnant since the early 1970s. And he does this using household income numbers as his primary statistical evidence, even though he could have shown even more improvement (as he briefly points out) if he had used the *per capita* money income of the average household. (Household income has been depressed because there are now fewer people per house, which is a sign both of more widespread home ownership, and thus more wealth, as well as a sign of higher rates of illegitimacy.) If further adjustments are made to control for immigrants--whose pre-immigration incomes do not, obviously, show up in U.S. statistics--it becomes even more evident that the American economy is much more successful at improving the of lot native-born workers in the bottom quintile than one would gather from watching ABC News or reading *The New York Times*. That our economy also improves the lives of immigrants, and in the process makes the gains of the native-born less statistically obvious, is cause for congratulations, not criticism. The improvement in the lives of particular individuals is what matters, not the fate of a particular quintile, the composition of which is ever-changing.
Gersemann also rebuts much of the nonsense reported about the percentage of Americans who are "trapped" in poverty and about low unemployment merely being the result of mind-numbing service jobs that don't pay a living wage. He demonstrates that those on the left who praise the security offered by the European system too often fail to note that security comes at the price of dynamism, which comes at the price of opportunity, especially for those on the bottom.
Unfortunately, the same neighborhoods in France that suffer most from this lack of opportunity, and from debilitating unemployment, voted overwhelmingly for the Socialist candidate (Ms. Royal) in last week's elections, even though it is not she but the much hated Mr. Sarkozy who stands at least some chance of offering them economic opportunities infinitely more lucrative than burning cars. And of course it was the French left that took to the streets when the government attempted to enact modest reforms to make the labor market more flexible. Marching for "social justice" and against "American conditions" also meant marching for the continued joblessness of North African immigrants. But what of it? It's all too easy to ignore arguments like Gersemann's, congratulate oneself on being morally superior to capitalists, and then take a nice long vacation.
Both Europeans and Americans would benefit from reading this book. It's not a groundbreaking work of research, and in fact most of the information Gersemann presents can be gleaned from the financial press. But the book doesn't pretend to be groundbreaking. What makes it a success is that it so clearly and dispassionately debunks many of the most frequently repeated falsehoods about the American and European economies.
Challenge - not propaganda........2007-04-20
It is surprising that "Cowboy Capitalism", recommended by two nobel laureates (the late Friedman and Buchanan), would be accused of propaganda by a critical voice (Newton Ooi, below) who first proceeded to point out that all the facts it presents are true. "Cowboy Capitlism" has an agenda, of course - an agenda to show through the raw numbers that European (or NYTimes readers') perceptions of the two economic systems of central Europe and the US are skewed... that there is more to the differences and the benefits/detriments that each system offers, than is popularily acknowledged. Fear and suspicions (and lack of knowledge) are the cause of this - rather than facts. This book pokes fun at the former by trying to reveal the latter.
In doing so, CC is actually rather fair. It does not pretend that the European economic system is per se inferior to the US System. In fact, there were times in which it was rather superior. (Times of great economic stability had Germany, for example, grow its economy at a pace well above that of the US. Or healthcare - where Europe admittedly piggy-bag rides on US consumers' expenses, but which Gersemann has no probolem stating is a matter of preference, not "better" or "worse".)
Anyway... to look at the criticism listed below:
Home Ownership: The argument that because of higher population density, home ownership would *naturally* be less ("less land to build on") is completely ludicrous. What would follow that argument would be mass-homelessness, not low ownership rates. People in Europe still live in places... the question is: why don't they own? Apartments count, too, you know! (Density contributes to homes being more affordable - which is one of the reasons. Red tape making ownership more difficult is another. Rent-protection is yet another. (And when looking at entire countries, the numbers *are* meaningful. The author did not compare only New York to rural Europe.)
Education: I'm European, so I don't want to argue the point that by going to high school I am automatically smarter than a US college graduate... even though I had to learn that knowing where Malaysa and Phoenix are (I've 'always' known), somehow don't give me the edge on the job-market that I thought it would. :-( There are Americans who audaciously compete with me, despite flagrant lack of geographical knowledge... And win out! Perhaps other factors matter, too? Drats.
Unemployment rates are not measured by whether one "has to work" or not. Unemployment rates are measured by how many people *want* to work and can't. A busy little Hausfrau who takes care of the kids and whose husband makes enough to support the entire family doesn't show up in the unemployment numbers, because she probably doesn't run out and declare herself unemployed. So the higher numbers of unemployment of women in Europe reflect women who "have to work" -- but won't find a job. And that's the real problem... whether one likes the social ramnification and the dissolution of the family nucleus or not.
Computer use, Internet access et al. in Germany is well behind that of the US. Especially among the crowd that didn't grow up with them.
Computers, even made from recycled materials or made with the use of recycled parts (I've done that, years ago, but I wonder how common that still is) would still show up as a computer sold... They don't sit around trash-heaps and maker their own computers out of trash, after all.
The last point - oil-war-obesety-pharma-industry - is a little too dense fore me to get into. I am baffled.
Cowboy Capitalism does not pretend not to take sides. But it wants to show that it takes the side of greater economic freedom, because there are benefits to more people to be had - at the price of less security for others. (That's obviously a gross oversimplification... but aims in the right direction, I should believe.) The way this book does it is humorous (in a dry way) and merciless... but not with blindfolds or immune to "inconvenient" facts. This is a must-read for when your European friends come over to visit and try to tell you why everything is so much better in the old part of the world. (30% youth unemployment in France, a terribly efficient but very rigid economy, are just one of many points to consider...)
P.S. The Thinktank CATO is a libertarian institution, not a conservative one. The two overlap on many issues, but are not the same. (Legalization of drugs, Gay marriage et al. are points libertarians support; conservatives by-and-large don't.)
Lying with numbers........2007-03-04
The title of this book, Cowboy Capitalism, is a term many Europeans use to describe the American business climate. More precisely, the American style of economics involves a lot of uncertainty and risk, with high chances of success (Microsoft and Google) and failure (Enron and GM) and the ensuing results of low job security, high income fluctuations, and high rates of bankruptcies for businesses and individuals. This book argues that this has produced an overall better standard of living in the US than in the countries of Germany, France and Italy. This book is published by the Cato Institute, a conservative US organization that lobbies for deregulation of public enterprises, free market reforms and low taxes. The book argues its points by presenting a lot of statistical data comparing the employment rates, home ownership rates, educational levels, disposable income levels, and other macro and micro economic indicators of the US, France, Italy and Germany. I do not doubt the validity of the numbers presented, but they only show part of the story. Lets go over them one by one.
First, this book gives numbers showing that home ownership is higher in the US than in France, Italy and Germany. This is absolutely true. The author attributes this difference to the fact that since America is more free-market, incomes are generally higher in America, and hence more people can afford to own homes. The author totally misses the affect of population density. The population density of the three European countries listed are substantially higher than in the US, meaning there is less land per person. This means there is less land to build homes on, so of course fewer people can own homes. If one looks back over the past 30 years; the primary engine for economic growth in the US is new home construction. Besides, the use of home ownership as a measure of prosperity is totally bogus. New Yorkers have lower home ownership rates than residents of most southern cities, yet New Yorkers in general are wealthier than people living in the deep South.
Second, the book states that a higher percentage of people in America go to college than in France, Germany and Italy. Again, absolutely true. What the author misses is the amount of knowledge learned K-12. Specifically, many European high school graduates are better educated than many American college graduates. For instance, just about every European has taken a year of calculus before leaving high school. There are many American college graduates who have never taken a semester of calculus! If you don't believe me, ask yourself why College Algebra classes are so common on college campuses. Here is another example. After I received my bachelor's degree, I backpacked through Europe and stayed at youth hostels. Every local I met knew where Malaysia (my birth country) and Phoenix, Arizona (my hometown) was on the globe. Coming back home, most of my American friends could not locate the places I visited such as Berlin, Rome, London, Munich, etc... Another example, every French, German and Italian I met in Europe could speak English to some degree. How many native-born Americans can speak a second language? Getting an education is about acquiring a bank of knowledge and set of skills. I dare say most citizens of Italy, France and Germany acquire more knowledge and skills K-12 than most native-born Americans acquire K-college. Given this statement, the higher rates of college participation in the US do not amount to much.
Third, the book states that employment rates are higher in the US than in France, Germany and Italy; especially among women. This is true. What the author does not mention is that many Americans, especially women, work because they have to. Specifically, a larger percentage of American adults are single or divorced than in Europe. And the percentage of single American women raising children is higher than in Europe. Growing up in America, half my friends had working mothers. The most common reasons why was that either their fathers walked out on them, or their parents were divorced. So of course their mothers had to work; they could not rely on the fathers to bring home the bacon. This brings up another unspoken truth. A divorced couple requires twice as many places to live as a married couple; i.e. two houses versus one house. This means that two divorced parents will have to spend more money than two married parents. The more money that is spent means the faster the economy moves, so of course the US economy will grow faster than the European economy.
Fourth, the author states that the use of high-tech products in France, Italy and Germany is lower than in America. He argues this point by stating that the number of units of high-tech items sold in the US is higher per capita than in the 3 European countries, and that these industries employ more people in the US than in the 3 European countries. True again. Again the author leaves out many qualifying factors. For example, Germany has strict recycling and reuse laws for computers. Specifically, when a German throws away her old computer, it does not end up in a landfill occupying space and leaking various chemicals into the environment. Instead, it is taken apart piece by piece. Those parts that can be re-used, like the fans, housing and cables, are packaged with new computers, while those that cannot are recycled. In this way, less is wasted. A side effect is that since more stuff gets reused, there is less need to produce, hence a smaller industry geared around the production of computers in Germany. Does that mean Germans are less computer literate than Americans? I doubt it. I do not remember seeing in this book a chart comparing computer literacy in Germany versus the US.
Fifth, this book compares the state of the pharmaceutical industry in the US versus his three target European countries. The book shows that this industry is more profitable, generates more new drugs, employs more people, and pays better in the US than in Europe. This is all true. But what the author forgets is that demand for pharmaceutical drugs is less in Europe than in the US. As any person who has lived in both Europe and America can tell you, Americans are more obese and out of shape than Europeans. Higher obesity rates leads to higher rates of cancer, heart disease, stroke, diabetes and a whole host of other chronic diseases. This in turn leads to a higher demand for pharmaceutical drugs to treat them, which in turn leads to a bigger and more profitable pharmaceutical industry in the US than in Europe. Why are Americans more obese than in Europe? That leads to my last point, so keep reading.
Last, this book totally misses a point that is very telling in comparing the economies of the US, Germany, France and Italy, and that is energy consumption. Per person, Americans consume more BTUs of energy from fossil fuels such as oil, gas and coal than Europeans. Energy is the blood of economic growth. Since the end of WWII, America has pursued a policy of acquiring and using fossil fuels in increasing amounts with time. On the other hand, Europe has pursued a dual policy of reduced energy use and increased energy independence. The former includes cities built to encourage walking and biking, and high taxes on fossil fuels such as car gasoline. The latter includes nuclear reactors in France, and a high reliance on solar and wind power in Germany. These policies are primarily due to WWII. First, the effects of the war left these countries in no shape to pursue aggressive foreign policies of defending oil wells. Second, many Europeans are aware that the causes of WWII included competition for fossil fuels. On the other hand, America was not devastated by WWII, but strengthened. Hence, America's economic growth has mirrored a growth in its fossil fuel industries. Is this a good thing? Once you consider global warming, pollution, destruction of land due to mineral extraction, and other factors, I think the grade goes to Europe for being more energy efficient; even if it means a slower economy and lower employment rates. As a side effect, Europeans drive less than Americans, but walk and bike more, and hence are generally healthier.
In conclusion, the facts stated by this book are all true, but the conclusions they point to are not. Many of the points must be placed in context with other qualifying factors. Overall, this is an OK book that must be read for what it is, propaganda, and not an economic treatise or case study.
Don't Cut the Pie, Bake Another One.......2007-02-15
This book explains that the European model of allocation assumes that the economy is static and employment can increase only by sharing existing jobs with regulation of hours and guaranteed employment. The US model is dynamic and companies that don't perform are replaced through the process of creative destruction by companies that do. Excess resources get reallocated to new enterprises to the benefit of everyone.
Book Description
This book explains the changes in industrial leadership from Britain to the United States earlier in this century and from the United States to Japan more recently, in terms of the changing business investment strategies and organizational structures in these nations. The author criticizes economists for failing to understand these historical changes. The book shows that this intellectual failure is not inherent in the discipline of economics; there are important traditions in economic thought that the mainstream of the economics profession has simply ignored.
Customer Reviews:
Corporate Capitalism as a non-market process.......2000-12-13
Picking up where he left off in "Competitive Advantage on the Shop Floor", Lazonick deepens his critique of capitalism's self-representation in neoclassical economic theory. Combining the insights of Schumpeter, Marshall and Marx, he convincingly argues that the emergence of large corporations actually displace "free market" "mechanisms" of resource allocation, radically changes the manner in which the pricing of commodities occurs, and transforms the balance of power between workers and the owners of enterprises. Central to his analysis is the various ways in which organizational complexity and planning within large firms leads to an undemocratic politics of knowledge creation and diffusion that determines the division of the firm's revenue into wages and profits. In the process of narrating the emergence of corporate capitalism, Lazonick elaborates on how large enterprises become locked into economies of speed that exacerbate "labor-management" tensions that, in turn, sap firm's abilities to innovate in the face of international competition. When societies fall prey to these problems, economic stagnation and class conflict result and those with the power within corporations use that power to grab a larger share of a revenue-pie that is either growing at a much slower rate or shrinking. For Lazonick, capitalism is a non-equilibrium process that is always political, generative of uncertainty and an "inequality [that] has undermined the incentives for those who participate in the business organization's specialized division of labor to make the long-term commitment's of their skills and efforts that the innovation process requires." Like "Competitive Advantage on the Shop Floor", this one is a must read; and at a fraction of the cost.
Average customer rating:
- Dispelling myths about the "free-market"...
|
Apostles of Greed: Capitalism and the Myth of the Individual in the Market
Allan Engler
Manufacturer: Pluto Press (UK)
ProductGroup: Book
Binding: Hardcover
 Policy & Current Events
| Popular Economics
| Business & Investing
| Subjects
| Books
General
| Popular Economics
| Business & Investing
| Subjects
| Books
Free Enterprise
| Economics
| Business & Investing
| Subjects
| Books
Theory
| Economics
| Business & Investing
| Subjects
| Books
General
| Politics
| Nonfiction
| Subjects
| Books
Ideologies
| Politics
| Nonfiction
| Subjects
| Books
| Communism & Socialism
| Radical Thought
Political Theory
| Political Science
| Social Sciences
| Nonfiction
| Subjects
| Books
ASIN: 074530950X |
Customer Reviews:
Dispelling myths about the "free-market"..........2001-02-01
This book is a good neo-marxist critique of capitalism. The author effectively combats the idea that capitalism values the "individual" with convincing facts and figures. A good read, with a great deal of historical background and analysis.
Average customer rating:
|
The Celtic Tiger?: The Myth of Social Partnership
Kieran Allen
Manufacturer: Manchester University Press
ProductGroup: Book
Binding: Hardcover
Economic Conditions
| Economics
| Business & Investing
| Subjects
| Books
General
| Popular Economics
| Business & Investing
| Subjects
| Books
Economic Conditions
| International
| Business & Investing
| Subjects
| Books
General
| Politics
| Nonfiction
| Subjects
| Books
General
| Social Sciences
| Nonfiction
| Subjects
| Books
General
| Sociology
| Social Sciences
| Nonfiction
| Subjects
| Books
Social Situations
| Sociology
| Social Sciences
| Nonfiction
| Subjects
| Books
ASIN: 0719058473 |
Book Description
Ireland is today's success story, a "Celtic Tiger" where the free market brings unprecedented wealth and opportunity. This book looks below the surface to discover a discontented majority who do not share in this prosperity. The booming economy, built on US investments attracted by the prospect of tax cuts, has led to a weakening in social services and a deterioration of quality of life. Cities are gridlocked because of poor public transportation, and housing crises have left 150,000 people in need of adequate accommodation. This critical look brings its class divisions into sharp focus to challenge many myths about Ireland's success story.
Average customer rating:
|
Confucian Capitalism: Discourse, Practice and the Myth of Chinese Enterprise (Chinese Worlds)
Souchou Yao
Manufacturer: RoutledgeCurzon
ProductGroup: Book
Binding: Hardcover
Economic History
| Economics
| Business & Investing
| Subjects
| Books
International
| Economics
| Business & Investing
| Subjects
| Books
General
| Popular Economics
| Business & Investing
| Subjects
| Books
General
| Business & Investing
| Subjects
| Books
General
| World
| History
| Subjects
| Books
General
| China
| Asia
| History
| Subjects
| Books
Culture
| Sociology
| Social Sciences
| Nonfiction
| Subjects
| Books
ASIN: 0700715835 |
Book Description
The discourse of Confucian Capitalism has been crucial in shaping our understanding of the brilliant economic successes of the Chinese diaspora all over the world. From this perspective, hard work, family values, and communal cohesion, as well as business practices based on sentiment, trust, and social networks, are the legendary means of explaining the wealth and commercial talent of these remarkable people. The book examines the subject of Chinese business' by exposing the enduring myth about the determining effects of these values and practices supposedly derived from Confucianism. Such myth relies on an ahistorical and essentialised notion of Chinese Culture', and brings into focus three sites of controversy: the economically driven Chinese subject, work-place relations characterised by consensus and cultural sharing, and an operating ethos of collectivist, pre-capitalist sociality. L In its interrogation of the discourse of Confucian capitalism, it is the aim of this book to arrive at a critically informed and socially realistic understanding of Chinese business. The author combines abstract analysis with examples from anthropological fieldwork among Chinese traders in Sarawak, East Malaysia. By anchoring theoretical discussion to real case studies, the multi- disciplinary approach of this book offers a useful insight into Chinese business activities, and contributes to current debates in cultural studies, economic anthropology, the economic performance of overseas Chinese, and neo-Confucian societies more generally.
Average customer rating:
- Insightful!
- Extraordinarily clear analysis of global finance
- Fascinating, Contrarian and Long Overdue
|
Cowardly Capitalism: The Myth of The Global Financial Casino
Daniel Ben-Ami
Manufacturer: John Wiley & Sons
ProductGroup: Book
Binding: Hardcover
General
| Popular Economics
| Business & Investing
| Subjects
| Books
Finance
| Business & Investing
| Subjects
| Books
| Banks & Banking
| Corporate Finance
| Foreign Exchange
| Inflation
| Interest
General
| Business & Investing
| Subjects
| Books
General
| Accounting
| Industries & Professions
| Business & Investing
| Subjects
| Books
General
| International
| Business & Investing
| Subjects
| Books
Risk Assessment
| Management & Leadership
| Business & Investing
| Subjects
| Books
Finance & Investing
| Finance
| International
| Accounting & Finance
| Professional & Technical
| Subjects
| Books
General
| Accounting
| Accounting & Finance
| Professional & Technical
| Subjects
| Books
General
| Finance
| Accounting & Finance
| Professional & Technical
| Subjects
| Books
All Amazon Upgrade
| Amazon Upgrade
| Stores
| Books
Business & Investing
| Amazon Upgrade
| Stores
| Books
Professional & Technical
| Amazon Upgrade
| Stores
| Books
ASIN: 0471899631 |
Book Description
A bold challenge to accepted ideas about the need for regulation of world financial markets
In a controversial new book sure to spark debate throughout the world financial community, British financial journalist and investment expert Daniel Ben-Ami makes a strong case against the current trend toward increased government regulation of the international money markets. In stark contrast to the accepted wisdom, promulgated by the likes of Soros and Krugman, Ben-Ami avers that the real problem currently threatening global finance is not wanton risk-taking, but excessive risk aversion. Rather than reduce the likelihood of financial crises, he believes that greater intervention will bring greater problems including panic waves that could crush the economies of entire regions in a matter of hours. Writing in a lively style, devoid of mathematics, and using many allusions to current affairs, pop culture, and business publishing to illustrate his arguments, Ben-Ami makes this book an enjoyable, highly accessible read.
Daniel Ben-Ami (London, UK) is a professional investment adviser and editor in chief of a well-respected journal for investment advisers.
Customer Reviews:
Insightful!.......2001-11-08
Letýs start out this review by stating up front that we disagree with Daniel Ben-Amiýs assertion that a preoccupation with risk measurement and management is a detriment to the global economy. With that out of the way, we can say that Ben-Ami presents a unique analysis of the modern global economy that is not at all without merit. His contention that lagging growth is a greater peril to the worldýs economy than financial instability is reasonable and backed up by ample evidence and illustration. And his position that increased regulation could be doing more harm than good will be embraced by all free traders. On the basis of these discussions alone, we [...] recommend this book to anyone thinking seriously about international financial systems. But this book is perhaps most useful as a starting point for debate, which it will certainly generate in the mind of any informed reader. While you might quibble with Ben-Amiýs conclusions ý as we do with his assertion that the threat of the 1990s financial crises was overblown ý you will not be bored.
Extraordinarily clear analysis of global finance.......2001-10-21
Usually, books on the dry subject of modern finance are a difficult read but this one is a welcome and worthy exception. The text is so fascinating that I managed to "make it" in three rather short sessions - and without the slightest trace of boredom in the process. I found no superfluous or pseudo-profound sentences and even the footnotes of this carefully researched study fully deserve the reader's attention.
Ben-Ami manages to explain in a few dozen pages the basics of apparently difficult concepts (as he rightly tells us, "even the most complex strategies tend to be built from simple components") such as derivatives, mutual funds, pension funds, hedging, etc. In the process, he shatters a lot of mistaken myths and conventional wisdom.
It is simply not true, he explains, that the instruments of modern finance are essentially speculative; on the contrary, they are usually a means for corporations and investors in general to better manage risk. Modern capitalists, unlike their predecessors of a more dynamic era, have an exaggerated aversion to risk and they try to build their portfolio in a way that minimises it. Thus a corporation dedicated to making cars, for instance, might prefer to invest part of its earnings in derivatives or hedge funds instead of innovating its production processes. The result would of course be a less dynamic form of capitalism, where more resources are spent on the financial markets - as opposed to the real, productive side of the economy. This, insists Ben-Ami, is in short what has been happening since the end of the post-war (1945-73) economic boom.
He offers powerful examples to illustrate his thesis. Yes, he says, it's true that George Soros made a billion dollars out of speculating against the British Pound in the early nineties - but that was only because the fundamentals of the British economy were really incompatible with the high value of its currency. A few years later Soros was betting on a fall of the Rouble and eventually lost two billion dollars. This time he had made a wrong analysis of the fundamentals of the Russian economy and got his fingers burned. The conclusion? Well, speculators really don't have the power to dominate events. So much for the idea that modern economies are but passive instruments at the hands of unscrupulous capitalistic sharks!
Ben-Ami regrets the general climate of fear for the future and horror of risk-taking that he thinks has taken hold of Western Europe and even more the USA in the last few decades - and has been, BTW, amply demonstrated in the recent near-hysteria caused by the appearance of a few cases of Anthrax in the US. He sees in this tendency a sign that the "animal spirits" that Keynes considered essential for the proper working of a dynamic capitalist economy are faltering.
The author doesn't present us a "solution" for this problem, probably because he's well aware of the fact that cultural attitudes are very hard to change. But he does warn that the climate of fear that currently permeates western society constitutes a clear impediment to stronger economic growth, both in the First and Third worlds. And he writes in such a clear, unpretentious style that one might just hope his analysis will eventually find a sympathetic hearing in the decision-making centers of Europe and the United States.
Fascinating, Contrarian and Long Overdue.......2001-09-19
The author performs a complete and delicate post-mortem of modern capitalist beliefs and misconceptions. I read Ayn Rand's "Capitalism: The Unknown Ideal" some time ago. Daniel Ben-Ami constructs a compelling argument in favour of unregulated markets, healthy competition and good old fashioned risk taking. Unlike Raynd he steers away from abstruse philosophical theories and sticks with what really matters to the reader: Real life examples, cataloging the myriad failiures of faux-capitalism. If like me you whince every time you hear about another ill-thought out but well intended goverment safeguard, you'll enjoy this book for the intellectual ammunition it delivers.
Average customer rating:
|
Market Way to Riches: Behind the Myth
Mario Amendola , and
Jean-Luc Gaffard
Manufacturer: Edward Elgar Publishing
ProductGroup: Book
Binding: Hardcover
General
| Popular Economics
| Business & Investing
| Subjects
| Books
Macroeconomics
| Economics
| Business & Investing
| Subjects
| Books
General
| Business & Investing
| Subjects
| Books
General & Reference
| Technology
| Science
| Subjects
| Books
Culture
| Sociology
| Social Sciences
| Nonfiction
| Subjects
| Books
All Titles
| Qualifying Textbooks - Fall 2007
| Stores
| Books
ASIN: 1845429222 |
Book Description
Mario Amendola and Jean-Luc Gaffard argue that all too often, markets and technology are treated as two magic words that will open the door to a wealth of riches. An increasing number of governments appear to be aiming for a pure market economy in order to reap the benefits of a benevolent technology that promises the most spectacular advances. Both markets and technology can certainly be considered essential economic factors, but which market and what technology? Is the current prevailing view of competition without restraints and privatisation at all costs actually the essence of the market? This book maintains that the dominant view mistakes the relationship between growth and technical change and, as a consequence, the role of the market in this context. The authors argue that once the issue is analysed in the proper light, the usual ingredients of the dominant policy recipe - zero inflation, balanced budgets, privatisations, deregulation of all markets, extreme flexibility - may not actually be the appropriate ones.
The Market Way to Riches will appeal to higher level academics from many branches of economics including heterodox, evolutionary and macroeconomics and those with an interest in economic growth generally. Policy makers influencing economic growth will also find much to engage them.
Average customer rating:
|
Myth of the Market: Promises and Illusions
Jeremy Seabrook
Manufacturer: Green Books
ProductGroup: Book
Binding: Paperback
Policy & Current Events
| Popular Economics
| Business & Investing
| Subjects
| Books
Free Enterprise
| Economics
| Business & Investing
| Subjects
| Books
Theory
| Economics
| Business & Investing
| Subjects
| Books
General
| Business & Investing
| Subjects
| Books
General
| Social Sciences
| Nonfiction
| Subjects
| Books
Environmentalism
| Conservation
| Outdoors & Nature
| Subjects
| Books
ASIN: 1870098366 |
Average customer rating:
- Sorry Ken, too much ADD
- No market is FREE
|
Myths of the Free Market
Kenneth S. Friedman
Manufacturer: Algora Publishing
ProductGroup: Book
Binding: Hardcover
Policy & Current Events
| Popular Economics
| Business & Investing
| Subjects
| Books
General
| Popular Economics
| Business & Investing
| Subjects
| Books
Economic Policy & Development
| Economics
| Business & Investing
| Subjects
| Books
Economic History
| Economics
| Business & Investing
| Subjects
| Books
Free Enterprise
| Economics
| Business & Investing
| Subjects
| Books
General
| Business & Investing
| Subjects
| Books
All Titles
| Qualifying Textbooks - Fall 2007
| Stores
| Books
ASIN: 0875862241 |
Book Description
Myths of the Free Market is arguably the most significant book in economics and politics since John Maynard Keynes. It systematically presents a broad range of telling criticisms of free market economics, criticisms that have not been presented elsewhere. Despite our genuine faith in the free market, laissez faire has not maximized wealth. When we moved from the purer free market policies of the 1920s and early 1930s to the proto-socialism of Roosevelt, our economic growth increased. As we have moved back to a purer free market, growth has slowed. We have lagged our trading partners who have mixed economies. Nor is this new. In the late 1800s the mixed economies of Bismarck's Germany and Meiji Japan outperformed the relatively free market economies of Great Britain and France. It is worse. Even in principle, laissez faire cannot work - it is incompatible with institutions that increase wealth. Patent protection is one example, easily generalized. It is worse yet. Laissez faire promotes the excessive concentration of wealth and exposes us all to avoidable danger. Over the last millennium there has been a 200-300 year cycle of wealth dispersion. Each time wealth disparity grew beyond a critical point it presaged decline and disaster for all of society. We now have the greatest disparity of wealth in our history. Kenneth Friedman holds an MS in Physics and PhD in Philosophy of Science from MIT. He has been interviewed in Barron's and on CNBC and quoted in The Wall Street Journal.
Download Description
"Myths of the Free Market" provides a comprehensive and authoritative critique of laissez faire and has important practical implications for investors. Citing competition's dismal effects on everything from education to moral standards, the author suggests we look to nonlinear economics for a better model and open the window to humanism as a sounder basis for society.
Customer Reviews:
Sorry Ken, too much ADD.......2007-08-30
Read this book if you have any doubts about current economic theory, be it in fiscal or monetary policy, or if you are an investor and don't want to follow the old small investor habit of buying high (after the max growth has passed) and selling low (to avoid further loss of capital). Mr. Friedman makes excellent points about the inability of classical economics to accurately predict or even explain economic ebb and flow. While he does an exemplary job proposing an alternative for linear supply-demand curve math in the form of differential equations mathematical modeling (first order differential equations modeled after non-linear thermodynamics), he fails to mention that caveat used as a crutch by traditional economists still clinging to Adam Smith's outdated concept: "Ceterus Paribus" (lit: "All else being equal"). This is the explanation used by economists to avoid properly addressing criticism of classical supply/demand theory. Any attempt to address status quo theories must also address those theories' attempt at hand-waving away any counter arguments. In addition, the use of GNP instead of GDP in demonstrable citation is curious. Nevertheless, the loss of a star is due primarily to what I can only call "Mission Creep" in Mr. Friedman's overall point. While appeal to logic is certainly commendable and preferable to appeal to tradition, Mr. Friedman's examples of current hot-button issues (e.g. abortion, religious elitism, etc...) are unnecessarily impassioned and separate from the point of the failings of the free market system. These separate criticisms of current social topics and judicial interpretations should be put in a separate book to appeal to a different target market: not the economist, or economy student. Such social commentary should be targeted towards the social scientists and politically oriented policy-makers. This is why I give the book four out of five stars.
-jpl
No market is FREE.......2006-03-02
Are you prepared? Do you have doubt?
If you want to know the truth about markets, read this book! If not, keep watching the talking heads on CNBC!
Book Description
This digital document is an article from New Internationalist, published by Thomson Gale on June 1, 2007. The length of the article is 1696 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Myths of the global market: free markets are often presented as the sole solution to poverty and human development. But the global market is inefficient and life-destructive, writes John McMurtry.
Author: John McMurtry
Publication:
New Internationalist (Magazine/Journal)
Date: June 1, 2007
Publisher: Thomson Gale
Issue: 401
Page: 34(2)
Distributed by Thomson Gale
Books:
- Crafting and Executing Strategy : The Quest for Competitive Advantage - Concepts and Cases (Strategic Management: Concepts and Cases)
- Duct Tape Marketing: The World's Most Practical Small Business Marketing Guide
- e-Learning and the Science of Instruction: Proven Guidelines for Consumers and Designers of Multimedia Learning
- Eating the Big Fish: How Challenger Brands Can Compete Against Brand Leaders (Adweek Book S.)
- Effective Phrases for Performance Appraisals: A Guide to Successful Evaluations
- Encouraging the Heart: A Leader's Guide to Rewarding and Recognizing Others (J-B Leadership Challenge: Kouzes/Posner)
- Evaluating Practice: Guidelines for the Accountable Professional (5th Edition)
- Fine Art Publicity, 2nd Edition: The Complete Guide for Artists, Galleries, and Museums (Business and Legal Forms)
- Fundamentals of Risk and Insurance
- History: Fiction or Science? (Chronology, No. 1)
Books Index
Books Home
Recommended Books
- Professional Learning Communities at Work: Best Practices for Enhancing Student Achievement
- Family Haggadah: A Seder for All Generations
- The Monogram Checklist: The Films of Monogram Pictures Corporation, 1931-1952
- War Is a Racket: The Anti-War Classic by America's Most Decorated General, Two Other Anti=Interventi
- Analysis of Financial Time Series, 2nd Edition
- Green This! Volume 1: Greening Your Cleaning
- Dark Noon
- Research in Governmental and Nonprofit Accounting: Vol 9
- The Values-Based Safety Process: Improving Your Safety Culture with Behavior-Based Safety
- A Visual Introduction to Bears
The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor--and Why You Can Never Buy a Decent Used Car!
Meltdown: The Predictable Distortion of Global Warming by Scientists, Politicians, and the Media
Vienna and Chicago, Friends or Foes?: A Tale of Two Schools of Free Market Economics
Capitalism and Freedom: Fortieth Anniversary Edition
The Road to Serfdom Fiftieth Anniversary Edition
