The period leading up to the Great Depression witnessed the rise of the economic forecasters, pioneers who sought to use the tools of science to predict the future, with the aim of profiting from their forecasts. This book chronicles the lives and careers of the men who defined this first wave of economic fortune tellers, men such as Roger Babson, Irving Fisher, John Moody, C. J. Bullock, and Warren Persons. They competed to sell their distinctive methods of prediction to investors and businesses, and thrived in the boom years that followed World War I. Yet, almost to a man, they failed to predict the devastating crash of 1929. Walter Friedman paints vivid portraits of entrepreneurs who shared a belief that the rational world of numbers and reason could tame--or at least foresee--the irrational gyrations of the market. Despite their failures, this first generation of economic forecasters helped to make the prediction of economic trends a central economic activity, and shed light on the mechanics of financial markets by providing a range of statistics and information about individual firms. They also raised questions that are still relevant today. What is science and what is merely guesswork in forecasting? What motivates people to buy forecasts? Does the act of forecasting set in motion unforeseen events that can counteract the forecast made? Masterful and compelling, Fortune Tellers highlights the risk and uncertainty that are inherent to capitalism itself.

Although all advanced industrial societies have urban and regional developmentpolicies, such policy in the United States historically has taken on a very distinct form. Compared with the more top-down, centrally orchestrated approaches of Western European countries, US cities and, to a lesser degree, states, take the lead, spurred on by developers and those with interest in rent. This bottom-up policy creates conflict as one city battles with another for new investments and as real estate developers fight over the spoils, resulting in highly contentious politics. In The Politics of Urban and Regional Development and the American Exception, Cox addresses the question of why US policy is so unique. In doing so, he illustrates the essential characteristics of American regional development through a series of case studies including housing politics in Silicon Valley; the history of the Dallas-Fort Worth International Airport; and a major redevelopment project that was rebuffed in Columbus, Ohio. Cox contrasts these examples with Western Europe's tradition of centralized governmental involvement and stronger labor movements that historically have been more concerned with creating what he calls "the good geography" than profits for developers, whatever the shortfalls in policy outcomes might be. The differences illuminate the peculiar nature of political engagement and local competition in shaping the way US urban development has evolved.