The apartheid state was at war. It was a conflict intended to stifle demands for freedom, subjugate Southern Africa and benefit the grip on power by the ruling elite. It was a fight for survival, which was to intensify in the two decades before South Africa’s liberation in 1994. While internal resistance grew, the United Nations imposed mandatory sanctions prohibiting the sale of strategic goods such as arms and oil to South Africa. The regime was confronted with an existential threat – isolation. A covert network of over 50 countries, including big powers and sworn enemies, was constructed to counter sanctions to illegally supply guns to Pretoria. Under the cloak of secrecy, allies in corporations, banks, governments and intelligence agencies sprung into action.

Apartheid, Guns And Money: A Tale Of Profit is an exposé of this machinery created in defence of apartheid. They include heads of states, arms dealers, aristocrats, plutocrats, senators, bankers, spies, journalists and members of secret lobby groups. Moving in the shadows, these people were complicit in a crime against humanity. The motivation for some was ideological as part of the Cold War anti-communism crusade. Others felt kinship with the last white regime in Africa. The book also addresses questions of unsolved murders and domestic complicity by South African business with the apartheid state.

This deeply researched book lifts the lid on some of the darkest secrets of apartheid’s economic crimes never before fully investigated. The stories weave together material collected in over two dozen archives in eight countries over four years, providing readers with an insight into tens of thousands of pages of newly declassified documents. Interviews with businessmen, politicians, sanctions busters and freedom fighters provide eyewitness accounts of acts of complicity and contrition.

The book argues that networks of state capture have been with us for decades. These must be confronted to deal with the corrupt networks in our democratic political system. In forging the country’s future a new generation needs to grapple with the baffling silence of apartheid-era economic crime and ask difficult questions of those who benefitted from it. This book provides the evidence and the motivation to do so.

Two Harvard professors explain the stages in which governments collapse - and how we can prevent this.

Democracies can die with a coup d'état - or they can die slowly. This happens most deceptively when in piecemeal fashion, with the election of an authoritarian leader, the abuse of governmental power and the complete repression of opposition. All three steps are being taken around the world - not least with the election of Donald Trump - and we must all understand how we can stop them.

From the reign of General Augusto Pinochet in Chile to the quiet undermining of Turkey's constitutional system by President Recip Erdogan, Harvard professors Steven Levitsky and Daniel Ziblatt draw insightful lessons from across history to shine a light on governmental breakdown across the 20th and 21st centuries - including the dangers of an authoritarian leader faced with a major crisis.

Based on years of research, they present a deep understanding of how and why democracies die; an alarming analysis of how democracy is being subverted today in the US and beyond; and a guide for maintaining and repairing a threatened democracy, for governments, political parties and individuals.

History doesn't repeat itself. But we can protect our democracy by learning its lessons, before it's too late.

A Banquet of Consequences is an intricately researched, decisively written and devastating analysis of today’s economy.

Satyajit Das connects disparate strands of a story, and in doing so delivers a damning critique of global economic policies of the last 50 years. He argues that governments and citizens of every political hue are now so addicted to growth and resistant to change, that a prolonged period of chronic stagnation, sustained by large infusions of monetary morphine and continuous interventions, or an unavoidable financial, political and social breakdown are the only possible outcomes.

Named a Best Book of 2018 by the Financial Times and Fortune, this New York Times-bestseller exposes how a `modern Gatsby' swindled over $5 billion with the aid of Goldman Sachs in `the heist of the century'. Now a #1 international bestseller, Billion Dollar Whale is `an epic tale of white-collar crime on a global scale' (Publishers Weekly, starred review), revealing how a young social climber from Malaysia pulled off one of the biggest heists in history. In 2009, a chubby, mild-mannered graduate of the University of Pennsylvania's Wharton School of Business named Jho Low set in motion a fraud of unprecedented gall and magnitude - one that would come to symbolise the next great threat to the global financial system. Over a decade, Low, with the aid of Goldman Sachs and others, siphoned billions of dollars from an investment fund - right under the nose of global financial industry watchdogs. Low used the money to finance elections, purchase luxury real estate, throw champagne-drenched parties, and even to finance Hollywood films like The Wolf of Wall Street. By early 2019, with his yacht and private jet reportedly seized by authorities and facing criminal charges in Malaysia and in the United States, Low had become an international fugitive, even as the US Department of Justice continued its investigation. Billion Dollar Whale has joined the ranks of Liar's Poker, Den of Thieves, and Bad Blood as a classic harrowing parable of hubris and greed in the financial world.

The gripping story of how the end of the Roman Empire was the beginning of the modern world The fall of the Roman Empire has long been considered one of the greatest disasters in history. But in this groundbreaking book, Walter Scheidel argues that Rome's dramatic collapse was actually the best thing that ever happened, clearing the path for Europe's economic rise and the creation of the modern age. Ranging across the entire premodern world, Escape from Rome offers new answers to some of the biggest questions in history: Why did the Roman Empire appear? Why did nothing like it ever return to Europe? And, above all, why did Europeans come to dominate the world? In an absorbing narrative that begins with ancient Rome but stretches far beyond it, from Byzantium to China and from Genghis Khan to Napoleon, Scheidel shows how the demise of Rome and the enduring failure of empire-building on European soil ensured competitive fragmentation between and within states. This rich diversity encouraged political, economic, scientific, and technological breakthroughs that allowed Europe to surge ahead while other parts of the world lagged behind, burdened as they were by traditional empires and predatory regimes that lived by conquest. It wasn (TM)t until Europe "escaped" from Rome that it launched an economic transformation that changed the continent and ultimately the world. What has the Roman Empire ever done for us? Fall and go away.

Even in the midst of runaway economic inequality and dangerous social division, it remains an axiom of modern life that meritocracy reigns supreme and promises to open opportunity to all. The idea that reward should follow ability and effort is so entrenched in our psyche that, even as society divides itself at almost every turn, all sides can be heard repeating meritocratic notions. Meritocracy cuts to the heart of who we think we are. But what if, both up and down the social ladder, meritocracy is a sham? Today, meritocracy has become exactly what it was conceived to resist: a mechanism for the concentration and dynastic transmission of wealth and privilege across generations. Upward mobility has become a fantasy, and the embattled middle classes are now more likely to sink into the working poor than to rise into the professional elite. At the same time, meritocracy now ensnares even those who manage to claw their way to the top, requiring rich adults to work with crushing intensity, exploiting their expensive educations in order to extract a return. All this is not the result of deviations or retreats from meritocracy but rather stems directly from meritocracy's successes. This is the radical argument that The Meritocracy Trap prosecutes with rare force, comprehensive research, and devastating persuasion. Daniel Markovits, a law professor trained in philosophy and economics, is better placed than most to puncture one of the dominant ideas of our age. Having spent his life at elite universities, he knows from the inside the corrosive system we are trapped within, as well as how we can take the first steps towards a world that might afford us both prosperity and dignity.

The annual revenue of Koch Industries is bigger than that of Google, Goldman Sachs and Kraft Foods combined. But very few people have ever heard of Koch Industries because the billionaire Koch brothers want it that way. Now, in Kochland, Christopher Leonard has managed what no other journalist has done before: to tell the explosive inside story of how the largest private company in the world became that big. In doing so, Leonard also tells the epic tale of the evolution of corporate America over the last half-century, in all its glory and rapaciousness. Koch is everywhere. It controls the fertilisers at the foundation of our food system. It controls the synthetics that make our diapers and carpets. It controls the chemicals that make our bottles and pipes. It controls the building materials that make our homes and offices. And it controls much of the Wall Street trading in all of these commodities. It makes money at every end of almost every deal. For five decades, CEO Charles Koch has kept Koch Industries quietly operating behind a veil of secrecy, with a view toward very, very long-term profits. When Wall Street came calling twenty years ago, trying to take Koch public, Charles Koch said no. He's a genius businessman: patient with profits, able to learn from his mistakes, determined that his employees develop an almost a worshipful dedication to free-market ruthlessness, and a master disrupter. We think of disruption as something that happens in Silicon Valley, but this book will upend your understanding of what disruption really is. Charles Koch's business acumen has made him and his brother David (Koch Industries' co-owner) together richer than Bill Gates. But there's a dark side to their story. If you want to understand how we killed the unions in this country, how we widened the income divide, how we stalled progress on climate change and how corporate America bought the influence industry, all you have to do is read this book. Seven years in the making, Kochland reads like a true-life thriller, with larger-than-life characters driving the battles on every page. The book tells the ambitious tale of how one private company consolidated power over half a century - and how in doing so, transformed capitalism into something that feels so deeply alienating to many Americans today.

The Economists' Hour by Binyamin Appelbaum is the biography of a revolution: the story of how economists who believed in the power and the glory of free markets transformed the business of government, the conduct of business and, as a result, the patterns of everyday life. In the four decades between 1969 and 2008, these economists played a leading role in reshaping taxation and public spending and clearing the way for globalization. They reshaped the US government's approach to regulation, assigning a value to human life to determine which rules are worthwhile. Economists even convinced President Nixon to end military conscription. The United States was the epicentre of the intellectual ferment, but the embrace of markets was a global phenomenon, seizing the imagination of politicians in countries including the United Kingdom, Chile and New Zealand. The revolution failed to deliver on its central promise of increased prosperity. In the United States, growth has slowed in every successive decade since the 1960s. And the cost of the failure was steep. Policymakers traded well-paid jobs for low-cost electronics; the loss of work weakened the fabric of society and of democracy. Soaring inequality extends far beyond incomes: life expectancy for less affluent Americans has declined in recent years. And the focus on efficiency has come at the expense of the future: lower taxes instead of education and infrastructure; limited environmental regulation as oceans rise and California burns. This book is a reckoning: the economists' hour is coming to an end, and the world they have left us with feels less predictable than when it began.

In four decades, bookended by the Pope's visits to Ireland in September 1979 and August 2018, Ireland has become one of the wealthiest and most progressive nations in the world, a bustling home to multinationals and start-ups, seemingly immune to the strains of radical populism sweeping the Western world. It's a far cry from the dreary and stagnant nation of 40 years ago. If we look at the data, but for the recent economic crash that should have but didn't derail the country for decades, the Irish economy appears to have burst from the blocks in 1990 and kept on going. So how did we manage it? How did we go from economic embarrassment to avocado toast in the space of a generation? The answer, David McWilliams compellingly argues, isn't to be found in the official records of government. Instead, this was a revolution from below, born of `a million little mutinies' in Irish society, a wholesale shift in the way normal people see and think about themselves. Characteristically brilliant and timely, Renaissance Nation is a thrilling account of Ireland's vertiginous rise and a timely exploration of its conflicted present, where stark decisions await the next generation of would-be revolutionaries.

Bread, cash, dosh, dough, loot. Call if what you like, it matters now more than ever. In The Ascent of Money, Niall Ferguson shows that financial history is the back-story to all history. From the banking dynasty who funded the Italian Renaissance to the stock market bubble that caused the French Revolution, this is the story of booms and busts as it's never been told before. With the world in the grip of the biggest financial crisis since the Great Depression, there's never been a better time to understand the ascent - and descent - of money. 'Beautifully written ... Breathtakingly clever' Sunday Telegraph 'A lucid and racy account of financial history' New Statesman 'A fine, readable and entertaining history' Dominic Sandbrook, Daily Telegraph, Books of the Year 'The tales he tells of boom and bust, of triumph and disaster, of bubbles that inflate ... are the very essence of financial history' Bill Emmott, Financial Times 'An often enlightening and enjoyable tour through the underside of great events, a lesson in how the most successful great powers have always been underpinned by smart money' Robert Skidelsky, New York Review of Books

Capitalism has co-existed with many different kinds of states, from Victorian Britain to republican France and confederate Switzerland, from Fascist and Nazi regimes to post-war European democracies, from post-Meiji Japan to south-east Asian and Latin American dictatorships, communist China and even Russia. Today, the march of capitalism appears inexorable - but it was not always so. In this riveting account of the rise of global capitalism from the 1880s until 1914, Donald Sassoon describes how after industrialization swept the world in the early nineteenth century the modernization of society and global capitalism followed. With capitalism, Sassoon argues, for the first time in the history of humanity, there was a social system able to provide a high level of consumption for the majority of those who lived within its bounds; its only rival, communism, was to fail miserably. But, in time, capitalism proved a devastating force in need of regulation, whose inbuilt traits were anxiety and crisis. With astonishing breadth of vision and scholarship, Sassoon encompasses the first great modern economic globalization, forerunner to today's consumer society, in this original and compelling book.

One of the most followed antitrust cases of recent times-United States v. Apple-reveals an often-missed truth: what Americans most fear is competition itself. In 2012 the Department of Justice accused Apple and five book publishers of conspiring to fix e-book prices. The evidence overwhelmingly showed an unadorned price-fixing conspiracy that cost consumers hundreds of millions of dollars. Yet before, during, and after the trial millions of Americans sided with the defendants. Pundits on the left and right condemned the government for its decision to sue, decrying Amazon's market share, railing against a new high-tech economy, and rallying to defend beloved authors and publishers. For many, Amazon was the one that should have been put on trial. But why? One fact went unrecognized and unreckoned with: in practice, Americans have long been ambivalent about competition. Chris Sagers, a renowned antitrust expert, meticulously pulls apart the misunderstandings and exaggerations that industries as diverse as mom-and-pop grocers and producers of cast-iron sewer pipes have cited to justify colluding to forestall competition. In each of these cases, antitrust law, a time-honored vehicle to promote competition, is put on the defensive. Herein lies the real insight of United States v. Apple. If we desire competition as a policy, we must make peace with its sometimes rough consequences. As bruising as markets in their ordinary operation often seem, letting market forces play out has almost always benefited the consumer. United States v. Apple shows why supporting cases that protect price competition, even when doing so hurts some of us, is crucial if antitrust law is to protect and maintain markets.

How and why did the US become the most successful economy in history? One of The Economist's Best Books of 2017, America, Inc explains the rise of America's economic power and how so many US businesses have succeeded. In a winning, accessible style, Bhu Srinivasan boldly takes on four centuries of American enterprise, revealing the unexpected connections that link them. The story is entertaining, eye-opening and sweeping in its reach. America, Inc takes us on a journey through the inventions, techniques and industries that drove America forward: from the telegraph, the railroad, guns, radio and banking to flight, suburbia and sneakers, culminating with the Internet and mobile technology at the turn of the twenty-first century. We learn how Andrew Carnegie's early job as a telegraph messenger boy paved the way for his leadership of the steel empire that would make him one of history's richest men; how the gunmaker Remington reinvented itself in the postwar years to sell typewriters; and how the inner workings of the Mafia mirrored the trend of consolidation and regulation in more traditional business. Reliving the heady early days of Silicon Valley, we are reminded that the start-up is an idea as old as capitalism itself.

How does a democracy die? What can we do to save our own? What lessons does history teach us? In the 21st century democracy is threatened like never before. Drawing insightful lessons from across history - from Pinochet's murderous Chilean regime to Erdogan's quiet dismantling in Turkey - Levitsky and Ziblatt explain why democracies fail, how leaders like Trump subvert them today and what each of us can do to protect our democratic rights. 'A useful primer on the importance of norms, institutional restraints and civic participation in maintaining a democracy - and how quickly those things can erode when we're not paying attention' President Barack Obama 'A must-read' Andrew Marr, Sunday Times 'Excellent, scholarly, readable, alarming and level-headed' Nick Cohen, Observer 'The greatest of the many merits of Levitsky and Ziblatt's How Democracies Die is their rejection of western exceptionalism. They tell inspiring stories I had not heard before. Excellent' Nick Cohen, Observer 'Provocative, timely. One of my favourite reads this year' Elif Shafak, author of The Bastard of Istanbul 'Anyone who is concerned about the future of democracy should read this brisk, accessible book. Anyone who is not concerned should definitely read it' Daron Acemoglu, co-author of Why Nations Fail 'A lucid and essential guide to what can happen' Jennifer Szalai, New York Times 'We owe the authors a debt of thanks for bringing their deep understanding to bear on the central political issue of the day' Francis Fukuyama, author of Political Order and Political Decay 'In this brilliant historical synthesis, Levitsky and Ziblatt show how the actions of elected leaders around the world have paved the road to democratic failure, and why the United States is now vulnerable to this same downward spiral. This book should be widely and urgently read as a clarion call to restore the shared beliefs and practices-beyond our formal constitution - that constitute the essential 'guardrails' for preserving democracy' Larry Diamond, author of The Spirit of Democracy

A Times Best Business Book of 2018 What can the ideas of history's greatest economists tell us about the most important issues of our time? 'The best place to start to learn about the very greatest economists of all time' Professor Tyler Cowen, author of The Complacent Class and The Great Stagnation Since the days of Adam Smith, economists have grappled with a series of familiar problems - but often their ideas are hard to digest, before we even try to apply them to today's issues. Linda Yueh is renowned for her combination of erudition, as an accomplished economist herself, and accessibility, as a leading writer and broadcaster in this field; and in The Great Economists she explains the key thoughts of history's greatest economists, how their lives and times affected their ideas, how our lives have been influenced by their work, and how they could help with the policy challenges that we face today. In the light of current economic problems, and in particular economic growth, Yueh explores the thoughts of economists from Adam Smith and David Ricardo through Joan Robinson and Milton Friedman to Douglass North and Robert Solow. Along the way she asks, for example: what do the ideas of Karl Marx tell us about the likely future for the Chinese economy? How does the work of John Maynard Keynes, who argued for government spending to create full employment, help us think about state investment? And with globalization in trouble, what can we learn about handling Brexit and Trumpism? In one accessible volume, this expert new voice provides an overarching guide to the biggest questions of our time. The Great Economists includes: Adam Smith David Ricardo Karl Marx Alfred Marshall Irving Fisher John Maynard Keynes Joseph Schumpeter Friedrich Hayek Joan Robinson Milton Friedman Douglass North Robert Solow 'Economics students, like others, can learn a lot from this book' - Professor Paul Collier, author of The Bottom Billion 'Not only a great way to learn in an easily readable manner about some of the greatest economic influences of the past, but also a good way to test your own a priori assumptions about some of the big challenges of our time.' - Lord Jim O'Neill, former Chairman at Goldman Sachs Asset Management, former UK Treasury Minister, and author of The Growth Map 'An extremely engaging survey of the lifetimes and ideas of the great thinkers of economic history.' - Professor Kenneth Rogoff, author of The Curse of Cash and co-author of This Time is Different 'This book is a very readable introduction to the lives and thinking of the greats.' - Professor Raghuram Rajan, former Governor of the Reserve Bank of India, and author of I Do What I Do and Fault Lines 'Read it not only to learn about the world's great economists, but also to see how consequential thought innovations can be, and have been.' - Mohamed el-Erian, Chief Economic Adviser at Allianz, former CEO of PIMCO

From the bestselling and award-winning author of `An English Affair', a dazzlingly original thematic biography which throws fresh light on the greatest economist of the twentieth century. John Maynard Keynes is the man who saved Britain from financial crisis not once but twice - over the course of two World Wars. He remains a highly influential figure, nearly 70 years after his death. But who was he? In this entertaining biography, Richard Davenport-Hines gives us the man behind the economics: the connoisseur, intellectual, public official and statesman who was equally at ease socialising with the Bloomsbury Group as he was persuading prime ministers and presidents. By exploring the desires and experiences that made Keynes think as he did, Davenport-Hines reveals the aesthetic basis of Keynesian economics, and explores why the ideas of this Great Briton continue to resonate so powerfully today.

Stock-market crashes show how the world of high finance can negatively impact our daily life, but smart money reveals a two-way street where those savvy to the science of finance can take their personal wealth up a gear. What is a hedge fund? How best to understand private equity? What are the principles of investment? 30 Second Money balances key features of personal finance with those of the financial markets and economic concepts, explaining how mass monetary systems relate to one's own money management choices. From basic concepts like risk and return to types of borrowing, investment, and risk management, everything is explained without jargon or complexity. This is the handbook that gives the reader an edge in any business conversation.

Law and economics are interdependent. Using a historical case analysis approach, this book demonstrates how the legal process relates to and is affected by economic circumstances. Glen Atkinson and Stephen P. Paschall examine this co-evolution in the context of the economic development that occurred in the nineteenth and early twentieth centuries as well as the impact of the law on that development. Specifically, the authors explore the development of a national market, the transformation of the corporation, and the conflict between state and federal control over businesses. Their focus on dynamic, integrated systems presents an alternative to mainstream law and economics. The authors apply John R. Commons's approach to three main law and economics issues: the changing relationship between corporations and the state, the application of the Commerce Clause and the Fourteenth Amendment of the US Constitution to state and federal regulation of business, and the relationship of antitrust law to industrialization. They provide a valuable linking of law with changing economic circumstances such as antitrust policy changes and the development of the corporate form. This analytical approach to the practice of law and economics will be of interest to researchers, students, and faculty in law and economics, economic history, constitutional law, economic regulation, public policy, and the sociology of law. Business students and researchers will also find value in this book's presentation of court decisions and exploration of economic development.

This lively book takes Oklahoma history into the world of Wild West capitalism. It begins with a useful survey of banking from the early days of the American republic until commercial patterns coalesced in the East. It then follows the course of American expansion westward, tracing the evolution of commerce and banking in Oklahoma from their genesis to the eve of statehood in 1907.
"Banking in Oklahoma before Statehood "is not just a story of men sitting behind desks. Author Michael J. Hightower describes the riverboat trade in the Arkansas and Red River valleys and freighting on the Santa Fe Trail. Shortages of both currency and credit posed major impediments to regional commerce until storekeepers solved these problems by moving beyond barter to open ad hoc establishments known as merchant banks.
Banking went through a wild adolescence during the territorial period. The era saw robberies and insider shenanigans, rivalries between banks with territorial and national charters, speculation in land and natural resources, and land fraud in the Indian Territory. But as banking matured, the better-capitalized institutions became the nucleus of commercial culture in the Oklahoma and Indian Territories.
To tell this story, the author blends documentary historical research in both public and corporate archives with his own interviews and those that WPA field-workers conducted with old-timers during the New Deal. Bankers were never far from the action during the territorial period, and the institutions they built were both cause and effect of Oklahoma's inclusion in national networks of banking and commerce. The no-holds-barred brand of capitalism that breathed life into the Oklahoma frontier has remained alive and well since the days of the fur traders. As one knowledgable observer said in the 1980s, "You've always had the gambling spirit in Oklahoma."

A crisis is a period of uncertainty that may or may not lead to disaster, depending in part on the capacity of actors to make sense of what is happening and respond effectively. Disasters in different spheres occur and recur at different speeds and in idiosyncratic ways, but in essence they follow the same pattern. In the wake of the Global Financial Crisis and Eurozone upheavals this timely book argues that the disaster cycle - a framework normally used in the context of natural disasters - is equally applicable to the analysis of other types of catastrophe. Employing a modified version of the disaster cycle framework to compare and analyse a range of catastrophes in different spheres, the author draws on ideas from a variety of disciplines including economics and economic history, disaster studies, management, and political science. This unique comparative approach presents case studies of several important disasters: Hurricane Katrina, the First World War, the depression of the early 1930s, Welsh coal mining accidents, the deadly effects of smoking tobacco, and the Global Financial Crisis and Eurozone catastrophe of the early twenty first century. The author argues that economists and economic policy makers routinely misuse the term crisis to describe episodes that ought to be called disasters. This accessible and fascinating exploration will appeal to students and scholars in economic history, disaster studies, management, public policy, and related disciplines. The comparison of crisis and disaster management is also essential reading for policy makers.

Globalization and the Politics of Institutional Reform in Japan illuminates Japan's contemporary and historical struggle to adjust policy and the institutional architecture of government to an evolving global order. This focused and scholarly study identifies that key to this difficulty is a structural tendency towards central political command, which reduces the country's capacity to follow a more subtle allocation of authority that ensures political leadership remains robust and non-dictatorial. Thus, Motoshi Suzuki argues that it is essential for a globalizing state to incorporate opposition parties and transgovernmental networks into policy-making processes. Providing an in-depth analysis of the theories of institutional change, this book introduces readers to a wealth of perspectives and counterarguments concerning analysis of political decision-making and policy adjustment on both the national and international scale. Placing Japanese policy reform in the global context and relating policy reform to leadership's political strategies, the author gives a detailed chronological and analytical overview of Japan's challenging institutional, political and bureaucratic transformations since the Meiji Restoration of the late nineteenth century. Analysis of globalization and policy reform in a non-liberal state, and the relationship between politicians and bureaucrats from an international perspective is included. For those interested in historical and contemporary Japanese politics from a theoretical perspective, particularly the implications of globalization and the politician-bureaucrat relationship, this is an indispensable resource.

Ronald H. Coase, one of the most innovative and provocative economists of the twentieth century, has had a lasting influence in economics, law and economics, organization theory, management and political science. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars, including two Nobel Laureates, offer the first global assessment of the initial impact of Coase's work and the continuing inspiration that researchers and policy makers find in his contributions. The book presents a review of the continuing power of Coase's work, including the reshaping of public policies with particular respect to public utilities and network industries. Further chapters explore research programmes that he initiated including the concept of transaction costs and the analysis of property rights, especially in terms of the regulation of the communications industry and the creation of markets for the right to pollute. The book clearly demonstrates the originality of Coase's work and the challenge that it posed to conventional perspectives which has been a hallmark of his research throughout his life, from his initial view on the nature of the firm to his recent analysis of the development of capitalism in China. Less well-known features of Coase's research going beyond his famous papers on `The Nature of the Firm' and `The Problem of Social Cost' are also explored in detail. From economics to public policy, this complete and thorough assessment of Coase's vast contribution will be an invaluable reference to all those interested in the many areas influenced by this great economist.

Most macroeconomists agree that we live in the age of microfoundations. The recent worldwide financial crisis may have emboldened critics of this microfoundational orthodoxy, but it remains the dominant view that macroeconomic models must go beyond supply and demand functions to the level of individual decision-making, taking into account the general dynamic environment where agents live. Microfoundations Reconsidered seeks to reassess how the relationship of micro and macroeconomics evolved over time. The highly regarded contributors to the book argue that the standard narrative of microfoundations is likely to be unreliable. They therefore re-examine the history of the relationship of microeconomics and macroeconomics, starting from their emergence as self-consciously distinct fields within economics in the early 1930s. They seek to go beyond the conventional history that is often told and written by practicing economists. From different perspectives they challenge the association of microfoundations with Robert Lucas and rational expectations and offer both a more complete and a deeper reading of the relationship between micro and macroeconomics. Microfoundations Reconsidered is a valuable addition to the macroeconomic research literature. It is ideally suited to students, scholars, researchers, and practitioners with an interest in macro and microeconomics and the history of economics.

This lavishly illustrated book on the famous automobile manufacturer traces the Studebaker family from its arrival in America in 1736, to the beginnings of the wagon business under John M. Studebaker and his brothers in the nineteenth century, to the family's entry into the automobile industry in 1902, to the last Studebaker automobile to roll off the assembly line in 1966.
The book, however, is much more than the story of a family business; it is also, in microcosm, the story of the industrial development of America. The Studebakers had always been industrialists in the sense that they made their living by manufacturing things, albeit on a small scale. When the Industrial Revolution hit the country with full force, spurred on by the Civil War, it transformed America from a rural-agrarian society into an urban-industrial one. The fortunes of the Studebaker family were transformed with it.
As the title suggests, the Studebaker story was mostly one of success. Studebaker wagons and carriages were long noted for their quality and popularity, and so, too, were Studebaker automobiles. The 1953 Starliner and the 1963 Avanti, designed under Raymond Loewy's direction, are widely regarded as among the most innovative examples of American industrial design.
The book deals in detail with the soaring prosperity of the company in the 1920s, the bankruptcy and miraculous recovery in the 1930s, the stupendous success of the early post-World War II period, and the eventual decline of the company's fortunes in the mid-1950s. It describes the development of such famous models as the Lark, Avanti, and Gran Tourisimo Hawk, with special attention paid to the Avanti II, a surprisingly successful spinoff from the dying company that continued to be produced until 1991. The final chapter, on why Studebaker died, is tightly reasoned and more convincing than previous theories. Throughout, the author has used personal incident and characterization to bring to life the rich, tumultuous history of one of America's longest enduring industrial empires.