This volume seeks a better understanding of the issues and options involved in the generation and transfer of technology to poor small farmers. It is intended to provide a fresh opportunity to develop guidelines for the future design and implementation of rural development investment projects.

The market's bestselling and most comprehensive reference on chart patterns, backed by statistics and decades of experience When the smart money trades the securities markets, they leave behind financial footprints. Combine enough footprints together and you have a trail to follow. That trail becomes what's called a chart pattern. Encyclopedia of Chart Patterns, Third Edition expands upon Bulkowski's immensely popular Second Edition with fully revised and updated material on chart patterns. Whether you're new to the stock market or an experienced professional trader, use this book as a reference guide to give you an edge. Within the pages of this book, you'll learn how to identify chart patterns, supported by easy-to-understand performance statistics describing how well a pattern works, what the failure rate is, and what special quirks suggest better future performance. You'll discover how often a stop loss order will trigger at various locations within a chart pattern, how the chart pattern's performance has evolved over the past three decades, and how to profit from failure by trading busted patterns. This broadened and revised Third Edition offers investors the most comprehensive, up-to-date guide to this popular method of market analysis. Written by a leading expert on chart patterns, Tom Bulkowski, this edition includes revised statistics on 75 chart patterns including 23 new ones, with pictures and performance statistics, packaged within easy-to-read text. Gain essential knowledge of chart patterns and how they are used to predict price movements in bull and bear markets New tables include how often stops are hit, busted pattern performance, performance over the decades, and special pattern features Joining Tour, Identification Guidelines, Focus on Failures, Statistics, Trading Tactics and Sample Trade is Experience. It puts you in the passenger's seat so you can share lessons learned from Bulkowski's trades This edition reports on statistics from nearly four times the number of samples used in the Second Edition and ten times the number in the First Edition The Encyclopedia of Chart Patterns, Third Edition further solidifies the reputation of this book as the leading reference on chart patterns, setting it far above the competition.

This book provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed. Overall, the empirical results confirm theoretical precedents. Some firms are indeed financially constrained, for fixed investment as well as for R&D projects. The 'free cash-flow' hypothesis holds, that is managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a 'wait and see' strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed. Scholars, including those with an interest in microeconomics and econometrics, and staff within central banks and national and international organisations will also find the book of interest, as will policymakers and decision-makers concerned with the role of financing, corporate governance and taxation on firm's decisions.

Every consumer in a modern economy is indirectly exposed to the work of a price reporting agency (PRA) each time they fill up their car, take a flight or switch on a light, and yet the general public is completely unaware of the existence of PRAs. Firms like Platts, Argus and ICIS, which are referenced every day by commodity traders and which influence billions of dollars of trade, are totally unfamiliar to consumers. The Price Reporters: A Guide to PRAs and Commodity Benchmarks brings the mysterious world of price reporting out of the shadows for the first time, providing a comprehensive guide to the agencies that set the world's commodity prices. This book explains the importance of PRAs to the global commodities industry, highlighting why PRAs affect every consumer around the world. It introduces the individual PRAs, their history and the current state of play in the industry, and also presents the challenges that the PRA industry is facing now and in the future, in particular how regulation might impact on the PRAs, their relationships with commodity exchanges, and their likely direction. This is the first-ever guide to PRAs and is destined to become the standard reference work for anyone with an interest in commodity prices and the firms that set them.

Every banking crisis, whatever its particular circumstances, has two features in common with every previous one. Each has been preceded by a period of excessive monetary ease, and by ill thought out regulatory changes. For many the recent hiatus in inter-bank lending has been seen as a blip - enormous in size and global in scope, but, nonetheless, a blip. Finance at the Threshold offers a unique perspective from an English economic and monetary historian. In it the author asks: Why did the banks stop lending to one another, and why now? Was it merely a matter of over-loose credit due to the relaxation of traditional prudence, or did global finance find itself at its limits? Have government bail-outs saved the day or merely postponed the problem? Christopher Houghton Budd offers a radical view of the global financial crisis, spanning a wide gamut of current thinking. He argues that we need, above all, to overcome the left-right divide so much taken for granted today, and promote financial literacy to young people. His contribution to the Transformation and Innovation Series claims that global finance has brought us to the limits of what mechanistic economic explanations can capture. New ideas and above all new instruments are needed so that innovation can shift from its dexterous exploitation of inefficiencies and turn its attention instead to fresh initiative. Finance at the Threshold is essential reading for academics and practitioners concerned with financial and economic policy and needing to develop a sense of the history thus understanding the forward prospects for global finance.

In this volume Witold Henisz provides readers with a new set of tools for assessing the extent of political and regulatory risk faced by investment projects in a given country. The author measures political risk directly by examining the structure of a nation's political institutions and the preferences of the actors that inhabit them. He also provides a critical analysis of the effectiveness of one common political risk mitigation strategy, partnering with a local firm. Neither democracy (Russia), political stability (Zaire, until recently) nor low country risk scores (Indonesia in 1995) are sufficient for investor security. The failure of each of these measures points to the need for more objective methods of measuring risk. After implementing tests to show the validity of a new measures, Witold Henisz analyzes the efficacy of partnering with local firms. The results of this analysis suggest that partnership will often introduce more hazards than it solves. This framework for measuring risk and analyzing the efficacy of risk-mitigating strategies could easily be extended to make it applicable on a project-by-project basis. Policymakers, investment managers, business professionals and scholars will find this book extremely useful.

The economic climate is ripe for another golden age of shareholder activism

"Deep Value: How Shareholder Activist Hedge Funds Battle for Control of The World's Leading Corporations" is a must-read exploration of deep value investment strategy, describing the evolution of the theories of valuation and shareholder activism from Graham to Icahn and beyond. The book combines engaging anecdotes with industry research to illustrate the principles and methods of this complex strategy, and explains the reasoning behind seemingly incomprehensible activist maneuvers. Written by an active value investor, "Deep Value" provides an insider's perspective on shareholder activist strategies in a format accessible to both professional investors and laypeople.

The Deep Value investment philosophy as described by Graham initially identified targets by their discount to liquidation value. This approach was extremely effective, but those opportunities are few and far between in the modern market, forcing activists to adapt. Current activists assess value from a much broader palate, and exploit a much wider range of tools to achieve their goals. "Deep Value" enumerates and expands upon the resources and strategies available to value investors today, and describes how the economic climate is allowing value investing to re-emerge. Topics include: Target identification, and determining the most advantageous endsStrategies and tactics of effective activismUnseating management and fomenting changeEyeing conditions for the next M&A boom

Activist hedge funds have been quiet since the early 2000s, but economic conditions, shareholder sentiment, and available opportunities are creating a fertile environment for another golden age of activism. "Deep Value: How Shareholder Activist Hedge Funds Battle for Control of The World's Leading Corporations" provides the in-depth information investors need to get up to speed before getting left behind.

This book explains the dynamics behind Southeast Asia's foreign investment activity, and looks at the region's options for reviving its reputation as an attractive host for foreign investors. Each chapter focuses on a key element; together, they portray southeast Asia's foreign investment profile and prospects. By bringing these key interlocking elements together under a single cover, the book aims to provide a more profound understanding of the challenges southeast Asian countries face in their on-going attempts both to attract new foreign investment inflows and to continue hosting substantial existing foreign-invested assets.

From real estate investing guru and popular podcaster James Nelson-ten proven insider steps for dramatically upping your game in today's lucrative real estate market When is the best time to get into the real estate market? "Now," according to Nelson, who draws on scores of evidence to show that any time can be right for jumping into the market, as long as investors have the inside knowledge to get them on the right track. Nelson shows you how to get started in real estate investing and uplevel your game in this practical, easy-to-follow guide that walks you through every step of the process. One of today's leading experts in real estate investing, James Nelson reveals his game-changing approach for making real estate a key part of your investment strategy. The Insider's Edge to Real Estate Investing describes how to identify and purchase properties that align with your goals and experience in the market. Far more than a fix-and-flip guide, however, it then walks you through the process of building a team and creating an expanding portfolio that increases in value and generates ongoing returns. Nelson offers ten proven steps he's learned over his 20-plus years of experience as a real estate broker and investor: 1. Find the Right Property Type 2. Create Your Dream Team 3. Spot the Gems 4. Know What to Look For 5. Initiate the Underwriting Process 6. Raise Capital 7. Close the Deal 8. Reposition the Property 9. Find the Right Tenants 10. Reap the Rewards You'll learn everything you need to know, from locating properties and the fundamentals of underwriting to raising capital and using tax advantages to invest in more properties. As your real estate investing cycle continues, the snowball of value rolls along, bringing in returns that can support your lifestyle, build a legacy, and create a sense of gratification as you help others along the way. Today, you're looking at a world of opportunities available in real estate investing. The Insider's Edge to Real Estate Investing delivers critical information and insights for doing it the right way.

Contemporary Quantitative Finance connects the abstract theory and the practical use of financial innovations such as ultra-high-frequency trading and cryptocurrencies. It teaches students how to use cutting-edge computational techniques, mathematical tools, and statistical methodologies, with a focus on real-life applications. The textbook opens with chapters on financial markets, global finance and financial crises, setting the subject in its historical and international context. It then examines key topics in modern quantitative finance, including asset pricing, exchange traded funds, Monte Carlo simulations, options, alternative investments, artificial intelligence, and big data analytics in finance. Complex theory is condensed to intuition, with appendices presenting advanced mathematical or statistical techniques. Each chapter offers Excel-based implementations, conceptual questions, quantitative problems, and a research project, giving students ample opportunity to develop their skills. Clear chapter objectives, summaries, and key terms also support student learning. Digital supplements including code and PowerPoint slides are available for instructors. Assuming some prior financial education, this textbook is suited to upper level undergraduate and postgraduate courses in quantitative finance, financial engineering, and derivatives.

This in-depth case study evaluates the recent evolution of the Italian real estate market, which has lately been subject to two interlocking phenomena: a serious devaluation of physical assets and, at the same time, a deep legislative innovation of the vehicles investing in this asset class. The novelty of the legal framework of some of the Italian real estate investment vehicles and the recent developments in the market make this detailed analysis a fascinating addition to the literature. The book starts with an analysis of the Italian real estate sector, covering the evolution and performance in light of the economic crisis and the most recent legislative innovations. Italian real estate investment vehicles are then compared with a broader European perspective. Each Italian investment vehicle (real estate investment funds, real estate fixed capital investment companies and real estate investment trusts) is then analysed in both legal and financial details, providing insights into management structure, the rights and powers of investors, the typical investment process and the related costs. The different management models are then compared in order to assess their advantages and disadvantages, especially for institutional investors. The performance measurement of Italian closed-end alternative investment funds and the phenomenon of discount to net asset value for listed real estate investment funds are then subject to a theoretical and empirical examination.

This book offers commentary and analysis on the catastrophic events which have recently confronted the international economy in the modern era and contrasts the current situation with other financial crises. It includes case studies on Lehman Brothers in the US, Babcock & Brown in Australia, and Northern Rock in the UK. Asking many pertinent questions about the causes of the crisis and its effects, the book explores fundamental themes such as: asset bubbles and speculation in the financial and non-financial markets, systemic risks and the role of regulation, and regulators. It also reviews the response of international institutions such as the IMF, the World Bank, the US Federal Reserve, the EU Central Bank and the G20. The book assesses the triggers of the crisis and evaluates rescue packages and policy responses as well as suggesting reform of regulatory and supervisory frameworks to maintain banking and modern financial systems in the future.

Without money, terrorists cannot function as organizations and cannot conduct attacks. Yet the questions remain, how vulnerable are terrorists to financial disruptions? Can governments put pressure on their finances in meaningful ways or are they too resilient and adaptive to be affected by state actions? These and other questions about terrorism financing are vigorously debated by scholars and policymakers, particularly since the attacks of September 11th 2001 . While there is a growing literature on policy issues, strategies, and countermeasures, states must first understand their enemies before developing strategies to defeat them. So, instead of focusing on the state response, this book asks a more foundational question: How do different terrorist groups actually raise money? What are their budgets? What do their portfolios look like? How have they changed over time? What are the advantages and disadvantages of different sources of financing? The book includes case studies of 11 different terrorist groups or sets of groups within a country. It is clear that each group has a different portfolio tailored to their needs and their environment and this makes countering terrorist financing more challenging for the state. This topical book will be required reading for all students and scholars interested in terrorism financing as well as those working in government agencies tasked with combating terrorist groups and their financial resources.

Money and Capital Markets provides the most up-to-date, practical coverage of the pricing and analysis of financial instruments and transactions available for Australian and international capital markets. Here you have the underlying tools and techniques for the valuation and risk management of short-term money market and capital market securities and their derivatives. In a clear and direct way, Michael Sherris covers fixed interest securities, forwards, futures, swaps, options and interest rate derivatives (new in the Second Edition). Everything - from yield calculations to tax and horizon effects to interest rate risk measures - is lucidly explained and extensively illustrated with examples. An invaluable reference for money market professionals, Money and Capital Markets is essential reading for tertiary students of finance, accounting and actuarial studies.

Investors are often looked upon as one homogeneous group of people with money ready to invest; however, this group is very diverse. In some ways, investors are like car buyers who seek common denominators in a car, such as the engine, wheels, brakes and seats, but the car they end up buying depends on personal preferences, needs and the money available. For investors the common denominator is the good business case, the 'engine, wheels, brakes, seats' being a comprehensive business plan. However, which business case they will prefer in the end depends on their personal preference and financial capacity. How to Attract Investors takes the reader into the minds of the investors, addressing many of the challenges connected to investor search and negotiation and living with investors as co-owners. Even the finest skills of the brightest entrepreneurs wouldn't be complete without the knowledge of the investor's mind. This is the book that unravels it, layer by layer.

Grasp and apply the basic principles of technical analysis Savvy traders know that the best way to maximize return is to interpret real-world market information for themselves rather than relying solely on the predictions of professional analysts. This straightforward guide shows you how to put this into profitable action--from basic principles and useful formulas to current theories on market trends and behavioral economics--to make the most lucrative decisions for your portfolio. The latest edition of Technical Analysis for Dummies includes a brand-new chapter on making the right decisions in a bull or bear market, an updated look at unique formulas and key indicators, as well as refreshed and practical examples that reflect today today's financial atmosphere. Become an expert in spotting market trends and key indicators Get the skinny on the latest research on behavioral economics Take a deep dive into how to read market sentiment and make it work for you Get a look at the first innovation in charting for decades--straight from Japan With comprehensive coverage from charting basics to the cutting edge, Technical Analysis for Dummies includes everything you need to the make informed independent market decisions that will maximize your profits. Happy trading!

Based on a study covering a one-year financial reporting cycle at a commercial subsidiary of a well-known scientific research organization, Inside Accounting examines how accountants and non-accounting managers construct their company's earnings. Addressing issues in both internal management accounting, such as budgeting, performance evaluation, and control, as well as external financial accounting, such as book keeping, monthly/year end accounts and auditing, David Leung focuses on how people classify transactions, make professional judgments and use computer software for accounting, and prepare for and facilitate the auditing process. He also looks at accountancy training and the impact of people's affiliations to the accounting profession or other professions on their accounting and on their perceptions of financial statements. Other contingent or contextual factors that influence the choice of accounting method, such as time pressure, reward structures, management authority and institutions are also considered. David Leung's research employs an innovative blend of theory and practice that redresses the imbalance between ethnographic studies of financial accounting, and management accounting and helps close the gap between the academic curriculum and the experiences of practitioners. His research leads the author to conclude that no act of accounting classification is ever indefeasibly correct; that the accounting community's institutions and authority are central to the accounting process and to the 'truth and fairness' of accounting numbers; that accounting training involves extensive use of learning by doing; and that both accountants and non-accounting managers have goals and interests that often result in no better than 'good enough' accounting. This book will appeal to accounting and finance professionals and academics in finance, as well as to sociologists and academic researchers interested in research methods and science studies.

Literature on China's finance in the West has focused on "financial repression" in its highly regulated financial markets. However, fundamental changes in China's financial system are underway and China's peer-to-peer (P2P) lending is now the largest in the world. This book uses exclusive researches, interviews and surveys to bring readers a clear picture of the rapidly developing P2P lending industry in China. It is comprised of two parts. The first part is a comprehensive analysis of China's P2P lending industry. It outlines the factors behind the meteoric rise of P2P lending in China, and also the challenges its rapid rise has posed. The second part is a panoramic survey of China's P2P lending industry with study of typical cases, which could also provide reference to the analysis in the first part. Besides, it introduces the existing relevant regulations, regulators, likely upcoming regulatory measures as well as the diverse body of new financial institutions appearing with the development of the industry, to analyse in-depth the current functioning of the industry in China and its lending practices through a large scale survey.

Financial Economics and Econometrics provides an overview of the core topics in theoretical and empirical finance, with an emphasis on applications and interpreting results. Structured in five parts, the book covers financial data and univariate models; asset returns; interest rates, yields and spreads; volatility and correlation; and corporate finance and policy. Each chapter begins with a theory in financial economics, followed by econometric methodologies which have been used to explore the theory. Next, the chapter presents empirical evidence and discusses seminal papers on the topic. Boxes offer insights on how an idea can be applied to other disciplines such as management, marketing and medicine, showing the relevance of the material beyond finance. Readers are supported with plenty of worked examples and intuitive explanations throughout the book, while key takeaways, 'test your knowledge' and 'test your intuition' features at the end of each chapter also aid student learning. Digital supplements including PowerPoint slides, computer codes supplements, an Instructor's Manual and Solutions Manual are available for instructors. This textbook is suitable for upper-level undergraduate and graduate courses on financial economics, financial econometrics, empirical finance and related quantitative areas.

Described by the author as "a slightly autobiographical and heavily biased book about investing", Simple But Not Easy won fans among both professional and private investors alike when first released in 2007. The theme of the book is that investment is simpler than non-professionals think it is, in that the rudiments can be expressed in ordinary English and picked up by anybody. It is not a science. But investment is also difficult. People on the outside tend to think that anyone on the inside should be able to do better than the market indices. This is not so. Picking the managers who are likely to do better is a challenge. Richard Oldfield begins with a detailed confession of some of his worst mistakes and what they have taught him. He discusses the different types of investment, why fees matter, and the importance of measuring performance properly. He also outlines what to look for (and what not to look for) in an investment manager, when to fire a manager, and how to be a successful client. A cult classic for its candid confessions and sparkling wit, this extended edition of Simple But Not Easy - featuring a new author's preface and a substantial afterword - remains an indispensable companion for all those interested in the rewarding but enigmatic pursuit of investing.

***LONGLISTED FOR THE FT MCKINSEY BUSINESS BOOK OF THE YEAR 2021*** 'Impeccably researched and sumptuous in its detail... It's a page-turner' The Economist 'This book tells the story brilliantly... Well-paced and cleverly organised. It also draws some devastating conclusions' The Sunday Times 'Gripping' Guardian In this compelling story of greed, chicanery and tarnished idealism, two Wall Street Journal reporters investigate a man who Bill Gates and Western governments entrusted with hundreds of millions of dollars to make profits and end poverty but now stands accused of masterminding one of the biggest, most brazen frauds ever. Arif Naqvi was charismatic, inspiring and self-made. The founder of the Dubai-based private-equity firm Abraaj, he was the Key Man to the global elite searching for impact investments to make money and do good. He persuaded politicians he could help stabilize the Middle East after 9/11 by providing jobs and guided executives to opportunities in cities they struggled to find on the map. Bill Gates helped him start a billion-dollar fund to improve health care in poor countries, and the UN and Interpol appointed him to boards. Naqvi also won the support of President Obama's administration and the chief of a British government fund compared him to Tom Cruise in Mission: Impossible. The only problem? In 2019 Arif Naqvi was arrested on charges of fraud and racketeering at Heathrow airport. A British judge has approved his extradition to the US and he faces up to 291 years in jail if found guilty. With a cast featuring famous billionaires and statesmen moving across Asia, Africa, Europe and America, The Key Man is the story of how the global elite was duped by a capitalist fairy tale. Clark and Louch's thrilling investigation exposes one of the world's most audacious scams and shines a light on the hypocrisy, corruption and greed at the heart of the global financial system. 'An unbelievable true tale of greed, corruption and manipulation among the world's financial elite' Harry Markopolos, the Bernie Madoff whistleblower 'A pacy and deeply-reported tale' Financial Times

For decades, workers' capital stewards have invested wisely to provide a secure retirement for millions of people around the world. This money - our money - represents an enormous share of economic and capital market wealth. It has seeded and grown innumerable innovative industries that have had far-reaching impacts. However, the 2008 financial crisis has seriously threatened these trusted assets and drained away prosperity. In response, a growing number of investors are moving towards responsible investment policies and strategies, addressing the rising expectations of consumers and benefiting from the financial advantages such strategies bring. Everyday citizens now want to see their investments not only do well, but do good. But, what constitutes responsible investment, and how can it be undertaken in practice? What is the impact of responsible investment strategies on investment performance? How can trustees, managers and advisors implement these strategies in line with their fiduciary responsibilities? How can plan trustees and staff members convince all stakeholders of the need to invest in resilient growth? The Responsible Investor Handbook, commissioned by the AFL-CIO and global progressive investors, is a lay-friendly "how-to" manual, sharing the best in responsible investment practice with capital stewards and other policy leaders who want to do the right thing with our common wealth. This invaluable toolkit enables readers to: Understand the pioneering role of workers' capital in building infrastructure and vital services Devise a responsible investment strategy Select and monitor service providers Bring on board stakeholders with conflicting interests Avoid short-termism The Responsible Investor Handbook is the first book devoted to aligning the long-term investment priorities of working people with capital stewards and the financial complex that manages their assets. It is an essential read for trustees and capital stewards seeking the positive outcomes of a responsible investment strategy; pension and institutional investors looking to realign their strategies with the interests of workers and citizens; and any professional seeking a better understanding of the importance of responsible investment and its impact on capital markets.

For decades, workers' capital stewards have invested wisely to provide a secure retirement for millions of people around the world. This money - our money - represents an enormous share of economic and capital market wealth. It has seeded and grown innumerable innovative industries that have had far-reaching impacts. However, the 2008 financial crisis has seriously threatened these trusted assets and drained away prosperity. In response, a growing number of investors are moving towards responsible investment policies and strategies, addressing the rising expectations of consumers and benefiting from the financial advantages such strategies bring. Everyday citizens now want to see their investments not only do well, but do good. But, what constitutes responsible investment, and how can it be undertaken in practice? What is the impact of responsible investment strategies on investment performance? How can trustees, managers and advisors implement these strategies in line with their fiduciary responsibilities? How can plan trustees and staff members convince all stakeholders of the need to invest in resilient growth? The Responsible Investor Handbook, commissioned by the AFL-CIO and global progressive investors, is a lay-friendly "how-to" manual, sharing the best in responsible investment practice with capital stewards and other policy leaders who want to do the right thing with our common wealth. This invaluable toolkit enables readers to: Understand the pioneering role of workers' capital in building infrastructure and vital services Devise a responsible investment strategy Select and monitor service providers Bring on board stakeholders with conflicting interests Avoid short-termism The Responsible Investor Handbook is the first book devoted to aligning the long-term investment priorities of working people with capital stewards and the financial complex that manages their assets. It is an essential read for trustees and capital stewards seeking the positive outcomes of a responsible investment strategy; pension and institutional investors looking to realign their strategies with the interests of workers and citizens; and any professional seeking a better understanding of the importance of responsible investment and its impact on capital markets.

'The contribution made by American capitalism to German war preparations can only be described as phenomenal. It was certainly crucial to German military capabilities...Not only was an influential sector of American business aware of the nature of Naziism, but for its own purposes aided Naziism wherever possible (and profitable) - with full knowledge that the probable outcome would be war involving Europe and the United States'. Penetrating a cloak of falsehood, deception and duplicity, Professor Antony C. Sutton reveals one of the most remarkable but unreported facts of the Second World War: that key Wall Street banks and American businesses supported Hitler's rise to power by financing and trading with Nazi Germany. Carefully tracing this closely guarded secret through original documents and eyewitness accounts, Sutton comes to the unsavoury conclusion that the catastrophic Second World War was extremely profitable for a select group of financial insiders. He presents a thoroughly documented account of the role played by J.P. Morgan, T.W. Lamont, the Rockefeller interests, General Electric Company, Standard Oil, National City Bank, Chase and Manhattan banks, Kuhn, Loeb and Company, General Motors, the Ford Motor Company, and scores of others in helping to prepare the bloodiest, most destructive war in history. This classic study, first published in 1976 - the third volume of a trilogy - is reproduced here in its original form. The other volumes in the series study the 1917 Lenin-Trotsky Revolution in Russia and the 1933 election of Franklin D. Roosevelt in the United States.

The role of the stock market in the recent global financial crisis has led many to question the way in which the modern international financial system operates. This highly topical book offers important insights into the stock market, contrasting the speculative explanation of stock market fluctuations with the conventional efficient markets hypothesis. After summarising economists' views on stock market behavior from the classical period to the present day, the authors focus on two particular explanations of stock price fluctuations. They examine in detail the mainstream neo-classical theory with its emphasis on the efficient markets hypothesis. They then compare this with the theories of Veblen, Galbraith and Keynes who consider markets as being inherently prone to speculation and crisis, in contrast to the neo-classical approach which largely ignores the instability of stock markets and particularly the crashes that have recently occurred. The authors go on to develop a speculative model to account for stock market fluctuations which provides a useful and realistic explanation of how stock price expectations are formed. This book will be welcomed by bankers, financial and monetary economists, historians of economic thought and all those interested in the causes of the recent market crashes.