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Winner of the 2021 Lionel Gelber Prize: A provocative look at how
today's trade conflicts are caused by governments promoting the
interests of elites at the expense of workers "The authors weave a
complex tapestry of monetary, fiscal and social policies through
history and offer opinions about what went right and what went
wrong . . . Worth reading for their insights into the history of
trade and finance."-George Melloan, Wall Street Journal "This is a
very important book."-Martin Wolf, Financial Times Trade disputes
are usually understood as conflicts between countries with
competing national interests, but as Matthew C. Klein and Michael
Pettis show, they are often the unexpected result of domestic
political choices to serve the interests of the rich at the expense
of workers and ordinary retirees. Klein and Pettis trace the
origins of today's trade wars to decisions made by politicians and
business leaders in China, Europe, and the United States over the
past thirty years. Across the world, the rich have prospered while
workers can no longer afford to buy what they produce, have lost
their jobs, or have been forced into higher levels of debt. In this
thought-provoking challenge to mainstream views, the authors
provide a cohesive narrative that shows how the class wars of
rising inequality are a threat to the global economy and
international peace-and what we can do about it. Longlisted for the
2020 Financial Times & McKinsey Business Book of the Year Award
and named a Best Business Book of 2020 by Strategy + Business
This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. The book asserts that while Wall Street is keenly aware of the implications of capital structure for stability and predictability, it has all but ignored these implications for emerging economies. The book explains how capital structures in emerging markets can be either "correlated" or "inverted" and how they systematically act to dampen or exacerbate volatility. it explains how a "capital structure trap" can force a system into a very mehanical process of collapse.
China's economic growth is sputtering, the Euro is under threat,
and the United States is combating serious trade disadvantages.
Another Great Depression? Not quite. Noted economist and China
expert Michael Pettis argues instead that we are undergoing a
critical rebalancing of the world economies. Debunking popular
misconceptions, Pettis shows that severe trade imbalances spurred
on the recent financial crisis and were the result of unfortunate
policies that distorted the savings and consumption patterns of
certain nations. Pettis examines the reasons behind these
destabilizing policies, and he predicts severe economic
dislocations that will have long-lasting effects.
Demonstrating how economic policies can carry negative
repercussions the world over, "The Great Rebalancing" sheds urgent
light on our globally linked economic future.
The days of rapid economic growth in China are over. Mounting debt
and rising internal distortions mean that rebalancing is
inevitable. Beijing has no choice but to take significant steps to
restructure its economy. The only question is how to proceed.
Michael Pettis debunks the lingering bullish expectations for
China's economic rise and details Beijing's options. The urgent
task of shifting toward greater domestic consumption will come with
political costs, but Beijing must increase household income and
reduce its reliance on investment to avoid a fall.
China's economic growth is sputtering, the Euro is under threat,
and the United States is combating serious trade disadvantages.
Another Great Depression? Not quite. Noted economist and China
expert Michael Pettis argues instead that we are undergoing a
critical rebalancing of the world economies. Debunking popular
misconceptions, Pettis shows that severe trade imbalances spurred
on the recent financial crisis and were the result of unfortunate
policies that distorted the savings and consumption patterns of
certain nations. Pettis examines the reasons behind these
destabilizing policies, and he predicts severe economic
dislocations--a lost decade for China, the breaking of the Euro,
and a receding of the U.S. dollar--that will have long-lasting
effects.
Pettis explains how China has maintained massive--but
unsustainable--investment growth by artificially lowering the cost
of capital. He discusses how Germany is endangering the Euro by
favoring its own development at the expense of its neighbors. And
he looks at how the U.S. dollar's role as the world's reserve
currency burdens America's economy. Although various imbalances may
seem unrelated, Pettis shows that all of them--including the U.S.
consumption binge, surging debt in Europe, China's investment orgy,
Japan's long stagnation, and the commodity boom in Latin
America--are closely tied together, and that it will be impossible
to resolve any issue without forcing a resolution for all.
Demonstrating how economic policies can carry negative
repercussions the world over, "The Great Rebalancing" sheds urgent
light on our globally linked economic future.
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The Red Bike Boys
Michael Petty
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R795
Discovery Miles 7 950
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Ships in 10 - 15 working days
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This fascinating collection of over 200 old photographs of Ely
shows the changing life in the city and nearby villages over a
period of more than one hundred years. Through the eyes of
photographers we glimpse life in the high streets and back streets,
in cathedral and chapel, in palace and workhouse. We see life from
the river, along a route of great importance to the city, and from
the settlements which cluster on the island of Ely. People are an
important part of the book and they are shown at work and at play.
Some well known traders are featured including J Cutlack,
ironmongers, Fisher's, jewellers and Nice's Garage. Some of Ely's
best known individuals are also featured including Marshall Fisher,
founder of the museum, Tom Bolton, photographer, Mr Bonnett, the
baker in Broad Street and John Beckett, solicitor. Everywhere, be
it in the foreground or background, visible or unseen, is the
presence of the cathedral, dominating the landscape and city life
as it has done for nearly a thousand years. This book offers an
interesting view of the development of a place of charm and
distinction and will be enjoyed by all who know and love this
popular Cambridgeshire town
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