Designed to bring Europe closer together, the euro has actually done the opposite: after nearly a decade without growth, unity has been replaced with dissent and enlargements with prospective exits. Joseph Stiglitz argues that Europe's stagnation and bleak outlook are a direct result of the fundamental flaws inherent in the euro project - economic integration outpacing political integration with a structure that actively promotes divergence rather than convergence.
Money relentlessly leaves the weaker member states and goes to the strong, with debt accumulating in a few ill-favoured countries. The question now is: can the euro be saved?
Laying bare the European Central Bank's misguided inflation-only mandate and explaining why austerity has condemned Europe to unending stagnation, Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the Eurozone and the policies imposed on the member countries suffering the most; a well-managed end to the euro; or a bold, new system he dubs the 'flexible euro'.
This important book, by one of the world's leading economists, addresses the euro-crisis on a bigger intellectual scale than any predecessor.
In 2008, the universe of Western finance outgrew planet Earth. When Wall Street imploded, a death embrace between insolvent banks and bankrupt states consumed Europe. Half a dozen national economies imploded and several more came close. But the storm is far from over...
From the aftermath of the Second World War to the present, Varoufakis recounts how the eurozone emerged not as route to shared prosperity but as a pyramid scheme of debt with countries such as Greece, Ireland, Portugal and Spain at its bottom. Its woeful design ensured that collapse would be inevitable and catastrophic. But since the hurricane landed Europe's leaders have chosen a cocktail of more debt and harsh austerity rather than reform, ensuring that the weakest citizens of the weakest nations pay the price for the bankers' mistakes, while doing nothing to prevent the next collapse. Instead, the principle of the greatest austerity for those suffering the greatest recessions has led to a resurgence of racist extremism. Once more, Europe is a potent threat to global stability.
Drawing on the personal experience of his own negotiations with the eurozone's financiers and offering concrete policies and alternatives, Varoufakis shows how we concocted this mess and how we can get out of it. And The Weak Suffer What They Must? reminds us of our history in order to save European capitalism from itself.
Adair Turner became chairman of Britain's Financial Services Authority just as the global financial crisis struck in 2008, and he played a leading role in redesigning global financial regulation. In this eye-opening book, he sets the record straight about what really caused the crisis. It didn't happen because banks are too big to fail--our addiction to private debt is to blame.
Between Debt and the Devil challenges the belief that we need credit growth to fuel economic growth, and that rising debt is okay as long as inflation remains low. In fact, most credit is not needed for economic growth - but it drives real estate booms and busts and leads to financial crisis and depression. Turner explains why public policy needs to manage the growth and allocation of credit creation, and why debt needs to be taxed as a form of economic pollution. Banks need far more capital, real estate lending must be restricted, and we need to tackle inequality and mitigate the relentless rise of real estate prices. Turner also debunks the big myth about fiat money - the erroneous notion that printing money will lead to harmful inflation. To escape the mess created by past policy errors, we sometimes need to monetize government debt and finance fiscal deficits with central-bank money.
Between Debt and the Devil shows why we need to reject the assumptions that private credit is essential to growth and fiat money is inevitably dangerous. Each has its advantages, and each creates risks that public policy must consciously balance.
In The Globalization of Inequality, distinguished economist and policymaker Francois Bourguignon examines the complex and paradoxical links between a vibrant world economy that has raised the living standard of over half a billion people in emerging nations such as China, India, and Brazil, and the exponentially increasing inequality within countries. Exploring globalization's role in the evolution of inequality, Bourguignon takes an original and truly international approach to the decrease in inequality between nations, the increase in inequality within nations, and the policies that might moderate inequality's negative effects.
Demonstrating that in a globalized world it becomes harder to separate out the factors leading to domestic or international inequality, Bourguignon examines each trend through a variety of sources, and looks at how these inequalities sometimes balance each other out or reinforce one another. Factoring in the most recent economic crisis, Bourguignon investigates why inequality in some countries has dropped back to levels that have not existed for several decades, and he asks if these should be considered in the context of globalization or if they are in fact specific to individual nations. Ultimately, Bourguignon argues that it will be up to countries in the developed and developing world to implement better policies, even though globalization limits the scope for some potential redistributive instruments.
An informed and original contribution to the current debates about inequality, this book will be essential reading for anyone who is interested in the future of the world economy.
Trade impacts on the lives of all global citizens, influencing the range of commodities available for consumption and where those commodities are produced. Driven increasingly by market exchange, trade shapes the nature of work and how the costs and benefits of that work are distributed around the world. Economic growth and development are closely associated with the flows of goods and services between countries. International Trade: The Basics offers an accessible and engaging introduction to contemporary debates on international trade, inviting readers to explore the connections between national political economies within a globally integrated world. Topics covered include: * Why nations trade * Globalization and transnational production networks * Transnational governance * The emergence of Asia as a major trade region * Ethical trade and environmental sustainability * Trade in solar energy, services and ideas. Featuring case studies and social media links that help to illustrate key concepts, this book is an essential read for anyone seeking to understand how trade varies between regions, affects relationships between countries and influences a country's social, political and economic life.
The founder and executive chairman of the World Economic Forum on how the impending technological revolution will change our lives We are on the brink of the Fourth Industrial Revolution. And this one will be unlike any other in human history. Characterized by new technologies fusing the physical, digital and biological worlds, the Fourth Industrial Revolution will impact all disciplines, economies and industries - and it will do so at an unprecedented rate. World Economic Forum data predicts that by 2025 we will see: commercial use of nanomaterials 200 times stronger than steel and a million times thinner than human hair; the first transplant of a 3D-printed liver; 10% of all cars on US roads being driverless; and much more besides. In The Fourth Industrial Revolution, Schwab outlines the key technologies driving this revolution, discusses the major impacts on governments, businesses, civil society and individuals, and offers bold ideas for what can be done to shape a better future for all.
Are mass violence and catastrophes the only forces that can seriously decrease economic inequality? To judge by thousands of years of history, the answer is yes.
Tracing the global history of inequality from the Stone Age to today, Walter Scheidel shows that inequality never dies peacefully. Inequality declines when carnage and disaster strike and increases when peace and stability return. The Great Leveler is the first book to chart the crucial role of violent shocks in reducing inequality over the full sweep of human history around the world.
Ever since humans began to farm, herd livestock, and pass on their assets to future generations, economic inequality has been a defining feature of civilization. Over thousands of years, only violent events have significantly lessened inequality. The Four Horsemen of leveling - mass-mobilization warfare, transformative revolutions, state collapse, and catastrophic plagues - have repeatedly destroyed the fortunes of the rich. Scheidel identifies and examines these processes, from the crises of the earliest civilizations to the cataclysmic world wars and communist revolutions of the twentieth century.
Today, the violence that reduced inequality in the past seems to have diminished, and that is a good thing. But it casts serious doubt on the prospects for a more equal future. An essential contribution to the debate about inequality, The Great Leveler provides important new insights about why inequality is so persistent--and why it is unlikely to decline anytime soon.
The economics profession has become a favourite punching bag in the aftermath of the global financial crisis. Economists are widely reviled and their influence derided by the general public. Yet their services have never been in greater demand. To unravel the paradox, we need to understand both the strengths and weaknesses of economics.
Dani Rodrik argues that the multiplicity of theoretical frameworks - what economists call 'models' that exist side by side is economics' great strength. Economists are trained to hold diverse, possibly contradictory models of the world in their minds. This is what allows them, when they do their job right, to comprehend the world, make useful suggestions for improving it, and to advance their stock of knowledge over time. In short, it is what makes economics a 'science' a different kind of science from physics or some other natural sciences, but a science nonetheless.
But syncretism is not a comfortable state of mind, and economists often jettison it for misplaced confidence and arrogance, especially when they confront questions of public policy. Economists are prone to fads and fashions, and behave too often as if their discipline is about the search for the model that works always and everywhere, rather than a portfolio of models. Their training lets them down when it comes to navigating among diverse models and figuring out which one applies where. Ideology and political preferences frequently substitute for analysis in choosing among models.
So the book offers both a defence and critique of economics. Economists' way of thinking about social phenomena has great advantages. But the flexible, contextual nature of economics is also its Achilles' heel in the hands of clumsy practitioners.
Explore the world-changing digital transformation in China
China's Mobile Economy: Opportunities in the Largest and Fastest Information Consumption Boom is a cutting-edge text that spotlights the digital transformation in China. Organised into three major areas of the digital economy within China, this ground-breaking book explores the surge in e-commerce of consumer goods, the way in which multi-screen and mobile Internet use has increased in popularity, and the cultural emphasis on the mobile Internet as a source of lifestyle- and entertainment-based content. Targeted at the global business community, this lucid and engaging text guides business leaders, investors, investment banking professionals, corporate advisors, and consultants in grasping the challenges and opportunities created by China's emerging mobile economy, and its debut onto the global stage.
Year 2014-15 marks the most important inflection point in the history of the internet in China. Almost overnight, the world’s largest digitally-connected middle class went both mobile and multi-screen (smart phone, tablets, laptops and more), with huge implications for how consumers behave and what companies need to do to successfully compete. As next-generation mobile devices and services take off, China’s strength in this arena will transform it from a global “trend follower” to a “trend setter.”
*Understand what the digital transformation in China is, and impact on global capital markets, foreign investors, consumer companies, and the global economy as a whole
*Explore the e-commerce consumption boom in the context of the Chinese market
*Understand the implications of the multi-screen age and mobile Internet for China's consumers
*See how mobile Internet use, its focus on lifestyle and entertainment is aligned with today's Chinese culture
*Learn about the mobile entertainment habits of China’s millennial generation and the corresponding new advertisement approaches
The development of China’s mobile economy is one of the most important trends that will reshape the future of business, technology and society both in China and the world. China's Mobile Economy: Opportunities in the Largest and Fastest Information Consumption Boom introduces you to the digital transformation in China, and explains how this transformation has the potential to transform both China and the global consumer landscape.
This book predicts the decline of today's professions and introduces the people and systems that will replace them. In an internet-enhanced society, according to Richard Susskind and Daniel Susskind, we will neither need nor want doctors, teachers, accountants, architects, the clergy, consultants, lawyers, and many others, to work as they did in the 20th century.
The Future of the Professions explains how increasingly capable technologies - from telepresence to artificial intelligence - will place the 'practical expertise' of the finest specialists at the fingertips of everyone, often at no or low cost and without face-to-face interaction. The authors challenge the 'grand bargain' - the arrangement that grants various monopolies to today's professionals. They argue that our current professions are antiquated, opaque and no longer affordable, and that the expertise of their best is enjoyed only by a few. In their place, they propose five new models for producing and distributing expertise in society.
The book raises profound policy issues, not least about employment (they envisage a new generation of 'open-collared workers') and about control over online expertise (they warn of new 'gatekeepers') - in an era when machines become more capable than human beings at most tasks. Based on the authors' in-depth research of more than a dozen professions, and illustrated by numerous examples from each, this is the first book to assess and question the future of the professions in the 21st century.
Break the rules and take charge of your career!
The traditional job-search approaches just don?t work anymore, and the days of trusting your career to your employer are long over. The new-millennium workplace requires all of us to rewrite the rules and start treating our careers like we?re running a business—which means understanding the markets for our talents, knowing our value, and looking out over the horizon to plot our paths going forward.
Liz Ryan is a former Fortune 500 HR SVP and the world?s most widely read workplace thought leader. She understands the recruiting system as only an insider can, and she shows you how to stay focused on your goals and distinguish yourself from masses of job seekers. In Reinvention Roadmap, you?ll discover new tools, such as a “Pain Letter? and your “Human-Voiced Resume? to land not just any job, but a job that celebrates your unique talents and takes you to the level where you want to be.
Whether you?re entering the workplace or looking to switch careers, you can get the perfect job if you step off the beaten path and follow the approaches insiders use to gain access to the best positions. Reinvention Roadmap is the colorful, fun, irreverent, and deeply practical guide to getting the job you want and building the career of your dreams.
The Stop Doing List gets you off the treadmill of unproductive, frenetic activity, and sets you on the path toward growth. Running a business has never been easy, but today's nonstop 24-7-365 world makes moving forward more difficult than ever before. Plenty of resources can show you how to make lists, create schedules and manage your time, but they all seem to expect your time to be 100 per cent devoted to work. Not only is that no way to live, it's no way to grow. Instead, try doing less.
This book shows you how to stop wasting energy on tasks that don't move you closer to your goals, so you can focus on the things that do. You'll identify your own Stop Doing list, and learn a systematic and practical way to eliminate, automate or delegate these tasks so they never end up on your To Do list again. You'll discover your personal path to business success, develop a winning mindset and forever change the way you run your company - and along the way, you'll gain the freedom, energy and time you need to take back your life.
Author Matt Malouf has helped businesses around the globe - from $20M+ corporations to start-ups - achieve their growth objectives. Now, he shares his proven strategies with you: it's not about doing more; it's about doing what matters.
* Find your inner genius and use it to grow your business
* Switch your mindset to one of success
* Attract, train and retain the people you need
* Make lasting changes to the way you think about your business
If it seems like the more you do, the less you achieve, it's time to stop and breathe. Get smarter about growth and start developing The Stop Doing List.
Many brands, including Boots, Hoover and Kelloggs, were named after their founders whilst others have less obvious origins; for instance, did you know that Velcro comes from velours and crochet, the French words for 'velvet' and 'hook'? This entertaining book by Kathy Martin explores the stories behind the brands, their names and their founders. Bursting with fascinating facts and period advertising, this must-read book will appeal to everyone interested in advertising, social history, food and famous names.
Develop the mindset and presence to successfully manage others for the first time.
If you read nothing else on becoming a new manager, read these 10 articles. We've combed through hundreds of Harvard Business Review articles and selected the most important ones to help you transition from being an outstanding individual contributor to a great manager of others.
This book will inspire you to:
• develop your emotional intelligence
• influence your colleagues with the science of persuasion
• assess your team and enhance its performance
• network effectively to achieve business goals and for personal advancement
• navigate relationships with employees, bosses, and peers
• get support from above
• view the big picture in your decision-making
• balance your team's work and personal life in a high-intensity workplace
Are you looking for an alternative to a career path at a big firm? Does founding your own start-up seem too risky? There is a radical third path open to you: You can buy a small business and run it as CEO. Purchasing a small company offers significant financial rewards - as well as personal and professional fulfillment. Leading a firm means you can be your own boss, put your executive skills to work, fashion a company environment that meets your own needs, and profit directly from your success.
But finding the right business to buy and closing the deal isn't always easy. In the HBR Guide to Buying a Small Business, Harvard Business School professors Richard Ruback and Royce Yudkoff help you:
• Determine if this path is right for you
• Raise capital for your acquisition
• Find and evaluate the right prospects
• Avoid the pitfalls that could derail your search
• Understand why a "dull" business might be the best investment
• Negotiate a potential deal with the seller
• Avoid deals that fall through at the last minute
The seminal book Blue Ocean Strategy has sold over 3.5 million copies globally and is in print in forty-three different languages. But much of W. Chan Kim and Renée Mauborgne's work on creating new market spaces was originally published in the pages of Harvard Business Review. This book brings the best of those articles together all in one place.
Piece by piece, these articles explain the process of focusing on noncustomers and creating “blue oceans: uncontested market spaces, untainted by competition. They also introduce tools for exploring and exploiting these markets, such as the Strategy Canvas, the Six Paths Framework, the Four Actions Framework, the Pioneer-Migrator-Settler Map, the Buyer Utility Map, the Price Corridor of the Mass, and the Business Model Guide - the tools that have come to make up the Blue Ocean Strategy framework. This collection also features Kim and Mauborgne?s latest Harvard Business Review article, “Red Ocean Traps.?
Whether or not you're familiar with Blue Ocean Strategy, this book will give you another perspective onto this widely accepted framework - and help you implement it in your organization.
Ten years ago, the idea of getting into a stranger's car, or walking into a stranger's home, would have seemed bizarre and dangerous, but today it's as common as ordering a book aniline's. Uber and Airbnb are household names: redefining neighbourhoods, challenging the way governments regulate business and changing the way we travel. In the spirit of iconic Silicon Valley renegades like Steve Jobs and Bill Gates, a new generation of entrepreneurs is sparking yet another cultural upheaval through technology. They are among the Upstarts, idiosyncratic founders with limitless drive and an abundance of self-confidence. Young, hungry and brilliant, they are rewriting the traditional rules of business, changing our day-to-day lives and often sidestepping serious ethical and legal obstacles in the process. The Upstarts is the definitive account of a dawning age of tenacity, creativity, conflict and wealth. In Brad Stone's highly anticipated and riveting account of the most radical companies of the new Silicon Valley, we find out how it all started, and how the world is wildly different than it was ten years ago.
From this day forward, decide that you are going to earn the amount of money you are truly capable of earning. Take complete control of your career and your income so you can survive and thrive in any economy. The greatest successes of your life are still to come. This book will show you how to get them. In financial terms, your ability to earn money - your earning power - is the most important monetary part of your life. Your earning power is not fixed. You start off at your first job with little or no earning power, and from then on, you are in charge for the rest of your life. This book has been created by New York Times Best-selling author, Brian Tracy, to help you take those reigns and unlock earnings that were always within your reach: you just didn't know how to reach for them.