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Understand the economic systems and structures at the heart of our economy using our extensive range of books on economic systems and structures.

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Economic Systems & Structures

Understand the economic systems and structures at the heart of our economy using our extensive range of books on economic systems and structures.

  • Capitalism in America

    Alan Greenspan

    Product Code: CAXNW
    Paperback
    Shortlisted for the FT & McKinsey Business Book of the Year 2018 'An inspiring, rip-roaring read - like the astonishing story it describes' Liam Halligan, Daily Telegraph Where does prosperity come from, and how does it spread through a society? What role does innovation play in creating prosperity and why do some eras see the fruits of innovation spread more democratically, and others, including our own, find the opposite? In Capitalism in America, Alan Greenspan, legendary Chair of the Federal Reserve, distils a lifetime of grappling with these questions into a profound assessment of the decisive drivers of the US economy over the course of its history. In partnership with Economist journalist and historian Adrian Wooldridge, he unfolds a tale of vast landscapes, titanic figures and triumphant breakthroughs as well as terrible moral failings. Every crucial American economic debate is here - from the role of slavery in the antebellum Southern economy to America's violent swings in its openness to global trade. At heart, the authors argue, America's genius has been its enthusiasm for the effects of creative destruction, the ceaseless churn of the old giving way to the new. Although messy and painful, it has lifted the overwhelming majority of Americans to standards of living unimaginable even a few generations past. At a time when productivity has again stalled, stirring populist furies, and the continuing of American pre-eminence seems uncertain, Capitalism in America explains why America has worked so successfully in the past and been such a gigantic engine of economic growth.
    • £10.39
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  • Do Markets Corrupt Our Morals?

    Virgil Henry Storr

    Product Code: BZQEG
    Paperback
    The most damning criticism of markets is that they are morally corrupting. As we increasingly engage in market activity, the more likely we are to become selfish, corrupt, rapacious and debased. Even Adam Smith, who famously celebrated markets, believed that there were moral costs associated with life in market societies. This book explores whether or not engaging in market activities is morally corrupting. Storr and Choi demonstrate that people in market societies are wealthier, healthier, happier and better connected than those in societies where markets are more restricted. More provocatively, they explain that successful markets require and produce virtuous participants. Markets serve as moral spaces that both rely on and reward their participants for being virtuous. Rather than harming individuals morally, the market is an arena where individuals are encouraged to be their best moral selves. Do Markets Corrupt Our Morals? invites us to reassess the claim that markets corrupt our morals.
    • £23.69
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  • The AI Economy

    Roger Bootle

    Product Code: BZMUA
    Hardback
    Extraordinary innovations in technology promise to transform the world, but how realistic is the claim that AI will change our lives? In this much needed book the acclaimed economist Roger Bootle responds to the fascinating economic questions posed by the age of the robot, steering a path away from tech jargon and alarmism towards a rational explanation of the ways in which the AI revolution will affect us all. Tackling the implications of Artificial Intelligence on growth, productivity, inflation and the distribution of wealth and power, THE AI ECONOMY also examines coming changes to the the way we educate, work and spend our leisure time. A fundamentally optimistic view which will help you plan for changing times, this book explains AI and leads you towards a more certain future. Extraordinary innovations in technology promise to transform the world, but how realistic is the claim that AI will change our lives? In this much needed book the acclaimed economist Roger Bootle responds to the fascinating economic questions posed by the age of the robot, steering a path away from tech jargon and alarmism towards a rational explanation of the ways in which the AI revolution will affect us all. Tackling the implications of Artificial Intelligence on growth, productivity, inflation and the distribution of wealth and power, THE AI ECONOMY also examines coming changes to the the way we educate, work and spend our leisure time. A fundamentally optimistic view which will help you plan for changing times, this book explains AI and leads you towards a more certain future.
    • £16.00
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  • A Global History of Runaways

    Marcus Rediker

    Product Code: BZGRW
    Paperback
    During global capitalism's long ascent from 1600-1850, workers of all kinds-slaves, indentured servants, convicts, domestic workers, soldiers, and sailors-repeatedly ran away from their masters and bosses, with profound effects. A Global History of Runaways, edited by Marcus Rediker, Titas Chakraborty, and Matthias van Rossum, compares and connects runaways in the British, Danish, Dutch, French, Mughal, Portuguese, and American empires. Together these essays show how capitalism required vast numbers of mobile workers who would build the foundations of a new economic order. At the same time, these laborers challenged that order-from the undermining of Danish colonization in the seventeenth century to the igniting of civil war in the United States in the nineteenth.
    • £27.00
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  • Capitalism: A Graphic Guide

    Sharron Shatil

    Product Code: BXZPK
    Paperback
    Capitalism shapes every aspect of our world, beyond just our economic structures; it moulds our values and influences the way we write laws, wage wars and even conduct personal relationships. From its beginnings to the present day, Capitalism: A Graphic Guide tells the story of capitalism's remarkable and often ruthless rise, evolving through strife and struggle as much as innovation and enterprise. This non-fiction graphic novel explores the key developments that have shaped our modern world, from early banking to the Opium Wars, financial crashes, the rise of service economies and concerns about sustainability. It also introduces us to the leading proponents and critics of capitalism, providing both a theoretical and practical understanding of this fascinating subject.
    • £11.19
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  • Songs of Profit, Songs of Loss

    Daniel Scott Souleles

    Product Code: BXVCN
    Paperback
    Since the early 1980s, private equity investors have heralded and shepherded massive changes in American capitalism. From outsourcing to excessive debt taking, private equity investment helped normalize once-taboo business strategies while growing into an over $3 trillion industry in control of thousands of companies and millions of workers. Daniel Scott Souleles opens a window into the rarefied world of private equity investing through ethnographic fieldwork on private equity financiers. Songs of Profit, Songs of Loss documents how and why investors buy, manage, and sell the companies that they do; presents the ins and outs of private equity deals, management, and valuation; and explains the historical context that gave rise to private equity and other forms of investor-led capitalism. In addition to providing invaluable ethnographic insight, Songs of Profit, Songs of Loss is also an anthropological study of inequality as Souleles connects the core components of financial capitalism to economic disparities. Souleles uses local ideas of "value" and "time" to frame the ways private equity investors comprehend their work and to show how they justify the prosperity and poverty they create. Throughout, Souleles argues that understanding private equity investors as contrasted with others in society writ large is essential to fully understanding private equity within the larger context of capitalism in the United States.
    • £30.50
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  • Not Working

    David G. Blanchflower

    Product Code: BXMTQ
    Hardback
    A candid assessment of why the job market is not as healthy as we think Don't trust low unemployment numbers as proof that the labor market is doing fine "it isn't. Not Working is about those who can (TM)t find full-time work at a decent wage "the underemployed "and how their plight is contributing to widespread despair, a worsening drug epidemic, and the unchecked rise of right-wing populism. In this revelatory and outspoken book, David Blanchflower draws on his acclaimed work in the economics of labor and well-being to explain why today's postrecession economy is vastly different from what came before. He calls out our leaders and policymakers for failing to see the Great Recession coming, and for their continued failure to address one of the most unacknowledged social catastrophes of our time. Blanchflower shows how many workers are underemployed or have simply given up trying to find a well-paying job, how wage growth has not returned to prerecession levels despite rosy employment indicators, and how general prosperity has not returned since the crash of 2008. Standard economic measures are often blind to these forgotten workers, which is why Blanchflower practices the "economics of walking about" "seeing for himself how ordinary people are faring under the recovery, and taking seriously what they say and do. Not Working is his candid report on how the young and the less skilled are among the worst casualties of underemployment, how immigrants are taking the blame, and how the epidemic of unhappiness and self-destruction will continue to spread unless we deal with it.
    • £24.00
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  • China's Great Wall of Debt

    Dinny McMahon

    Product Code: BXGKQ
    Paperback
    'One of the clearest and most thorough statements of an argument often made about the country: that its government has relied on constant stimulus to keep growth strong, an addiction that is bound to backfire. Second, he comes closer than any previous writer to covering the Chinese economy as Michael Lewis, the hugely popular author of The Big Short, might do. His analysis is informed but accessible, animated by anecdotes and characters, some colourful, some verging on tragic . . . McMahon is among the most compelling of the many analysts who conclude that China's economic miracle will end painfully' The Economist The world has long considered China a juggernaut of economic strength, but since the global financial crisis, the country's economy has ballooned in size, complexity, and risk. Once dominated by four state-owned banks, the nation's financial system is a tangle of shadow banking entities, informal financial institutions, and complex corporate funding arrangements that threaten growth, stability, and reform efforts. The country has accumulated so much debt so quickly that economists increasingly predict a financial crisis that could make 'Brexit' or Greece's economic ruin seem minor, and could undermine China's ascent as a superpower. Earlier this year, President Xi Jinping issued an urgent call for reform that gives the country until 2020 to transform its economy - a vaguely-defined objective that most economists agree is unrealistic. Whether or not China will be responsible for the next global recession, as some experts forecast, the fate of its economy will have far-reaching consequences for the rest of the world. Yet the inner workings of China's financial system are still very much a mystery to most outsiders. Now more than ever, as the country's slowing economy is being felt around the globe, it is essential to understand how China allowed its economy to become so mired in debt. China's Great Wall of Debt is a penetrating examination of the country's opaque financial system and the complex factors - demographic shifts; urbanization; industrialization; a pervasive over-reliance on debt-fueled investments - that have brought the country to the brink of crisis. Anchored by stories of China's cities and its people; from factory workers and displaced farmers to government officials and entrepreneurs, the narrative will take readers inside the country's ghost cities, zombie companies, start-ups, and regulatory institutions as McMahon explains how things got so bad, why fixing the problems is so hard, and what the economic outlook means for China and for the rest of us.
    • £7.99
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  • The Value of Everything

    Mariana Mazzucato

    Product Code: BWLUD
    Paperback
    Who really creates wealth in our world? And how do we decide the value of what they do? In modern capitalism, value-extraction - the siphoning off of profits, from shareholders' dividends to bankers' bonuses - is rewarded more highly than value-creation- the productive process that drives a healthy economy and society. We misidentify takers as makers, and have lost sight of what value really means. Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism we urgently need to rethink where wealth comes from. Who is creating it, who is extracting it, and who is destroying it?
    • £8.79
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  • Gaian Economics

    Jonathan Dawson

    Product Code: BWCIX
    Paperback
    Gaian Economics is the second volume in the Four Keys to Sustainable Communities series and sets out to explore how we can develop healthy and abundant societies in harmony with our finite planetary resources. Using contributions from a wealth of authors (including Small Is Beautiful's E. F. Schumacher, eco-philosopher Joanna Macy, and Rob Hopkins of the Transition movement), the editors address ways of reducing our consumption to levels that enable natural systems to self-regenerate and to do so in ways that permit a high quality of life--that we live within our means and that we live well. Since the advent of the Scientific Revolution in the sixteenth century, humans have stood apart from the rest of nature, seeking to manipulate it for their benefit. Thus, we have learned to refer to the natural world as "the environment" and to see it, in economic terms, as little more than a bank of resources to be transformed into products for human use and pleasure. This has brought us to the brink of collapse, with natural systems straining under the weight of the population and the levels at which we are consuming. We are, however, on the threshold of a shift into a new way of seeing and understanding the world and our place within it--called, by some, the "Ecological Age." It will be characterized by a new understanding of our place as a thread in the web of life, of our interconnectedness with all other living things. Gaian Economics offers ways forward toward this Ecological Age, giving suggestions for how it may take shape, and how it would work. The Four Keys represent the four dimensions of sustainable design--the Worldview, the Social, the Ecological, and the Economic. This series is endorsed by UNESCO and is an official contribution to the UN Decade of Education for Sustainable Development. The other books of the series are Beyond You and Me, Designing Ecological Habitats, and The Song of the Earth. The Four Keys to Sustainable Communities series was completed in 2012 and is now available in the U.S. for the first time.
    • £11.96
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  • The Permission Society

    Timothy Sandefur

    Product Code: BVOSF
    Hardback
    Through
    • £17.89
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  • The Great Leveler

    Brett Christophers

    Product Code: BVJTW
    Hardback
    For all the turmoil that roiled financial markets during the Great Recession and its aftermath, Wall Street forecasts once again turned bullish and corporate profitability soared to unprecedented heights. How does capitalism consistently generate profits despite its vulnerability to destabilizing events that can plunge the global economy into chaos? The Great Levelerelucidates the crucial but underappreciated role of the law in regulating capitalism's rhythms of accumulation and growth. Brett Christophers argues that capitalism requires a delicate balance between competition and monopoly. When monopolistic forces become dominant, antitrust law steps in to discourage the growth of giant corporations and restore competitiveness. When competitive forces become dominant, intellectual property law steps in to protect corporate assets and encourage investment. These two sets of laws-antitrust and intellectual property-have a pincer effect on corporate profitability, ensuring that markets become neither monopolistic, which would lead to rent-seeking and stagnation, nor overly competitive, which would drive down profits. Christophers pursues these ideas through a close study of the historical development of American and British capitalist economies from the late nineteenth century to the present, tracing the relationship between monopoly and competition in each country and the evolution of legal mechanisms for keeping these forces in check. More than an illuminating study of the economic role of law, The Great Leveler is a bold and fresh dissection of the anatomy of modern capitalism.
    • £38.95
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  • Democracy Against Capitalism

    Ellen Meiksins Wood

    Product Code: BVIWZ
    Paperback
    Historian and political thinker Ellen Meiksins Wood argues that theories of "postmodern" fragmentation, "difference", and contingency can barely accommodate the idea of capitalism, let alone subject it to critique. In this book she sets out to renew the critical programme of historical materialism by redefining its basic concepts and its theory of history in original and imaginative ways, using them to identify the specificity of capitalism as a system of social relations and political power. She goes on to explore the concept of democracy in both the ancient and modern world, examining its relation to capitalism, and raising questions about how democracy might go beyond the limits imposed on it.
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  • Austerity

    Alberto Alesina

    Product Code: BUKOU
    Hardback
    A timely and incisive look at austerity measures that succeed--and those that don't Fiscal austerity is hugely controversial. Opponents argue that it can trigger downward growth spirals and become self-defeating. Supporters argue that budget deficits have to be tackled aggressively at all times and at all costs. In this masterful book, three of today's leading policy experts cut through the political noise to demonstrate that there is not one type of austerity but many. Looking at thousands of fiscal measures adopted by sixteen advanced economies since the late 1970s, Austerity assesses the relative effectiveness of tax increases and spending cuts at reducing debt. It shows that spending cuts have much smaller costs in terms of output losses than tax increases. Spending cuts can sometimes be associated with output gains in the case of expansionary austerity and are much more successful than tax increases at reducing the growth of debt. The authors also show that austerity is not necessarily the kiss of death for political careers as is often believed, and provide new insights into the recent cases of European austerity after the financial crisis. Bringing needed clarity to one of today's most challenging subjects, Austerity charts a sensible approach based on data analysis rather than ideology.
    • £27.00
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  • The Third Pillar

    Raghuram Rajan

    Product Code: BUKAV
    Hardback
    From one of the most important economic thinkers of our time, a brilliant and far-seeing analysis of the current populist backlash against globalization and how revitalising community can save liberal market democracy. Raghuram Rajan, author of the 2010 FT & Goldman-Sachs Book of the Year Fault Lines, has an unparalleled vantage point onto the social and economic consequences of globalization and their ultimate effect on politics and society. In The Third Pillar he offers up a magnificent big-picture framework for understanding how three key forces - the economy, society, and the state - interact, why things begin to break down, and how we can find our way back to a more secure and stable plane. The `third pillar' of the title is society. Economists all too often understand their field as the relationship between the market and government, and leave social issues for other people. That's not just myopic, Rajan argues; it's dangerous. All economics is actually socioeconomics - all markets are embedded in a web of human relations, values and norms. As he shows, throughout history, technological innovations have ripped the market out of old webs and led to violent backlashes, and to what we now call populism. Eventually, a new equilibrium is reached, but it can be ugly and messy, especially if done wrong. Right now, we're doing it wrong. As markets scale up, government scales up with it, concentrating economic and political power in flourishing central hubs and leaving the periphery to decompose, figuratively and even literally. Instead, Rajan offers a way to rethink the relationship between the market and civil society and argues for a return to strengthening and empowering local communities as an antidote to growing despair and unrest. The Third Pillar is a masterpiece of explication, a book that will be a classic of its kind for its offering of a wise, authoritative and humane explanation of the forces that have wrought such a sea change in our lives. His ultimate argument that decision-making has to be watered at the grass roots or our democracy will continue to wither is sure to be both provocative and agenda-setting across the world.
    • £16.00
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  • The Winding Road to the Welfare State

    George R. Boyer

    Product Code: BTKLC
    Hardback
    How did Britain transform itself from a nation of workhouses to one that became a model for the modern welfare state? The Winding Road to the Welfare State investigates the evolution of living standards and welfare policies in Britain from the 1830s to 1950 and provides insights into how British working-class households coped with economic insecurity. George Boyer examines the retrenchment in Victorian poor relief, the Liberal Welfare Reforms, and the beginnings of the postwar welfare state, and he describes how workers altered spending and saving methods based on changing government policies. From the cutting back of the Poor Law after 1834 to Parliament's abrupt about-face in 1906 with the adoption of the Liberal Welfare Reforms, Boyer offers new explanations for oscillations in Britain's social policies and how these shaped worker well-being. The Poor Law's increasing stinginess led skilled manual workers to adopt self-help strategies, but this was not a feasible option for low-skilled workers, many of whom continued to rely on the Poor Law into old age. In contrast, the Liberal Welfare Reforms were a major watershed, marking the end of seven decades of declining support for the needy. Concluding with the Beveridge Report and Labour's social policies in the late 1940s, Boyer shows how the Liberal Welfare Reforms laid the foundations for a national social safety net. A sweeping look at economic pressures after the Industrial Revolution, The Winding Road to the Welfare State illustrates how British welfare policy waxed and waned over the course of a century.
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  • Emerging Markets Megatrends

    Rajiv Biswas

    Product Code: BTGBF
    Hardback
    This book provides an assessment of the megatrends that are reshaping the emerging markets landscape. With developing countries already accounting for 40% of world GDP, emerging markets consumption growth will be an increasingly important growth engine for the world economy over the next two decades. However, emerging markets in many parts of Asia, Africa, the Middle East and Latin America are still facing tremendous economic challenges such as poverty, inequality, weak governance and inadequate infrastructure. The developed nations are no longer insulated from the economic shockwaves impacting developing countries, as globalisation and economic integration have also amplified the transmission effects to the West through immigration flows, cross-border crime and the proliferation of international terrorism. Emerging Markets Megatrends is an essential read for government policymakers, corporate executives, international investors and analysts wishing to understand more about the economic drivers and long-term outlook for emerging markets.
    • £22.39
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  • Hyper-Capitalism

    Larry Gonick

    Product Code: BTEWJ
    Paperback
    An acerbic graphic takedown of capitalism. In Hyper-Capitalism, cartoonist Larry Gonick and psychologist Tim Kasser offer a vivid and an accessible new way to understand how global, privatising, market-worshipping hyper-capitalism is threatening human wellbeing, social justice, and the planet. Drawing from contemporary research, they describe and illustrate concepts (such as corporate power, free trade, privatisation, and deregulation) that are critical for understanding the world we live in, and movements (such as voluntary simplicity, sharing, alternatives to GDP, and protests) that have developed in response to the system. Gonick and Kasser's pointed and profound cartoon narratives provide a deep exploration of the global economy and the movements seeking to change it, all rendered in clear, graphic - and sometimes hilarious - terms. In the process, they point the way to a healthier future for all of us.
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  • Financial Stability Without Central Banks

    George Selgin

    Product Code: BTCGU
    Paperback
    George Selgin is one of the world's foremost monetary historians. In this book, based on the 2016 Hayek Memorial Lecture, he shows how a system of private banks without a central bank can bring about financial stability through self-regulation. If one bank stretches credit too far, it will be reined in by the others before the system as a whole gets out of control. The banks have a strong incentive to ensure an orderly resolution if a particular bank is facing insolvency or illiquidity. Selgin draws on evidence from the era of 'free banking' in Scotland and Canada. These arrangements enjoyed greater financial stability, with fewer banking crises, than the English system with its central bank and the US model with its faulty government regulation. The creation of the Federal Reserve appears to have increased the frequency of financial crises. The book also includes commentaries by Kevin Dowd and Mathieu Bedard. Dowd asks whether free-banking systems should be underpinned by a gold standard,which he regards as a tried-and-tested institution at the heart of their success. Bedard challenges the assumption that the banking sector is inherently unstable and therefore requires state intervention. He argues that increases in government control have made the banking system more prone to crisis.
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  • Aftermath

    James Rickards

    Product Code: BSZRD
    Paperback
    In his most practical book to date, financial expert and investment advisor James Rickards shows how and why our financial markets are being artificially inflated and what smart investors can do to protect their assets. What goes up must come down. As any student of financial history knows, the dizzying heights of the stock market can't continue indefinitely. In turbulent times, the elites are prepared but what should the average investor do? James Rickards lays out the true risks to our financial system and offers invaluable advice on how best to weather the storm.
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  • The Limits to Capital

    David Harvey

    Product Code: BSVEG
    Paperback
    Now a classic of Marxian economics, The Limits to Capital provides one of the best theoretical guides to the history and geography of capitalist development. In this edition, Harvey updates his classic text with a substantial discussion of the turmoil in world markets today.In his analyses of 'fictitious capital' and 'uneven geographical development' Harvey takes the reader step by step through layers of crisis formation, beginning with Marx's controversial argument concerning the falling rate of profit, moving through crises of credit and finance, and closing with a timely analysis geopolitical and geographical considerations.
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  • Capitalism

    Eamonn Butler

    Product Code: BRXDZ
    Paperback
    Recent surveys reveal a large portion of the British population to have a dim view of capitalism. And many on the political left, including the current leadership of the Labour Party, are committed to overthrowing it. That would be a disaster because, as Eamonn Butler argues in this introduction to capitalism, it is the foundation of our prosperity and of our liberal, cooperative and dynamic society. Many criticisms of capitalism are based on common misunderstandings of it, some of them even shared by supporters of capitalism. Written in plain English and assuming no prior knowledge of economics, this book helps readers overcome these confusions. It explains the nature of capital - its creation, preservation and destruction - and the roles played by markets and property rights in making capitalism work.
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  • A Finer Future

    L. Hunter Lovins

    Product Code: BRICD
    Hardback
    The blueprint for an inspiring regenerative economy that avoids collapse and works for people and the planet. Humanity is in a race with catastrophe. Is the future one of global warming, 65 million migrants fleeing failed states, soaring inequality, and grid-locked politics? Or one of empowered entrepreneurs and innovators building a world that works for everyone? While the specter of collapse looms large, A Finer Future demonstrates that humanity has a chance - just - to thread the needle of sustainability and build a regenerative economy thorough a powerful combination of enlightened entrepreneurialism, technology, and innovative policy. The authors - world leaders in business, economics, and sustainability - gather the evidence, outline the principles of a regenerative economy, and detail a policy roadmap to achieving it, including: Transforming finance and corporations Reimagining energy, agriculture, and the nature of how we work Enhancing human well-being Delivering a world that respects ecosystems and human community. Charting the course to a regenerative economy is the most important work facing humanity and A Finer Future provides the essential blueprint for business leaders, entrepreneurs, environmentalists, politicians, policymakers, and others working to create a world that works for people and the planet.
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  • China's Great Wall of Debt

    Dinny McMahon

    Product Code: BPZEC
    Hardback
    The world has long considered China a juggernaut of economic strength, but since the global financial crisis, the country's economy has ballooned in size, complexity, and risk. Once dominated by four state-owned banks, the nation's financial system is a tangle of shadow banking entities, informal financial institutions, and complex corporate funding arrangements that threaten growth, stability, and reform efforts. The country has accumulated so much debt so quickly that economists increasingly predict a financial crisis that could make 'Brexit' or Greece's economic ruin seem minor, and could undermine China's ascent as a superpower. Earlier this year, President Xi Jinping issued an urgent call for reform that gives the country until 2020 to transform its economy - a vaguely-defined objective that most economists agree is unrealistic. Whether or not China will be responsible for the next global recession, as some experts forecast, the fate of its economy will have far-reaching consequences for the rest of the world. Yet the inner workings of China's financial system are still very much a mystery to most outsiders. Now more than ever, as the country's slowing economy is being felt around the globe, it is essential to understand how China allowed its economy to become so mired in debt. China's Great Wall of Debt is a penetrating examination of the country's opaque financial system and the complex factors - demographic shifts; urbanization; industrialization; a pervasive over-reliance on debt-fueled investments - that have brought the country to the brink of crisis. Anchored by stories of China's cities and its people; from factory workers and displaced farmers to government officials and entrepreneurs, the narrative will take readers inside the country's ghost cities, zombie companies, start-ups, and regulatory institutions as McMahon explains how things got so bad, why fixing the problems is so hard, and what the economic outlook means for China and for the rest of us.
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