Likely to cause indigestion among some Wall Streeters, but a thoughtful, accessible survey of a history that’s still...
A best-of-times, worst-of-times overview of the previous decade by whip-smart economist and presidential advisor Stiglitz (Economics/Columbia Univ.; Globalization and Its Discontents, 2002).
Adam Smith’s playing field–leveling invisible hand, observes Stiglitz, sometimes can’t be seen because it is in fact not there. So it seemed through much of the 1990s, which saw American capitalism claw its way up staggering new heights of inequity and avarice. Take the stock market’s ever more pronounced dislike, throughout the decade, of giving the small investor an even break with equal access to intelligence, about which Stiglitz remarks, “Unfettered markets, rampant with conflicts of interest, can lead to inefficiency. We can never eliminate the problems; we can, however, mitigate them. In the nineties, we made them worse.” Some of the ways in which the economy was made worse, Stiglitz writes, were political in nature; the Clinton administration, which he served as a member of the Council of Economic Advisors, failed to get a handle on such things as funny corporate accounting practices and the endless corporate appropriation of the public domain. Fault Clinton Stiglitz does, and at many points as he turns from NAFTA to the WTO to the Enron scandal and on. Yet, he warns, it is a mistake to attribute to that administration the collapse of the great bubble and the dive into recession that closed the decade: though Clinton may earn middling marks, Stiglitz slyly notes, as a teacher he grades on a curve, and Clinton positively shines by comparison with what came before and after. That collapse brought with it the evaporation of trillions and a subsequent performance well below the economy’s potential—but no real curbing of such matters as executive compensation, merger mania, and unemployment. Contra many of his colleagues, Stiglitz calls for more rather than less regulation, noting that the bursting bubble did bring at least some useful reforms in accounting practices and the public disclosure of information.
Likely to cause indigestion among some Wall Streeters, but a thoughtful, accessible survey of a history that’s still unfolding.Pub Date: Oct. 20, 2003
ISBN: 0-393-05852-2
Page Count: 416
Publisher: Norton
Review Posted Online: May 19, 2010
Kirkus Reviews Issue: Aug. 15, 2003
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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