A formidable challenge for general readers but a must for specialists and those interested in how the past informs the...
A distinguished economic historian examines the remarkable parallels and the significant differences between the Great Depression of the 1930s and the Great Recession of 2008-2009.
Faced with the greatest economic disaster in 80 years, policymakers of the waning George W. Bush and the incoming Barack Obama administrations quite understandably looked to the last great crisis for lessons on how to cope. According to Eichengreen (Economics and Political Science/Univ. of California; Exorbitant Privilege: The Rise and Fall of the Dollar and the Failure of the International Monetary System, 2011, etc.), they got a lot right and, thus, avoided another full-blown depression, but by failing to do more once the emergency passed, they weakened the recovery and virtually ensured another crisis at some point. The author’s dual-track narrative alternates between the two historic episodes, the run-up, the breakdown, the response and the denouement. A powerful plus ça change vibe courses through his comparison, as he discusses each era’s major players and events—e.g., the grifters (Charles Ponzi vs. Bernie Madoff), the reparative legislation (Glass-Steagall Act vs. Dodd-Frank), the economic advisers (FDR’s brains trust vs. Obama’s team), the institutional collapses (Union Guardian Trust vs. Lehman Brothers) the bubbles (the Florida land boom vs. the subprime mortgage loans), the panicked electorate and the nervous politicians. Eichengreen leavens his wide-angle treatment of complex issues—he devotes almost equal time to economic developments in Europe during each era—with capsule portraits of the major players, with becoming modesty about his own assessments (notwithstanding his obvious intellect) and even with occasional humor. He reminds us, too, that economic analyses of causes or cures are insufficient, that there’s a human dimension to any economic crisis and that implementing policy is always a matter of politics. A helpful 25-page dramatis personae concludes the volume.
A formidable challenge for general readers but a must for specialists and those interested in how the past informs the present and how the present alters our understanding of the past.Pub Date: Jan. 2, 2015
ISBN: 978-0199392001
Page Count: 592
Publisher: Oxford Univ.
Review Posted Online: Nov. 5, 2014
Kirkus Reviews Issue: Nov. 15, 2014
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...
A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.
The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.
Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.Pub Date: Nov. 1, 2011
ISBN: 978-0-374-27563-1
Page Count: 512
Publisher: Farrar, Straus and Giroux
Review Posted Online: Sept. 3, 2011
Kirkus Reviews Issue: Sept. 15, 2011
BOOK REVIEW
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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
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