Mostly for scholars of economic history and highly motivated lay readers.
A chronological account of money lending and loan sharking with an emphasis on practices in the United States in the past 200 years.
In this scholarly history of predatory lending and usury, Geisst (Economics and Finance/Manhattan Coll.; Beggar Thy Neighbor: A History of Usury and Debt, 2013, etc.), who has written extensively about these issues, discusses lending in a sweeping way rather than just emphasizing illegally or immorally high interest rates. The chronology is sometimes difficult to follow, partly because of the massive (and impressive) amount of detail and partly because of mostly dense prose. At times, the author’s argument is difficult to keep straight, as he states repeatedly that usurious limits rightly vary according to historical era, who is lending and who is borrowing, and unpredictable shifts by Congress, executive branch regulatory agencies, and the courts. In a postscript, Geisst states that it’s doubtful agreement can be reached about the intellectual underpinnings of a standard usury ceiling. As a result, writes the author, the debate over what constitutes predatory lending “becomes fruitless and never-ending.” At certain junctures, the author refers to contemporary payday lending, an eternally hot-button issue because of its impact on low-income borrowers, especially those who cannot read or speak English well. However, because the bulk of the narrative stops in the 1930s, its instructiveness about modern payday lending is limited. Geisst is most interesting when he connects predatory lending to other social ills, such as alcoholism. Supporters of Prohibition successfully argued to policymakers that individuals fairly labeled alcoholics tended to become easy prey for predatory lenders because their inebriation made individual and family management of money extremely difficult. “Loan sharking in its many forms,” writes the author, “has caused stock market panics, structural banking problems, and often has impeded economic recovery after severe economic downturns.”
Mostly for scholars of economic history and highly motivated lay readers.Pub Date: April 25, 2017
ISBN: 978-0-8157-2900-6
Page Count: 272
Publisher: Brookings Institution Press
Review Posted Online: Feb. 4, 2017
Kirkus Reviews Issue: Feb. 15, 2017
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
IN THE NEWS
IN THE NEWS
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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