A well-informed history of silver’s allure.
A history that shows how silver has been central to economics, politics, and foreign affairs.
Silber (Finance and Economics/New York Univ. Stern School of Business; Volcker: The Triumph of Persistence, 2012, etc.) examines the significance of silver from the nation’s founding to the present. Deeply researched and authoritative, the book begins with Alexander Hamilton, the first Treasury secretary, who advocated a bimetallic backing for the dollar to prevent a shortage of either silver or gold. Throughout the 19th century, however, the use of silver as monetary standard was fiercely debated: Ohio Sen. John Sherman pushed through the Coinage Act of 1873, establishing gold as “sole legal tender for all obligations.” Nebraska congressman William Jennings Bryan, in his famous “Cross of Gold” speech delivered during his presidential campaign of 1896, advocated for the cheaper metal, silver, which his constituents believed would result in more circulating currency and higher prices for Nebraska’s commodities. Later, Sen. Key Pittman from Nevada—the Silver State—found an ally in Franklin Roosevelt, who took the U.S. off the gold standard and subsidized silver production, with the hope of mitigating the effects of the Great Depression. Making a case for the worldwide consequences of this decision, Silber asserts that Roosevelt’s strategy strengthened the Japanese military and exacerbated the Sino-Japanese conflict that left China vulnerable. During World War II, a shortage of copper for use in electrical wiring led to the withdrawal of silver, a fine electrical conductor, from its depository at West Point. The Manhattan project alone used 14,000 tons of silver. In his effort to show the tentacles of silver’s influence at home and abroad, the author makes the unsubstantiated assertion that John F. Kennedy may have been “murdered for downgrading the silver subsidy,” a conjecture he finds “as least as plausible as the rest.” Silber’s detailed recounting of the fluctuating prices of silver throughout history is enlivened by portraits of some obsessed silver investors, including psychiatrist Henry Jarecki and Nelson Bunker Hunt, a right-wing oil baron who was once the world’s richest man.
A well-informed history of silver’s allure.Pub Date: Feb. 5, 2019
ISBN: 978-0-691-17538-6
Page Count: 328
Publisher: Princeton Univ.
Review Posted Online: Nov. 6, 2018
Kirkus Reviews Issue: Dec. 1, 2018
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
SEEN & HEARD
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