Manias, Panics and Crashes: A History of Financial Crises, Sixth Edition
by Kindleberger, Charles P. and Robert Z., Aliber · 9 Aug 2011
’ – musty terms used by earlier generations of economists including Adam Smith, John Stuart Mill, Knut Wicksell and Irving Fisher. These concepts were developed further by Hyman Minsky, who argued that the financial system in a market economy is unstable, fragile, and prone to crisis. The Minsky model has great explanatory power for
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occurred regularly at ten-year intervals (1816, 1826, 1837, 1847, 1857, 1866), thereafter less regularly (1873, 1907, 1921, 1929). The model A model developed by Hyman Minsky helps explain the financial crises in the United States, Britain and other market economies. Minsky highlighted that the changes in the supply of credit were
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J.-P. Laffargue, eds, Financial Crises: Theory, History and Policy (Cambridge: Cambridge University Press, 1982), pp. 13–29. For a view of the work of Hyman Minsky in historical context, see Perry Mehrling, ‘The Vision of Hyman P. Minsky’, in the Journal of Economic Behavior and Organization, vol. 39 (1999), pp. 125
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Estes, Billie Sol 122, 131 euphoria 12–13, 84, 91 asset price bubbles and 107–16 causes of 29 effects of 30 international 31–2 Hyman Minsky on 43 swindles/fraud and 140–1 see also economic booms; manias Eurocurrency market 64, 65, 69 European Union 3, 256 Evans, D. Morier 163
Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown
by Philip Mirowski · 24 Jun 2013 · 662pp · 180,546 words
mention interest) in order to staff the courses.20 Economists would periodically be sounding off in the most illiterate registers concerning Karl Marx, Vilfredo Pareto, Hyman Minsky, Adam Smith, or even John Maynard Keynes, because they were confident no one would ever call them to task on their shallow pretenses. Consequently, once
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which had proposed the most important ideas for a postcrisis world. The “most influential” list they compiled was Ben Bernanke, John Maynard Keynes, Jeffrey Sachs, Hyman Minsky, and Paul Krugman; the “most important ideas” roster was Raghuram Rajan, Robert Shiller, Kenneth Rogoff, Barry Eichengreen, and Nouriel Roubini.78 If you were a
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crisis. And indeed, when he talks in the vernacular about what has gone wrong in the financial industry, he tends to sound a bit like Hyman Minsky, which means he makes a fair bit of sense.104 However, his academic persona is one of the elite among general-equilibrium theorists of the
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to adhere to Walrasian heuristics can easily undermine his leftish politics, whatever the inclination of the particular economist. B) Paul Krugman Conjures the Shade of Hyman Minsky In this next model presentation, I cheat a little bit by returning to Paul Krugman via his younger collaborators. For the most part, my previous
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even more interesting is the way Krugman, given all his open allegiance to the orthodoxy, has apparently felt impelled to grapple with the legacy of Hyman Minsky since 2008. The first sign that something like this was going on was in a lecture series Krugman delivered at the LSE in June 2009
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Theory—so much for steadfast fealty to the Master. Finally, and most egregiously from our current perspective, none of this has any relationship to what Hyman Minsky wrote. Minsky wanted to identify a systematic source of instability in the capitalist economy in the financial sector, involving the need to continuously augment leverage
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Mae and Freddie Mac “Fisher–Minsky” model on “flaws-and-frictions” economics followers of on “freshwater economics,” “How Did Economists Get It So Wrong?,” on Hyman Minsky influence of on “informational efficacy” and “allocative efficiency,” on Keynesian Theory in New York Review of Books orthodox economics profession on reason for becoming an
Prosperity Without Growth: Foundations for the Economy of Tomorrow
by Tim Jackson · 8 Dec 2016 · 573pp · 115,489 words
kind of natural exuberancy that takes over when things appear to be going well. British economist John Maynard Keynes called this ‘animal spirits’. US economist Hyman Minsky described the emergence of financial instability in terms of three stages characterised by three different types of borrower. The most cautious borrowers, who are also
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’. This question could partly be answered by saying that policy makers (and indeed many economists) were on the whole painfully ignorant of the work of Hyman Minsky and the small number of economists who might have shed some light on what was going on. Those looking at the profitability of firms and
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role of countercyclical public spending Source: Jackson and Victor (2015: figure 11). These findings would likely come as no surprise to Keynes or indeed to Hyman Minsky. Both economists saw fiscal policy as critical to the stability of the economy. Minsky in particular proposed a vital role for government as ‘employer of
Crisis Economics: A Crash Course in the Future of Finance
by Nouriel Roubini and Stephen Mihm · 10 May 2010 · 491pp · 131,769 words
of economists. Chapter 2 introduces economic thinkers who can help us do just that. Some, like John Maynard Keynes, are reasonably well known; others, like Hyman Minsky, are not. Chapter 3 explains the deep structural origins of the recent crisis. From the beginning, it has been fashionable to blame it on recently
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too did the writings of economists who had languished in obscurity for many years. John Maynard Keynes came back into vogue, as did Joseph Schumpeter, Hyman Minsky, Irving Fisher, and even Karl Marx. Their sudden reappearance was significant, if portentous: all had made their mark studying how capitalism could collapse in crisis
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, but its ambition is straightforward: to highlight what’s useful. As always, pragmatism informs our choices. Keynes is here, as is his most radical interpreter, Hyman Minsky, but so are economists from other camps: Robert Shiller, one of the most visible proponents of behavioral economics; Joseph Schumpeter, the grand theorist of capitalist
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government to stimulate demand was retained, but almost everything else Keynes wrote was ignored. Not everyone discounted the other implications of Keynes’s work, however. Hyman Minsky, a professor of economics at Washington University in St. Louis, dedicated his life to building a theoretical edifice on the foundation that Keynes had laid
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G-20 group. All of these reforms will help reduce the incidence of crises, but they will not drive them to extinction. As the economist Hyman Minsky once observed, “There is no possibility that we can ever set things right once and for all; instability, put to rest by one set of
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, What Are the Questions? And Other Essays: Further Contributions to Modern Economics (Armonk, N.Y.: M. E. Sharpe, 1980), 34. 50 “Instability . . . is an inherent . . .”: Hyman Minsky, Stabilizing an Unstable Economy (New York: McGraw-Hill, 2008), 134. 50 “Implicit in [Keynes’s] analysis . . .”: Minsky, John Maynard Keynes, 11-12. 51 “The interposition
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of this veil . . .”: John Maynard Keynes, Essays in Persuasion (New York: W.W. Norton, 1963), 169. 51 Financial Instability Hypothesis: Hyman Minsky, “The Financial Instability Hypothesis: An Interpretation of Keynes and an Alternative to ‘Standard’ Theory,” and “The Financial Instability Hypothesis: A Restatement,” both in Minsky, Can
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the Fed conference at Jackson Hole in 2007, McCulley elaborated on it in a newsletter for PIMCO. See Paul McCulley, “The Shadow Banking System and Hyman Minsky’s Economic Journey,” Global Central Bank Focus, PIMCO, May 2009. See also James Crotty, “Structural Causes of the Global Financial Crisis: A Critical Assessment of
Debunking Economics - Revised, Expanded and Integrated Edition: The Naked Emperor Dethroned?
by Steve Keen · 21 Sep 2011 · 823pp · 220,581 words
Recession. Ultimately, the most apposite critique of Bernanke’s defense of the indefensible is to compare his position with that of the post-Keynesian economist Hyman Minsky. Minsky argued that, since crises like the Great Depression have occurred, a crucial test for the validity of an economic theory is that it must
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of the Federal Reserve. Part 3, ‘Alternatives,’ considers alternative approaches to economics. It has six chapters: Chapter 13 (‘Why I did see “It” coming’) outlines Hyman Minsky’s ‘Financial Instability Hypothesis,’ and my nonlinear and monetary models of it, which were the reason I anticipated this crisis, and why I went public
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to uncertainty, expectations, liquidity preference determining the rate of interest, speculative capital asset prices, and so on? They are nowhere to be seen. Sometime later, Hyman Minsky commented that ‘Keynes without uncertainty is rather like Hamlet without the Prince’ (Minsky 1975: 75), but this is what Hicks served up as Keynes. Even
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economic theory of how asset prices are determined. Decades later, Fisher’s ‘Debt Deflation Theory of Great Depressions’ was rediscovered by the non-orthodox economist Hyman Minsky, while at much the same time Fisher’s pre-Great Depression theory was formalized into the efficient markets hypothesis. Fisher thus has the dubious distinction
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puzzle’). (Ibid.: ix) However, from this point on, his neoclassical priors excluded both salient data and rival intellectual perspectives on the data. His treatment of Hyman Minsky’s ‘Financial Instability Hypothesis’ – which is outlined in Chapter 13 – is particularly reprehensible. In the entire volume, there is a single, utterly dismissive reference to
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Minsky: Hyman Minsky (1977) and Charles Kindleberger […] have in several places argued for the inherent instability of the financial system but in doing so have had to depart
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and money in their models of the economy, and many economists in these schools expected a crisis – the former group because of their familiarity with Hyman Minsky’s Financial Instability Hypothesis, and the latter because of their familiarity with Hayek’s argument about the impact of interest rates being held too low
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had developed a mathematical model of how this crisis might come about. That model put into dynamic, disequilibrium form the economic vision of the late Hyman Minsky, which was in turn built on the insights of the great non-neoclassical thinkers Marx, Schumpeter, Fisher and Keynes. Minsky’s strength was to weave
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the kind of institutional analysis that Keynes provided in 1936. Two such analyses have been provided: by Robert Haugen in the ‘Inefficient Markets Hypothesis,’ and Hyman Minsky in the ‘Financial Instability Hypothesis,’ as discussed in Chapter 13. The Inefficient Markets Hypothesis After a long career as an academic finance economist, Bob Haugen
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: Pluto Press Australia/Zed Books. Keen, S. (2001b) ‘Minsky’s thesis: Keynesian or Marxian?’ in R. Bellofiore and P. Ferri (eds), The Economic Legacy of Hyman Minsky, vol. 1: Financial Keynesianism and Market Instability, Cheltenham: Edward Elgar, pp. 106–20. Keen, S. (2003) ‘Standing on the toes of pygmies: why econophysics must
End This Depression Now!
by Paul Krugman · 30 Apr 2012 · 267pp · 71,123 words
economists have also made strong and justified comebacks: a contemporary of Keynes’s, the American economist Irving Fisher, and a more recent entrant, the late Hyman Minsky. What’s especially interesting about Minsky’s new prominence is that he was very much out of the economic mainstream when he was alive. Why
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beginning of this chapter, top officials at the Federal Reserve—now invoking his name? The Night They Reread Minsky Long before the crisis of 2008, Hyman Minsky was warning—to a largely indifferent economics profession—not just that something like that crisis could happen but that it would happen. Few listened at
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now, as opposed to five or six years ago? And how did debtors get that deep into debt in the first place? That’s where Hyman Minsky comes in. As Minsky pointed out, leverage—rising debt compared with income or assets—feels good until it feels terrible. In an expanding economy with
The Shifts and the Shocks: What We've Learned--And Have Still to Learn--From the Financial Crisis
by Martin Wolf · 24 Nov 2015 · 524pp · 143,993 words
necessary to have an economic theory which makes great depressions one of the possible states in which our type of capitalist economy can find itself. Hyman Minsky, 19821 This book is about the way in which the financial and economic crises that hit the high-income countries after August 2007 have altered
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of inconceivably huge errors by bankers and regulators. My personal perspective on economics had failed the test set by the late and almost universally ignored Hyman Minsky. This book aims to learn from that mistake. One of its goals is to ask whether Minsky’s demand for a theory that generates the
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. Financial systems also generate credit booms and busts: this is the chief reason for the instability of market economies. The late and, until recently, disregarded Hyman Minsky, with whom this book began, described the broad features of such booms and busts.18 ‘A fundamental characteristic of our economy,’ wrote Minsky, ‘is that
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Nobel laureate Robert Lucas, probably the most influential of all, regard the work of John Maynard Keynes as embarrassing and that of the post-Keynesian Hyman Minsky with something bordering on contempt.9 Charles Kindleberger of the Massachusetts Institute of Technology was an economic historian and, as a result, far below the
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a big part of the discussion in Chapter Eight, where it will inform our analysis of the new orthodoxy in action. Minsky’s Instability Hypothesis Hyman Minsky (1919–1996), fascinatingly, a post-Keynesian product of the Chicago School, developed one of the most comprehensive critiques of pre-crisis and, by implication, the
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residential housing and higher household spending. Happily for central banks, at least in the short run, the fall in global real interest rates was what Hyman Minsky called a ‘displacement’ event – the beginning of a runaway credit boom. House-price rises set these credit booms in motion, above all in the US
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), http://www.nber.org/chapters/c11075.pdf. 5. Bernanke, ‘The Great Moderation’. 6. Foremost among the economists whose views were widely ignored were the late Hyman Minsky and Charles Kindleberger. See, for example, Hyman P. Minsky, Stabilizing an Unstable Economy (New Haven: Yale University Press, 1986), and Charles P. Kindleberger and Robert
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: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon (New York: Times Books, 2011). 18. In economic parlance, they are ‘endogenous’, not ‘exogenous’. 19. Hyman Minsky, ‘The Modeling of Financial Instability: An Introduction’, in Modeling and Simulation 5, Proceedings of the Fifth Annual Pittsburgh Conference, 1974, Instrument Society of America, pp
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–19, WP/12/202. International Monetary Fund. August 2012. http://www.imf.org/external/pubs/ft/wp/2012/wp12202.pdf. 41. Ibid., p. 7. 42. Hyman Minsky, ‘Financial Instability and the Decline (?) of Banking: Future Policy Implications’, Working Paper No. 127, October 1994, The Jerome Levy Research Institute of Bard College, http
Extreme Money: Masters of the Universe and the Cult of Risk
by Satyajit Das · 14 Oct 2011 · 741pp · 179,454 words
emotion and value judgements which seems to [me] a symptom of a defective sense of humor.”32 In his 1986 book Stabilizing an Unstable Economy, Hyman Minsky, an American economist, outlined a hypothesis as to why modern economies are liable to fluctuate and how obvious instability can be masked for a time
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used to the fact that quick money is not a healthy business. Values played no role in what happened.”29 Children of Privilege The economist Hyman Minsky theorized that in the early stages of a business cycle money is only available to creditworthy borrowers, known ironically as hedge finance. As the cycle
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come in and say the problems building.”34 Free markets and deregulation were conventional wisdom—everyone was paid to agree with the broad consensus. As Hyman Minsky wrote: “As a previous crisis recedes in time, it’s quite natural...to believe that a new era has arrived. Cassandra-like warnings that nothing
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World Economy, Princeton University Press, Princeton and Oxford: 141. 34. John Cassidy (2009) How Markets Fail: The Logic of Economic Calamities, Allen Lane: 226. 35. Hyman Minsky (2008) Stabilizing an Unstable Economy, McGraw-Hill, New York: 233. 36. Testimony to the House Oversight and Government Reform Committee (22 October 2008). 37. Alan
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, 250, 252 Centaurus Energy, 319 clientele, 247-248, 250 compensation, 314 fees, 245 formula for, 239 Fortress, 318 George Soros, 240 Hedgestock, 252, 261-262 Hyman Minsky, 260-262 leverage, 254 markets, 241 Porsche, 257-260 returns, 243-244, 255-257 Sharpe ratios, 246-247 strategies, 241-243 structure of CDOs, 195
Bad Money: Reckless Finance, Failed Politics, and the Global Crisis of American Capitalism
by Kevin Phillips · 31 Mar 2008 · 422pp · 113,830 words
acolyte, Kurt Richebächer, had predicted just that unhappy fate for the U.S. housing bubble several years before his death during the summer of 2007. Hyman Minsky (1919-96), part Keynesian, part disciple of Joseph Schumpeter, became so well known for preaching the financial system’s vulnerability to speculation and risk that
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, the magazine had adopted a phrase used in the 1930s by Joseph Schumpeter, an economist of the Austrian School, and then in the 1970s by Hyman Minsky. Both men argued that downturns evolved from financial and credit excesses. “Merchants of debt” was their epithet for banks and other financial entities that strove
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enough to lead many commentators to suggest that a ‘new era’ had arrived.”25 Economists tied to the Austrian School or admirers of the iconoclastic Hyman Minsky were almost beside themselves. In January 2007, Kurt Richebächer wrote that “measured by its level of indebtedness, today’s U.S. economy is the worst
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roll. Of course, we now know that history had not ended; the muse had merely started learning Mandarin, Hindi, and Arabic, rereading Karl Polanyi and Hyman Minsky, and pondering what might befall a leading world economic power that so worshipped its markets as to entrust them to hedge funds, bad quantitative mathematics
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., January, 22, 2007. 3 Fred Sheehan, “Tin Men,” Whiskey and Gunpowder, July 5, 2007. 4 “Merchants of Debt,” Time, February 28, 1977. 5 Ibid. 6 Hyman Minsky, Stabilizing an Unstable Economy (New Haven, Conn.: Yale University Press, 1986). 7 Fred Shannon, The Farmer’s Last Frontier: Agriculture, 1860-1897 (Armonk, N.Y
Value of Everything: An Antidote to Chaos The
by Mariana Mazzucato · 25 Apr 2018 · 457pp · 125,329 words
fore again since the 2008 financial crisis. At their heart is how finance has been self-serving, and not actually serving what the American economist Hyman Minsky (1919-96) called the ‘capital development of the economy'.61 In other words, instead of facilitating industrial production, finance has simply degenerated into a casino
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of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done'.25 The US economist Hyman Minsky, who was much influenced by Keynes, wrote extensively about the self-destabilizing dynamics of finance. In his work on financial instability26 he nested Keynes's
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month from January 2015 to March 2017.27 Back in the mid-1980s, to try to prevent the banking system from moving to speculative finance, Hyman Minsky formulated an economic recipe that can be summarized as ‘big government, big bank'. In his vision, government creates jobs by being the ‘employer of last
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that pension funds, mutual funds and insurance companies were supposed to bring, money manager capitalism has ushered in a new era of pervasive casino capitalism. Hyman Minsky, 19921 When we talk about finance, we should bear in mind its many different forms. While traditional activities like bank lending remain important, they have
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.3 The rest is traded between financial institutions, making money simply from money changing hands, a phenomenon that has developed hugely, giving rise to what Hyman Minsky called ‘money manager capitalism'.4 Or, put another way: when finance makes money by serving not the ‘real' economy, but itself. The second aspect, covered
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and prominence; it comprises the banks which have traditionally been at the centre of the value debate but also, now, a broad range of actors. Hyman Minsky argued it was reshaping the economy into what he called ‘money manager capitalism'. But how much value does it actually create? During the three decades
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as a whole. The spread of financialization deep into corporate decisionmaking therefore goes well beyond the immediate benefits it brings to shareholders and managers. As Hyman Minsky observed, there appears to be an inevitable dynamic of the capitalist system: unless properly regulated or with the right buffers, it will expand too fast
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The Age of Stagnation: Why Perpetual Growth Is Unattainable and the Global Economy Is in Peril
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What's Wrong With Economics: A Primer for the Perplexed
by Robert Skidelsky · 3 Mar 2020 · 290pp · 76,216 words
Utopia or Bust: A Guide to the Present Crisis
by Benjamin Kunkel · 11 Mar 2014 · 142pp · 45,733 words
MegaThreats: Ten Dangerous Trends That Imperil Our Future, and How to Survive Them
by Nouriel Roubini · 17 Oct 2022 · 328pp · 96,678 words
The Money Machine: How the City Works
by Philip Coggan · 1 Jul 2009 · 253pp · 79,214 words
The Asian Financial Crisis 1995–98: Birth of the Age of Debt
by Russell Napier · 19 Jul 2021 · 511pp · 151,359 words
The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony
by David G. W. Birch · 14 Apr 2020 · 247pp · 60,543 words
Propaganda and the Public Mind
by Noam Chomsky and David Barsamian · 31 Mar 2015
Hopes and Prospects
by Noam Chomsky · 1 Jan 2009
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
by Morgan Housel · 7 Sep 2020 · 209pp · 53,175 words
The History of Money
by David McWilliams · 330pp · 110,174 words
The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated
by Gautam Baid · 1 Jun 2020 · 1,239pp · 163,625 words
European Spring: Why Our Economies and Politics Are in a Mess - and How to Put Them Right
by Philippe Legrain · 22 Apr 2014 · 497pp · 150,205 words
House of Cards: A Tale of Hubris and Wretched Excess on Wall Street
by William D. Cohan · 15 Nov 2009 · 620pp · 214,639 words
Rewriting the Rules of the European Economy: An Agenda for Growth and Shared Prosperity
by Joseph E. Stiglitz · 28 Jan 2020 · 408pp · 108,985 words
The Quiet Coup: Neoliberalism and the Looting of America
by Mehrsa Baradaran · 7 May 2024 · 470pp · 158,007 words