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The Mises Institute is thrilled to bring back this popular guide to ridiculous economic policy from the ancient world to modern times. This outstanding history illustrates the utter futility of fighting the market process through legislation. It always uses despotic measures to yield socially catastrophic results. It covers the ancient world, the Roman Republic and Empire, Medieval Europe, the first centuries of the U.S. and Canada, the French Revolution, the 19th century, World Wars I and II, the Nazis, the Soviets, postwar rent control, and the 1970s. It also includes a very helpful conclusion spelling out the theory of wage and price controls. This book is a treasure, and super entertaining!
By special arrangement with the authors, the Mises Institute is thrilled to bring back this popular guide to ridiculous economic policy from the ancient world to modern times. This outstanding history illustrates the utter futility of fighting the market process through legislation. It always uses despotic measures to yield socially catastrophic results. It covers the ancient world, the Roman Republic and Empire, Medieval Europe, the first centuries of the U.S. and Canada, the French Revolution, the 19th century, World Wars I and II, the Nazis, the Soviets, postwar rent control, and the 1970s. It also includes a very helpful conclusion spelling out the theory of wage and price controls. This book is a treasure, and super entertaining!
A history of America's use of wage and price controls from colonial times to the 1970s.
An empirical investigation of financial crises during the last 800 years.
What are the grand dynamics that drive the accumulation and distribution of capital? Questions about the long-term evolution of inequality, the concentration of wealth, and the prospects for economic growth lie at the heart of political economy. But satisfactory answers have been hard to find for lack of adequate data and clear guiding theories. In this work the author analyzes a unique collection of data from twenty countries, ranging as far back as the eighteenth century, to uncover key economic and social patterns. His findings transform debate and set the agenda for the next generation of thought about wealth and inequality. He shows that modern economic growth and the diffusion of knowledge have allowed us to avoid inequalities on the apocalyptic scale predicted by Karl Marx. But we have not modified the deep structures of capital and inequality as much as we thought in the optimistic decades following World War II. The main driver of inequality--the tendency of returns on capital to exceed the rate of economic growth--today threatens to generate extreme inequalities that stir discontent and undermine democratic values if political action is not taken. But economic trends are not acts of God. Political action has curbed dangerous inequalities in the past, the author says, and may do so again. This original work reorients our understanding of economic history and confronts us with sobering lessons for today.
Putting tariffs on imported goods or setting other barriers to international trade can be tempting for politicians. They assume that many of their constituents believe that free trade is not fair trade and that other countries aren’t playing by the rules. This belief makes it easy for industry leaders to demand protection for their businesses and their workers—to “put America first.” But Americans should resist the siren calls of protectionism. In this highly relevant protectionism primer, Pierre Lemieux shows what can happen if they don’t. As the author demonstrates, trade between any two countries is fair for the same reasons as exchange between two individuals: it is to the benefit of both. Lemieux carefully refutes the arguments of those who would curtail Americans’ access to the benefits of international commerce—from the claim that we can boost economic growth by reducing imports to the belief that free trade leads to “shipping jobs overseas.” Yes, manufacturing jobs are declining in this country and have been since the 1950s. But, as Lemieux points out, that’s in large part because Americans are making more advanced products more efficiently—that’s our comparative advantage. And this is happening as less-developed countries are producing more labor-intensive, low-tech goods—that’s their comparative advantage. All parties to a trade benefit. Lemieux shows how free trade improves the lives of American consumers, especially the poor. The narrow agenda of the protectionists—to protect a small minority of producers at the expense of millions of their fellow Americans—is the wrong path for an increasingly diverse and complex economy. This concise primer shows you why.
The Risks and Rewards for the West in the Coming Multipolar World "A marked shift has occurred in the tone and assumptions surrounding our national fortune. Nowhere is this better seen than in the second generation of books dealing with America’s financial crisis, particularly Joseph P. Quinlan’s The Last Economic Superpower." New York Journal of Books The global economy, designed by Western powers with the United States as lead architect, is in the process of reconfiguration. The 2008 global financial crisis has terminated America’s reign as sole economic superpower and opened up important new spheres of influence to developing nations. Does this signal the retreat of globalization as we know it? Has an economic “cold war” already begun? Will the West ever exert the kind of control and influence it enjoyed just a few short years ago? In The Last Economic Superpower, Joseph P. Quinlan, a Wall Street veteran and expert on global economic affairs, addresses these questions and many others. Presenting his vision with refreshing clarity and objectivity, Quinlan examines: How America went from being a major creditor to the world’s largest debtor nation in only two decades Five critical issues America must face in order to prevent permanent fragmentation of the global economy What the fading appeal of Europe and Japan means for the future of globalization What China, India, and others have that the West doesn’t--and why this gives them unprecedented leverage Decisions made now will shape the course of history. The Last Economic Superpower outlines critical choices that must be made in order to recast, reinvent, and reenergize a new style of globalization. The Last Economic Superpower lays bare the issues and challenges that will decide whether the world builds a new, functional system that serves all or fragments into separate spheres of influence, which benefits no one.